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New truck orders stabilizing; Used Trucks Prices Dip

February Class 8 orders were 22,800 units – a 13% increase from January and up 10% year over year, according to data from FTR,

“Orders likely are below build rates for the month, and FTR would anticipate backlogs to slip slightly. However, backlogs remain at high levels and production slots are mainly filled through Q3 of this year. As such, the February performance is a good sign for the industry as fleets continue to order equipment,” said Eric Starks, chairman of FTR.

“Over the past year, total net orders reached 303,000 units. In any market, this is a strong number. However, given the uncertainty in the economy, this is an especially welcome sign that demand has not collapsed and that fleets still have access to capital.”

Meanwhile, used truck dealers experienced an increase in used Class 8 sales this January as prices dipped, according to data from ACT Research’s latest State of the Industry: U.S. Classes 3-8 Used Trucks report.

Used Class 8 retail volumes (same dealer sales) were up 12% in January compared to December,

Average mileage was up 8%, with average price down 7% and age up 1% month over month. Longer term, average prices and volumes were lower year over year, with age and miles higher.

“As conditions in the secondary market tighten, it is interesting to see those truck owners who were selling their own equipment turn back to dealers and auctions to handle transactions. While participating dealers reported a 12% month-over-month increase in sales, we estimate the total industry saw about a similar decline in sales,”said Steve Tam, vice-president at ACT Research.

“Many in the industry are voicing concerns about the health and viability of owner-operators and small fleets, particularly as freight rates fall and operating costs rise. While the economy may avoid a recession, inflation remains a very real concern. With that in mind, we expect, the market to fall as much as 10%.”


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