MCLEAN, Va., June 21, 2018 /PRNewswire/ -- In the June 2018 Commercial Truck Guidelines Industry Update, analysts from J.D. Power Valuation Services found the predicted supply increase of Class 8 trucks is lower than forecasted, which resulted in more stable prices.
"We've been expecting an increase in off-lease trucks to hit the market, but most lower-mileage trucks that become available are sold before they even make it to auction," said Chris Visser, Commercial Truck Senior Analyst at J.D. Power Valuation Services. "Fleets are holding on to their trucks longer because the new truck lead time is now well into 2019 in most cases. Also, stricter enforcement of hours-of-service rules requires additional trucks to move the same volume of freight as before."
Major findings in the free monthly report note:
- Increased demand absorbing supply
- Fleets holding on to equipment, plus buying additional used trucks
- Pricing stable to mildly downward
- Late-model, low-mileage trucks in short supply
- Medium duty market mostly negative
- Higher-GVW trucks performing best
J.D. Power Valuation Services (formerly NADA Used Car Guide) is a leading provider of vehicle valuation products and services to businesses. The team collects and analyzes more than 1 million automotive and truck wholesale and retail transactions per month, and delivers a range of guidebooks, auction data, analysis and data solutions.
J.D. Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable J.D. Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, J.D. Power is headquartered in Costa Mesa, Calif., and has offices serving North/South America, Asia Pacific and Europe. J.D. Power is a portfolio company of XIO Group, a global alternative investments and private equity firm headquartered in London, and is led by its four founders: Athene Li, Joseph Pacini, Murphy Qiao and Carsten Geyer.
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SOURCE J.D. Power