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4. Trailer - December net trailer orders were even more robust than in recent months, rising 115% y/y (+46% m/m). Orders reached the second highest monthly total ever, falling only ~500 units short of the record set in September 2018.
5. Used Truck - Same dealer Class 8 retail truck sales jumped 16% m/m in December. Activity typically sees a moderate increase (≈7%) in December, so the increase was directionally consistent with expectations.
January heavy-duty (HD) orders were relatively weak, but it remains to be seen whether this represented a pause after robust year-end orders, or the beginning of a more broad-based pullback in demand. Notably, both HD and medium-duty (MD) seasonally adjusted retail sales were robust. Heavy-duty retail sales (SA) rose 29% y/y to 29,200 units (23,765 nominal). The 1,389-upd rate (SA) was 22.9% ahead of the year-ago rate, 15.5% above the full-year 2022 average, and up 4.5% m/m.”