Commercial Truck Guidelines

Transcription

NADA Commercial Truck Guide
Industry Update
September 2014

Class 8 retail pricing unexpectedly strong
through the summer
Influx of newer trucks pushed our universal
average to a new record

Wholesale mileage and age trending closer to
retail
Average age in the wholesale channel is now
equal to retail

Special Study: Proprietary Engines in the Used
Market
Commercial Truck Guidelines | September 2014
TABLE OF CONTENTS
Commercial Truck Market Trends ............................................................................................... 2
Economic Trends by Forecasting & Industry Analysis Group
...................................................................... 10
ATD/NADA Official Commercial Truck Guide Value Trends ........................................................ 12
At NADA Used Car Guide ............................................................................................................. 13
COMMERCIAL TRUCK MARKET TRENDS
Market Summary
Pricing and sales volume for Class 8 highway segments were strong through the
summer. Strong demand has kept depreciation to a minimum, despite the higher
volume of late-model iron coming off trade. A special study explores the volume of
proprietary engines in the used market.
Sleeper Tractors – Retail
The retail sleeper market turned in an unexpectedly strong performance in July, with
depreciation for individual trucks very light despite the continuing increased supply. The
ongoing market shift favoring 2-5 year-old trucks pushed our universal average to a new
all-time record.
Specifically, the average sleeper tractor retailed in
July brought $60,767, had 503,884 miles, and was 74
Average Retail Price and Mileage:
All Sleeper Tractors Under 1M Miles
$3,629 (or 6.4%), mileage was down 17,702 (or 3.4%),
$60,000
and age was 4 months younger. Year-over-year, this
$55,000
month’s pricing was $8,048 (or 15.3%) higher,
$50,000
mileage was 31,764 (or 5.9%) lower, and age was 3
months younger. See “Average Retail Price and
Mileage” graph for detail.
Price
$65,000
Price
Mileage
580,000
550,000
520,000
490,000
$45,000
460,000
$40,000
$35,000
430,000
$30,000
400,000
Looking at pricing by model year, results were flat to
mildly downward. 2013s are still absorbing their
Source: ATD/NADA
Period
NADA Used Car Guide | 8400 Westpark Drive | McLean, VA 22102 | 800.544.6232 | nada.com/b2b
© 2014 NADA Used Car Guide
2
Mileage
months old. Compared to last month, pricing was up
[ COMMERCIAL TRUCK MARKET TRENDS continued ]
initial depreciation, and have pulled well back from their 6-figure pricing early this year.
2012s appear to have cycled through that process, transitioning to a more mature and
gradual depreciation rate similar to their 2011 counterparts. Older trucks have been
essentially flat for multiple quarters. See “Average Retail Price by Model Year” graph for
detail.
Pricing by mileage range paints an even more positive
picture, with trucks under 600,000 miles trending
steadily upwards since early 2013. One interesting
Average Retail Price by Model Year
All Sleeper Tractors Under 1M Miles, Adjusted for Mileage
2007
aspect of the current market shift is that the number
$120,000
of trucks sold with under 400,000 miles is already
$100,000
greater than in all of 2013. Again, the fact that pricing
speaks to the strong demand for these trucks. See
“Average Retail Price and Number of Trucks Sold”
2009
2010
2011
2012
2013
$80,000
Price
remains strong in the face of this increased volume
2008
$60,000
$40,000
$20,000
graph for detail.
Jan-12
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan-13
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan-14
Feb
Mar
Apr
May
Jun
Jul
$0
Sleeper Tractors – Wholesale
Period
Source: ATD/NADA
The influx of younger, lower-mileage sleeper tractors
into the wholesale marketplace continues to shake up
Average Retail Price and Number of Trucks Sold by Mileage Range
Sleeper Tractors, CY2013 vs. YTD2014
the mix of trucks sold. Average age has reached parity
YTD2014 Price
with the retail channel, and the number of trucks with
YTD2014 Vol.
CY2013 Vol.
3,000
$90,000
$80,000
greater than in all of 2013.
$60,000
2,500
Price
$70,000
2,000
$50,000
Specifically, the average truck sold at auction or
$40,000
dealer-to-dealer in July brought $41,107, had 571,042
$20,000
1,500
1,000
$30,000
500
$10,000
$0
0
pricing was $616 (or 1.5%) higher, mileage was
44,729 (or 7.3%) lower, and age was 3 months
Mileage Range
Source: ATD/NADA
younger. Year-over-year, July 2014 pricing was
$15,512 (or 60.6%) higher than July 2013, mileage was 116,945 (or 17.0%) lower, and
age was a full year younger. See “Average Wholesale Price and Mileage” graph for
detail.
3
Number of Trucks Sold
under 600,000 miles sold through July is already
miles, and was 74 months old. Month-over-month,
CY2013 Price
$100,000
Looking at pricing by model year, most trucks trended
Average Wholesale Price and Mileage:
All Sleeper Tractors Under 1M Miles
downward this month, with the newest model years
exhibiting the most depreciation, and 2009MY units
$50,000
turning in an unexpectedly weak month. 2013 and
$45,000
Price
$35,000
$30,000
$25,000
As in the retail channel, pricing by mileage range
$20,000
paints a more positive picture of the market, with
$15,000
trucks in all mileage ranges trending upwards. The
600,000 has increased notably since March, already
outpacing calendar year 2013’s volume by 15.6%.
Period
Source: ATD/NADA
Average Wholesale Price by Model Year
All Sleeper Tractors Under 1M Miles, Adjusted for Mileage
$120,000
Popularity of trucks with 800,000 miles and above is
$100,000
also higher this year than last, thanks to the
2 per. Mov. Avg. (2007)
2 per. Mov. Avg. (2008)
2 per. Mov. Avg. (2009)
2 per. Mov. Avg. (2010)
2 per. Mov. Avg. (2011)
2 per. Mov. Avg. (2012)
$80,000
Price
increased practice of reselling older reconditioned
trucks. See “Average Wholesale Price and Number of
790,000
760,000
730,000
700,000
670,000
640,000
610,000
580,000
550,000
520,000
490,000
460,000
430,000
400,000
Mileage
Year” graph for detail.
volume of trucks with mileage between 300,000-
2 per. Mov. Avg. (Mileage)
$40,000
newer trucks are still extremely rare in the wholesale
channel. See “Average Wholesale Price by Model
2 per. Mov. Avg. (Price)
$60,000
Trucks Sold” graph for detail.
$40,000
The final piece of the puzzle is the average age of
$20,000
trucks sold, which currently stands at 74 months –
Jan-12
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan-13
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan-14
Feb
Mar
Apr
May
Jun
Jul
$0
identical to trucks sold retail. Traditionally, this
Period
spread has stood at 12-18 months. This change
suggests that the wholesale channel is absorbing a
greater proportion of the 3-5 year-old trucks
Average Wholesale Price and Number of Trucks Sold by Mileage Range
Sleeper Tractors, CY2013 vs. YTD2014
YTD2014 Price
returning from trade. The average mileage spread
100,000 miles. Lower-mileage iron is still cherry-
CY2013 Vol.
500
$80,000
450
$70,000
400
350
$60,000
Price
picked for the retail channel.
YTD2014 Vol.
300
$50,000
250
$40,000
200
$30,000
Competitive Comparison—3- and 4-Year-Old
Sleepers
150
$20,000
100
$10,000
50
$0
Starting with 3-year-old (2012MY) trucks, the
0
Mileage Range
Source: ATD/NADA
4
Number of Trucks Sold
has dropped less dramatically, standing at about
CY2013 Price
$90,000
Peterbilt 386 dipped unexpectedly in July. Average mileage of 386s sold was higher than
the average by about 29%, which could account for some of the difference despite our
mileage adjustment. All 2012 386s reported sold in July were equipped with the PACCAR
MX engine, which should not be responsible for the drop, but is worth noting.
The Kenworth T660 and Freightliner Cascadia
continue to perform similarly, with the T660’s 4% dip
Average Retail Price - 3-Year-Old Sleeper Tractors
Adjusted for Mileage
bringing that model very close to an unchanged
$110,000
Cascadia. The Cascadia continues to be the largest-
$100,000
$90,000
pricing performance even more impressive.
$80,000
Price
volume 2012 truck sold by a large margin, making its
$70,000
Volvo’s 630/670 and 730/780 continue to perform
$60,000
similarly, with the 730/780’s higher mileage partly
386
Cascadia
$50,000
ProStar
T660
responsible for its result.
$40,000
VNL 630/670
VNL 730/780
Average for all Trucks
$30,000
The International ProStar ticked up in July,
maintaining its position at roughly 24% below the
average for this cohort.
See “Average Retail Price – 3-Year-Old” graph for
Jan-14
Feb
Mar
Apr
May
Jun
Jul
Period
Source: ATD/NADA
Average Retail Price - 4-Year-Old Sleeper Tractors
Adjusted for Mileage
$90,000
detail.
$80,000
Moving over to 4-year-old (2011MY) trucks, the T700
parity with the Cascadia.
$70,000
Price
saw another minor uptick in July to achieve near-
$60,000
Avg. for All Trucks
2 per. Mov. Avg. (VNL 730/780)
$50,000
The 386 performed better in this age bracket, on par
2 per. Mov. Avg. (386)
2 per. Mov. Avg. (Cascadia)
$40,000
2 per. Mov. Avg. (T660)
with the T660.
2 per. Mov. Avg. (T700)
$30,000
The 730/780 dipped this month, turning in a
performance similar to the 386 and T660, at roughly
Period
Source: ATD/NADA
3% below the top two performers.
The ProStar has not yet turned around, dipping again in July to increase its distance from
the market average to about 17%. 84% of 2011 ProStars reported sold in July were ISXequipped.
5
The 387 had a weak month, coming in below the 630/670 for the first time this year. No
obvious factors were behind this model’s lower performance.
See the “Average Retail Price – 4-Year-Old” graphs for detail.
Special Study: Proprietary Engines in the Used Marketplace
A recent WardsAuto.com report quoted in the August 11, 2014 edition of Transport
Topics stated that, “Cummins supplied 39% of the diesel engines installed at North
American factories (in the first half of 2014).” As such, proprietary engines comprised
61% of engines installed in new trucks. But how about used trucks? How common are
proprietary engines in the various makes and models available in the secondary market?
To find out, we combined our retail and wholesale sleeper tractor data for 1H2014 and
denoted proprietary vs. non-proprietary. “Non-proprietary” includes all Caterpillar and
Cummins offerings, regardless of size (which includes the C13, C15, ISM, and ISX). See
chart below for detail.
Freightliner
International
Kenworth
Peterbilt
Volvo
Western Star
Industry Average
Industry Average Ex. Western Star
2013
100%
100%
21%
67%
86%
100%
79%
75%
2012
84%
95%
38%
23%
84%
100%
71%
65%
2011
87%
14%
10%
14%
88%
100%
52%
43%
2010
98%
6%
0%
0%
37%
100%
40%
28%
Looking at the stats, we first note that late-model Freightliners are overwhelmingly
equipped with Detroit engines, with all 2013s and the vast majority of 2010-2012s soequipped. Interestingly, the DD15 comprised 95% of the Detroit-powered group, with
the DD13 representing only 5%. This difference is likely due to the slower production
ramp-up of the DD13.
Detroits were also installed in every Western Star reported sold. We expected to see a
degree of Cummins installation in this make due to its owner-operator focus, so this
6
result is somewhat surprising. All Western Star sleepers reported sold were equipped
with the DD15 at 560HP.
Volvo has offered proprietary engines for 20 years and the Volvo D13 has by far been its
most popular engine since the 2011 model year, thanks to a relatively well-received
rollout of the 2010-spec engine as well as production and marketing strategies
emphasizing the all-Volvo powertrain.
In the PACCAR camp, installation of the MX engine ramped up slower than other OEMs’
new engines, which is reflected in that engine’s representation in our data. It appears
that Peterbilt may have received more of these units than Kenworth, at least in model
year 2013. In general, Cummins is the most common powerplant for all 2010-emissions
PACCAR trucks except for 2013 Peterbilts.
Looking at International’s MaxxForce, that engine sees limited representation in 2010
and 2011 due to limited marketplace demand as well as production ramp-up. 2012 was
almost entirely MaxxForce, although there appears to be a handful of Cumminsequipped 2012s in the wild, as evidenced by two reported sales so far (verified by VIN).
2013 was a MaxxForce-only build year. Note that MY2013 and earlier MaxxForce trucks
did not include SCR.
In general, it is accurate to say that the 2010 emissions spec signaled the start of the
proprietary engine era. Industry-wide, proprietary engines have been more common
than supplier engines since the 2012 model year, at least in the sleeper segment. Note
that 2011 was a transitional model year for most makes, with a number of pre-2010emissions engines installed in trucks of this model year (keep in mind that the 2011
model year began in the first quarter of 2010).
As for relative value, there does not appear to be a notable difference in selling price
between Detroit, PACCAR, or Volvo proprietary engines vs. big-bore Cummins engines
once mileage and specs (including horsepower) are adjusted for. There appears to be a
mild to moderate premium for Cummins over Caterpillar in general, with that difference
dependent on make. And of course the smaller-bore (C13 and ISM) supplier engines are
not as valuable in a sleeper truck as a large-bore engine. To see NADA’s assessment of
specific engine values, check the option listings in the latest edition of NADA Online or
the ATD/NADA Official Commercial Truck Guide®.
7
Sales Volume – Retail and Wholesale
The number of trucks reported that were sold wholesale (auction plus dealer-to-dealer)
stands at 23,988 through July, for a 6.2% increase over same-period 2013. Average
number of sales per month is up by a similar amount,
due partly to an unusually strong March, but mainly
Total Wholesale Sales Reported to NADA
to incrementally higher sales each month.
6,000
As we’ve noted, an increased supply of 3-6 year-old
5,000
trucks, especially those with under 500,000 miles, is
secondary factor is increased interest in older, higher-
2,000
miles. See “Total Wholesale Sales Reported to NADA”
1,000
graph for detail.
Jan-10
Mar
May
Jul
Sep
Nov
Jan-11
Mar
May
Jul
Sep
Nov
Jan-12
Mar
May
Jul
Sep
Nov
Jan-13
Mar
May
Jul
Sep
Nov
Jan-14
Mar
May
Jul
Number of Used Trucks Retailed per Rooftop
8
vs. 6.1. The average dealer has retailed an average of
7
6
42.1 trucks so far in 2014, compared to 42.5 in the
5
4
3
those with 400,000 miles or less – is the most notable
2
shift compared to last year. See the “Average Number
1
of Used Trucks Sold per Rooftop” graph for detail.
0
Conclusion
Jan-12
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan-13
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan-14
Feb
Mar
Apr
May
Jun
Jul
Number
Increased supply of 2-5 year-old trucks – particularly
Period
Sources: ATD/NADA and AuctionNet
is running 0.1 truck behind same-period 2013, at 6.0
same period last year.
2013 Total:
39,179
0
As for the retail channel, dealers had their best month
trucks per rooftop. In terms of the year to date, 2014
2012 Total:
34,275
3,000
mileage trucks – specifically those with over 800,000
since exactly one year ago, selling an average of 6.5
2011 Total:
29,282
4,000
Total Sales
primarily responsible for the increased volume. A
2010 Total:
42,320
Period
Customers remain hungry for late-model used trucks.
Pricing has not depreciated notably since the influx of late-model sleepers began in the
first quarter, so dealers should be taking advantage of the high volume/high price
dynamic. The proportionally higher price of new trucks should keep demand for used
8
trucks higher than the historic norm, limiting the rate of depreciation.
On another note, most of the data in this report was originally posted on our
Commercial Vehicle Blog in real-time. Keep up with that blog twice each week for
analysis of incoming data as well as industry commentary, at www.nada.com/b2b.
9
ECONOMIC TRENDS
By Steven Szakaly, Chief Economist, Forecasting & Industry Analysis Group
Sometimes we’re glad that most Americans are challenged by geography. As crises roil
the Middle East and Ukraine and Europe’s economy sputters, U.S. automotive sales have
reached levels not seen in more than a decade.
We’ve heard a litany of explanations for the resurgent
U.S. auto market; easy money from the Fed, risky
EMPLOYMENT WILL CONTINUE TO IMPROVE
subprime loan practices, and overextended
is a bubble and unsustainable. We disagree. Our view
is that we are seeing the benefits of a long overdue
recovery with consumers feeling more confident
about an economic recovery that after five years is
Historical
340
Forecast
320
Monthly Non-Farm Employment Change,
in Thousands, SA
consumers, all of which mean to say that this market
360
300
280
260
240
220
200
180
160
140
120
100
80
60
40
20
finally creating jobs.
0
2012
2011
2013
2014
Of course the naysayers will point to August jobs
numbers as evidence for underlying weakness. We
2
agree that initial jobs numbers were weak at 142,000.
But we are very confident that this will be revised
VEHICLE FORECAST
upward and that employment growth will remain
So that leaves overextended consumers, which a
1
recent Equifax report concisely refuted by showing
that there is no bubble in automotive subprime.
Historical Heavy Duty
17
Number of Motor Vehicles Sold, in Millions
above 200,000 over the coming months.
18
Historical Light Vehicle
16
Forecast Heavy Duty
15
Forecast Light Vehicle
14
13
12
11
10
9
8
7
6
5
4
3
2
While it’s true that people are borrowing for a longer
1
0
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
term, this reflects changes in the age of vehicles –
which are lasting much longer – and the fact that
interest rates remain near historic lows. Put simply, it
3
isn’t strange to borrow for six years if you know your
car will actually last you twelve. The truth is these longer loan terms together with some
fundamental demographic and societal changes will affect long run demand. We expect
these factors to keep the long run light vehicle sales average under 17.0 million.
So what does worry us? Housing remains weaker than our forecasts and personal
References:
1
“Not Yesterday’s Subprime Auto Loan”, Economic Trends Commentary, Equifax August 25, 2014
10
[ ECONOMIC TRENDS continued ]
consumption on everything but cars has also lagged. We have been expecting an
improving housing market all summer but the record is at best mixed. For GDP growth
and vehicle sales to maintain their momentum the housing market has to come back in
2015 in a much more meaningful way. As for personal consumption, autos have been
the trend leader since 2010 but the pace of spending
also can’t be sustained. There’s a lot of pent up
demand out there right now but like in housing,
U.S. GDP OUTLOOK THROUGH 2018
5
general consumption needs to rise if we’re to see
Our outlook for new vehicle sales hasn’t changed, as
August was another great month and we still expect
this year to finish at 16.4 million. If anything we note
3.1
3.1
3
Forecast
2.8
2.9
2.2
Gross Domestic Product,
Annual % Change
auto sales remain strong in the longer term.
Historical
4
1.6
2
1
0
2000
-1
2002
2004
2006
2008
2010
2012
2014
2016
2018
-2
-3
-4
with some irony that our forecast now looks low, but
-5
we’re happy that the consensus has steadily moved
up to our number. GDP will still be around 1.6%, but
1
we maintain our earlier view that the fall will likely
see a strong finish to the year.
11
[ ATD/NADA OFFICIAL COMMERCIAL TRUCK GUIDE® TRENDS ]
Monthly Change in ATD/NADA Commercial Truck Guide Value
September 2014 v. August 2014
NADA Segment
2008MY
2009MY
2010MY
2011MY
2012MY*
Commercial Van
-4.1%
0.0%
1.1%
0.7%
1.3%
Extended Hood
-1.5%
-2.1%
-3.4%
-4.1%
-1.7%
Highway Aerodynamic
-3.3%
-1.9%
-0.9%
-1.1%
-2.0%
Highway Traditional
0.0%
0.0%
0.0%
-0.5%
0.0%
Local/Delivery Daycab
-3.0%
-0.9%
0.5%
-0.7%
7.5%
Medium Duty Cabover
0.0%
-0.6%
0.0%
-0.7%
0.0%
Medium Duty Conventional
0.1%
0.0%
0.1%
0.2%
-0.6%
Vocational/Construction
0.0%
0.0%
0.0%
0.0%
0.0%
*Value movement can be influenced by newly valued vehicles.
Annual Change in ATD/NADA Commercial Truck Guide Value
September, 2013 v. 2014
NADA Segment
Commercial Van
Extended Hood
Highway Aerodynamic
Highway Traditional
Medium Duty Cabover
5YR
7.7%
-0.3%
5.7%
2.8%
2.8%
-12.6%
14.1%
-1.5%
4YR
21.0%
5.6%
3.6%
10.0%
-0.5%
25.9%
2.3%
19.2%
3YR
3.1%
1.6%
9.5%
5.8%
1.9%
14.2%
-6.8%
N/A
2YR
16.5%
-2.1%
5.9%
2.7%
-8.1%
N/A
-1.1%
N/A
Segment
Change
12.5%
1.7%
8.0%
7.9%
1.9%
-0.2%
1.8%
9.9%
*Calculations are based on vehicle age, i.e. values for 1-year-old vehicles in CY2014 are compared against values for
1-year-old vehicles in CY2013.
YTD Change in ATD/NADA Commercial Truck Guide Value
NADA Segment
2008MY
2009MY
2010MY
2011MY
2012MY*
YTD
Segment
Commercial Van
-2.9%
3.2%
-5.3%
-5.4%
-4.8%
-2.8%
Extended Hood
-3.0%
-5.6%
-11.0%
-11.7%
-9.0%
-4.7%
Highway Aerodynamic
-7.9%
-5.4%
-9.6%
-8.0%
-11.7%
-6.7%
Highway Traditional
-3.3%
-2.8%
-8.8%
-8.2%
-7.0%
-5.1%
-9.5%
-8.6%
-12.1%
-17.9%
-15.9%
-6.7%
Medium Duty Cabover
-7.1%
-5.6%
-3.7%
-12.5%
-7.3%
-6.0%
0.0%
-3.5%
-1.5%
-8.6%
-6.6%
-3.6%
-6.5%
-6.6%
-2.8%
-2.4%
-2.3%
-7.8%
12
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Market Overviews video section of the website. Updated twice per week by Chris Visser, the blog provides real-time
analysis of incoming sales data from the industry’s leading used truck sales database. NADA produces a monthly market
overview to provide further insight into the commercial truck market.
About NADA Used Car Guide
Since 1933, NADA Used Car Guide has earned its reputation as the leading provider of vehicle
valuation products, services and information to businesses throughout the United States and
worldwide. NADA’s editorial team collects and analyzes over one million combined
automotive and truck wholesale and retail transactions per month. Its guidebooks, auction
data, analysis and data solutions offer automotive/truck, finance, insurance and government
professionals the timely information and reliable solutions they need to make better business
decisions. Visit nada.com/b2b to learn more.
Senior Analyst and
Product Manager
Chris Visser
800.248.6232 x4731
[email protected]
Credit Unions, Fleet, Lease, Rental
Industry, Government
Doug Ott
800.248.6232 x4710
[email protected]
Automotive Dealers,
Auctions, Insurance
Dan Ruddy
800.248.6232 x4707
[email protected]
Business Development
Manager
James Gibson
800.248.6232 x7136
[email protected]
Financial Industry,
Accounting, Legal,
OEM Captive
Steve Stafford
800.248.6232 x7275
[email protected]
13
NADA CONSULTING SERVICES
NADA’s market intelligence team leverages a database of nearly 200 million transactions and more than
100 economic and market-related series to describe the factors driving current trends to help industry stakeholders
make more informed decisions. Analyzing data at both wholesale and retail levels, the team continuously provides
content that is both useful and usable to dealers, financial institutions, businesses and consumers.
Complemented by NADA’s analytics team, which maintains and advances NADA’s internal forecasting models and
develops customized forecasting solutions for clients, the market intelligence team is responsible for publishing white
papers, special reports and the Commercial Vehicle Blog. Throughout every piece of content, the team strives to go
beyond what is happening in the industry to confidently answer why it is happening and how it will impact the market
in the future.
Senior Director, Vehicle Analysis & Analytics
Jonathan Banks
800.248.6232 x4709
[email protected]
Senior Analyst and Product Manager
Chris Visser
800.248.6232 x4731
[email protected]
ADDITIONAL RESOURCES
Guidelines
White Papers
Updated monthly with a robust data set
from various industry sources and
NADA’s own proprietary analytical tool,
Guidelines provides the insight needed
to make decisions in today’s market.
NADA’s white papers and special reports
aim to inform industry stakeholders on
current and expected used vehicle price
movement to better maximize today’s
opportunities and manage tomorrow’s risk.
NADA Perspective
Commercial Vehicle Blog
Leveraging data from various industry
sources and NADA’s analysts, NADA
Perspective takes a deep dive into a
range of industry trends to determine
why they are happening and what to
expect in the future.
Written and managed by Senior Analyst
Chris Visser, the Commercial Vehicle
Blog analyzes market data, lends insight
into industry trends and highlights
relevant events.
Connect with NADA
Read our Blog
Follow Us on Twitter
Find Us on Facebook
Watch Us on YouTube
nada.com/commercialtruck
@NADAUsedCarGde
Facebook.com/NADAUsedCarGuide
Youtube.com/NADAUsedCarGuide
Disclaimer: NADA Used Car Guide makes no representations about future performance or results based on the data and the contents available in this report (“Guidelines”). Guidelines is
provided for informational purposes only and is provided AS IS without warranty or guarantee of any kind. By accessing Guidelines via email or the NADA website, you agree not to reprint,
reproduce, or distribute Guidelines without the express written permission of NADA Used Car Guide.
14

Commercial Truck Guidelines

Transcription

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