As in the retail channel, wholesale pricing for sleeper tractors in May dipped from April, and is running moderately lower year-over-year. This downward movement is generally limited to 2012 and older trucks.

Month-over-month, 3-5 year-old sleepers came in $1,361 (or 2.6%) lower. Through May, this cohort is $4,987 (or 8.5%) behind same-period last year. 2011 ProStars continue to enter the market in moderately large numbers, impacting the averages. 

Higher volume is the main factor behind depreciation. We continue to forecast 1-1.5% depreciation per month on average through the end of the year.