Retail sales for Class 4 to Class 8 trucks increased in November as demand rose following the presidential election and Federal Reserve rate cuts.
Equipment Finance News’ new U.S. Heavy Duty Retail Truck Sales Index uses data from the Federal Reserve Bank of St. Louis and the U.S. Bureau of Economic Analysis. The index tracks the performance of heavy-duty truck sales, which weigh more than 14,000 pounds and are in the Class 4 to Class 8 space.
In November, sales landed at 491,000 units, up 6% month over month and 0.4% year over year, according to the index.
US Heavy Duty Retail Truck Sales
Source: U.S. Bureau of Economic Analysis
The recent increase followed a decline in monthly orders for Class 5 to Class 8 trucks in November.
Orders for Class 5 to Class 7 vehicles totaled 16,500 units, down 30% YoY but up 3.8% MoM, according to ACT Research’s “State of the Industry: NA Classes 5-8 Report,” released Dec. 3. Meanwhile, November North America Class 8 orders totaled 37,200 units, down 11% YoY, but up 21.6% MoM.
Despite the increase in November sales, prices are expected to remain stable over the next months before transitioning to annual growth later this year, with the November 2024 decline reflective of typical seasonal patterns, Steve Tam, vice president at ACT Research, said in a Dec. 23 release.
“Same-dealer Class 8 retail truck sales slowed in November, returning to the all-too-familiar pattern of decline,” he said. “November is typically the weakest sales month of the year, running 10% below average.”
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