Used truck prices up 8% in February despite growth in volume

Trucking news and briefs for Wednesday, March 16, 2022:

Used truck prices continue to climb

Preliminary used Class 8 retail volumes (same dealer sales) grew 20% month-over-month, but were 14% lower compared to February of 2021, according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research.

Other data released in ACT’s preliminary report included month-over-month comparisons for February 2022, which showed that the average retail price for used Class 8 trucks rose 8%, as average miles were flat and average age rose 1% compared to January. Compared to February 2021, the average retail price was 85% higher, with average miles and age greater by 3% and 7%, respectively.

“Presumably, the bumps in December and January new truck production freed the logjam of trucks headed to the used truck market,” said Steve Tam, vice president at ACT Research. “As evidence, preliminary same dealer retail sales popped in February, more than the expected seasonal gain. More importantly, it is obvious that demand for used equipment remains robust. Regardless, inventory is still in short supply, so longer-term comparisons continue to be unfavorable.”

Roadrunner increasing driver pay, incentives

Roadrunner has increased driver pay for the second time in 2022. The new compensation and incentive structure took effect March 14.

The new pay and incentive upgrades include:

  • Teams now earn a bonus of 20 cents per mile
  • Increased network minimum pay by 4 cents per mile
  • Increased deadhead rates by 25 cents per mile (plus fuel surcharge)
  • Increased fuel discount at preferred fuel partners by 10 cents per gallon

"We're increasing our rates in more than 60% of our lanes by an average of 12 cents per mile," said Scott Ware, Senior Vice President of Operations and Linehaul for Roadrunner. "We continue to increase pay in our lanes across the board. We recognize the value our drivers deliver every single day, which is why we've implemented this second increase of 2022.”

Roadrunner also offers $10,000 signing bonuses to solo owner-operators with their own equipment, an additional bonus for team owner-operators, and $5,000 referral bonuses for existing drivers who bring new drivers into the organization, each paid over six months.

Two drivers named Highway Angels for helping trucker who suffered heart attack

The Truckload Carriers Association has named truck drivers Anthony Scerbo and Lee Thomson Highway Angels for administering lifesaving CPR to a fellow truck driver who had a heart attack while driving. 

York, Pennsylvania-based S&H Express’ Scerbo was in the middle of a shift on Dec. 18, when he spotted an ASAP CDL Training Academy truck approaching him. Shelly Truck Driving School, an affiliate of S&H Express, has a contract to test ASAP’s CDL candidates and Thomson, a Shelly instructor, was testing an ASAP student driver. 

Scerbo thought something was odd when he noticed the ASAP truck was up on the sidewalk and Thomson’s hand was out the window motioning for him to stop. 

“It’s amazing how quickly our brains process that something is very, very wrong,” Scerbo said 

As Scerbo pulled alongside the ASAP truck, Thomson shouted that the CDL candidate he was testing had a heart attack while driving. Thomson had already called 911 and the dispatcher said to start CPR.

Without a moment to spare, Scerbo hopped out of his truck and ran over to assist. Thomson unbuckled the student, flung open the door, and Scerbo pulled him out of the truck and placed him gently onto the ground. 

“I put the student on his back with his ankles crossed and arms out – crucifix position – with his head turned to the side,” Scerbo said. “The guy didn’t have a pulse and he wasn’t breathing, so I started chest compression.”

Scerbo couldn’t detect a heartbeat, so he continued CPR until emergency personnel took over a short time later. Thanks to quick thinking by Thomson and Scerbo, the student survived.  

TCA has presented Scerbo and Thomson with certificates, patches, lapel pins and truck decals. The trucking company and driver training school has also received letters acknowledging the two men as Highway Angels.