Apr 06, 2011
Fleets seeking late-model, low-mileage used trucks as a way to inexpensively replace older vehicles in their operations are going to have a tough time doing it as supply continues to tighten...
Bob Glenn, director of remarketing for Penske, told Fleet Owner that a year and one-half ago, the company’s used-truck inventory included just over 10,000 units listed for sale. By the fourth quarter of last year, however, that inventory had fallen to 2,800 units and remains at low levels. Altogether, Penske sold approximately 23,000 used trucks in 2010.
“Pent-up demand started in the first quarter last year and hasn’t stopped,” Glenn said, with tandem and single axle Class 8 day cab tractors displaying the most strength, though all models of used trucks in Penske’s inventory are selling well.
Glenn added that fleets of all sizes – from large national and regional carriers on down to small operators – are in the market, looking primarily for trucks with under 400,000 miles.
Steve Clough, president of national used truck dealership chain Arrow Truck Sales, noted at FTR Associates 2010 Transportation Conference that the used-truck shortage now occurring is due to the record low production rates of new trucks experienced during the past few years.
Glenn noted that while some fleets are still looking to make 10 and 12 vehicle used truck “buys,” getting a group of such trucks together with similar specifications and with the right mileage is tougher and tougher to do. “It’s a struggle to find those kinds of vehicles in inventory now,” he added.