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Falling used truck prices push largest dealership network to sidelines

Rush Enterprises will keep lid on pre-owned equipment inventory

Rush Enterprises, the nation's largest new and used truck dealership network, is keeping a lid on used truck inventories until prices begin to go back up. (Photo: Rush Enterprises)

Falling prices for used trucks might be good news for those in the market for older iron. But they are having an opposite effect on Rush Enterprises, the nation’s largest new and used truck dealership network.

“Looking ahead, we expect used truck values to continue to decline, and we plan to maintain our low inventory levels until conditions begin to normalize,” Rush Enterprises CEO Willam “Rusty” Rush said Thursday on the company’s earnings’ conference call.

Rush had strong financial results in the quarter — no thanks to used trucks, which fell to 7,019 units in 2022, down 6.7% year over year.

Supply shortage drove used truck prices to the stratosphere

Short supplies of used trucks in 2021 and much of 2022 drove retail and auction prices to stratospheric levels. Some trucks sold for as much as 150% above pre-pandemic levels.


“In the second and third quarters, demand and values declined significantly as more new trucks became available,” Rush said. “In the third quarter, we took swift action to minimize our used truck inventory to historically low levels. In the fourth quarter, low freight rates continued to cause weak demand and used truck values declined further.”

ACT Research reported this week that the preliminary average retail prices of a used Class 8 truck sold in January dropped 5% compared to December to just over $75,600. That was 14% lower than January 2022. 

Comparisons … increasingly negative’

“Comparisons are expected to become increasingly negative,” Steve Tam, an ACT vice president, said in a news release.

Compared to December 2022, the average truck sold at retail had 9% more miles with a 2% decline in equipment age. Year over year, the trucks had 4% more miles and the age was flat.


A surge in end-of-year deliveries on new trucks directly impacted the used market.

“January used retail sales were even able to eke out a gain relative to January 2022,” Tam said, “though, we view January’s performance as a bit of an outlier and still expect sales to be lower in 2023.”

Lower used truck prices will hit Ryder profitability in ’23

Why the used truck pricing bubble finally burst

‘Once-in-a-lifetime-pricing-boom’ in used trucks reverses course

Click for more FreightWaves articles by Alan Adler.

4 Comments

  1. Chris

    I guess this is what happens to people that make too much money all at once. CEOs are making too much by charging $150-$250 per hour for labor…charging $150 to hook stupid computer up to truck when it is necessary for all trucks these days…charging $60 for shop supplies…What the Hall does the company pay for? Labor for mechanics is paid out at a 1/3 of what they charge for labor and CEOs keep the rest. Why is it necessary for an owner of a dealership(example…Robert’s Truck Centers…Rush Truck) to own 21 dealerships? It’s about time they struggled Because it’s highway robbery that they are charging these prices not only for their trucks but for their mechanics to work on our trucks. I don’t feel any pity for them whatsoever and I do not take my trucks to their establishment to work on my trucks. They just charge you for working on it and pretend that it’s fixed and you find out after you pay for the services that the truck is not fixed. What comes around goes around. Hope you all go out of business because you put me closer to the edge of going out of business! They are unAmerican at best. Thinking of only making all the money they can and biting the hand that feeds them!

  2. Triple nickle

    Dam shame how the money hungry looming over our industry finds new ways to explain how why they charge us the wazoo for trucks and etc. Lately i think that had to be one of top 3 ways of showing us truckers how they feel about us

  3. Hughie Howell

    I was looking for a 2020 or a 2021 Peterbilt 579with a 550 but my credit is not the best but I can put the truck to work right away is there soy u can do for me.pls and thk.

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Alan Adler

Alan Adler is an award-winning journalist who worked for The Associated Press and the Detroit Free Press. He also spent two decades in domestic and international media relations and executive communications with General Motors.