NADA Commercial Truck Guide Industry Update

Transcription

1 NADA Commercial Truck Guide Industry Update December 2013 Retail Sales Volume Back Up to YTD Average Sales up 19% after September s unexpected drop Retail Pricing Remains at Record Level But appreciation on newest trucks takes a breather in October Construction Market Begins 4th Quarter Slowdown Prices pull back as colder weather returns International ProStar Claws its Way Back to Competitiveness 2010 Cummins-powered units performing on par with Volvo 630/670

2 Commercial Truck Guidelines December 2013 TABLE OF CONTENTS Commercial Truck Market Trends... 2 Economic Data... 8 ATD/NADA Official Commercial Truck Guide Value Trends At NADA Used Car Guide COMMERCIAL TRUCK MARKET TRENDS Summary Sales volume was back up to a typical level in October, following an unexpected drop in September. Retail pricing remained close to the record, while wholesale pricing was down slightly thanks to a mix of trucks with mildly higher mileage. An analysis of 2010 models shows Cummins-equipped International ProStars now fully market-competitive. Sleeper Tractors Retail The average retail price paid for a sleeper tractor was nearly identical to last month, and less than $1000 away from the record set in August of this year. Specifically, the average sleeper tractor retailed in October for $53,365. This tractor had 523,109 miles, and was 74 months old. Month-over -month, these figures are $261 (or 0.5%) lower on price, 14,859 (or 2.8%) lower on mileage, and 4 months newer. Year-over-year, these figures are Average Retail Price and Mileage All Sleeper Tractors Under 1M Miles $60,000 $55, $3999 (or 8.1%) higher on price, 28,664 (or 5.2%) lower on mileage, and 3 months newer. See the $50,000 $45, Average Retail Price and Mileage graph for detail. $40, The October market was actually even stronger than these figures would suggest, as the results $35,000 $30,000 Price Mileage were depressed a bit by the sale of a large group of Source: ATD/NADA (Continued on page 3) NADA Used Car Guide 8400 Westpark Drive McLean, VA nada.com/b2b 2

3 Commercial Truck Guidelines December 2013 [ COMMERCIAL TRUCK MARKET TRENDS continued ] identically-spec ed trucks from a specific OEM sold at fire-sale pricing. Removing these trucks from the monthly average would increase that measure by about $600, placing October nearly spot-on the record. Looking at sales by model year, October s results returned to the recent trend after an anomalous September and 2010 model year trucks once again sold in greater numbers than 2007 s, with 2009 just edging out 2010 for the top spot. Interestingly, 2011 s really came on line in October, with more than double the number of trucks sold vs. last month. Most 2011 s have been in service for over three years now, which means they re entering the secondary market in greater numbers. See the Monthly Retail Sales Volume by Model Year graph for detail. Sleeper Tractors Wholesale The mix of trucks sold in October had mileage slightly higher than September, which resulted in a Monthly Retail Sales Volume by Model Year Sleeper Tractors Under 1M Miles mild decrease in average pricing month-over-month. Sales data submitted to NADA shows that the average price of a sleeper tractor sold at auction or dealer-to-dealer in October was $29,283. That truck had 663,235 miles, and was 83 months old. Month-over-month, October s pricing was $3020 (or 9.3%) lower than September, with mileage 8430 (or 1.3%) higher and age 3 months older. Year-over-year, October was $1699 (or 5.8%) higher on price, 17,052 (or 2.6%) higher on mileage, and 2 months newer. See the Average Wholesale Price and Mileage graph for detail Source: ATD/NADA Average Wholesale Price and Mileage All Sleeper Tractors Under 1M Miles $45,000 $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 Sources: ATD/NADA and AuctionNet 2 per. Mov. Avg. (2006) 2 per. Mov. Avg. (2007) 2 per. Mov. Avg. (2008) 2 per. Mov. Avg. (2009) 2 per. Mov. Avg. (2010) 2 per. Mov. Avg. (2011) per. Mov. Avg. (Price) per. Mov. Avg. (Mileage) The higher average mileage this month was driven mainly by additional trucks sold in the (Continued on page 4) NADA Used Car Guide 8400 Westpark Drive McLean, VA nada.com/b2b 3

4 Commercial Truck Guidelines December 2013 [ COMMERCIAL TRUCK MARKET TRENDS continued ] ,000 range combined with fewer trucks sold in the ,000 range. This monthly mix will continue to fluctuate based on the varying supply of trucks available to the secondary market. In terms of demand, trucks in the K range remain stable, with trucks under 600K trending upwards in recent months. October s wholesale results leave our status quo outlook intact. We expect monthly fluctuations in volume, with pricing stable to upwards depending on mileage. Class 8 Construction Trucks The construction market both in terms of volume and pricing took a breather in October. Trucks of all model years sold in fewer numbers this month, while Average Retail + Wholesale Price of Construction Trucks by Model Year Adjusted for Mileage $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 Sources: ATD/NADA and AuctionNet Retail Selling Price of 2010 Models Adjusted for Mileage $80,000 $70,000 $60,000 $50,000 3 per. Mov. Avg. (2006) 3 per. Mov. Avg. (2007) 3 per. Mov. Avg. (2008) 3 per. Mov. Avg. (2009) pricing decreased as well. We expect a seasonal pullback in construction truck purchases the 4 th quarter, and this month s result could reflect the start of that condition. We expect flat results into the first quarter of 2014, followed by a continuation of the recovery in pricing we saw earlier in See the Average Retail + Wholesale Price of Construction Trucks graph for detail. Model vs. Model Competitive Comparison We will look at the 2010 model year again this month, as this cohort is a good representation of the latemodel market s as a group decreased notably vs. last month, (Continued on page 5) $40,000 $30,000 $20,000 $10,000 $0 Source: ATD/NADA Retail Selling Price of 2010 Models Adjusted for Mileage $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 Avg. for All Trucks 2 per. Mov. Avg. (VNL 730/780) 2 per. Mov. Avg. (386) 2 per. Mov. Avg. (Cascadia) 2 per. Mov. Avg. (T660/600) Avg. for All Trucks 2 per. Mov. Avg. (387) 2 per. Mov. Avg. (VNL 630/670) 2 per. Mov. Avg. (ProStar) Source: ATD/NADA NADA Used Car Guide 8400 Westpark Drive McLean, VA nada.com/b2b 4

5 [ COMMERCIAL TRUCK MARKET TRENDS continued ] Commercial Truck Guidelines December 2013 coming in at $60,741 - $4550 (or 7.0%) lower. Average mileage was very similar, at 464, Average Wholesale Price and Mileage 4-7 Year-Old Class 6 Conventionals (or 0.3%) higher than September. The October $25, ,000 market was simply not kind to the newest model $20, ,000 years, with every year from bringing less $15, ,000 money on average. In terms of competitive positioning, most models $10, ,000 saw little change, save for the International ProStar. $5,000 2 per. Mov. Avg. (Class 6 Price) 50,000 For the third month in a row, Cummins-equipped $0 2 per. Mov. Avg. (Class 6 Mileage) 0 ProStars performed very similarly to the Volvo Sources: ATD/NADA and AuctionNet 630/670 in the retail channel. The 630/670 has depreciated mildly throughout 2013, while the Average Wholesale Price and Mileage 4-7 Year-Old Class 4 Conventionals $25, ,000 ProStar has clearly been in recovery since midyear particularly since August. We will examine other $20, , ,000 model years to determine whether this model s $15,000 80,000 improvement is across-the-board, but for now, it is $10,000 60,000 safe to say the market is placing competitive money 40,000 on 2010 ProStars with Cummins power. See the Retail Selling Price of 2010 Models graphs for $5,000 $0 2 per. Mov. Avg. (Class 4 Price) 2 per. Mov. Avg. (Class 4 Mileage) 20,000 0 detail. Sources: ATD/NADA and AuctionNet Medium Duty Cabovers and Conventionals Class 6 conventionals dipped moderately in October, while Class 4 conventionals and Class 3-4 cabovers showed little movement. Looking first at Class 6 conventionals, volume was Average Wholesale Price and Mileage 4-7 Year Old Class 3-4 Cabovers $20,000 $18,000 $16,000 $14,000 $12,000 $10, , , , ,000 80,000 very similar to last month and average mileage was in line with the year-to-date average, so it is valid to say there was relaxed demand for this group this (Continued on page 6) $8,000 $6,000 $4,000 $2,000 $0 2 per. Mov. Avg. (Price) 2 per. Mov. Avg. (Mileage) 60,000 40,000 20,000 0 Sources: ATD/NADA and AuctionNet NADA Used Car Guide 8400 Westpark Drive McLean, VA nada.com/b2b 5

6 [ COMMERCIAL TRUCK MARKET TRENDS continued ] Commercial Truck Guidelines December 2013 month. Class 6 s came in at $13,009 - down $1498 (or 10.3%) vs. September, with mileage of 186,810 up 9716 (or 5.2%) vs. September. With similar volume month-overmonth, it is not likely that there was an increased supply of trucks. Buyers were just not there in October. See Class 6 graph for detail. Class 4 conventionals fared better, coming in at $13,060 - $367 (or 2.8%) higher than September, with mileage of 113, or (4.9%) higher. There was simply not much change in demand or supply for this group. See Class 4 graph for detail. Cabovers were also stable, coming in at $10,884 - $316 (or 2.9%) higher than September, with mileage of 129, (or 0.7%) higher. Again, the supply Average Number of Used Trucks Sold per Rooftop (NADA Reporting Dealers) Source: ATD/NADA and demand characteristics in October were identical to September. See cabover graph for detail. Supply of trucks with over 100,000 miles appears more than enough to meet demand. Exceptions to this rule are trucks with heavy specs, ie. light construction, and trucks with mileage under 100,000. Those niches enjoy a more attractive supply/demand relationship. Sales Volume After September s unexpected drop in retail sales per dealership, that indicator came back to the trend in October, with 6.2 trucks sold per rooftop. This figure is 1.2 trucks higher than last month, and 0.2 ahead of the year-to-date average. We attribute at least some of September s decrease to the then-impending government shutdown, suggesting that factor was more critical than we originally thought. We had also posited that sticker shock may be an increasing factor. Judging by October s numbers, that factor may have some merit, as the newest model years did bring less money this month. See Average Number of Used Trucks Sold Per Rooftop graph for detail. 8 (Continued on page 7) Retail Wholesale NADA Used Car Guide 8400 Westpark Drive McLean, VA nada.com/b2b 6

7 [ COMMERCIAL TRUCK MARKET TRENDS continued ] Conclusion We will continue to closely monitor late-model retail sleeper tractor pricing. On the wholesale side, we expect status quo stable to slightly upwards pricing for trucks with under 600,000 miles, and flat pricing for trucks with higher mileage. Construction vehicles should see light activity through the winter, with mild increases in pricing starting in the spring. Be sure to keep up with our Commercial Vehicle Blog for twice-weekly updates on market data, located at Commercial Truck Guidelines December 2013 NADA Used Car Guide 8400 Westpark Drive McLean, VA nada.com/b2b 7

8 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Prior-Month Change (thousands) Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Unemployment Rate (%) Commercial Truck Guidelines December 2013 [ ECONOMIC TRENDS ] Another month of robust hiring follows other positive economic news. The economy expanded at an annual rate of 3.6% in the July-September quarter, the fastest rate of growth since early Still, nearly half that gain came from businesses building their stockpiles. The recent economic upturn has been surprising; many economists expected the government shutdown in October to hobble growth, yet the economy motored along without much interruption. The Federal government shutdown in the first half of October had a small impact on fourth quarter economic growth. Some Federal workers on unpaid leave put off purchases because of the uncertainty, but they resumed spending once they were paid in full after the shutdown ended. Unemployment and Labor Participation Rates Seasonally Adjusted Participation Rate Unemployment Rate Labor Participation Rate (%) Monetary policy is in a period of transition as Federal Reserve Chairman Ben Bernanke s term is set to expire at the end of January The Federal Open Market Committee (FOMC) is expected to maintain the current $85 billion per month of central bank purchases of long-term Treasuries and mortgage-backed securities until their last meeting under Chairman Bernanke in late January. At that point, the FOMC will start to gradually reduce its asset purchases, wrapping them up by the end of This will lead to a steady increase in long-term interest rates, but the underlying fundamentals of the economy should be strong enough to withstand the higher rates. Source: U.S. Bureau of Labor Statistics Monthly Change in Nonfarm Payrolls Seasonally Adjusted Source: U.S. Bureau of Labor Statistics Month Month Short-term rates will remain near zero for another couple of years. The FOMC has stated that it will not begin to raise the Federal funds rate at least until the unemployment rate falls below 6.5%, which will likely happen at the end of But that is a threshold, not a trigger, and the Committee has made it clear that the funds rate will remain close to zero for a while after the unemployment rate falls below 6.5%. (Continued on page 9) NADA Used Car Guide 8400 Westpark Drive McLean, VA nada.com/b2b 8

9 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Index Level Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Housing Starts (thousands) Commercial Truck Guidelines December 2013 [ ECONOMIC TRENDS continued ] A fourth straight month of solid hiring cut the U.S. unemployment rate in November to a five-year low of 7.0% and the gains in the job market could spur greater economic growth. The Labor Department reported that employers added 203,000 jobs, nearly matching October's revised gain of 200,000. The economy has now generated an average of 204,000 jobs from August through November. That's up from 159,000 a month from April through July. Many of the November job gains were in higherpaying industries. Manufacturers added 27,000 positions, the most since March 2012, while construction firms gained 17,000. The two industries have created a combined 113,000 jobs in the past four months. Greater hiring could support healthier spending as job growth has a dominant influence over much of the economy. If hiring continues at the current pace, a virtuous cycle starts to build with more jobs leading to higher wages, more spending and faster growth. But more higher-paying jobs are also necessary. Roughly half the jobs that were added in the six months through October were in four low-wage industries: retail; hotels, restaurants and entertainment; temp jobs; and home health care workers. Existing-home sales declined for the second consecutive month in October, while constrained inventory means home prices continue to see double-digit year-over-year gains, according to the National Association of Realtors. Total existing-home sales fell 3.2% to a seasonally adjusted annual rate of 5.12 million in October from 5.29 million in September, but are 6% higher than the 4.83 million-unit level in October Sales have remained above year-ago levels for the past 28 months. Total Housing Starts, Privately Owned Seasonally Adjusted Source: U.S. Census Bureau (Continued on page 10) Month S&P/Case-Shiller 20-City Composite Home Price Index Three-month moving average published with a two-month lag. Source: S&P Dow Jones Month NADA Used Car Guide 8400 Westpark Drive McLean, VA nada.com/b2b 9

10 Average Price Average Price Commercial Truck Guidelines December 2013 [ ECONOMIC TRENDS continued ] The national median existing-home price for all housing types was $199,500 in October, up 12.8% from October 2012, which is the 11th consecutive month of double-digit yearover-year increases. Total housing inventory at the end of October declined 1.8% to 2.13 million existing homes available for sale, which represents a 5-month supply at the current sales pace; the relative supply was 4.9 months in September. Unsold inventory is 0.9% above a year ago when there was a 5.2-month supply. Despite an increase in the U.S. average retail price of regular gasoline to $3.29 per gallon on November 25, gasoline prices remain near the lowest level of 2013 and last year at this time. Lower global crude oil prices, high profitability for diesel fuel that has been encouraging refiners to increase throughput, high inventories and the switch to less-costly winter grades of gasoline are among the factors currently driving gasoline prices. Spot prices for Brent crude oil dropped $4.66 per barrel from September 3 to November 25. West Texas Intermediate (WTI) crude prices, which are much less significant to gasoline price formation than Brent prices, fell by $14.81 per barrel over the same period. The decline in crude oil prices was partly driven by lower demand for crude oil due to seasonal refinery maintenance. EIA's November Short-Term Energy Outlook (STEO) forecasts Brent and WTI prices to decline further to $106 and less Regular Grade Gasoline Prices (all formulations) Average Price Per Gallon $ YoY Change $4.00 $3.90 $3.80 $3.70 $3.60 $3.50 $3.40 $3.30 $3.20 $3.10 Month Source: U.S. Energy Information Administration On-Highway Diesel Fuel Prices Average Price Per Gallon $ YoY Change $4.15 $4.10 $4.05 $4.00 $3.95 $3.90 $3.85 $3.80 $3.75 $3.70 Month Source: U.S. Energy Information Administration than $95 per barrel in December, respectively, and down further to $101 and $93 by the end of However, heightened uncertainties surround this forecast because of global crude oil supply disruptions. $0.40 $0.30 $0.20 $0.10 $0.00 ($0.10) ($0.20) ($0.30) ($0.40) ($0.50) $0.20 $0.15 $0.10 $0.05 $0.00 ($0.05) ($0.10) ($0.15) ($0.20) ($0.25) Price Change Price Change Fiscal policy has been a significant drag on economic growth in 2013, but that will fade in In addition to the shutdown, increases in the Federal personal income tax and (Continued on page 11) NADA Used Car Guide 8400 Westpark Drive McLean, VA nada.com/b2b 10

11 Commercial Truck Guidelines December 2013 [ ECONOMIC TRENDS continued ] the Social Security payroll tax have weighed on growth in disposable income and consumer spending this year. The spending cuts under the sequester that took effect in the spring have also been a drag on growth. But taxes are not expected to increase in 2014, and any spending cuts next year will be smaller than this year s. There is still the potential for another government shutdown in early 2014 the spending agreement that reopened the government only lasts until January 15 and Congress will need to raise the debt limit again in February. But given the public outcry over the last shutdown, Congress is highly likely to keep the government open and raise the debt limit on time. NADA Used Car Guide 8400 Westpark Drive McLean, VA nada.com/b2b 11

12 Commercial Truck Guidelines December 2013 [ ATD/NADA OFFICIAL COMMERCIAL TRUCK GUIDE TRENDS ] Monthly Change in ATD/NADA Commercial Truck Guide Value November 2013 v. December 2013 NADA Segment 2008MY 2009MY 2010MY 2011MY 2012MY* Commercial Van 1.3% 1.0% 0.0% 0.1% 0.1% Extended Hood 0.0% -0.2% 0.7% 0.0% -1.7% Highway Aerodynamic -0.8% -0.4% -0.4% -0.2% -0.7% Highway Traditional 0.0% -0.3% 0.3% 0.0% -1.6% Local/Delivery Daycab -0.4% -0.4% 0.0% 0.3% -0.5% Medium Duty Cabover 0.0% 0.0% 0.0% 0.0% 0.0% Medium Duty Conventional -0.3% -2.7% -3.9% -3.8% -2.6% Vocational/Construction -0.4% -0.5% -0.9% 0.2% 0.2% *Value movement can be influenced by newly valued vehicles. Annual Change in ATD/NADA Commercial Truck Guide Value December, 2012 v NADA Segment 5YR 4YR 3YR 2YR YTD Change in ATD/NADA Commercial Truck Guide Value YoY Segment Change Commercial Van -17.6% 8.5% -8.1% 0.6% -2.0% Extended Hood -3.4% 3.3% 3.8% -5.6% -0.5% Highway Aerodynamic 0.3% -5.2% -2.0% 0.3% -1.0% Highway Traditional -4.4% 4.4% 4.0% -2.4% 3.4% Local/Delivery Daycab -2.4% -3.5% 3.8% -6.2% -2.5% Medium Duty Cabover -18.6% 7.4% 6.6% N/A -3.9% Medium Duty Conventional -11.1% -14.1% -8.7% -9.4% -10.7% Vocational/Construction -0.7% 10.8% N/A N/A 18.6% *Calculations are based on vehicle age, i.e. values for 1 year old vehicles in CY2013 are compared against values for 1 year old vehicles in CY2012. NADA Segment 2007MY 2008MY 2009MY 2010MY 2011MY* YTD Segment Change Commercial Van -18.0% -18.5% -12.5% -15.8% -19.4% -14.2% Extended Hood -5.6% -7.2% -10.1% -3.9% -7.8% -6.2% Highway Aerodynamic -7.1% -10.6% -16.8% -17.8% -14.8% -11.7% Highway Traditional -9.0% -7.9% -9.9% -4.7% -8.4% -8.1% Local/Delivery Daycab -14.8% -14.6% -14.9% -13.9% -10.1% -12.4% Medium Duty Cabover -16.4% -12.1% -17.8% -18.3% N/A -9.7% Medium Duty Conventional -33.0% -35.2% -24.6% -18.4% -18.9% -25.4% Vocational/Construction 3.3% -2.7% -4.3% N/A N/A 13.1% NADA Used Car Guide 8400 Westpark Drive McLean, VA nada.com/b2b 12

13 Commercial Truck Guidelines December 2013 AT NADA USED CAR GUIDE What s New NADA Online delivers values from 10 different NADA guidebooks including values for commercial trucks. Starting at $385 per year, NADA Online is comprehensive, easy to use and includes mobile web access free with your subscription. And since it s web-based, there is no software to install and your whole staff can use it at the same time without the need for additional user licenses. NADA Online provides NADA Retail, Loan and Wholesale values for trucks and trailers dating back to the 2000 model year. If you re looking for a small number of commercial vehicle values, the Official Commercial Truck Guide Online Mini-Pack provides three values online for $40. On the Road Chris Visser, senior analyst and product manager for ATD/NADA Commercial Truck Guide, will be at the 2014 NADA Convention & Expo in New Orleans from January 24 to January 27. Stop by booth #1714 for demos on our commercial truck products and receive a Starbucks gift card. Visser is also conducting a workshop titled Understand and Manage Used Trucks. The workshop will focus on the importance of trucks to a dealership s bottom line and tools and methods for managing inventory and increasing exposure. You can participate in the workshop on Saturday, January 25 at 10:30 a.m. in Room 223 or Sunday, January 26 at 10:30 a.m. in Room 224. About NADA Used Car Guide Since 1933, NADA Used Car Guide has earned its reputation as the leading provider of vehicle valuation products, services and information to businesses throughout the United States and worldwide. NADA s editorial team collects and analyzes over one million combined automotive and truck wholesale and retail transactions per month. Its guidebooks, auction data, analysis, and data solutions offer automotive/truck, finance, insurance, and government professionals the timely information and reliable solutions they need to make better business decisions. Visit to learn more. Senior Analyst and Product Manager Chris Visser x4731 cvisser@nada.org Automotive Dealers, Auctions, Insurance Dan Ruddy x4707 druddy@nada.org Credit Unions, Fleet, Lease, Rental Industry, Government Doug Ott x4710 dott@nada.org Business Development Manager Jim Gibson x7136 jgibson@nada.org Financial Industry, Accounting, Legal, OEM Captive Steve Stafford x7275 sstafford@nada.org PR Manager Allyson Toolan x7165 atoolan@nada.org NADA Used Car Guide 8400 Westpark Drive McLean, VA nada.com/b2b 13

14 Commercial Truck Guidelines December 2013 NADA CONSULTING SERVICES NADA s market intelligence team leverages a database of nearly 200 million transactions and more than 100 economic and market-related series to describe the factors driving current trends to help industry stakeholders make more informed decisions. Analyzing data at both wholesale and retail levels, the team continuously provides content that is both useful and usable to dealers, financial institutions, businesses and consumers. Complemented by NADA s analytics team, which maintains and advances NADA s internal forecasting models and develops customized forecasting solutions for clients, the market intelligence team is responsible for publishing white papers, special reports and the Commercial Vehicle Blog. Throughout every piece of content, the team strives to go beyond what is happening in the industry to confidently answer why it is happening and how it will impact the market in the future. Senior Director, Vehicle Analysis & Analytics Jonathan Banks x4709 jbanks@nada.org Senior Analyst and Product Manager Chris Visser x4731 cvisser@nada.org ADDITIONAL RESOURCES Guidelines Updated monthly with a robust data set from various industry sources and NADA s own proprietary analytical tool, Guidelines provides the insight needed to make decisions in today s market. White Papers NADA s white papers and special reports aim to inform industry stakeholders on current and expected used vehicle price movement to better maximize today s opportunities and manage tomorrow s risk. NADA Perspective Leveraging data from various industry sources and NADA s analysts, NADA Perspective takes a deep dive into a range of industry trends to determine why they are happening and what to expect in the future. Commercial Vehicle Blog Written and managed by Senior Analyst Chris Visser, the Commercial Vehicle Blog analyzes market data, lends insight into industry trends and highlights relevant events. Connect with NADA Read our Blog nada.com/commercialtruck Follow Us on Find Us on Facebook Facebook.com/NADAUsedCarGuide Watch Us on YouTube Youtube.com/NADAUsedCarGuide Disclaimer: NADA Used Car Guide makes no representations about future performance or results based on the data and the contents available in this report ( Guidelines ). Guidelines is provided for informational purposes only and is provided AS IS without warranty or guarantee of any kind. By accessing Guidelines via or the NADA website, you agree not to reprint, reproduce, or distribute Guidelines without the express written permission of NADA Used Car Guide. NADA Used Car Guide 8400 Westpark Drive McLean, VA nada.com/b2b 14