The leading authority on commercial vehicles, Work Truck Solutions®, released its second quarter ComTrend Analysis of new and used commercial vehicles. Although there are still many supply chain challenges in the industry, certain positives were noted.
New Work Trucks
A look at the data shows the average price of new commercial vehicles dropping slightly, by just over 1%, when compared to prices for Q1 2022. This seems to be good news for commercial buyers. However, when comparing new work truck prices to YoY numbers from the same quarter in 2021, they were still up more than 9%. Additionally, web leads for new commercial vehicles showed a spike as Q1 2022 ended, but the numbers “normalized” shortly thereafter leading into the second quarter. And finally, stocking levels for new commercial vehicles were up by more than two units per dealer during the most recent quarter when compared to the first quarter of 2022, suggesting that a little relief may be in sight, for both dealers and business buyers alike.
Used Work Trucks
The median mileage for used vehicles sold was up again, although only slightly, in the second quarter of 2022; but when comparing the numbers to the same quarter in 2021, the jump was almost 30%, indicating interest in used work trucks and vans remains strong. Further indications of strong demand for used commercial vehicles was demonstrated by another jump in the average price, which went up by more than $2,000 from the prior quarter. When compared to the same quarter in 2021, the increase was much more significant, coming in at almost a 27% increase.
Commenting on the latest data, Kathryn Schifferle, CEO of Work Truck Solutions, said “The second quarter shows the continued demand for both new and used commercial vehicles. Given that these work trucks and vans fuel so many businesses throughout the entire economy, it makes sense that shoppers for these vehicles continue to search for and purchase them.” She went on to say, “Reading between the lines, the statistics also indicate that dealerships continue to have significant opportunities in this market, especially those who stay at the forefront of keeping in touch with customers and potential buyers - those are the ones who will be well positioned going forward.”