Ryder CEO Diez: Used Truck Market Momentum to Accelerate

Ryder’s used vehicle sales in Q1 fell 10% year over year to 4,600 from 5,100 but climbed 27.8%, or 1,000 vehicles, compared with Q4 2025. (Coopersburg and Liberty Kenworth)

Used-truck market conditions improved in the second quarter of 2026 and are set to see even more upside in the latter half of the year, according to Ryder System CEO John Diez.

“We are seeing market conditions continue to get better,” Diez told attendees of the Wells Fargo Industrials & Materials Conference on June 10, after initially surprising to the upside in the first three months of 2026.

“The momentum we’re seeing right now for used vehicle sales is upward momentum on pricing, which should bode well for the second half of the year,” he added.

An improvement in the used-truck and leasing market typically precedes upside for sales of new trucks.

The upturn in used truck sales is mirroring the increase in spot and contract market rates.

“Used truck pricing has historically tracked freight spot rate movement, at least directionally, and both metrics began turning positive in Q4 of last year with momentum building through Q1,” Chris Visser, J.D. Power director of specialty vehicles, wrote in a report released May 18.

“Sustained rate improvement, healthy retail sales and stable pricing collectively signal that the used truck market has cycled back into positive territory, notwithstanding ongoing risks from tariff volatility, fuel cost pressures and policy uncertainty,” Visser added.

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Visser 

In April, according to ACT Research, the average Class 8 retail sales price rose 1.9% year over year to $59,122 from $58,025 and 4.2% compared with March’s $56,749 average.

ACT said Class 8 used sales increased 5.5% in April to 24,900 units from 23,600 a year earlier but were unchanged compared with March.

Better-than-expected used vehicle sales boosted Ryder’s earnings in the first quarter of 2026 and encouraged the company enough to raise its guidance for full-year 2026.

Ryder’s used vehicle sales in Q1 decreased 10% year over year to 4,600 from 5,100 but climbed 27.8%, or 1,000 vehicles, compared with the fourth quarter of 2025, the company said April 23.

Historically known for its used vehicle sales and leasing operations, Ryder ranks No. 6 on the Transport Topics Top 100 list of the largest for-hire carriers in North America.

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Diez 

Ryder Dedicated Transportation Solutions ranks No. 5 among truckload/dedicated carriers. A company initiative over the past few years boosted the company’s dedicated operations substantially as it sought to lock in a steadier and higher return on equity.

Used sales are set to trend even higher as 2026 progresses in parallel with the ongoing rebound in the freight market and as a result of regulation changes for engines.

The introduction of engines compliant with Environmental Protection Agency 2027 nitrogen oxide-emissions regulations is set to lift truck and tractor prices.

EPA is set to leave in place a Biden-era requirement that NOx emissions for heavy-duty trucks drop to 35 milligrams per horsepower-hour from 200 mg/hp-hr.

“If you’re a fleet operator, you’re trying to make a decision: ‘Do I buy used, or do I jump into new equipment?’ You’re going to have to pay a lot more for that new equipment and used equipment,” Diez said.

An emissions regulation tweak is typically positive for the used vehicle market, boosting demand, as lease customers in particular seek to beat the rush, the executive said.

However, expectations of a pre-buy continue to be dashed, said Diez, but there will be an increase in used sales.

The pre-buy is a colloquialism for fleets purchasing new trucks before the stiffer EPA tailpipe regulations become effective.

“From a used vehicle perspective, we do expect an uplift from the engine technology change as you get deeper into the year,” Ryder’s top executive told analysts and investors.