A summer lull in used commercial vehicle auction volume ended this past September. Analysis points to a jump in activity levels not seen since this past spring, according to findings in NADA Used Car Guide's recent Commercial Truck Guidelines report.
In spite of the increase in wholesale auction volume, prices were not notably impacted for the month.
"Our benchmark model went for the same amount of money as last month for most model-years," said Chris Visser, senior commercial truck analyst at NADA Used Car Guide. "Overall, depreciation in the auction lanes remained mild to moderate, with late-model trucks averaging about 2.6% depreciation per month. That is substantially better than the 5% depreciation per month seen last year, although absolute prices are down more than 30% over last year."
Within the retail market, prices continued to outperform expectations for the month according to the monthly report. Depreciation was very mild for the second month in a row, with no notable month-over-month depreciation for most models.
In addition to a strong retail price performance, retail sales volume outperformed its forecast as well. Volume in August posted the best result since May of 2015. The report points out lower prices may be responsible for moving more units.
Buyers are entering the market in greater numbers as prices continue to relax to attractive levels, according to the report. As the domestic economy — in general — continues to show incremental upward growth, it is possible that the biggest hits to values are likely behind the market for the remainder of the year.
Check out the NADA video update below: