Second-Highest Truck Orders for the Year in October 2022
The month prior, September, was a record-breaking month for truck sales within the industry, so it was hardly feasible that October would be able to top it. While it predictably did not, it still outperformed the rest of the year by a wide margin. FTR has the numbers!
October 2022 Sales Numbers
FTR pins the preliminary net Class 8 truck orders for the month at 43,200. This is a 23% decrease month-over-month but a 77% increase year-over-year. For the last twelve months, total sales are estimated to be around 271,000.
It appears that Don Ake’s predictions about pent-up demand from supply chain issues all of these months is finally coming to light, as we are currently in a renaissance of truck sales, but how long is it expected to last?
Charles Roth of FTR writes that he expects a slight lull in truck sales for the remainder of the year. He writes, “October was the turning point for the Class 8 market. While we face headwinds in the freight market, overall fleet sentiment remains optimistic. While some OEMs have indicated that they have implemented allocation plans for dealers, the retail channel is another segment of the market that has yet to be able to maintain sufficient levels of inventory due to the limited availability of supply.”
Conclusion
The ultimate question as to where November ends up depends entirely on the upcoming holiday season: do fleets have enough trucks now to withstand shipping demand in December, or must they order more trucks before it is too late? We will have to see what happens, but we are all but certain that truck sales will be higher than they were in November 2021, at fewer than 10,000 units moved. We will let you know if any developments in the market occur.
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