Trucking carrier sentiment suppressed by weak rate environment and economic uncertainty: Ritchie Bros.

Ritchie Bros. Auctioneers, the world’s largest auctioneer of heavy equipment and trucks has released sales data that paints a challenging picture for the U.S. trucking industry, as carriers navigate through a weak rate environment and economic uncertainty. Three year old 53′ dry van trailer prices peaked at $48,000 in 2021; now they’re going for less than $20,000. Trailer transaction volume has been driven by bankruptcies, like Yellow—which has flooded the market with low spec trailers in poor condition, depressing prices—and repossessions, where the vast majority of late model trailers up for auction by Ritchie Bros. have banks as sellers.

Ritchie Bros.’ Q3 2025 Transportation Review underscores how these factors have dampened trucking carrier sentiment, impacting supply, demand, and pricing trends across the sector.

(Image: Ritchie Bros. Auctioneers)

The RBA report highlights a stark oversupply challenge facing the industry, particularly in new truck inventories. Historic levels of Class 8 truck inventories, exceeding 90,000 units, have been recorded at dealers, a significant increase from under 50,000 units in late 2021. This glut of available trucks contributes to reduced spot and contract rates, pressuring carriers to reduce their fleets. The report quotes, “The market needs more trucking authorities leaving the market. We need fleet retraction/elimination,” illustrating the pressing need to balance supply with diminished demand.

Repossessions are exacerbating the oversupply situation as small to mid-sized fleets offload vehicles. With 158 out of 162 units sold in Q3 2025 being repossessions, inventory pressure continues to build, keeping prices from recovering swiftly. The industry faces backward pressures as “higher flow of repossessions” underscores the stress in balancing truck inventories with current demand levels.

(Image: Ritchie Bros. Auctioneers)

Demand within the trucking sector is showing signs of stabilization, although it remains weak due to ongoing economic uncertainty and policy challenges. According to the report, “LOWEST ORDER NET ORDERS SINCE THE TAIL END OF ‘THE GREAT RECESSION” indicates that Class 8 truck net orders are at their lowest since the economic turmoil of 2008-2009. The subsequent layoffs by every truck OEM due to lack of orders reflect the caution prevailing among large fleets, many of whom are adopting a “wait and see” approach regarding new purchases.

However, the national truck freight market did see growth in Q2 2025, with increases in shipment and spend volumes. Yet, year-over-year comparisons still show a contraction, albeit at a smaller decline, suggesting potential market stabilization. Still, sustained recovery depends on clarity over domestic and international trade policies, which remain unpredictable.

Pricing trends for tractors and trailers illustrate a nuanced dynamic within the market. Though overall prices for sleepers have remained stable based on age, the report notes declines in specific segments such as day cabs and trailers: “Dry van trailers significantly down,” largely due to the flooded market amplified by bulk sales from bankruptcies like Yellow Freight in 2024. This influx of trailers into the market has resisted typical price recovery, with dry-van trailer spot rates stabilizing at $2.18 in early July compared to a 2024 average of $1.98, which reflects the persistence of a suppressed rate environment.

The volume of equipment sales further reflects this cautious sentiment as Q3 2025 marked the third lowest Q3 quantity in the last six years at 15.6k units, a sharp decrease from the 120k plus units surged in 2024. The report suggests that carriers are hesitant to expand their fleets amidst ongoing uncertainties, thus limiting the number of vehicles put up for sale or acquired through auctions.

Carrier sentiment within the U.S. trucking industry remains muted in Q3 2025, undercut by both an oversupply of vehicles and an unstable economic backdrop. The interplay of these elements has compelled carriers to adopt restrained purchasing strategies and has led to an ongoing wave of repossessions. The sector’s path to recovery depends significantly on aligning inventory levels with demand and greater regulatory and economic predictability in the coming quarters.

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