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The post Daily Infographic: Michigan trucking company auctioning equipment after 50 years appeared first on FreightWaves.
After leaking for several months, the air is nearly evacuated from the used truck pricing bubble as increased production of new trucks allows fleets to finally trade their aging iron.
Prices at auction are about 25% higher than the last pre-pandemic peak, according to J.D. Power Valuation Services. At the peak of the pricing bubble, used trucks sold for as much as149% more than they did before COVID hit in March 2020.
The depreciation grew heavier in December. A lot of auctions and sellers...
https://www.freightwaves.com/news/why-the-used-trucks-pricing-bubble-finally-burst
Normalcy is returning to auction prices of used trucks, but the new normal for a rig with 400,000 to 550,000 miles is going to cost buyers about 20% more than before the COVID-19 pandemic.
That’s the forecast from J.D. Power Valuation Services, which tracks pre-owned truck prices in auctions and at retail dealerships.
“We expect auction pricing to hit a ‘soft floor’ before the end of the year, landing about 20% above the most recent pre-pandemic peak of early 2019,” said Chris Visser, who writes...
https://www.freightwaves.com/news/used-truck-prices-fall-further-in-august-with-soft-floor-in-sight
Used truck prices are falling at auctions and dealerships, with one exception — newer equipment with fewer than 400,000 miles on the odometer.
After months of stratospheric prices, the air is escaping the balloon. Higher production of new trucks is prompting trade-ins that all but dried up during pandemic-related supply disruptions.
Availability of new trucks is still tight. But July sales of new Class 8 models were higher for all but one truck maker, according to Wards Intelligence. July sales...
https://www.freightwaves.com/news/used-truck-prices-dip-in-july-except-for-lower-mileage-models
Used truck auction prices continue to drop from nosebleed heights. Now trucks at retail are selling for less. But both channels remain near historic peaks.
Auction volumes in June reached an 18-month high, according to J.D. Power Valuation Services. Small fleet liquidations, large fleets dumping their oldest units and individuals either getting out of the industry or going to work for a fleet drove the jump.
Auction values stabilized after rising for 18 straight months, according to Ritchie...
Auction prices are falling almost as quickly as they rose over the last year. That is leaving owner-operators stuck with overpriced equipment they thought they could pay for in a hot spot freight market that is cooling off.
“The market is primarily absorbing trucks from fleets no longer retaining all of their older iron as new trucks trickle in and, to an extent, from owner-operators leaving the industry or going to work for a fleet,” said Chris Visser, senior analyst and commercial vehicles...
https://www.freightwaves.com/news/used-truck-auction-prices-falling-fast
Larry Gilliam returned to Norfolk, Virginia, from a drayage run to Georgia on Monday to find one of his trucks with a hole punched in the passenger-side window. He thought a thief wanted to steal the radio from his 2105 Freightliner Cascadia.
Then he looked closer. The dash had been pried open. Wiring jutted from a gaping hole where the truck’s common powertrain control module (CPC) used to be.
The brute force brain surgery left Gilliam’s truck immovable. It is one of hundreds of similar thefts...
https://www.freightwaves.com/news/freightliner-cascadia-computer-brain-thefts-widespread
The recent pullback in spot freight rates isn’t affecting the sky-high prices of used Class 8 trucks.
Some higher-mileage used models sold for less in March, but the undersupply of equipment shows no signs of easing.
“Any downward movement in the tender rejection rate since February hasn’t correlated to a change in used truck pricing,” Chris Visser, commercial vehicles senior analyst and product manager at J.D. Power Valuation Services, told FreightWaves.
Changes to market conditions usually...
https://www.freightwaves.com/news/freight-pullback-isnt-making-used-class-8-trucks-any-cheaper
PLYMOUTH, Mich. — Mark Anderson draws a triangle on a piece of paper and labels the three points A, B and C, illustrating how his company choreographs the movement of 4 million cars and trucks a year.
But the pandemic and the supply chain crisis played havoc with the model, creating a huge efficiency problem for the president and CEO of United Road Services.
“We go from point A and we have a plant here and we send trucks this way to point B where there’s a port. And we get trucks there and we go...
J.D. Power Valuation Services said the group of late-model used trucks it follows cost 85% more for the first nine months this year versus 2020 as demand far outstripped supply.
The prices paid may leave today’s desperate buyers holding the bag when they sell them later.
Month-over-month, Power’s benchmark group of 4- to 6-year-old trucks brought 18.3% more money. Compared to the first nine months of 2020, the group is running 85.1% ahead, and 62.1% ahead of the same period of 2019.
Late-model...
https://www.freightwaves.com/news/out-of-sight-september-used-truck-prices-continue-skyward