Volume of the most common sleeper tractors sold at auction in July was back down after increasing dramatically in June. Pricing of our benchmark model increased 8.1% compared to last month, a solid result that supports our position that pricing is stabilizing.

July auction performance of our benchmark model was as follows:

MY2013: $29,075 average; $1,075 (3.8%) higher than June

MY2012: $23,250 average; $1,518 (6.5%) higher than June

MY2011: $20,250 average; $3,225 (15.9%) higher than June

In the first half of the year, trucks of model year 2011 averaged 2.7% depreciation per month, trucks of model year 2012 depreciated 1.3% per month, and trucks of model year 2013 have essentially lost no value.

Trucks four years of age are running through auction lanes in incrementally higher numbers, but at a volume significantly lower than last year. Fleets and other owners of late-model trucks have adjusted their business models to compensate for lower pricing, and as a result are likely holding on to their trucks longer than usual.