Used truck prices rose in February despite sales growth

By on March 29, 2022 0

Trucking news and briefs for Tuesday, March 29, 2022:

Used truck sales, prices rose in February

According to the latest State of the Industry: US Classes 3-8 Used Trucks, published by ACT Research, used Class 8 retail sales volumes (same dealership sales) increased 16% in February from compared to January. Looking further ahead, sales volumes were down 17% year over year.

Average prices were also 7% higher in February compared to January, and 83% more expensive than in February 2021. Average mileage and age were flat sequentially, with miles up 3% year-on-year on the other and an age 5% higher than last February.

“Second-hand Class 8 retail volumes at the same dealership took an expected breath of life in February, jumping 16% sequentially,” said Steve Tam, vice president of ACT Research. “Typical seasonality called for a 13% increase, so high new truck activity appears to have provided some traction in the aftermarket, but in all likelihood the upside is not sustainable.”

Tam noted that new truck sales appear to have lagged behind the December production peak, which could translate into a month or two of strong used truck sales.

As for the future of the U.S. used truck market, Tam said current market conditions should begin to drive down used truck prices.

“Slowing freight growth, combined with the continued flow of new entrants into trucking, effectively defined the start of the decline in freight rates,” he said. “Until mid-March, rising fuel prices masked a rapid month-on-month decline in spot freight rates. We argue that this signals an impending slowdown in used truck demand, with prices to follow accordingly, and some dealers are already reporting price drops around the edges.

An electrical problem prompts an international recall

According to National Highway Traffic Safety Administration documents, Navistar is recalling approximately 2,804 model year 2018-2023 International LT tractors equipped with a Purkeys 1,500W inverter system.

In affected trucks, the positive battery cable may be misrouted, causing the side skirt frame to chafe and damage it. This could lead to an electrical short, increasing the risk of fire, the recall states.

Dealers will replace any damaged battery cables and install new inverter cable brackets and saddles free of charge. Owners can contact Navistar Customer Service at 1-800-448-7825 with the callback number 22507. The NHTSA recall number is 22V-164.

Great Dane recalls 1,200 trailers

A problem with the suspensions of about 1,261 trailers prompted Great Dane Trailers to issue a recall, according to NHTSA documents.

The recall involves model year 2022 Great Dane Champion and Everest refrigerated trailers. to loosen and fall.

Dealers will inspect and tighten the spoke rod fasteners free of charge. Owners can contact Great Dane Customer Service at 1-877-369-3493. The NHTSA recall number is 22V-159.

Penske Truck Leasing Opens New Rental Center in Tampa

Penske Truck Leasing recently opened a new facility in Tampa, Florida, which the company says will improve the service it provides to customers in the area. This is Penske’s second recent investment in the Tampa market.

The new facility is located at 7140 East Martin Luther King Boulevard. It offers both consumer and commercial truck leasing, full-service truck leasing, and contract truck fleet maintenance.

It is also equipped with the company’s proprietary all-digital and voice-activated preventive maintenance process and connected fleet solutions, a value-added resource to help customers resolve issues and options related to on-board technology systems (ELD). , telematics, on-board cameras, etc.) .

The location is 28,406 square feet and sits on 11.15 acres. It has five truck service docks, an automated car wash dock system, and mobile truck lifts.