Economic News

Auction volume was lower than June but continues to trend upward as the liquidation of older and higher-mileage trucks continues.

When we identified the auction market correction that started in mid-April, we stated retail pricing generally takes 2-3 months to adjust to market shifts. June marked month number 3, and right on schedule, pricing for individual trucks pulled back.

Auction volume increased this month, and pricing continued to steeply decline.

A substantial volume of trucks with higher-than-average mileage sold in May. The market is absorbing trucks from owner-operators leaving the industry or going to work for a fleet, and also from larger fleets no longer retaining all of their older iron as new trucks trickle in.

After 18 months of unprecedented price appreciation, used truck pricing has crested the peak. Pricing is still extremely high by historical standards—particularly for the newest trucks...

The medium duty conventional market went a bit haywire in April, with an unusually large volume of newer trucks selling in the two segments we track...

The used vehicle market remains exceptionally strong, wholesale prices grew slightly for the second consecutive month, which helped elevate the Valuation Services Used Vehicle Price Index...

Pricing is still extremely high by historical standards, but hammer prices for all trucks sold in April (particularly the second half of the month) were noticeably lower than earlier in the year.

Trucks with average to low mileage continue to bring extremely high hammer prices, while high-mileage trucks appear to be returning to more typical depreciation patterns.

USED VEHICLE PRICE INDEX Wholesale prices were down for the second consecutive month in February 2022, which brought the J.D. Power Valuation Services Used Vehicle Price...