September 2023 Truck Sales Post YTD Record
Last month we wrote about both July and August 2023’s truck sales and wrote that it was highly unlikely that September 2023 would see a year-over-year increase considering just how high the ninth month of 2022 was. This happens to be the case, however, the numbers for 2023 are still the highest for the year, according to preliminary numbers from both FTR and ACT.
September 2023 Details
FTR reports Class 8 net orders at 31,200 and ACT reports it at 36,800. Both of these are an increase from August of at least 67%.
So what is the main culprit for this stellar increase? The opening of orders for the 2024 production year as fleets rush to get newer vehicles as soon as possible. “Build slots have opened for 2024 production, and fleets are placing orders at a solid pace. Although a large increase in September was expected due to available build slots, it is still a positive indicator for the industry,” says Chairman of the Board at FTR Eric Starks. “We saw increases across the board versus August — another indication this is a broad-based gain for the market.”
Because of the rapid increase in orders with the opening for slots in the 2024 production year, the backlog has taken quite the hit, and will likely do so for the next few months until orders slow down.
Conclusion
For 2022, October was the second-highest order count for Class 8 trucks for the year, so we have our fingers crossed that next month will also be a pretty good month in comparison to what we saw in the first half of 2023.
If you want to contribute to the number, or just add some assets to your fleet, TopMark Funding can help. We work with numerous, and an ever increasing number of, funding sources to get you the best solution for your particular credit scenario, regardless of whether your score is perfect or less-than-perfect. Read on below for more on what we can do for you to help expand your fleet in this ever-growing industry.
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