Trucking news and briefs for Friday, July 15, 2022:
Preliminary used Class 8 retail sales volumes (same dealer sales) rose 6% month-over-month while average retail prices fell by 6% in June, according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks, published by ACT Research.
Despite the month-over-month increase, volumes were still 39% lower compared to June 2021, and the average retail price was 50% higher than the same month a year ago.
“Thankfully, fuel prices have begun showing signs of abating,” said Steve Tam, Vice President at ACT Research. “However, inflation remains entrenched, with many economists expecting it to remain elevated for quite some time.”
Tam added that contract freight rates are holding “reasonably steady” despite a slowing spot freight market. “However, contract rates are starting to show signs of near-term softening,” he noted. “To be clear, they remain significantly higher than they were at this time last year.”
Looking ahead, Tam said “the slowing market is inevitable,” adding that used Class 8 truck values are running alongside the ups and downs in the market on a generally parallel trajectory.
As the July 31 nomination deadline rapidly approaches, Kenworth, the U.S. Chamber of Commerce Foundation’s Hiring our Heroes Program and Fastport continue the search for America’s top rookie military veteran driving for a commercial fleet after retirement from the U.S. Armed Forces.