Carriers registered fewer new trucks in the third quarter this year, but used truck registration hit “near historical highs,” said a report from Polk Commercial Vehicle Solutions. The group issues the Commercial Vehicle Market Intelligence Report and forecasts activity in the commercial vehicle industry, according to TruckingInfo.com.
Used truck registrations made up 68 percent of the transactions for the quarter, up from 49 percent for the third quarter in 2008. But new vehicle numbers dropped 4.6 percent from the second quarter this year, and 38.7 percent in comparison to 2008’s third quarter. The reduction of new registrations reflected a lessening of demand and “continued softness in the commercial market,” the report said.
The firm has adjusted its commercial vehicle activity index for the year after analyzing the numbers, having predicted 332,000 new-unit registrations for the year. The new forecast is more like 323,000, or 9,000 less new trucks registered. In order to reach this forecast, numbers for the fourth quarter would still have to improve by 9.2 percent over the average sales rate during the year.
A “significant improvement” in construction and the overall economy is required before the market rebounds to “a more normal level,” the report stated.
Source: TruckingInfo.com: New Vehicle Registrations Down 38.7 Percent in Third Quarter
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