First Half of 2013 Used CV Transactions up 9.1%
August 27, 2013
Used commercial vehicle registrations during the first half of the 2013 calendar year are up more than 9% over the same period last year, according to Polk, the global automotive market intelligence firm recently acquired by IHS.
Used Commercial Vehicle Registrations (GVW 3-8) Percentage Share of Total Vehicle Registrations
Nearly 357,100 used commercial registrations were recorded during the January-June timeframe, based on Polk analysis, which also found used transactions during the second quarter of the 2013 calendar year were the highest since the second quarter of the 2011 calendar year, reflecting continued demand for clean used equipment.
New commercial vehicle registrations during the first six months of 2013 increased by just 0.5 percent over the same time period in 2012.
“The strength of used commercial vehicle transactions during the first half of the calendar year reflects a competitive market for clean used equipment as it becomes available,” according to Gary Meteer, director, aftermarket and commercial vehicle solutions at Polk. “Our analysis indicates that the majority of these transactions represent the replacement of older equipment in the commercial vehicle population versus adding to the total vehicle population,” he said.
Of significance, while new commercial vehicle registrations during the January-June period were basically flat, the demand for used equipment continues to be strong and continues to outperform new registrations, as used transactions accounted for 56.7% of total commercial vehicle transactions during the first half of the year.
To put this in perspective, prior to the 2009 calendar year, used transactions accounted for between 41% and 48% of total registrations during the 2004 through 2008 calendar years, so while the 56.7% level is down from 70% in the first quarter of the 2011 calendar year, used transactions as a percent of total commercial transactions remain significantly above historical levels.