Channel checks: Used Equipment: Significant reduction in used truck inventories

研报英文原文证据摘录

Channel checks: Used Equipment: Significant reduction in used truck inventories

Global Research

2 July 2026ab

Channel checks: Used Equipment Equities

AmericasSignificant reduction in used truck inventories

Industrial Equipment

Steven Fisher, CFA

Channel check: Significant reduction of used inventories in trucks; earthmoving Analyst

equipment and aerials relatively stable steven.fisher@ubs.com

We track the used truck and construction equipment data available for sale on United +1-212-713 8634

Rentals’ and PACCAR Financial’s websites. Avinatan Jaroslawicz

Analyst

Trucks: Inventory declined 32% from February's peak avinatan.jaroslawicz@ubs.com

PACCAR’s used truck inventories have declined significantly over the last 2-3 +1-212-713 1405

months. Judah Aronovitz

Associate Analyst

As of 7/1, the number of listed trucks was 335 units, down 13% YOY and down judah.aronovitz@ubs.com

32% from the February peak of 496 units. It's also near the lowest level in +1-212-713-4881

~three years.

Lauren Sullivan

Used price declines moderated to -8.4% YOY in June compared to -14.5% YOY Associate Analyst

in April-May, on average. lauren.sullivan@ubs.com

+1-212-713 8230

Construction: Listed AWP and earthmoving used volumes have stabilized,

after 12-18 months of declines

As of 6/29, URI’s AWP inventories for sale are at 22,475 units, essentially

unchanged from February 2026 (-10% YOY).

URI’s Earthmoving equipment inventory is at ~2.419k units; up 10-20% from

Feb-Apr, but still well below historical averages (-6% YOY).

Read through:

Positive for CMI and PCAR in the short term; indicates potential upside to 2026

earnings. The recent reduction in used truck inventories should be a net positive

for truck OEMs, although there are some caveats on the drivers of the reduction.