Poor January Retail Sales May Signal the Market Hit Bottom
U.S. retail sales of Class 8 trucks in January — typically a skimpy point in any year — barely squeaked past 10,000 units and were the lowest in nearly six years as they fell 31.4% year-over-year, WardsAuto.com reported.
Sales were 10,944, compared with 15,949 in the 2015 period, Ward’s said, as all truck makers but one, Volvo Trucks North America, reported fewer sales.
“January was below expectations and not very good. But if I had to bet money, I would bet that’s the bottom,” of the current sales cycle, Don Ake, vice president of commercial vehicles at the research form FTR told Transport Topics.
“The fact that we bottomed out is good. We were in a free fall and certain people were panicking,” he said.
The stage is set for a slow, moderate recovery, Ake said, and FTR’s freight forecast for 2017 is for 2% growth.
VTNA — a unit of Volvo Group — saw sales increase 8.6% to 1,178 units, good for a 10.8% market share.
