The fourth quarter started out moderately weak in the auction lanes, with both pricing and volume dropping month-over-month.

Specific auction performance of our benchmark model was as follows:

MY2013: $33,026 average; $3,155 (or 8.7%) lower than September

MY2012: $27,019 average; $1,760 (or 6.1%) lower than September

MY2011: $25,654 average; $1,844 (or 6.7%) lower than September

Looking at the year-to-date trend, depreciation remains moderate. Since January, trucks of model year 2013 have lost about 22% of their value, trucks of model year 2012 have lost about 31% of their value, and trucks of model year 2011 have lost about 26% of their value. These figures translate to an overall monthly loss of about 2.6%, which is substantially better than the nearly 5% average monthly loss in the second half of 2015. Of course, trucks sold this time last year were bringing more than 35% more money than they are now. Expect depreciation to average roughly 2.5% in November and December.