Used Class 8 Truck Sales Lose Momentum in September

According to ACT Research, used Class 8 truck sales rose 10.2% year-over-year in September, but same-dealer retail sales fell 5.7% sequentially. The average retail sales price increased 11.5% to $64,007, but was down 1.9% sequentially. Higher mileage and vehicle age contributed to downward pressure on pricing. Commercial Truck Trader expects Q4 demand to remain healthy but uneven, with tight inventory supporting pricing while freight and financing costs weigh on buyers. ACT Research found that overall Class 8 used truck sales grew 10.2% to 24,900 units from 22,600 the prior year. Sales were also up 4.6% sequentially from 23,800 units. However, the 5.7% slip in same-dealer used retail truck sales followed a notable decline in August. Same-dealer sales still managed to come in ahead of the prior year. Steve Tam, vice president at ACT Research, noted that the September decline in used Class 8 retail sales was directionally consistent with, but greater than, the typical seasonal drop. Tam also stated that higher average miles and an uptick in vehicle age contributed to downward pressure on pricing, but the market’s longer-term trajectory remains positive. Commercial Truck Trader data reflected those results, with shopper activity cooling after a strong July and August. Per-dealer search activity was down about 18% month over month, and leads were down about 15%. However, that activity was still strong overall for the quarter, with per-dealer leads up 21% over the prior quarter and nearly 52% ahead of last year. Charles Bowles, director of commercial OEM at Commercial Truck Trader, noted that the market is seeing fewer casual browsers and far more serious buyers. Bowles expects demand to stay healthy but uneven in Q4, with tight inventory supporting pricing while freight conditions and financing costs remain the swing factors for smaller fleets and owner-operators.