Business: Page 2

New parts distribution facility opens in New Jersey
"We are excited to build a great company that our employees and vendor partners will be proud of," says CEO John Ferry. "Our goal is to create value to the customer and we understand that our people are our most valuable asset."
November 13, 2023
Powertrain Truck Parts logo
Used truck depreciation slowing but price unlikely to turn until 2024
The used truck market got more reassurance there is light at the end of the tunnel Friday, as J.D. Power Director of Specialty Vehicles Chris Visser offered his insights into the market for 2024 at the UTA Convention in San Antonio.
November 10, 2023
J.D. Power's Chris Visser speaking at UTA Convention
How to pitch service contracts, offer financing
Sales tactics and customer communication took center stage during a rotating workshops Thursday at the Used Truck Association (UTA) Convention in San Antonio.
November 9, 2023
Customer being shown data on a sheet of paper
Outlook and Benchmarking
FTR: Uncertainty plays havoc with models; flat lines or slow decline may still be in cards
Jonathan Starks, FTR CEO, and economist Bill Witte look ahead into what's in store for 2024.
November 9, 2023
A graphic showing how the actual GDP beat forecasts for the third quarter of 2023.
Business
University of the Aftermarket Foundation announces chairman, officers and trustees
Roger McCollum will serve as chairman, succeeding Bob Egan, who is now chairman emeritus.
November 9, 2023
The University of the aftermarket foundation logo
Business
VIPAR Heavy Duty enjoys record setting IMPACT conference
The VIPAR Heavy Duty Family of Companies’ 2023 IMPACT Conference raised the bar: the largest number of attendees, a record-breaking astronaut, biggest trade show and the first time bringing together of the Power Heavy Duty and VIPAR Heavy Duty networks.
November 9, 2023
VIPAR Heavy Duty logo
Used trucks
ACT Research's Tam says used market trough won't last forever
It’s going to get better in the used truck market in 2024. Eventually. At least that’s how ACT Research anticipates the market evolving over the next 12 months, says Vice President Steve Tam.
November 9, 2023
ACT Research's Steve Tam speaking at UTA convention
Business
Mack Trucks strike could be near an end
A strike at Mack Trucks' facilities in three states is rounding the corner on 5 weeks, but it could soon be over.
November 9, 2023
Mack Lehigh Valley Operations
Mergers & Acquisitions
ConMet acquires maker of TruckWings
“TruckLabs’ innovative TruckWings product is an ideal addition to ConMet’s portfolio,” says John Waters, president of ConMet. “Their technology ... aligns well with our goal of providing OEMs and fleets with forward-thinking, profitable solutions.”
November 7, 2023
ConMet has acquired TruckLabs, maker of TruckWings
Growth strategies
Peach State breaking ground on 14th location
“As the Atlanta market continues to expand west from our Atlanta metro locations and east from our Birmingham and other Alabama locations, we want to be able to provide a wide range of services to the commercial trucking industry along the I-20 corridor."
November 7, 2023
Peach State Freightliner - Villa Rica rendering
Mergers & Acquisitions
Velocity expands in Canada, adding a dozen stores
“We are very excited to welcome the First Truck Centre team to what is the most comprehensive commercial vehicle sales, service and support network in North America,” say Brad Fauvre and Conan Barker, co-presidents of Velocity Truck Centers.
November 3, 2023
Velocity logo
Outlook and Benchmarking
Cummins revenues up 15 percent in third quarter
“We delivered solid profitability and record operating cash flow in the third quarter,” said Jennifer Rumsey, Cummins chair and CEO.
November 2, 2023
Cummins' engine plant
Pay and benefits
Assessing the impact of UAW strikes on industry operations
The United Auto Workers (UAW) and General Motors reached a tentative agreement on a new contract Monday, following Stellantis and Ford. Ending the current auto strikes could prove beneficial for suppliers in the heavy-duty space.
October 30, 2023
Mack assembly line worker working on LR Electric
Growth strategies
Going green with facilities can pay off
"The savings — energy, plus employee comfort — pays for itself," says Sean Yentsch, Penske's vice president of facilities.
November 1, 2023
A rendering of Stoops' new truck facility in Indianapolis.
Supplier Updates
MEMA issues statement on UAW and Detroit tentative strike resolutions
"The strike significantly impacted the supplier community with almost 40% of the surveyed suppliers reporting some layoffs during the strike period. We expect the ramp up of the Detroit Three OEM facilities to progress over the coming weeks."
November 1, 2023
MEMA logo
Mergers & Acquisitions
Market moves: Dealers busy expanding in October
After a slow September, transactions picked up in case dramatically in October. Dealers were the most active, though the aftermarket and supplier sectors also saw a few acquisitions by growing players.
October 31, 2023
Mergers and acquisitions roundup
Business
McCoy Group companies raise more than $10,000 for children's hospitals
McCoy Construction & Forestry, Truck Country and Stoops Freightliner-Western Star collaborated on raising money for the Children's Miracle Network in Wisconsin and Michigan.
October 27, 2023
The gray and red McCoy Group logo that reads Driving Excellence.
Business
Fleet Trailer & Equipment to sell Stoughton Trailers
"We are proud to welcome Pres and the FTE team to the Stoughton Trailers network of full-service dealers," says Luke McMaster, vice president of sales -- dealer channel.
October 27, 2023
The blue-and-white Stoughton Trailers logo.
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ATD logo
Business
Finalists named for ATD's 2024 Truck Dealer of the Year
The American Truck Dealers (ATD), Trucks, Parts, Service and Procede Software are pleased to announce the nominees for the 2024 Truck Dealer of the Year. There are seven dealers up for the 2024 award.
Truck on interstate driving
Used trucks
Late-model depreciation gently slowing for used trucks
Kriete Group chargers
Alternative power
How electric trucks may transform dealer revenue streams
The image on the left shows a sign being taken down and the image on the right shows a new FleetPride sign in its place.
Growth strategies
Rebranding demands strategy, communication
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