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Heavy Truck Sales Up 7% Year-over-year in March

The BEA released their estimate of vehicle sales for March this morning.

This graph shows heavy truck sales since 1967 using data from the BEA. The dashed line is the March 2023 seasonally adjusted annual sales rate (SAAR).

Heavy truck sales really collapsed during the great recession, falling to a low of 180 thousand SAAR in May 2009.  Then heavy truck sales increased to a new all-time high of 570 thousand SAAR in April 2019.

Click on graph for larger image.

Note: “Heavy trucks – trucks more than 14,000 pounds gross vehicle weight.”

Heavy truck sales declined sharply at the beginning of the pandemic, falling to a low of 308 thousand SAAR in May 2020.  

Heavy truck sales were at 484 thousand SAAR in March, down from an upwardly revised 516 thousand in February, and up 7% from 464 thousand SAAR in March 2022.  
Usually, heavy truck sales decline sharply prior to a recession.   Sales were solid in March.

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