The auction markets ramped up fully in March, and volume was at the lower end of expectations. Auctions other than the “big two” moved notably more iron than in previous months, suggesting sellers are looking for additional outlets for equipment.

March auction performance of our benchmark model was as follows:

Model year 2014: $35,250 average; $1,750 (4.7%) lower than February

Model year 2013: $31,250 average; $57 (0.2%) higher than February

Model year 2012: $27,000 average; $478 (1.8%) higher than February

Model year 2011: $20,750 average; $3,383 (14.0%) lower than February

Year-over-year, trucks four to six years of age sold in the first quarter of this year brought 19.0% more money than the same period a year ago. Year-over-year gains are encouraging, but the returning supply of late-model trucks expected throughout the year should keep depreciation near our 2% per month estimate.