Volume at the auctions we monitor remains lower than predicted. The number of trades entering the market had not yet ramped up to expected levels as of May. As such, pricing remains stable. Smaller auction houses continue to move more trucks than last year.

May auction performance of our benchmark model was as follows:

Model year 2015: $43,300 average; $2,500 (5.5%) lower than April

Model year 2014: $36,000 average; $2,000 (5.9%) higher than April

Model year 2013: $30,500 average; $2,750 (8.3%) lower than April

Model year 2012: $25,750 average; $750 (2.8%) lower than April

Model year 2011: $20,250 average; $5,250 (20.6%) lower than April

Year-over-year, trucks four to six years of age sold in the first five months of 2018 brought 18% more money than the same period in 2017. Late-model, low-mileage trucks are in relatively tight supply, but we expect this to change somewhat in upcoming months. Historical delivery patterns combined with the massive increase in new truck orders in the past three quarters makes an increase in supply inevitable.