Taking the stage Tuesday after one of the most uncertain economic weeks in recent history, Volvo Trucks North America President Peter Voorhoeve wasn’t about to make any economic predictions while speaking at the Truck Renting and Leasing Association (TRALA) Annual Meeting Tuesday in Doral, Fla.
As expected, market sentiment has fallen while uncertainty is on the rise. Voorhoeve said neither change is good, but it is far too early to know the ultimate impact tariffs will have on trucking and the economy at large. He said the same can be said about regulations. Manufacturers like Volvo must prepare for regulations as they currently exist and cannot bank on changes coming in the future — even if that is becoming increasingly possible.
But Voorhoeve also noted out of uncertainty comes opportunity and on that note, lease and rental operations might be set up well.
Increasing vehicle complexity is already driving leasing acceptance among some fleets and market uncertainty could do the same. Voorhoeve said leasing and rental provides customers “less risk and higher reliability” and in a market changing rapidly, “the demand for flexibility will increase.”
