Business Archives

NationaLease promotes Jane Clark to senior VP of operations

John Worthen - January 26, 2024

WILMINGTON, Del. — NationaLease, one of the largest full-service truck leasing organizations in North America, has promoted Jane Clark to senior vice president of operations. In this expanded role, Clark will direct all national account support across NationaLease in addition to her existing responsibilities, according to a news release. “During her tenure at NationaLease, Jane has provided our members with a stellar level of service unmatched within the industry,” said Dean Vicha, president of NationaLease. “Her new role will increase her responsibilities across all aspects of NationaLease’s operations to bring positive change and drive business growth in the years to come.” Clark, in addition to her expanded duties, will continue to manage NationaLease’s member services, including reciprocal service, purchasing and meetings. She will remain responsible for strengthening member relationships, reducing member costs and improving collaboration within NationaLease support groups. Prior to joining NationaLease, Clark served as area vice president for Randstad, one of the world’s largest recruitment agencies. Her previous experience also includes management positions with QPS Companies, Pro Staff and Manpower, Inc. Clark holds a bachelor’s degree in communication from North Central College and a master’s degree in communication from Northern Illinois University.

ProvisionAI adds Robert Scheckman as chief revenue officer

Erica N. Guy - January 26, 2024

FRANKLIN, Tenn. — Supply chain firm ProvisionAI has announced its selection of Robert Scheckman as the company’s new chief revenue officer. In his new position, Scheckman “will help companies realize the significant supply chain efficiencies and benefits of what ProvisionAI has to offer and its solutions,” according to a news release. “Robert is a successful business development leader with experience building and managing high-performance sales teams that drive significant revenue growth,” said Thomas A. Moore, CEO and Founder of ProvisionAI. “With his years of experience in technology, SaaS, and the CPG space, Robert will help our client’s businesses grow and profit with smoothertransportation plans and fuller loads.” Scheckman is also a business mentor for Techstars, where he mentors entrepreneurs, sharing his expertise with a team of creative college students, aspiring founders and early-stage startups in their accelerators. Previously, Scheckman was the global vice president of business development for StyleSage (acquired by Centric Software), an AI-powered retail analytics software-as-a-service solution.

Truckstop joins the fight against human trafficking

Erica N. Guy - January 25, 2024

BOISE, Idaho — In recognition of National Human Trafficking Awareness Month, Truckstop is a charitable donation to Truckers Against Trafficking (TAT), a nonprofit organization that works to educate, equip, empower and mobilize the trucking, bus and energy industries to combat human trafficking. In 2010, January was designated, by presidential proclamation, as a time to increase awareness of human trafficking and educate the public to identify and help prevent this crime. “Truckstop proudly supports Truckers Against Trafficking, an organization we’ve supported for numerous years, both as a corporate entity and through contributions from individual employees,” said Kendra Tucker, CEO of Truckstop. “The fight against human trafficking is an ongoing battle that demands continued support, and there’s an opportunity for everyone to get involved.” In addition to a financial donation, Truckstop is working to raising awareness of TAT and how the transportation industry can help fight trafficking. In a recent episode of Freight Nation: A Trucking Podcast, the show’s host, along with Brent Hutto, Truckstop’s chief relationship officer, discussed the issue of human trafficking with TAT’s Laura Cyrus, senior director of industry training and outreach. Cyrus shared with listeners the passion and commitment that fuels her efforts to empower truckers and how she’s on a mission to build a movement to end human trafficking. “Truckers Against Trafficking is immensely grateful for the support received from Truckstop,” Cyrus said. “Truckstop is utilizing its influential platform to further our message and promote engagement within its extensive network. “Although significant strides have been made in educating individuals to identify and report human trafficking, the crucial need to disseminate this life-saving information throughout the industry cannot be emphasized enough,” she continued. “Putting an end to human trafficking requires the commitment and vigilance of everyone.” For more information about human trafficking and ways the trucking industry can help, visit the Truckers Against Trafficking website.

Why do attorneys get away with filing frivolous lawsuits?

Brad Klepper - January 25, 2024

Let’s get this out of the way up front: Nobody likes lawyers. I get that. I really do. I ‘m a lawyer myself, and I don’t even like lawyers. Shoot, there are days I don’t even like myself. Which — the more I think about it — is something I should probably discuss with a professional. Regardless, there’s one big reason folks don’t like lawyers. (OK, I lied. There are actually several big reasons folks don’t like lawyers.) But one of those reasons is that lawyers are known to file frivolous lawsuits — which they are not supposed to do. Just so you know, lawyers are officers of the court and are required to follow certain rules when they file lawsuits. Of course, if a lawyer violates these rules, the suit can be dismissed and the court may sanction the lawyer. Lawyers can also be disciplined if they violate jurisdictions’ ethics rules relating to the filing of lawsuits. While court procedures and ethics rules may vary slightly between jurisdictions, they all basically say the same thing: All lawyers are prohibited from filing “frivolous” lawsuits or suits otherwise without merit. In other words — as my grandfather would say — lawyers, are not supposed to file lawsuits that are full of horsesh*t” I never understood what Grandad had against bulls. Was their sh*t somehow superior to that of horses? But whatever…. So anyway, if we know lawyers aren’t supposed to file these lawsuits, why do we seem to see so many of them? The answer is this: Lawyers are allowed to file a lawsuit when they know enough facts to believe that the eventual proof will support the allegations contained in the lawsuit. In other words, lawyers can file a lawsuit without knowing all the facts at the time the lawsuit is filed. In addition to lawsuits being free from horsesh*t, the lawyer is also required to cite the relevant settled legal theory or state a new one he or she believes should be adopted by the court. A good example of a “new legal theory” would include the school segregation arguments made by Thurgood Marshall in the 1954 U.S. Supreme Court case of Brown v. Board of Education and the same-sex arguments made in the Obergefell decision of 2015. Federal lawsuits are governed by Rule 11 of the Federal Rules of Civil Procedure (most states have adopted some version of this), which states that the new legal theory is “warranted by existing law or by nonfrivolous argument … or the establishment of the new law.” This means if a lawyer files a lawsuit based on a theory so far-fetched that no court could be expected to accept it, then that lawyer could be in violation of Rule 11 or its state equivalent. If this occurs, that lawyer could be sanctioned by the applicable state bar for violation of ethics rules. In light of all of the above, why don’t we see more lawyers getting fined or disciplined? The answer is that it’s a fine line that separates a “frivolous” lawsuit from one that might be “meritless” but argues for a new legal theory. So, while judges, the media and others may criticize a suit as “frivolous” and call for sanctions or other disciplinary action, the standard is high for imposing such sanctions. In fact, the standard of proof required in most jurisdictions for finding such a violation is “clear and convincing evidence.” That’s a high bar indeed. At the end of the day, whether a lawyer violated the rules of professional conduct will be determined by each state’s disciplinary agency on a case-by-case basis. But that still doesn’t mean we have to like lawyers.

PACCAR reports record revenues of $35B, net income of $5B in 2023

John Worthen - January 24, 2024

BELLEVUE, Wash. — PACCAR achieved record-breaking annual revenues and net income for 2023, said company CEO Preston Feight in a Jan. 23, 2024, release. PACCAR manufactures Kenworth, Peterbilt and DAF tractors. “PACCAR’s excellent results reflect record deliveries of premium quality DAF, Peterbilt and Kenworth trucks worldwide, record truck, parts and other gross margins and strong financial services performance,” Feight said. “I am very proud of our employees and dealers who delivered outstanding trucks and transportation solutions to our customers.” According to the release, PACCAR’s revenues for the fourth quarter of 2023 were $9.08 billion, up from $8.13 billion reported in the same period for 2022. In addition, the company earned $1.42 billion ($2.70 per diluted share) in the fourth quarter of 2023 — 54% higher than the $921.3 million ($1.76 per diluted share) earned in the fourth quarter of 2022. The year-end totals for 2023 showed record revenues of $35.13 billion for the year, compared to revenues of $28.82 billion in 2022. The company earned $4.60 billion ($8.76 per diluted share) in 2023, including a $446.4 million after-tax, non-recurring charge related to civil litigation in Europe, compared to $3.01 billion ($5.75 per diluted share) earned in 2022. Excluding the non-recurring charge, the company earned adjusted net income (non-GAAP)1 of $5.05 billion ($9.61 per diluted share) in 2023. “PACCAR is manufacturing the most impressive new truck range in its history. These trucks deliver premium quality, excellent fuel efficiency and low operating costs to our customers,” Feight said. “PACCAR is investing in the next generation of Kenworth, Peterbilt and DAF trucks that feature clean diesel, battery-electric, hydrogen combustion or fuel cell powertrains. “PACCAR Parts and PACCAR Financial Services contributed significantly to the success of PACCAR and its customers in 2023” he added. The company declared cash dividends of $4.24 per share during 2023. This included a $3.20 per share extra cash dividend paid Jan. 4, 2024. “PACCAR has generated excellent shareholder returns and annual net income due to its industry-leading premium quality vehicles, and strong growth of its aftermarket parts sales,” said Mark Pigott, executive chairman. PACCAR delivered a total shareholder return of 55%, including regular quarterly and extra cash dividends paid, in 2023. The company’s financial highlights for the 12-month period ending Dec. 31, 2023, include: Record consolidated revenues of $35.13 billion. Record net income of $4.60 billion. Record after-tax return on revenues of 13.1%. Record PACCAR Parts revenue of $6.41 billion. Record PACCAR Parts pretax income of $1.70 billion. Record Financial Services assets of $20.96 billion. Financial Services pretax income of $540.3 million. Cash provided by operations of $4.19 billion. Record dividends declared of $2.23 billion. Medium-term note issuances of $2.91 billion. PACCAR invested $1.11 billion in capital projects and research and development. Stockholders’ equity of $15.88 billion. Global Truck Markets PACCAR’s Class 8 truck industry retail sales in the U.S. and Canada were 297,000 units in 2023 and are estimated to be in a range of 260,000-300,000 trucks in 2024. “Infrastructure spending and the replacement of older trucks are driving demand for Kenworth and Peterbilt trucks,” said Darrin Siver, executive vice president PACCAR. “Peterbilt began production this month of the new Peterbilt Model 589, which integrates an iconic design with advanced technologies to deliver high performance and maximum uptime for customers.” Both the Peterbilt factory in Denton, Texas, and the Kenworth factory in Chillicothe, celebrated the production of their 750,000th truck, and the three PACCAR brands — Peterbilt, Kenworth and DAF — delivered 204,200 vehicles worldwide, setting another record, according to the company’s Jan. 23 statement. On the other side of the Atlantic, DAF opened a new electric truck assembly plant in Eindhoven, Netherlands, and the DAF XF truck earned the Green Truck 2023 award and the European Transport Award for Sustainability. “Customers appreciate the industry-leading fuel efficiency and driver comfort of the new generation of DAF trucks,” said Harald Seidel, president of DAF. “DAF trucks have a unique competitive advantage in the Europe truck market due to an innovative, aerodynamic design with a spacious, luxurious cab interior.” European above 16-tonne truck industry registrations were 343,000 trucks in 2023 and are estimated to be in the range of 260,000-300,000 trucks in 2024. The South American above 16-tonne truck market was 110,000 vehicles in 2023 and is estimated to be in the range of 105,000-115,000 trucks in 2024. DAF Brasil achieved a record 10.2% market share in the Brasil above 16-tonne market in 2023, compared to 6.9% in 2022. PACCAR Parts and PACCAR Financial Services During the last quarter of 2023, PACCAR Parts achieved quarterly pre-tax income of $432.4 million, 14% higher than in the fourth quarter of 2022. Fourth quarter 2023 revenues were $1.61 billion, compared to $1.47 billion reported in the same time frame of 2022. The parts division achieved record annual pre-tax income of $1.70 billion for the entire year, up from $1.45 billion in 2022. Annual revenues were a record $6.41 billion, compared to $5.76 billion in 2022. “PACCAR Parts provides strong profitability through all phases of the business cycle,” said Laura Bloch, vice president of PACCAR and general manager of PACCAR Parts. “PACCAR Parts’ excellent long-term growth reflects the benefits of investments that increase vehicle uptime and convenience for customers, such as new parts distribution centers (PDCs), and a growing population of connected PACCAR vehicles with PACCAR MX Engines.” PACCAR Financial Services (PFS) achieved quarterly pretax income of $113.0 million in 2023, compared to $151.3 million earned in the fourth quarter of 2022. Fourth quarter 2023 revenues were $484.8 million compared to $394.8 million in the same quarter of 2022. PFS earned $540.3 million of pretax profit in 2023, compared to $588.9 million earned in 2022. PFS revenues were $1.81 billion in 2023 compared to $1.51 billion achieved in 2022. “PFS achieved good annual results due to its growing portfolio and strong portfolio quality. The used truck market normalized after two years of high volume and prices,” said Todd Hubbard, vice president of PACCAR. “PFS is a leader in the market with its superior Kenworth, Peterbilt and DAF products, innovative technologies that provide seamless credit application and loan servicing processes, and its support of customers in all phases of the business cycle.” PFS has a portfolio of 233,000 trucks and trailers, with total assets of $20.96 billion. PacLease, a major full-service truck leasing company in North America and Europe with a fleet of over 44,000 vehicles, is included in this segment. “PACCAR’s strong balance sheet, complemented by its A+/A1 credit ratings, enables PFS to offer competitive retail financing to Kenworth, Peterbilt and DAF dealers and customers in 26 countries on four continents,” said Craig Gryniewicz, president of PACCAR Financial Corp. “PACCAR Financial Services has excellent access to the debt markets, issuing $2.91 billion in medium-term notes during 2023.” Other Highlights of 2023 PACCAR announced last year that the company, along with Cummins, Daimler Truck and EVE Energy have entered a joint venture — advanced battery cell manufacturing. The group selected Marshall County, Mississippi, as the site of the factory which will produce 21-gigawatt hours (GWh) of batteries and is estimated to create more than 2,000 U.S. manufacturing jobs. The regulatory approval process for the battery factory is underway. “PACCAR is committed to producing electric batteries to benefit customers’ operational and environmental goals,” said John Rich, senior vice president and chief technology officer for PACCAR. “PACCAR has operated a state-of-the-art diesel engine factory in Columbus, Mississippi, for many years, and is pleased to make this additional investment with the planned joint venture.” In addition, PACCAR was honored in 2023 as a Top Company for Women to Work for in Transportation by the Women In Trucking Association. “PACCAR recruits and develops a diverse workforce and supports their careers with resources such as the PACCAR Women’s Association, Diversity Councils and training designed to develop leadership opportunities,” said Paulo Bolgar, vice president of human resources for PACCAR. “PACCAR hires, develops and promotes talented people and ensures that our employees represent the diversity present in the global community.”

ATA tonnage index shows 2023 as ‘worst year since 2020’

John Worthen - January 24, 2024

WASHINGTON — While the American Trucking Associations’ For-Hire Truck Tonnage Index rose slightly in December 2023, the year overall saw a drop of 1.7% for the worst reading since 2020. A report released Jan. 23 by ATA noted that the index rose 2.1% in December after falling 1.4% in November. In December, the index equaled 115.7 (2015=100) compared with 113.3 in November. “While 2023 ended on a better note, truck tonnage remained in a recession as it continued to fall on a year-over-year basis,” said Bob Costello, chief economist for ATA. “With that said, for-hire contract freight, which is what comprises our index, in December was 2.6% above the trough in April. For the entire year, tonnage contracted 1.7% from 2022 levels,” he continued. “This makes 2023 the worst annual reading since 2020 when the index fell 4% from 2019 — and the only year since 2020 that tonnage contracted.” Compared with December 2022, the seasonally adjusted index fell 0.5%, the tenth straight year-over-year decrease, albeit the smallest over that period. In November, the index was down 1.6% from a year earlier. The not seasonally adjusted index, which represents the change in tonnage actually hauled by the fleets before any seasonal adjustment, equaled 110.7 in December, 1.9% below the November’s level of 112.8. (Note: In calculating the index, 100 represents 2015.) ATA’s For-Hire Truck Tonnage Index is dominated by contract freight as opposed to spot market freight. ATA calculates the tonnage index based on surveys from its membership. The data contained in this release is preliminary and subject to change in the final report, which is issued around the fifth day of each month.

J.B. Hunt expands board to 10 members

Erica N. Guy - January 23, 2024

LOWELL, Ark. — J.B. Hunt Transport Services Inc. has announced that Patrick Ottensmeyer is the newest member of its Board of Directors. This appointment has expanded the number of board seats to 10. Ottensmeyer is the third new board member since 2021 for J.B. Hunt and will serve on the board’s Compensation Committee and Nominating and Governance Committee. He brings more than 17 years of rail industry experience to the board, according to a news release. Ottensmeyer also brings more than 17 years of rail industry experience to the company’s board. He served as president and CEO of Kansas City Southern (KCS), a Class I railroad, from 2015 to 2023, until the completion of the merger creating Canadian Pacific Kansas City (CPKC) in 2023. From 2008 to 2015, he was executive vice president of sales and marketing at KCS and served as executive vice president and Chief Financial Officer at the railroad from 2006 to 2008. Ottensmeyer served as the U.S. Chairman of the U.S. Chamber of Commerce’s U.S.-Mexico Economic Council (USMXECO) from 2019 to 2023. In this role as leader of the U.S.-Mexico CEO Dialogue, he was “instrumental in representing business interests during the formation of the United States-Mexico-Canada Agreement (USMCA) from 2017-2020,” the news release noted. He currently serves on the Board of Directors for the U.S. Chamber of Commerce; for The Greenbrier Companies, a leading international supplier of equipment and services to global freight transportation markets; and for Watco Companies, a single-source transportation and supply chain services company with locations throughout North America and Australia. Ottensmeyer is co-chair of the Brookings Institute USMCA Initiative and chair of the Truman Library Institute. He received the North American Rail Shippers Association Edward R. Hamberger Lifetime Achievement Award in 2023 and was the recipient of Ingram’s Executive of the Year Award the prior year. Also in 2022, he and Keith Creel, then president and chief executive officer of Canadian Pacific (CP), won Railway Age’s Co-Railroaders of the Year Award, in connection with the CP and KCS merger. He received the Railway Age Railroader of the Year recognition for the first time in 2020 and was the recipient of Progressive Railroading’s Railroad Innovator Award in 2019. Last year, Persio Lisboa joined the board following his retirement in 2021 as president and CEO of Navistar, Inc., a global original equipment manufacturer in the transportation industry. His 35-year career included extensive senior executive experience with Navistar. Prior to his top leadership role, Lisboa served as executive vice president and chief operating officer from March 2017 to July 2020 and president of operations from November 2014 to February 2017. He was named the company’s chief procurement officer in 2011 and vice president of purchasing and logistics in 2008. Prior to these roles, Lisboa held multiple management positions within Navistar’s North American and South American operations. Thad Hill was elected to the board in 2021. He is CEO of Calpine Corporation (Calpine), one of the nation’s largest independent competitive power companies operating power plants and retail businesses in 22 states and Ontario, Canada. Hill has led Calpine since 2014, when he was promoted from president and chief operating officer to his current position. Prior to joining Calpine, Hill was executive vice president of NRG Energy and president of NRG Texas, where he was responsible for NRG’s largest regional business.

End of 2023 saw seasonally weak Class 8 tractor orders

John Worthen - January 23, 2024

COLUMBUS, Ind. — Final December Class 8 net orders, at 26,352 units, were down 14% year-over-year. Within that top line, tractor orders were down 31%, while vocational equipment orders were up 71% year-over-year, according to ACT Research’s latest State of the Industry: North American Classes 5-8 report. “For freight-related tractors, the decline in orders may hint at private fleet demand starting to diminish, which would be welcome news for spot rates. At the other end of the spectrum, vocational equipment orders remain strong as pent-up demand continues,” said Kenny Vieth, ACT’s president and senior analyst. “With four less build days in December, Class 8 build decreased 1.5% year-over-year to 26,110 units, but production was nearly 4,500 units above the OEMs recently reported plans. The strong finish to the year, we believe is primarily attributable to a California prebuy ahead of CARB regulations.” After five months of increase, inventories fell 3,100 units in December to 64,103, if up 19% year-over-year, Vieth noted. CARB regulations that started Jan. 1 may have contributed positively to otherwise seasonally soft retail sales at 29,800 units, down 13% year-over-year. “December’s drop in inventory was only about half normal, and a weakening sales trend in a period of still-strong production suggests the potential for a rapid inventory escalation in Q1 as we enter the weakest period of the year for sales,” he concluded.

Spot rates soar as winter slams the nation

John Worthen - January 23, 2024

BLOOMINGTON, Ind. — Extreme cold and other severe winter conditions likely were the cause of a jump in broker-posted rates in the Truckstop system during the week ended Jan. 19 (week 3). Spot rates were up for all equipment types, and both dry van and refrigerated reversed their typical January slump following the usual late December surge. Refrigerated spot rates posted the largest increase, and dry van rates basically offset the losses during the first two weeks of the year. Flatbed rates added to the prior week’s gains. Total loads Total load activity rose 3.9% after surging nearly 22% during the previous week. Total volume was up 4.3% compared to the same 2003 week. Volume had not been positive year-over-year since March 2022. Load postings were about 21% below the five-year average. Truck postings barely moved, edging up just 0.2%. The total Market Demand Index — the ratio of loads to trucks — rose to its highest level since the week of the International Roadcheck inspection event in May. Total rates The total broker-posted rate rose 7 cents, which is the largest increase since May except for the one during the final week of 2023. Rates, which were at their highest level since the end of June, were 2.5% below the same 2023 week, and just 0.3% below the five-year average. The year-over-year deficit was the smallest since July 2022. Dry van spot rates Dry van spot rates rose 6.6 cents, which is slightly more than the total decrease over the prior two weeks. Rates, which were highest since early January 2023, were 0.3% higher than the same 2023 week and about 2% below the five-year average. Dry van rates had not been positive year-over-year since April 2022. Dry van loads increased 8.3%. Volume was about 10% above the same 2023 week but about 12% below the five-year average for the week. Load postings had not been positive year-over-year since July 2022. Refrigerated spot rates Refrigerated spot rates jumped more than 12 cents after falling nearly 10 cents during the prior week. Rates were nearly 7% above the same 2023 week and more than 4% above the five-year average for the week. As was the case with dry van, refrigerated rates had not been positive year-over-year since April 2022. Refrigerated loads rose 17.6%. Volume was more than 39% above the same 2023 week and more than 1% above the five-year average for the week. Refrigerated volume had not been positive year-over-year since May 2022. Flatbed spot rates Flatbed spot rates rose nearly 6 cents after a gain of close to 7 cents during the previous week. Rates, which were at their highest level since early August, were nearly 6% below the same 2023 week and less than 1% below the five-year average. Flatbed loads eased more than 1% following strong gains during the first two weeks of 2024. Volume was more than 7% below the same 2023 week and more than 36% below the five-year average for the week.

Better times could be ahead for freight volumes, rates in 2024

Cliff Abbott - January 23, 2024

At last, after months of “bouncing along the bottom,” the various forecasters and analysts are providing a bit of better news about the prospects for freight volumes and rates in the months to come. Caution is recommended, however, as those same analysts are advising that those improvements will be slow. Like returning a punt from your own 2-yard line, there’s a lot of distance to cover before putting points on the scoreboard. DAT Freight and Analytics, which operates the DAT One online freight marketplace and DAT iQ data analytics service, recently reported good news in the gap between spot and contract rates. Typically, spot rates react to market pressures much faster than contract rates, which lock in rates for a particular time period. When the market is moving rapidly, either up or down, the gap between spot and contract rates grows larger. When the market is stabilizing, the gap is smaller. “The price to move van freight under contract hit its lowest point in nearly three years,” noted Ken Adamo, chief of analytics for DAT in a Jan. 17 release. “Entering 2024, shippers are in a strong position as they negotiate contract rates, and carriers on the spot market have some optimism that the market will turn.” On the DAT Trendlines page, spot load postings declined 23.3% in December2023 from November 2023 and were down 57.2% from December 2022. Van spot rates, however, rose 1.6% from November average rates. Both refrigerated and flatbed rates declined 0.7%, and both were well below rates of a year ago. Now, just past the midpoint of January 2024, both dry van and refrigerated rates are up from December. “Spending continues to remain solid. We see growth we’re at record levels in both services and goods in spending,” said Avery Vice, vice president of trucking for FTR Transportation Intelligence in a Jan. 11 web presentation. “What we see is a dramatically larger amount of money that is in the system right now, to support consumption than we thought.” While Vise explained that the economy will likely achieve modest growth this year, the “elephant in the room” is truckload capacity. There are simply too many trucks to haul the available freight. Those numbers, however, are shifting. Truck sales are falling farther behind the corresponding month a year earlier. At the same time, for-hire revocations of authority have been setting records as carriers leave the market. FTR forecasts that trucking spot rates will trend upwards through 2024 but will do so gradually. The Cass Freight Index for December showed a 2.1% increase in shipments when adjusted for seasonality, while the amount of spend for those shipments increased a tick. The report, which is written by ACT Research’s vice president and senior analyst Tim Denoyer, noted, “The acceleration in real disposable incomes, supported by a surprisingly sharp disinflation, and the ongoing strong labor market suggest freight demand fundamentals will improve in 2024.” ACT Research released a report Jan. 18 entitled “Freight Cycle Poised to Enter New Stage in 2024.” In it, Denoyer wrote, “The new year begins with global shipping in turmoil, import freight shifting from East to West, and for-hire demand on the long side of a two-plus-year downturn. Changing ocean and inventory dynamics support an upturn in freight demand.” The “global shipping turmoil” comes from two intermodal lane routing “pinch points” — the Panama and Suez canals. In Panama, drought conditions have lowered the level of inland lakes to a point where water to operate the locks is limited. In addition, a growing population depends on Panama’s lakes for its water supply, and the recent widening of the canal to accommodate larger ships may use more water as well. The Canal Authority is limiting the number of ships allowed to transverse the canal, creating long waiting periods. On the other side of the globe, the Suez Canal is being impacted by the turmoil in the Middle East. Houthi rebels in Yemen, sympathetic to Hamas, have been attacking ships in the Red Sea, including intermodal shipping vessels. U.S. and British bombardment of Houthi positions have, to date, failed to halt the attacks. Shipping lines have announced that ships will be rerouted to avoid both canals. The result can impact trucking by sending ships to alternate ports, creating opportunities for loads in some areas while taking them away in others. The January report from Motive, which measures visits to retailer’s warehouses using GPS information received from fleets’ in-cab systems, predicted that 2024 will be “less volatile.” The Motive report also remarked that the trucking market continued to contract in December, pointing to high levels of carrier exits (authority revocations) and the low number of new carrier registrations. Market contraction is good for rates. As the number of available trucks becomes smaller, there is more competition for available freight, driving rates upward. A potential sticking point, however, may be “deflation.” With higher interest rates helping to slow inflation, the opposite can occur. As consumers spend less, there is less need to restock inventories, reducing the number of available shipments. The Motive report was less positive than some of the others. “Our data suggests that 2024’s freight market will continue to be depressed compared to the previous 24-month cycle. However, we also see signs that the market may stabilize in the second half of the year,” the release read. Beleaguered truckers have struggled to remain profitable during the poor market and won’t find any significant relief in the coming months, but any improvement in rates and freight availability will be welcomed. Diesel fuel costs have been stable, helping keep operating costs down. As capacity continues to shrink, rates should continue moving upward, despite the increases being small. Better days could be ahead for those who can hold out.

DAT adds 2 to leadership team

Erica N. Guy - January 22, 2024

BEAVERTON, Ore. — DAT Freight & Analytics (DAT) announced the appointment of two new leaders for its product and security organizations. Jeff Clementz has been appointed as DAT’s chief product officer and Erika Voss as DAT’s vice president of information security, according to a news release. Clementz has 25 years of experience in the industry. The news release notes that he “has success in managing networks and marketplaces, fraud, payments and e-commerce platforms, which aligns with DAT’s mission to make it easier for freight carriers, brokers and shippers to do business together.” “As we scale DAT and use AI to help customers address their most urgent and complex challenges, we welcome Clementz’s product thought leadership and capabilities to lead and bring innovative technology products and services to market,” said DAT President & CEO Satish Maripuri. Clementz was most recently the president and chief executive officer at Shift, an e-commerce platform for the auto industry. He has also worked as senior vice president and general manager of Walmart’s Marketplace, where he was responsible for building the retail giant’s foundational commerce platforms. He also held product and operations positions in leadership at PayPal and Intel. As for Voss, DAT officials say her “vision and expertise will be integral to DAT’s commitment to ensure DAT Systems are at the forefront of the best cyber security possible, given the growing threats of cybercrime, which will make a great impact on our network governance and our fight against fraud.” Voss previously was vice president of security and engineering at Capital One, a Fortune 500 financial services corporation. She led all facets of security and engineering, including policies, procedures and best practices for application security, access control, authentication, third-party risk management and intrusion detection, according to the news release. Voss has also held information security leadership positions at Salesforce and Oracle. “Trust is a core foundation in DAT culture and products,” Maripuri said. “I’m excited to have Erika join DAT and lead our information security initiatives to ensure that DAT delivers the most trusted marketplace for freight.”

Truckstop: Flatbed bolstered spot rates in the latest week

Erica N. Guy - January 19, 2024

BLOOMINGTON, Ind. — Broker-posted rates for van equipment in the Truckstop system continued to fall after the holiday surge during the week ended Jan. 12 (week two), but total market rates moved higher due to the largest increase in flatbed spot rates since March 2022. According to a news release, flatbed rates were the highest since late September. Despite steady declines over the past two weeks, dry van rates are still about 3 cents higher than they were during the week before Christmas while refrigerated rates are 20 cents higher. Total loads Total load activity rose 21.7% after surging nearly 52% following the holidays. Total volume was down about 13% compared to the same 2023 week and was about 28% below the five-year average. Truck postings increased 25.3%, and the total Market Demand Index — the ratio of loads to trucks — eased from the prior week but otherwise was the highest since the week of the International Roadcheck inspection event in May. Total rates The total broker-posted rate increased more than 2 cents after falling more than 7 cents during the prior week. Although spot rates are 5 cents below where they were during the final week of 2023, they otherwise were the highest since the week that included Labor Day. Rates were nearly 8% below the same 2023 and more than 5% below the five-year average. Dry van rates Dry van spot rates declined 5 cents after easing more than 1 cent during the previous week. Rates were about 8% below the same 2023 week and about 10% below the five-year average. Dry van loads rose 16.6% after jumping nearly 43% in the previous week. Volume was 23% below the same 2023 week and more than 29% below the five-year average for the week. Refrigerated rates Refrigerated spot rates fell nearly 10 cents after dropping more than 10 cents during the prior week. Rates were more than 5% below the same 2023 week and more than 6% below the five-year average for the week. Refrigerated loads increased 10.3% following increase in each of the three most recent weeks. Volume was nearly 13% below the same 2023 week and about 24% below the five-year average for the week. Flatbed rates Flatbed spot rates rose 6.6 cents after ticking up more than 1 cent during the previous week. Rates were 9% below the same 2023 week and less than 4% below the five-year average. The y/y comparison was the least negative since the final week of 2022. Flatbed loads rose 33.6% after more than doubling during the prior week. Volume was 5% below the same 2023 week and around 34% below the five-year average for the week.

Soft demand cools LTL, keeps truckload rates flat, new freight report says

John Worthen - January 19, 2024

ATLANTA — In their Q1 2024 Freight Index report, third-party logistics provider AFS Logistics and TD Cowen report that less-than-truckload (LTL) rates are expected to remain relatively flat — with subtle fluctuations — while truckload rates continue hovering near the floor established in Q2 2023. For parcel, the index anticipates seasonal growth consistent with established patterns, but at more muted levels than previous years as lower overall demand clashes with the general rate increase (GRI) and other carrier pricing actions, according to a news release. “While the Federal Reserve is expected to cut interest rates later this year, the near-term economic outlook continues trends established in the second half of last year,” said Tom Nightingale, CEO of AFS. “Carriers are taking action to scrape out extra revenue, particularly in parcel, but the underlying reality of soft demand puts a damper on any upward pricing momentum.” Parcel: Carriers pull levers to raise revenue, compete for limited volumes Carriers typically communicate fuel surcharge increases with annual GRI announcements late in the year, but this latest round of fuel surcharge increases came separately. December 2023 saw UPS initiate an increase, FedEx follow suit, and then UPS implement another — all before the end of the month. When the dust settled, both carriers had introduced a 1% increase in express, while in ground, FedEx bumped up fuel by 1% and UPS increased it by 1.25%. Discrepancies also emerged between the two carriers’ demand surcharges, and are significant enough to affect how shippers allocate volumes. The UPS surcharge is 75% higher than FedEx for additional handling and twice as much as the FedEx fee for oversize/large packages. “The GRI, fuel surcharge increases and demand surcharges provide a view of carriers trying to address seemingly conflicting challenges – the need to boost revenue in the face of higher labor costs, while operating in a softer market that requires more aggressive pricing to compete for demand,” said Micheal McDonagh, President of Parcel for AFS. “The reality of limited volume continues to shine through in the data, driving expectations for a more limited-than-usual bump to rates in Q1 as carrier discounting diminishes the impact of the GRI.” Q1 2024 projections for ground parcel have rates at 28.9% above the January 2018 baseline, a 3.7% increase quarter-over-quarter (QoQ) powered by the GRI and fuel surcharge increases, but down 1.6% year-over-year (YoY). Data from Q4 2023 shows the result of holiday shipping patterns, with higher accessorial charges, average zone and fuel driving a modest increase of 0.7% in ground parcel rates from the previous quarter. With FedEx and UPS in a competitive pursuit of volume, discounting rose by a percentage point in Q4 2023, helping offset upward pressure on rates from other factors. In express parcel, the index is projected to reach 1.8% above the January 2018 baseline in Q1 2024, representing a 1.6% QoQ increase – more moderate compared to the same time in previous years – and a 2.2% YoY decrease. The continued “price war” as carriers compete for volume is anticipated to stymie the ultimate effect of the GRI and fuel surcharge increases on rates. Looking back at Q4 2023, express parcel rates declined 2.2% from Q3 2023 levels, the result of increased discounting and a shift away from premium services to less expensive offerings like two-day and three-day service. LTL: Rates flatten as Yellow volumes settle into new homes The index projects LTL rates to be 58.9% above the January 2018 baseline in Q1 2024, representing a small 0.7% decline from Q4 2023, but up 0.8% YoY, keeping rates at the escalated levels established since Q2 2022 and upheld partly due to the Yellow collapse in Q3 of 2023. The consolidation in capacity is expected to dull some of the downward pressure on rates that would normally be expected without a resurgence in demand, leading to the continued pattern of subtle fluctuations in LTL rate per pound. “The LTL market is in a bit of a stasis, as continued soft demand tests just how tight Yellow’s exit left capacity,” says Kevin Day, President of LTL for AFS. “While it won’t bring immediate changes, the auction of former Yellow terminals to other carriers is a major development. XPO and Estes in particular emerged as top acquirers, and those acquisitions should boost carrier network efficiency and overall capacity in the long run.” Truckload: Rates keep bouncing along the bottom The truckload rate per mile index is projected to be 4.6% above the January 2018 baseline in Q1 2024, down 0.2% QoQ and 2.9% YoY. While truckload rate per mile has exhibited consistency since establishing a floor in Q2 2023, average linehaul cost per shipment has declined in step with miles per shipment. Short-haul shipments – defined as less than 500 miles – grew from 79.8% of all shipments in Q2 2023 to 84.9% in Q4 2023. Despite the continued decline in Q4 2023, cost per shipment still sits 16% higher than pre-pandemic levels. “With pandemic-era inventory imbalances no longer subjecting businesses to the ‘tyranny of the urgent,’ shippers can be more strategic and optimize networks with more efficient moves,” says Andy Dyer, President of Transportation Management for AFS. “Will truckload rates finally rebound in 2024? We do not expect that to happen in Q1, but easing inflation and widely speculated interest rate cuts indicate macroeconomic conditions could support upward momentum later in the year.”

Love’s now offers exclusive repair service for Freightliner

John Worthen - January 18, 2024

OKLAHOMA CITY — Freightliner drivers have a new service option for light repair work thanks to Love’s Truck Stops. According to a news release, the nation’s largest over-the-road maintenance network and Daimler Truck North America (DTNA) announced the rollout of Freightliner ExpressPoint at more than 400 Love’s Truck Care and Speedco locations, with additional location openings planned. “We are excited to have Love’s Freightliner ExpressPoint network fully online, less than a year after announcing our partnership with DTNA,” said Eric Daniels, vice president of total truck care for Love’s. “Love’s Truck Care and Speedco technicians have received comprehensive training from their local Freightliner dealer to provide quality customer service, maximizing uptime for the drivers who keep America running.” Through Freightliner ExpressPoint, participating Love’s locations provide light mechanical warranty repair work, roadside warranty emergency services and approved field service and recall campaigns for Freightliner trucks, the news release stated. Warranty repair services include HVAC, fuel systems, external engine components, brakes and suspension, among other services. “We show full commitment to our customers’ uptime by expanding select service offerings with more than 400 Love’s Truck Care and Speedco locations to Freightliner customers,” said Paul Romanaggi, chief customer experience officer and general manager of service for DTNA. “The strategic partnership with Love’s and our robust Freightliner Service network charts a course that ensures reliability and efficiency to increase customer profitability keeping their trucks running.”

Remote Area Medical receives donated truck from Transport Enterprise Leasing

Erica N. Guy - January 17, 2024

CHATTANOOGA, Tenn. — Transport Enterprise Leasing (TEL) has donated a 2022 Freightliner Cascadia to Remote Area Medical (RAM) to power the nonprofit’s free pop-up clinics, according to TEL CFO Victor Duggard. The truck, valued at $85,000, will be used to transport RAM’s mobile clinic to locations throughout regions where the charity provides medical, dental and vision care to the uninsured and underserved. “There is a tremendous need for medical services for individuals without insurance or the money to get medical services in our society. This is where RAM fills the void,” Duggard said. “Partnering with a great organization like this is a great way for us to give back in our community.” Founded in 1985, RAM has recruited more than 196,000 volunteer providers and support staff over the years to treat nearly 1 million people, delivering free health care services valued at more than $195 million, according to the organization’s estimates. Some clinics provide care through on-site providers, while others deliver care via telehealth services in Tennessee. “RAM is grateful for this generous donation from Transport Enterprise Leasing,” said RAM COO Chris Hall. “This commercial truck will allow us to continue to provide free, quality health care to those in need across the United States. “As we expand our services and number of clinics, our fleet of tractor-trailers becomes an ever-growing, important aspect of delivering the care that countless individuals are seeking,” he continued. “Barriers exist for our patients in many different ways. With this truck, we are able to continue to remove those barriers that stand in the way of access to healthcare.” Dozens of clinics are scheduled for the coming months in Tennessee, North Carolina, South Carolina and in states as far away as Alaska. For more information about RAM, click here.

Omar Shamsie joins Odyssey Logistics as CCO

Erica N. Guy - January 17, 2024

DANBURY, Conn. — Odyssey Logistics has appointed Omar Shamsie as its new chief commercial officer. Shamsie will focus on driving strategic sales growth, vertical market development and cross-sell initiatives to deepen customer relationships and drive new business. “Bringing Omar on board is a significant step for us. His expertise aligns perfectly with our mission to elevate our enterprise clients’ operations and serve them more strategically,” said Hans Stig Moller, CEO of Odyssey Logistics. “Omar’s approach is not just about technology; it’s about understanding and solving the real-world complexities our clients face,” Moller continued. “With his leadership, we’re poised to deliver more holistic solutions and proactive support, helping our clients navigate market challenges with confidence.” Before joining Odyssey, Shamsie worked at Maersk a global integrated logistics company. During his three decades of service there, he rose through the ranks, holding several senior international leadership positions in 10 different countries. He was most recently the area managing director of Maersk in Canada. Before that, he was president of Maersk Line’s North America region, based in New Jersey. A statement released by Odyssey describes Shamsie as “a people-first leader who is very customer focused.” He attended the advanced management program at Duke University in North Carolina and the executive leadership program at Stanford University in California. “Odyssey leads the industry in providing multimodal solutions, and I’m eager to help our clients boost their supply chain operations,” Shamsie said. “What drew me to Odyssey is its adaptable approach — providing several options and value-adding solutions to clients.”

FragilePAK names Vincent Chiodo as CCO

The Associated Press - January 16, 2024

HENDERSON, Nev. — Shipping company FragilePAK CEO T.J. O’Connor has announced the hiring of Vincent Chiodo as the company’s chief commercial officer. Chiodo will be responsible for corporate sales strategy and direction of the company’s sales force, according to a news release. “Vincent is a veteran in the transportation management space,” O’Connor said. “We’re pleased to add him to our executive team. His deep experience lines up nicely where we are in the lifecycle of our business. As FragilePAK enters its next phase of growth and expansion, we’ll benefit not only from his sales background, but also his industry expertise and his experience managing and developing teams.” Chiodo joins FragilePAK after an extensive career in sales and operations within the transportation management and logistics industry. His experience includes senior leadership roles across some of North America’s best-known technology-enabled transportation management businesses, including Uber Freight, Transplace and YRC Logistics. The news release notes that he “has a track record of delivering best-in-class solutions for customers.” “My passion for delivering technology-driven transportation solutions has led me to FragilePAK, where I look forward to helping the company achieve its goals for growth,” Chiodo said. “There’s no better or more robust end-to-end delivery network for bulk and heavy goods than FragilePAK’s. I look forward to leading the company’s efforts to provide this tremendous resource to retailers, manufacturers, e-commerce companies, and others who can benefit from it. The company’s damage-free guarantee offers a competitive advantage for FragilePAK and its customers. We’re solving real, longstanding issues for businesses and consumers. That gives me confidence we can grow as planned.” O’Connor also announced another organizational change, which will move Jim Mikrut into the role of chief customer officer. Mikrut will report to Chiodo and be responsible for leading FragilePAK’s relationships with its largest accounts. “Jim is widely known and respected within our customer base,” O’Connor added. “Both of these organizational announcements will enhance our business and the strength of our executive team.”

Haslam family sells remaining shares of Pilot Travel Centers

John Worthen - January 16, 2024

KNOXVILLE, Tenn. — Pilot Corporation has closed the sale of its remaining 20% interest in Pilot Travel Centers LLC to Berkshire Hathaway Inc. The Haslam Family made the announcement on Tuesday. This news comes just two weeks after Warren Buffett’s Berkshire Hathaway and Pilot said they had reached an agreement to settle a Delaware lawsuit and resolve a dispute over the valuation of the truck stop chain. Berkshire and Pilot have agreed to settle the Delaware litigation, including all claims and counterclaims, between Pilot and Berkshire Hathaway, Pilot Travel Centers and National Indemnity Company, the companies said in separate statements. According to a Reuters report, each side had accused the other of accounting tricks to manipulate Pilot’s earnings before interest and tax, or EBIT, key to determining the value of the Haslams’ remaining 20% stake. An attorney for the billionaire Haslam family called bribery allegations leveled by Warren Buffett’s company a “wild invention.” Pilot was founded in Gate City, Virginia in 1958 by Jim Haslam II. Over the last six decades, the company’s network expanded rapidly through a series of =transactions, including with Marathon Ashland Petroleum, Williams, Speedway, Mr. Fuel, Speedway-Wilco, and the merger of Pilot Travel Centers with Flying J in 2010. Today, the company is the largest operator of travel centers in North America with more than 750 locations across 44 states and six Canadian provinces, selling 14 billion gallons of fuel a year and $3 billion in food and merchandise. “As a family business, it is humbling to think of all of the team members who have been a part of Pilot Flying J and we are beyond grateful for their commitment and contributions over the years,” added Jimmy Haslam, CEO and Chairman of Pilot Corporation. “We also have profound appreciation for all of the guests, professional drivers, and trucking companies who have supported Pilot Flying J as they have been a key part of the evolution and growth of this dynamic industry over the last six decades. We will always consider the Pilot Flying J team as family, and we wish them success as they continue to develop the best travel center network in North America and keep America moving.” Prior to the sale, Pilot Flying J was the fifth largest private company in the US. “Pilot started with one gas station 65 years ago, and because of the dedicated and exceptional team members we have had throughout our history, it is now an industry leader,” said Jim Haslam II, founder of Pilot Travel Centers. “While this has certainly been an emotional decision for us, it is one we felt was right for our family at this time. We look forward to continuing to support our life-long home of Knoxville, Tennessee, and to furthering our deep commitment and philanthropy throughout the region that we all love.”

FTR analysts: Industry’s road to recovery will be long, progress sluggish

Cliff Abbott - January 16, 2024

BLOOMINGTON, Ind. — The trucking industry will recover from the current downcycle, but progress will be slow. That was the consensus reached during a Jan. 11 webinar hosted by FTR Transportation Intelligence. The event was moderated by FTR CEO Jonathan Starks, while Avery Vise, vice president of trucking, and Eric Starks, chairman, contributed their insights and expertise. State of the Industry Vise kicked off the webinar, providing an overview of the economy and what the trucking industry can expect in the coming months. “We’re at record levels in both services and goods in spending,” he said, explaining that spending for services is high, but that inflated spending could well be due to … well, inflation. Another economic sign Vise pointed to is average household debt. Using data from the Federal Reserve, he showed consumers are borrowing more and saving less — both negative trends. However, the other side of that coin is an uptick in available cash in checking accounts and other liquid assets. “What we see is a dramatically larger amount of money in the system right now to support consumption,” he explained. “So, this level of consumption certainly can continue in the absence of some type of inflection.” Vise also addressed inventories to sales ratios in the wholesale sector. “The inventories are actually quite lean relative to history,” he said. “In fact, they’re the leanest on record except for the period of endemic disruption itself, which we would put in between mid-2020 through the end of 2021. So, this is something to watch.” “Sluggish” is the word Vise used to describe industrial production, another of the key indicators used in his analysis. “We’re looking at having a decline this year of about a half a percent, certainly nothing to get excited about. That was after not much of an improvement last year — basically two tenths of a percent,” he said. “As we go into 2025, we’re expecting maybe a half percent or more growth over 2024. Not horrible, but certainly not good.” Truckers, of course, want to know how all this ties into the freight market and what they can expect going forward. “When we look at the portion of the economy that is tied to freight — the goods transport sector — that is decidedly less rosy even than GDP (gross domestic product),” Vise explained. “We were flat, basically, last year, and this coming year, we expect 1.2% growth. We’re projecting a little over 2% in 2025. One point two percent growth does not get you very much in terms of actual freight volumes.” Vise addressed another hot topic — inflation. “We are seeing inflation starting to cool,” he said. “The increases in (interest) rates are probably done, and we’re going to potentially see declines. I think our assessment is that the risks are probably still a little bit weighted to the downside, but not really significantly. “Let’s go on and talk about the elephant in the room, which is capacity,” he continued. “That’s really where things are going to change in the coming year, as we don’t see a lot of reason to expect a big increase or decrease in freight volume.” Turning his attention to carrier population, using the number of carriers registered by the U.S. Department of Transportation, Vise noted that the fourth quarter of 2023 saw the largest-ever net decreases in carriers across the nation. However, he said, the number of active motor carriers is still considerably high. “More to the point is that we still are somewhere in the neighborhood of 100,000 carriers higher than we were before the pandemic,” he explained. Even though many of those extra carriers are smaller businesses with only one to three trucks, that’s still a lot of trucks competing for the available freight, he added. In addition, even when carriers close their doors and registrations are revoked, it doesn’t always mean trucks and drivers are removed from the freight market. The owners of some of those trucks enter lease agreements with carriers and continue to operate, just under another carrier’s authority. Other trucks may be parked or sold, with the owner taking a job as a company driver, filling one of that carrier’s parked trucks. Vise predicts the industry will see some rises in freight rates by the end of the year — but he says they’ll be small ones. He pointed out that rates are still about 10% higher than they were at the peak of the 2018 market; however, operating costs have risen substantially since then. Rail and Intermodal Impact Eric Starks spoke next, providing an update on rail freight before going into the intermodal segment of the market. He explained that, as rates rise in the trucking industry, more shippers look to rail to move shipments. Unfortunately, not all railroads have a good record with time-sensitive freight and for some shipments rail isn’t an option, but that still leaves plenty of available shipments. In the meantime, he said, the rail industry has suffered from the same falling rates as trucking. Rail intermodal will likely be impacted by the same conditions as trucking — the difficulty of getting containers to U.S. ports. One major problem is the Panama Canal, which depends on the availability of water from inland lakes to operate locks and keep canal levels high enough for shipping. Dry conditions, as well as the additional water needed by the expanded canal, have resulted in water levels dropping low enough at times to halt operation. On the other side of the world, another vital canal could be in trouble. The Suez Canal depends on traffic through the Red Sea. Since late 2023, Houthi rebels in Yemen have directed targeted attacks at commercial shipping vessels, and have vowed to continue doing so, despite missile strikes by the U.S. and Britain. (See related stories here.) Because of the unrest and increased risk of attack, ship owners have announced rerouting of container ships. Because of this, numerous ships may arrive at different U.S. ports than they normally would, changing both rail and truck transportation needs. In the end, analysts say, the freight industry can expect conditions for all types of trucking to remain difficult through at least the first half of the year — perhaps easing slightly toward the end of 2024.

Used truck market ended 2023 on positive note

John Worthen - January 16, 2024

COLUMBUS, Ind. – Preliminary Class 8 same dealer used truck retail sales volumes jumped 22% month-over-month in December, significantly more than normal seasonality would suggest, according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research. Compared to November 2023, average retail price increased 1%, while miles and age declined 2% and 3%, respectively. Compared to December 2022, volumes increased 40%, but price, miles and age declined. According to Steve Tam, Vice President at ACT Research, “Auction volumes were 47% higher month-over-month, while wholesaler transactions jumped 9% month-over-month. In total, the used truck industry advanced, with preliminary same dealer sales accelerating 34% month-over-month. December sales are historically close to average and see an eight-percentage point gain from November. Framed in that context, used truck demand seems solid.” Tam added that sales will likely slow in January, especially with the bitter cold some of trucking’s hot spots are experiencing.