Used truck volumes made a huge climb in March — mostly in the auction and wholesale space — while pricing was mostly steady, ACT Research announced last week in its most recent state of the market report.
The company says the retail sales price was down 2.9% month over month in March to $60,100. On a year over year basis, ACT Vice President Steve Tam says March's total was down by 20%.
“In our most recent update, pricing pressure abated moderately from the fourth quarter of 2023 to the first quarter 2024. Prices are expected to remain relatively stable through most of 2024, transitioning to year over year growth in late Q3 or early Q4,” says Tam. “Sequential growth most likely will take place at the end of 2024.”
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On a volume perspective, Tam says sales dealer sales in March “pulled back sequentially, counter to the seasonal bump indicated by history. However, the total market same dealer sales volume rose 17% from February to March.” And compared to March 2023, Tam says retail volumes were up 3.9% while the auction and wholesale segments exploded, up 48% and 103%, respectively.
“Combined market results saw volumes increase 26% year over year. Expectations for 2024 call for moderate growth relative to 2023,” he adds.
