June’s auction volume and pricing were essentially identical to May’s. The International ProStar remains the most common truck sold at auction, but results for this and other models were largely unchanged.

Specific performance of our benchmark model (not the ProStar) was as follows:

MY2013: $36,185 average; $315 (or 0.9%) lower than May

MY2012: $32,250 average; $3,409 (or 9.6%) lower than May

MY2011: $30,600 average; $1,850 (or 6.4%) higher than May

These monthly fluctuations are well within the typical range seen since January, and are a result of low volume. Looking at the year-to-date trend, trucks of model year 2013 have lost about 18% of their value, trucks of model year 2012 have lost about 16% of their value, and trucks of model year 2011 have lost about 22% of their value. These figures translate to an overall monthly loss of 3% - not bad given the major changes the market has seen over the past year, and better than the 4.7% average monthly loss in the second half of 2015.

Looking forward, we continue to expect volume to increase mildly in the second and third quarters, then fall in the fourth. We expect another first-quarter increase in 2017. Also, the volume of daycabs should remain elevated at least in the short term.