Fleet Advantage has reported the demand for the sales of its off-lease heavy-duty trucks has increased 188% between October 2020 and April 2021, compared with its fiscal first-quarter ending September 30, 2020.
According to Fleet Advantage, the increase correlates with the rising overall demand for used trucks in the Class 8 market, which J.D. Power reported as its hottest month in March of this year, with prices increasing nearly 22% at auction and 4.7% at retail. The firm also noted that late-model prices are up 70% since early 2020.
“We continue to see rising activity and demand for used trucks right now particularly as the inventory for new trucks has tightened due to supply challenges in the production of new units,” Francis Maloney, remarketing sales manager for Fleet Advantage, said.
Fleet Advantage has sold a total of 1,670 used trucks so far during its fiscal year-to-date (July 2020 – April 2021) through its Virtual Used Truck Factory, with sales in excess of $49.9 million. As a “Virtual Used Truck Factory,” Fleet Advantage consistently produces a supply of quality used equipment, which allows direct access to late model, low mileage, one-owner trucks at a fraction of the cost that fleets would pay at a retail dealership.
“Many of our clients place a premium on our late-model used trucks because they come from shorter lease life cycles with fewer overall miles,” Maloney said. “These newer trucks are also equipped with advanced safety features and provide a reduced emissions impact on the environment.”