Used Class 8 tractor market downshifts in July

COLUMBUS, Ind. — Preliminary Class 8 same dealer used truck retail sales volumes contracted 4.4% in July, according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research.

Compared to June 2023, average retail price declined 4%, while miles and age both declined 2%, according to ACT.

Compared to July of 2022, volumes improved by 34%, while price declined 28%, miles declined 4%, and age declined 9%.

According to Steve Tam, vice president at ACT Research, “Following three months of being bookended, retail sales handily outsold auctions and wholesalers.” He continued, “Auction activity pulled back 48% month-over-month from its usual end-of-quarter spike. Dealers increased their conservatism in July, with wholesale transactions down 36% month-over-month in July. In total, the used truck industry saw preliminary same dealer sales fall 31% month-over-month.”

Tam concluded, “Historically, July is the fourth slowest sales month of the year, about 5% below average, pretty much explaining all the losses the industry experienced in June.”

Born in Pine Bluff, Arkansas, and raised in East Texas, John Worthen returned to his home state to attend college in 1998 and decided to make his life in The Natural State. Worthen is a 20-year veteran of the journalism industry and has covered just about every topic there is. He has a passion for writing and telling stories. He has worked as a beat reporter and bureau chief for a statewide newspaper and as managing editor of a regional newspaper in Arkansas. Additionally, Worthen has been a prolific freelance journalist for two decades, and has been published in several travel magazines and on travel websites.