“The conservative investment posture of fleets continued into February. As dire as those figures are, they were highly pre-COVID-19 driven. Now, we are operating under some of the most unusual and unexpected market conditions in history,” says Frank Maly, ACT director, commercial vehicle transportation analysis and research.
“Lower freight volumes and rates were already impacting fleet financials, as well as the need and ability to invest in equipment. While freight volume may have skyrocketed, if you are carrying the correct goods for the correct sales channels, for many fleets the shuttering of restaurants and retail locations may have pushed operations to the sidelines,” Maly says.”
“Recent discussions indicate that order placement has virtually disappeared as fleets begin to assume their version of ‘shelter in place’ with regards to equipment investment,” he adds.
