July 2022 was, as expected, a relatively weak month for truck sales. As such, it is hardly a surprise that the truck sales for August were significantly higher. FTR has the numbers.
August 2022 Truck Sales
FTR places their estimate for August 2022 truck sales at 21,400, which is an increase of about double what it was last month and the highest for the year thus far. At the same time, it is only approximately half of what August 2021 orders were, which was a monumental month for the trucking industry in terms of Class 8 sales at almost 40,000 units.
Don Ake of FTR says that while this is certainly a sign of good news, the industry is not done with supply shortages just yet.
“The economy has slowed down and freight growth has eased, but there is still a significant amount of pent-up demand due to the persistent supply chain delays. Some fleets have run their trucks well past their planned replacement cycles and desperately need new trucks. The industry has responded well to the supply shortages but will need an increase in production in 2023 to begin to balance out.”
Don Ake also said in his statement that this news means that the traditional summer slump the industry endures for truck sales has ended a month early, just as it did for the year prior. If he is correct on this front, then the numbers for September should be similar to what the industry has here for August. Considering manufacturers are set to open up their 2023 production logs any day now, that may just be the case. Keep a watchful eye for when 2023 orders start and reserve your slots!
If you are in the market for a new or used Class 8 vehicle, Topmark Funding can help by leveraging its network to get you the best possible terms for your particular credit scenario. If this interests you and you are ready to jump on purchasing the 2023 as soon as orders are available, read on below for more information.
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