Polk: Used Commercial Vehicle Registration Reaches Record Levels
The rising demand for used vehicles evidently isn’t restricted to private passenger units. Polk recently discovered the amount of used commercial vehicle registrations has hit a new record through the first nine months of the year.
Firm analysts revealed Wednesday that the amount of used commercial vehicle (GVW Class 3-8) registrations totaled 524,500 units during the first nine months of 2010. This amount is an 18.7-percent spike over the same time frame a year ago.
Polk also indicated used commercial vehicle registrations represented 66 percent of the total amount during this time period.
The firm counted 269,650 new commercial vehicle registrations. That figure was 9.6-percent higher than the first nine months of last year.
All told, the 794,200 commercial vehicle registrations coming in the first nine months of 2010 constituted a 15.5-percent rise from the year-ago period.
Because the amount of used commercial vehicle registrations has hit historic levels, Polk believes this is creating strong opportunities for the aftermarket industry. Analysts contend this trend is especially true for GVW 8 vehicles, which represented almost half of the total used commercial transactions during the first nine months of 2010. A year ago, they said these units composed about 42 percent.
“This is the first year that registrations of used commercial vehicles have seen such significant growth,” explained Gary Meteer, director of sales and client services at Polk.
“The uptick in the used market signifies a large opportunity for aftermarket parts manufacturers and suppliers that rely on the commercial repair and replacement business,” Meteer continued.
“The significant increase in used commercial vehicle registrations so far this year is indicative of an improving business climate as companies update their equipment with newer models,” Meteer went on to say. “Large fleet owners and operators are upgrading to new vehicles, and therefore the smaller fleet companies and independent owner operators have great opportunities to find available clean used equipment.”
Polk emphasized that its most recent Commercial Vehicle Market Intelligence Report includes these findings along with other commercial market highlights, geographical registrations and key insight into aftermarket component demand. It’s all meant to help aftermarket and OEM component suppliers better plan their inventory to match demand for replacement parts.
In the report, Polk pointed out that it also included an overview of the Canadian commercial vehicle market and a summary of the performance of the global heavy commercial vehicle (more than 3.5 tons) market through the first eight months of the 2010.
“Polk has been providing commercial vehicle data to the industry for decades and began first reporting used versus new registration information in 2004,” firm analysts stressed.
New Trailer Registrations Show Significant Growth
Along with the discussion about commercial vehicles, Polk also touched on trends connected with commercial trailers as well.
Polk determined new commercial trailer registrations during the first nine months of the year were up 42.2 percent over the same period last year to 76,125 units. Analysts include trailers 24 feet or longer in this collection.
The firm explained the strength of the new trailer market is strongly influenced by dry and refrigerated van trailers, which typically account for about 64 percent of total new trailer registrations.
During the first nine months of the year, Polk determined new van trailer registrations were up 75.2 percent from the same period last year and represented about 72 percent of new trailer registrations.
Grain, flatbed and hoppers round out the top four trailer types registered during the first nine months of the year, according to Polk.
“While new trailer registrations remain below record levels set in 1995, this improvement is significant and indicates that the market for both commercial power units and trailers has turned around after three consecutive down years,” Meteer noted.
“There is a strong correlation between GVW 8 registrations and the registration of new commercial trailers through the first nine months of 2010 — as both have shown increases,” he concluded.