Americas Commercial Transportation Research Co., LLC www.actresearch.net State of the Industry: U.S. Classes 3-8 Used Trucks November 212 Data Published December 24, 212 State of the Industry: U.S. Classes 3-8 Used Trucks is published monthly by Americas Commercial Transportation Research Company, LLC (ACT), 11545 North Marr Road, Columbus, IN 4723. Phone: 812-379-285, Fax: 812-378-5997, e-mail: trucks@actresearch.net Copyright 212 by ACT with all rights reserved. Reproduction, copying, or publication of this report in whole or part is not permitted without prior approval. This document is for internal use only. Questions and subscription requests should be directed to K.W. Vieth, Publisher.
CONTENTS STATE OF THE INDUSTRY SERIES * U.S. CLASSES 3-8 USED TRUCKS Page(s) SUMMARY OBSERVATIONS... 1 USED TRUCK MANAGEMENT STATISTICS... 2-7. CURRENT MONTH STATISTICS. YEAR TO DATE STATISTICS. CLASSES 3-5 TIME PERIOD COMPARISONS. CURRENT MONTH VERSUS PAST MONTH. CURRENT MONTH VERSUS SAME MONTH ONE YEAR AGO. CURRENT 3 MONTHS VERSUS SAME 3 MONTHS ONE YEAR AGO. YEAR TO DATE VERSUS YEAR TO DATE ONE YEAR AGO. CLASSES 6-7 TIME PERIOD COMPARISONS. AS LISTED ABOVE. CLASSES 8 TIME PERIOD COMPARISONS. AS LISTED ABOVE. SELECT ANNUALIZED TIME PERIOD COMPARISONS AVERAGE SELLING PRICE/CLASS 8 ROAD TRACTOR EXPORTS... 8. AVERAGE SELLING PRICE OF USED CLASS 8 TRUCKS (EXCLUDING AUCTIONS). U.S. EXPORTS OF USED CLASS 8 ROAD TRACTORS LIGHT DUTY (CLASSES 3-5) GRAPHS... 9-1 MEDIUM DUTY (CLASSES 6-7) GRAPHS... 11-12 HEAVY DUTY (CLASS 8) GRAPHS... 13-14 THE FOLLOWING GRAPHS ARE PRESENTED FOR EACH OF THE THREE GRAPH SECTIONS ABOVE: TOTAL REPORTED. SALES (UNITS). AVERAGE SALES PRICE ($). AVERAGE MILES. AVERAGE AGE (MONTHS) AVERAGE CLASS 8 SELLING PRICE by OEM (HIGHEST VOLUME MODEL)... 15-17 * This STATE OF THE INDUSTRY report contains only United States light, medium and heavy duty, Classes 3-8, used truck data (not seasonally adjusted). December 212 U.S. Classes 3-8 Used Trucks
STATE OF THE INDUSTRY: UNITED STATES CLASSES 3-8 USED TRUCKS VOLUME TRENDS: There are just no two ways about it: sales of used trucks are struggling, at least from a volume perspective. Class 8 unit sales sank 16% monthover-month in November. Given the performance relative to November 211, there could be an argument for seasonality, but we do not have enough data to concretely support that observation. The notion is further dispelled by cumulative sales in 212, which are down nearly 1%. While the story sets up similar to the chicken and the egg scenario, there is no clarity as to whether it is a lack of desirable trucks or willing customers that is to blame. In all likelihood, it is a combination of both factors. Total reported volumes of used Classes 3-8 truck sales followed a similar pattern, with the contraction not being quite as deep. Results also continue to be mixed on a channel basis. The auction and wholesale segments are the largest contributors to short term market softness. The retail market was only down 1% month-over-month in November. In the longer run, the wholesale market is up 4% year-to-date, while the auction and retail stores are both down more than 1% for the time period. PRICING TRENDS: Total reported Class 8 trucks sold in November saw a sharp increase over October and yearover-year. Prices were also able to hang onto positive territory year-to-date. The longer term softness is in line with expectations, as new truck buyers have held onto their equipment longer before trading. The net effect is older, higher mileage trucks, which translates into lower prices. Looking forward to 213, prices are likely to remain elevated, though growth will be a stretch. By the time 213 closes, a drop of 5% is not out of the question. That expectation is based on the expectation that the economy continues to plod along in the 2% range. Implicit in that assumption is the avoidance of a fiscal disaster, should the economy fall off the fiscal cliff. EXPORT TRENDS: October export market activity impressed on the high side, with shipments hitting their best level in the most recent twelve months. October s sales stand in stark contrast to September s, which had the dubious distinction of being the first time in 212 that all three time period comparisons were unfavorable. For October, exports rose 58.5% M/M, were up 29.1% Y/Y and most importantly, put the index back in positive territory in the long run, climbing 1.9% for the year. Overall, the export segment seems to be paralleling the broader, slowing global economic performance. In that respect, the export markets are experiencing many of the same dynamics as the domestic used truck market. Government trade data through October 212, the latest data available, show that 12,448 Class 8 road tractors have been exported. We anticipate exports of approximately 14,5 used Class 8 road tractors in 212, dropping to 13, units in 213. The current expectation recognizes stronger than expected momentum earlier in the year. ACT s USED CLASS 8 SUMMARY NOVEMBER (F) 212 TOTAL CLASS 8 MONTH/ MONTH YEAR/ YEAR YTD/ YTD UNITS -16% -3% -9% AVERAGE PRICE 14% AVERAGE MILES AVERAGE AGE -5% -5% 5% 11% -6% 1% 8% 2% MILEAGE TRENDS: The average miles of Class 8 units sold in November improved, falling below 6, miles. Despite the decline, the reading is indicative of the situation the industry will continue to confront: high mileage trucks because of new truck buyers squeezing as much life from their current trucks as they possibly can. As new truck buyers continue to replace their equipment, the used industry will have to work through the population of higher mileage trucks. Units 1,8 1,6 1,4 1,2 1, 8 U.S. Exports of Used Class 8 Road Tractors Most recent 12 months Previous 12 months AGE TRENDS: Normally, average age is the least volatile of the used truck market indicators. However, it has seen quite a bit of movement in the past two months, jumping 5% M/M in October, followed by an equal drop in November. Despite the short term variability, age will continue to increase until new truck buyers get back on normal replacement cycles. 6 4 2 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Source: US ITC, ACT Research Co., LLC 212 December 212 U.S. Classes 3-8 Used Trucks Page 1
USED TRUCK INDUSTRY MANAGEMENT STATISTICS* UNITED STATES November 212 CURRENT MONTH STATISTICS CLASSES CLASSES CLASS CLASSES 3-5 6-7 8 3-8 MARKET/VARIABLE TOTAL TOTAL TOTAL TOTAL Auction. Sales (Units) 114 168 238 52. Sales ($) $ 768,75 $ 1,941,175 $ 4,347,15 $ 7,57,75. Average Sale Price ($)** $ 6,743 $ 11,555 $ 18,265 $ 13,571. Average Miles 142,12 185,916 585,733 354,545. Average Age (Months) 97 95 11 12 Retail. Sales (Units) 98 111 1,19 1,318. Sales ($) $ 1,75,88 $ 2,715,481 $ 53,149,514 $ 57,57,875. Average Sale Price ($) $ 17,586 $ 25,862 $ 5,681 $ 46,31. Average Miles 119,34 159,575 531,995 466,326. Average Age (Months) 86 9 79 8 Wholesale. Sales (Units) 3 12 334 349. Sales ($) $ 22,92 $ 29,9 $ 5,748,147 $ 5,98,967. Average Sale Price ($) $ 7,64 $ 17,492 $ 24,25 $ 23,659. Average Miles 92,891 182,65 669,16 647,476. Average Age (Months) 85 99 94 95 Total Reported. Sales (Units) 215 291 1,681 2,187. Sales ($) $ 2,497,55 $ 4,866,556 $ 63,244,812 $ 7,68,918. Average Sale Price ($) $ 11,671 $ 17,76 $ 4,429 $ 34,387. Average Miles 131,314 176,119 57,55 469,867. Average Age (Months) 92 94 86 88 Industry Estimate***. Retail Sales (Units) 23,8 8,4 21,1 53,3. Per Day Sales (Units) 1,82 382 959 2,423. Inventory (Units) 96, 26, 49, 171,. Inventory Turnover 2.98 3.88 5.17 3.74. Inventory On Hand (Days) 123 94 71 98 *Actual data not seasonally adjusted. ** May not calculate due to volume differences *** Estimate based upon extrapolation of reported data and application of various CV market heuristics. NOTE: Data supplied for your internal use only. External distribution is not permitted without prior approval. Electronic or other re-release of Classes 3-8 used vehicle statistics is not authorized except in written summaries (no data tables) supporting the business of the subscribing SOI company. ACT Research Co., LLC must be creditied as the data source. December 212 U.S. Classes 3-8 Used Trucks Page 2
USED TRUCK INDUSTRY MANAGEMENT STATISTICS* UNITED STATES November 212 YEAR-TO-DATE STATISTICS CLASSES CLASSES CLASS CLASSES 3-5 6-7 8 3-8 VARIABLE TOTAL TOTAL TOTAL TOTAL Auction. Sales (Units) 92 1,486 3,63 5,474. Sales ($) $ 7,611,425 $ 17,391,613 $ 6,218,456 $ 85,271,394. Average Sale Price ($)** $ 8,273 $ 11,74 $ 19,66 $ 15,578. Average Miles 136,971 2,81 576,89 398,793. Average Age (Months) 13 12 18 111 Retail. Sales (Units) 1,164 1,478 13,15 15,75. Sales ($) $ 17,983,449 $ 39,282,1 $ 63,119,652 $ 687,48,62. Average Sale Price ($) $ 15,651 $ 27,393 $ 49,648 $ 44,994. Average Miles 118,37 167,325 53,977 47,546. Average Age (Months) 91 98 81 83 Wholesale. Sales (Units) 92 195 5,387 5,674. Sales ($) $ 811,918 $ 3,271,786 $ 131,725,439 $ 135,89,143. Average Sale Price ($) $ 8,825 $ 16,778 $ 25,1 $ 24,462. Average Miles 121,678 217,375 681,976 656,848. Average Age (Months) 14 17 9 91 Total Reported. Sales (Units) 2,176 3,159 21,555 26,898. Sales ($) $ 26,46,792 $ 59,945,41 $ 822,63,547 $ 98,489,14. Average Sale Price ($) $ 12,22 $ 19,244 $ 39,45 $ 34,53. Average Miles 127,187 187,95 577,4 497,47. Average Age (Months) 97 19 87 9 Industry Estimate***. Retail Sales (Units) 259,3 92, 229,9 581,2. Per Day Sales (Units) 1,8 383 958 2,422. Inventory (Units) 96, 26, 49, 171,. Inventory Turnover 2.95 3.86 5.12 3.71. Inventory On Hand (Days) 124 95 71 98 *Actual data not seasonally adjusted. ** May not calculate due to volume differences *** Estimate based upon extrapolation of reported data and application of various CV market heuristics. NOTE: Data supplied for your internal use only. External distribution is not permitted without prior approval. Electronic or other re-release of Classes 3-8 used vehicle statistics is not authorized except in written summaries (no data tables) supporting the business of the subscribing SOI company. ACT Research Co., LLC must be creditied as the data source. December 212 U.S. Classes 3-8 Used Trucks Page 3
USED TRUCK INDUSTRY MANAGEMENT STATISTICS* UNITED STATES November 212 TOTAL CLASSES 3-5 UNIT & PERCENT CHANGE MONTH/ YEAR/ PAST 3 MOS/ YTD/ Total Reported MONTH YEAR YR AGO 3 MOS YTD SALES (Units): a.current PERIOD 215 215 68 2,176 b.past PERIOD 224 228 558 1,783 UNIT CHANGE a-b (9) (13) 5 393 % CHANGE -4.% -5.7% 9.% 22.% AVERAGE SALE PRICE ($): a.current PERIOD $ 11,671 $ 11,671 $ 11,37 $ 12,22 b.past PERIOD $ 1,787 $ 1,85 $ 11,868 $ 13,673 UNIT CHANGE a-b $ 884 $ 821 $ (831) $ (1,454) % CHANGE 8.2% 7.6% -7.% -1.6% AVERAGE MILES: a.current PERIOD 131,314 131,314 138,26 127,187 b.past PERIOD 147,146 124,734 128,378 12,43 UNIT CHANGE a-b (15,831) 6,58 9,649 6,784 % CHANGE -1.8% 5.3% 7.5% 5.6% AVERAGE AGE (Months): a.current PERIOD 92 92 11 97 b.past PERIOD 11 96 97 92 UNIT CHANGE a-b (18) (4) 4 4 % CHANGE -16.3% -4.2% 3.9% 4.6% Industry Estimate*** RETAIL SALES (Units): a.current PERIOD 23,8 23,8 7,2 259,3 b.past PERIOD 24,9 22,6 66,8 244,4 UNIT CHANGE a-b (1,1) 1,2 3,4 14,9 % CHANGE -4.4% 5.3% 5.1% 6.1% PER DAY SALES (Units): a.current PERIOD 1,82 1,82 1,8 1,8 b.past PERIOD 1,83 1,27 1,28 1,27 UNIT CHANGE a-b (1) 55 52 54 % CHANGE -.1% 5.3% 5.1% 5.2% INVENTORY (Units) a.current PERIOD 96, 96, 96, 96, b.past PERIOD 13, 61, 61, 61, UNIT CHANGE a-b (7,) 35, 35, 35, % CHANGE -6.8% 57.4% 57.4% 57.4% INVENTORY TURNOVER a.current PERIOD 2.98 2.98 8.4 2.95 b.past PERIOD 2.9 4.45 12.5 4.37 UNIT CHANGE a-b.7 (1.47) (4.) (1.42) % CHANGE 2.6% -33.1% -33.2% -32.6% INVENTORY ON HAND (Days) a.current PERIOD 123 123 45 124 b.past PERIOD 126 82 3 84 UNIT CHANGE a-b (3) 41 15 4 % CHANGE -2.5% 49.4% 49.8% 48.3% *Actual data not seasonally adjusted. *** Estimate based upon extrapolation of reported data and application of various CV market heuristics. December 212 U.S. Classes 3-8 Used Trucks Page 4
USED TRUCK INDUSTRY MANAGEMENT STATISTICS* UNITED STATES November 212 TOTAL CLASSES 6-7 UNIT & PERCENT CHANGE MONTH/ YEAR/ PAST 3 MOS/ YTD/ Total Reported MONTH YEAR YR AGO 3 MOS YTD SALES (Units): a.current PERIOD 291 291 889 3,159 b.past PERIOD 335 293 846 3,27 UNIT CHANGE a-b (44) (2) 43 132 % CHANGE -13.1% -.7% 5.1% 4.4% AVERAGE SALE PRICE ($): a.current PERIOD $ 17,76 $ 17,76 $ 17,58 $ 19,244 b.past PERIOD $ 18,33 $ 17,657 $ 19,82 $ 21,9 UNIT CHANGE a-b $ (1,254) $ (581) $ (2,222) $ (1,764) % CHANGE -6.8% -3.3% -11.2% -8.4% AVERAGE MILES: a.current PERIOD 176,119 176,119 186,946 187,95 b.past PERIOD 184,722 194,488 193,443 185,738 UNIT CHANGE a-b (8,63) (18,368) (6,496) 1,357 % CHANGE -4.7% -9.4% -3.4%.7% AVERAGE AGE (Months): a.current PERIOD 94 94 96 19 b.past PERIOD 92 113 11 14 UNIT CHANGE a-b 1 (19) (14) 5 % CHANGE 1.6% -17.1% -12.9% 5.1% Industry Estimate*** RETAIL SALES (Units): a.current PERIOD 8,4 8,4 24,9 92, b.past PERIOD 8,8 1,2 3, 19,8 UNIT CHANGE a-b (4) (1,8) (5,1) (17,8) % CHANGE -4.5% -17.6% -17.% -16.2% PER DAY SALES (Units): a.current PERIOD 382 382 383 383 b.past PERIOD 383 464 462 461 UNIT CHANGE a-b (1) (82) (78) (78) % CHANGE -.2% -17.6% -17.% -16.9% INVENTORY (Units) a.current PERIOD 26, 26, 26, 26, b.past PERIOD 29, 24, 24, 24, UNIT CHANGE a-b (3,) 2, 2, 2, % CHANGE -1.3% 8.3% 8.3% 8.3% INVENTORY TURNOVER a.current PERIOD 3.88 3.88 1.53 3.86 b.past PERIOD 3.64 5.1 13.75 4.99 UNIT CHANGE a-b.24 (1.22) (3.22) (1.13) % CHANGE 6.5% -24.% -23.4% -22.7% INVENTORY ON HAND (Days) a.current PERIOD 94 94 35 95 b.past PERIOD 1 72 27 73 UNIT CHANGE a-b (6) 23 8 21 % CHANGE -6.1% 31.5% 3.5% 29.3% *Actual data not seasonally adjusted. *** Estimate based upon extrapolation of reported data and application of various CV market heuristics. December 212 U.S. Classes 3-8 Used Trucks Page 5
USED TRUCK INDUSTRY MANAGEMENT STATISTICS* UNITED STATES November 212 TOTAL CLASS 8 UNIT & PERCENT CHANGE MONTH/ YEAR/ PAST 3 MOS/ YTD/ Total Reported MONTH YEAR YR AGO 3 MOS YTD SALES (Units): a.current PERIOD 1,681 1,681 5,585 21,555 b.past PERIOD 2,6 1,73 5,962 23,82 UNIT CHANGE a-b (325) (49) (377) (2,247) % CHANGE -16.2% -2.8% -6.3% -9.4% AVERAGE SALE PRICE ($): a.current PERIOD $ 4,429 $ 4,429 $ 36,725 $ 39,45 b.past PERIOD $ 35,435 $ 38,378 $ 39,97 $ 38,558 UNIT CHANGE a-b $ 4,994 $ 2,51 $ (3,181) $ 487 % CHANGE 14.1% 5.3% -8.% 1.3% AVERAGE MILES: a.current PERIOD 57,55 57,55 591,95 577,4 b.past PERIOD 6,468 559,345 544,176 537,817 UNIT CHANGE a-b (3,413) 1,79 47,729 39,583 % CHANGE -5.1% 1.9% 8.8% 7.4% AVERAGE AGE (Months): a.current PERIOD 86 86 88 87 b.past PERIOD 91 92 87 85 UNIT CHANGE a-b (4) (5) 1 2 % CHANGE -4.5% -5.6%.8% 1.9% Industry Estimate*** RETAIL SALES (Units): a.current PERIOD 21,1 21,1 62,3 229,9 b.past PERIOD 22, 22,8 67,5 247,2 UNIT CHANGE a-b (9) (1,7) (5,2) (17,3) % CHANGE -4.1% -7.5% -7.7% -7.% PER DAY SALES (Units): a.current PERIOD 959 959 958 958 b.past PERIOD 957 1,36 1,38 1,39 UNIT CHANGE a-b 3 (77) (8) (81) % CHANGE.3% -7.5% -7.7% -7.8% INVENTORY (Units) a.current PERIOD 49, 49, 49, 49, b.past PERIOD 5, 39, 39, 39, UNIT CHANGE a-b (1,) 1, 1, 1, % CHANGE -2.% 25.6% 25.6% 25.6% INVENTORY TURNOVER a.current PERIOD 5.17 5.17 13.99 5.12 b.past PERIOD 5.28 7.2 19.4 6.91 UNIT CHANGE a-b (.11) (1.85) (5.5) (1.8) % CHANGE -2.1% -26.3% -26.5% -26.% INVENTORY ON HAND (Days) a.current PERIOD 71 71 26 71 b.past PERIOD 69 52 19 53 UNIT CHANGE a-b 2 19 7 19 % CHANGE 2.2% 35.8% 36.1% 35.1% *Actual data not seasonally adjusted. *** Estimate based upon extrapolation of reported data and application of various CV market heuristics. ****Since INVENTORY is non-additive, 3 month data points are actuals. December 212 U.S. Classes 3-8 Used Trucks Page 6
USED TRUCK INDUSTRY MANAGEMENT STATISTICS* UNITED STATES November 212 SELECT TIME PERIOD COMPARISONS CLASSES CLASSES CLASS CLASSES 3-5 6-7 8 3-8 TOTAL TOTAL TOTAL TOTAL Total Reported SALES (Units):. CURRENT MO. (x12) 2,58 3,492 2,172 26,244. PAST 3 MO. (x4) 2,432 3,556 22,34 28,344. PAST 6 MO. (x2) 2,394 3,676 23,394 29,48. PAST 12 MO. 2,378 3,49 23,548 29,425 AVERAGE SALE PRICE ($):. CURRENT MO. $ 11,671 $ 17,76 $ 4,429 $ 34,387. PAST 3 MO. $ 11,37 $ 17,58 $ 36,725 $ 32,45. PAST 6 MO. $ 11,425 $ 18,157 $ 37,723 $ 33,81. PAST 12 MO. $ 12,287 $ 19,393 $ 39,71 $ 34,529 AVERAGE MILES:. CURRENT MO. 131,314 176,119 57,55 469,867. PAST 3 MO. 138,26 186,946 591,95 51,526. PAST 6 MO. 132,871 192,55 584,658 499,237. PAST 12 MO. 126,628 186,5 575,275 494,699 AVERAGE AGE (Months):. CURRENT MO. 92 94 86 88. PAST 3 MO. 11 96 88 9. PAST 6 MO. 99 13 87 9. PAST 12 MO. 97 18 87 9 Industry Estimate*** RETAIL SALES (Units):. CURRENT MO. (x12) 286, 11, 253, 64,. PAST 3 MO. (x4) 281, 1, 249, 63,. PAST 6 MO. (x2) 274,5 11, 26, 644,5. PAST 12 MO. 271, 115, 265, 651, PER DAY SALES (Units):. CURRENT MO. 1,82 382 959 2,423. PAST 3 MO. 1,8 383 958 2,422. PAST 6 MO. 1,52 421 996 2,469. PAST 12 MO. 1,38 441 1,15 2,494 INVENTORY (Units). CURRENT MO. 96, 26, 49, 171,. 3 MO AGO 72, 29, 51, 152,. 6 MO AGO 62, 25, 44, 131,. 12 MO AGO 61, 24, 39, 124, INVENTORY TURNOVER. CURRENT MO. 2.98 3.88 5.16 3.74. 3 MO AGO 3.9 3.45 4.88 4.14. 6 MO AGO 4.43 4.4 5.91 4.92. 12 MO AGO 4.44 4.79 6.79 5.25 INVENTORY ON HAND (Days). CURRENT MO. 123 94 71 98. 3 MO AGO 94 16 75 88. 6 MO AGO 82 83 62 74. 12 MO AGO 82 76 54 7 *Actual data not seasonally adjusted. *** Estimate based upon extrapolation of reported data and application of various CV market heuristics. December 212 U.S. Classes 3-8 Used Trucks Page 7
CLASS 8: U.S. USED TRUCK AVERAGE SALE PRICE January '9 - November '12 6 5 Retail Price ($) Monthly & 15 125 4 1 3 75 2 5 1 25-1 -25-2 9 1 11 12-5 ACT Research Co., LLC: Copyright 212 The Class 8 average retail selling price improved in November, besting $5, for the first time since April. 8 7 6 5 4 3 2 1-1 CLASS 8: U.S. USED TRUCK AVERAGE SALE PRICE 4 to 5 years old, 4-5, miles Total Reported Price ($) January '9 - November '12 Monthly & 9 1 11 12 4 35 3 25 2 15 1 5-5 ACT Research Co., LLC: Copyright 212 The average sale price of late model trucks fell markedly in November, below trend for a 3 rd straight month. December 212 U.S. Classes 3-8 Used Trucks Page 8
CLASSES 3-5: U.S. USED TRUCK SALES January '9 - November '12 (Not Seasonally Adjusted) 3 Total Reported (Units) Monthly & 25 2 15 1 5 9 1 11 12 ACT Research Co., LLC: Copyright 212 Sales of used Classes 3-5 trucks remained volatile, tipping over for the third time in 212. CLASSES 3-5: U.S. USED TRUCK AVERAGE SALE PRICE January '9 - November '12 25 2 Total Reported Price ($) Monthly & 125 1 15 75 1 5 5 25-5 -1 9 1 11 12-25 -5 ACT Research Co., LLC: Copyright 212 The average sale price of used Classes 3-5 trucks was up M/M and Y/Y; also above trend. December 212 U.S. Classes 3-8 Used Trucks Page 9
CLASSES 3-5: U.S. USED TRUCK AVERAGE MILES January '9 - November '12 2 Total Reported Miles (s) 1 Monthly & 15 75 1 5 5 25-5 -1 9 1 11 12-25 -5 ACT Research Co., LLC: Copyright 212 Lower average mileage of used Classes 3-5 vehicles contributed to stronger pricing in November. CLASSES 3-5: U.S. USED TRUCK AVERAGE AGE January '9 - November '12 18 Total Reported (Months) 96 84 72 6 48 9 1 11 12 ACT Research Co., LLC: Copyright 212 Following October s spike, a lower average age of Classes 3-5 trucks also helped pricing. December 212 U.S. Classes 3-8 Used Trucks Page 1
CLASSES 6-7: U.S. USED TRUCK SALES January '9 - November '12 (Not Seasonally Adjusted) 5 Total Reported (Units) Monthly & 4 3 2 1 9 1 11 12 ACT Research Co., LLC: Copyright 212 Reported sales of used Classes 6-7 trucks slipped in November, 6MMA up on October strength. CLASSES 6-7: U.S. USED TRUCK AVERAGE SALE PRICE January '9 - November '12 25 Total Reported Price ($) Monthly & 125 2 1 15 75 1 5 5 25-5 9 1 11 12-25 ACT Research Co., LLC: Copyright 212 The average selling price of used Classes 6-7 trucks continued to erode, down 3% Y/Y. December 212 U.S. Classes 3-8 Used Trucks Page 11
CLASSES 6-7: U.S. USED TRUCK AVERAGE MILES January '9 - November '12 25 2 Total Reported Miles (s) Monthly & 125 1 15 75 1 5 5 25-5 -1 9 1 11 12-25 -5 ACT Research Co., LLC: Copyright 212 The average mileage of used Classes 6-7 trucks, down 9% Y/Y, was not the culprit for soft pricing. CLASSES 6-7: U.S. USED TRUCK AVERAGE AGE January '9 - November '12 Total Reported (Months) 156 144 132 12 18 96 84 72 6 48 9 1 11 12 ACT Research Co., LLC: Copyright 212 The average age of used Classes 6-7 trucks moved in the opposite direction of age in November. December 212 U.S. Classes 3-8 Used Trucks Page 12
CLASS 8: U.S. USED TRUCK SALES January '9 - November '12 (Not Seasonally Adjusted) 35 Total Reported (Units) Monthly & 3 25 2 15 1 5 9 1 11 12 ACT Research Co., LLC: Copyright 212 Used Class 8 truck sales in November fell 16% M/M; seasonal decline or sign of times to come? CLASS 8: U.S. USED TRUCK AVERAGE SALE PRICE January '9 - November '12 5 Total Reported Price ($) 25 Monthly & 4 2 3 15 2 1 1 5-1 9 1 11 12-5 ACT Research Co., LLC: Copyright 212 Undaunted by volume, the average selling price of used Class 8 trucks saw growth in November. December 212 U.S. Classes 3-8 Used Trucks Page 13
CLASS 8: U.S. USED TRUCK AVERAGE MILES January '9 - November '12 65 Total Reported Miles (s) 175 6 55 5 45 4 35 3 25 2 Monthly & 9 1 11 12 15 125 1 75 5 25-25 -5 ACT Research Co., LLC: Copyright 212 Perhaps the smallest Y/Y increase in average mileage in 212 contributed to better pricing. CLASS 8: U.S. USED TRUCK AVERAGE AGE January '9 - November '12 96 Total Reported (Months) 84 72 6 48 9 1 11 12 ACT Research Co., LLC: Copyright 212 Flat age and lower average miles mean more usable life for Class 8 trucks sold in November. December 212 U.S. Classes 3-8 Used Trucks Page 14
FREIGHTLINER COLUMBIA (CL) AVERAGE SELLING PRICE January '9 - November '12 4 Total Reported Price ($) 2 3 15 2 1 1 5-1 All Columbias 6 MMA Y/Y % Chg '6-'8 CL Tractors Pre '6 CL Tractors 9 1 11 12-5 ACT Research Co., LLC: Copyright 212 The average selling price for this bowed to lower prices for both late model and older equipment. INTERNATIONAL 94i AVERAGE SELLING PRICE January '9 - November '12 5 Total Reported Price ($) 25 4 2 3 15 2 1 1-1 All 94is 6 MMA Y/Y % Chg '6-'8 94i Tractors Pre '6 94i Tractors 9 1 11 12 5-5 ACT Research Co., LLC: Copyright 212 The average monthly selling price of this model has held steady for the past three months. December 212 U.S. Classes 3-8 Used Trucks Page 15
KENWORTH T8 AVERAGE SELLING PRICE January '9 - November '12 8 Total Reported Price ($) 4 7 35 6 3 5 25 4 2 3 15 2 1-1 All T8s 6 MMA Y/Y % Chg '6-'8 T8 Tractors Pre '6 T8 Tractors 9 1 11 12 1 5-5 ACT Research Co., LLC: Copyright 212 The average selling price of this model fell into sync with pre 6 and 6 to 8 prices in November. MACK CH613 AVERAGE SELLING PRICE January '9 - November '12 7 Total Reported Price ($) 35 6 3 5 25 4 2 3 15 2 1 1-1 -2 All CH613s 6 MMA Y/Y % Chg '6-'8 CH613s Pre '6 CH613s 9 1 11 12 5-5 -1 ACT Research Co., LLC: Copyright 212 The average selling price for this model fell M/M, but made up ground relative to year-ago pricing. December 212 U.S. Classes 3-8 Used Trucks Page 16
PETERBILT 379 AVERAGE SELLING PRICE January '9 - November '12 7 Total Reported Price ($) 35 6 3 5 25 4 2 3 15 2 1 1-1 All 379s 6 MMA Y/Y % Chg '6-'8 379 Tractors Pre '6 379 Tractors 9 1 11 12 5-5 ACT Research Co., LLC: Copyright 212 The average selling price of this model dipped below trend in November; down both M/M and Y/Y. VOLVO VNL67 AVERAGE SELLING PRICE January '9 - November '12 5 Total Reported Price ($) 25 4 2 3 15 2 1 1-1 All VNL67s 6 MMA Y/Y % Chg '6-'8 VNL67s Pre '8 VNL67s 9 1 11 12 5-5 ACT Research Co., LLC: Copyright 212 The average selling price of this model plateaus after last month s record high. December 212 U.S. Classes 3-8 Used Trucks Page 17
STATE OF THE INDUSTRY SERIES U.S. CLASSES 3-8 USED TRUCKS ACT Research Co., LLC, 212