November was the Strongest Month on Record for Used Truck Pricing, J.D. Power Finds
MCLEAN, Va.–(BUSINESS WIRE)–November was the strongest month on record for all segments of the used medium and heavy truck market and incoming December data shows the throttle is firmly to the floor, according to analysts from J.D. Power Valuation Services, as reported in the December 2021 Commercial Truck Guidelines Industry Update. Buyers continue to pay retail pricing at auctions, to the point where trucks regularly bring higher pricing at auction than retail.
“With current and impending changes to Fed activity, interest rates, COVID stimulus payments and other variables, which our forecasting models incorporate, we are keeping a cautious eye on what will happen to consumer purchasing once these become a reality,” said Chris Visser, commercial truck senior analyst at J.D. Power Valuation Services. “We’re focused on the impact to commercial truck demand once interest rates rise and stimulus payments stop.”
Major findings in the free monthly report note:
- Auction pricing indistinguishable from retail as buyers are desperate for late-model trucks
- Auction pricing in 2021 is running 96% higher than 2020
- Retail pricing in 2021 is running 37% higher than 2020
- Market looks strong as long as confidence in freight rates remains
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.
About J.D. Power
J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.
J.D. Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The J.D. Power auto shopping tool can be found at JDPower.com.
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