Categories
RE - Featured Episode Recruiting Research & Reports Weekly Report

Weekly Driver Recruiting Report – June 1, 2022

The Weekly Report brings you updated data on recruiting metrics including click, search, and spot rates, plus a new story of the week. This week’s story – Used truck prices continue to slide, but older trucks show some pricing relief.

The Weekly Report brings you updated data on recruiting metrics including click, search, and spot rates, plus a new story of the week. This week’s story – Used truck prices continue to slide, but older trucks show some pricing relief.

New episodes of the Weekly Report premiere every Wednesday at 10 AM CT on our YouTube channel and Talent Intelligence Resource page.

We provide the Weekly Report in numerous formats every week. Which one is right for you? Watch the latest reports on our Talent Intelligence Resource page or YouTube channel, use our Numbers at a Glance section for quick visual references, download the Weekly Report PDF (available below), read the transcript, or listen to the audio version of June 1, 2022, Weekly Report below.

Follow the Weekly Report on Apple Podcasts

Numbers at a Glance

Spot Rates
WOW: Up 4¢ per Mile
Spot Rates by Segment
WoW: Dry Van Up 6¢ per Mile
WoW: Refrigerated Up 3¢ per Mile
WoW: Flatbed Up 3¢ per Mile
Load Posting Volume
WOW: Down 5%
Load Volume by Segment
WoW: Dry Van Down 4%
WoW: Refrigerated Down 10%
WoW: Flatbed Down 5%
Truck Postings
WOW: Up 7%
Truck Driver Searches
WOW: Up 8%
MoM: Down 1%
YoY: Down 4%
Clicks on Truck Driver Postings
WOW: Up 2%
MoM: Up 26%
YoY: Up 40%

June 1, 2022 Driver Recruiting Insights

Would you like to have your own copy of the trucking industry data? All of the information covered in this week’s report for June 1, 2022, is available for your convenience in PDF form below. Click the image to view and download your copy of the Weekly Trucking Insight.

Weekly Insights – June 1, 2022

Weekly Report Transcript – June 1, 2022

Hello everyone and welcome the Weekly Report. For Randall Reilly, I’m Joshua Miller. I hope you all had a great Memorial Day weekend. Don’t forget to like, share, and subscribe so you never miss out on any of our reports or other great driver recruiting content.

Now let’s get to this week’s report

THIS WEEK IN JOB BOARD SEARCHES AND CLICKS

Searches were up 8% WoW, but down 1% MoM and 4% YoY. For clicks we saw increases across the board with gains of 2% WoW, 26% MoM, and 40% YoY

THIS WEEK IN FREIGHT

Total load postings fell by 5% WoW after that big gain we saw just prior to the Roadcheck event. And the volumes for all three segments were on the decline. Dry van postings were down 4%, refrigerated 10%, and flatbed declined by 5% WoW.

Load postings were down in general across all regions, but the sharpest decline occurred in theSouth-Central region.

Truck availability increased by 7% WoW as the overall load-to-truck ratio fell.

Spot rates increased by 4¢ WoW and sets a record high surpassing the previous record notched at the tail end of 2021. However, it is worth noting, the rate excluding fuel is still 31¢ below that record.

In addition to the overall rate rising, all three segments saw increases. Dry van rates were up 6¢per mile, while both refrigerated, and flatbed increased by 3¢ per mile WoW.

These rate increases may represent a bleed-over from the strength which normally coincides with the Roadcheck Inspection event, which of course took place last week. However, the market is also entering the time of year that is typically the strongest time for rates aside from the late December holiday distortion.

STORY OF THE WEEK

Used truck numbers have continued to slide, but older trucks are showing signs of pricing relief.According to published data from ACT Research, April saw used Class 8 retail volumes drop.Retail volumes were 14% lower MoM and down 40% YoY.

This is the tenth straight month of shrinking YoY sales as a result of production problems for new Class 8 trucks, which has curtailed the flow of units into the used truck market.

Used trucks prices are still very high, but trends seem to indicate the market is cooling for the older sleeper trucks. In April, overall used Class 8 average prices slid by 1% MoM, but trucks were still a whopping 75% more expensive YoY.

The latest Sandhills Global Market Report shows sleeper trucks in the 7-year or older age group have dropped in value more steeply than their newer counterparts. YoY auction values for trucks in this category have posted anywhere from 40-60% decreases since the beginning of the year.

Historically trucks in this segment represent 27% of total sleeper truck inventory, but as of April, it accounts for 36% of the total sleeper truck inventory. This indicates that older trucks are not selling as quickly as the newer trucks. Trucks manufactured since 2015 have decreased just 10% over that same timeframe

Decreases in auction prices for older trucks could indicate that there is less demand for trucks by very small fleets and/or drivers looking to become owner-operators, as they tend to purchase older used trucks at a higher rate than the typical medium to large sized fleets.

And that does it for this week’s report. We hope this information has been useful to you. As always you can get a PDF copy of all the information we covered in today’s report. You can find that down in the description of the video if you’re watching on YouTube, or in the body of the page on our Randall Reilly site. Thanks again for joining us.Until next time, have a great week everybody.

Randall Reilly YouTube Subscribe CTA