Preliminary Class 8 same-dealer used truck retail sales volumes increased by 7.4% in May, counter to expectations, according to ACT Research.

“Besides a soft freight environment, flat freight rates, and elevated borrowing costs, seasonality called for about a 6% decline,” according to Steve Tam, vice president at ACT Research. “Auction volumes rebounded heartily from April’s post quarter-end hangover, adding 38% m/m in May. Wholesale activity floated higher, gaining 1.9% month-over-month.

“May retail sales are typically six percentage points below normal. Second quarter sales tend to be pretty average, with June as the epitome of average. Sales are also usually unremarkable in July,” Tam concluded.