SOUTHFIELD, MI - A Polk analysis of new and used commercial vehicle registrations (GVW 3-8) in the U.S. finds 1.25 million units were registered during the 2011 calendar year. Used commercial vehicle registrations reached a record level for a calendar year of 791,288 units, surpassing the previous record of 671,887 units registered in 2010, a 17.8 percent increase in year-over-year registrations.
2011 ranks third in the total number of commercial vehicle registrations in a single calendar year since Polk began tracking this information in 2004. The current record of total commercial vehicle registrations in a calendar year is 1.35 million units in 2005.
"Good quality used commercial vehicles continue to be in high demand, as shown by the record level of used vehicle transactions reported during each of the first three quarters 2011," said Gary Meteer, account director for commercial vehicle solutions at Polk. "However, our analysis of fourth quarter 2011 activity shows evidence of a shortage of good clean equipment," he said.
Fourth quarter used registrations were down 4.1 percent from the comparable quarter in 2010. Furthermore, GVW 8 used registrations during the fourth quarter of the 2011 calendar year were down 22 percent from the fourth quarter, 2010.
This strong demand for both new and used commercial vehicles is a positive sign that businesses feel comfortable enough about their plans to update older equipment,” said Meteer. "The close of the 2011 calendar year is a solid foundation on which to build for 2012."
Polk's process for commercial vehicle reporting is unique, as it requires both a change in the business name and address of the vehicle registration to be counted as a used registration.
In all categories except GVW 8, used registrations for 2011 were significantly higher than in the 2010 calendar year, according to Polk (see table A).
Registrations among used GVW 3-7 vehicles were higher in 2011 than in 2010. In addition, the increase in calendar year registrations since 2010 ranged from a high of 53.5 percent for GVW 4 vehicles and a low of 4.8 percent for GVW 7 vehicles.
Polk has been providing commercial vehicle data to the industry for decades and first began reporting used and new registration information in 2004. Polk’s solutions for the commercial market also include the ability to pinpoint business owners who have purchased used equipment and are therefore a good prospect for future purchases. Solid name lists based on ownership profiling is one of the many services Polk provides to customers who are looking to expand their new and used vehicle business.
Used Commercial Vehicle Registrations for Calendar Year 2011
|VIN-DEFINED GROSS VEHICLE WEIGHT||2011 CALENDAR YEAR REGISTRATIONS||PERCENTAGE CHANGE FROM 2010 CALENDAR YEAR REGISTRATIONS||2011 CALENDAR YEAR PERCENTAGE SHARE OF USED COMMERCIAL VEHICLE MARKET|
Originally posted on Work Truck Online