ACT Research found the industry growing more optimistic at a two-day commercial vehicle outlook seminar.
The company hosted Market Vitals: The Current and Future Health of the Industry Feb. 18-19. It was attended by people from across the industry.
The first day featured an OEM panel including Chris Hammond, executive vice president of sales at Great Dane; Dave Sowers, head of Ram Professional operations at Stellantis; and Ryan Rockafellow, CEO at EnTrans International.
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Panelists agree sentiment has started to shift positive in January and February. Although the truck utilization has gotten better and spot rates are up, the industry is still wondering if its real. There is still an excess of equipment in the market, ACT says, and carrier profitability is still down, meaning fleets are spending less on equipment.
Expectations are that it will take at least a quarter or two before fleet profitability flips and equipment buying picks up, ACT says.
[RELATED: Truck orders up again in January; has market turnaround began?]
A dealer panel included Mike Jacques, vice president at Inland Kenworth; Steve Oliver, vice president of sales and marketing at Taylor & Martin; and Jacob Brazier, senior vice president of sales at TEL. Panelists discussed how and why last year was difficult and why expectations for a turnaround are on the rise. They also shared the different revenue streams that provided a source of stability and resilience.
In the third panel of the day, Matthew Leffler, lawyer at Armchair Attorney; Thom Albrecht, CRO at Reliance Partners; and Anthony Johnson, president at Marvin Johnson & Associates covered insurance and litigation pressures in the freight market. Panelists discussed the latest issues regarding nondomiciled CDLS, nuclear verdicts and motor carrier insurance.
The next Market Vitals seminar is Aug. 19-20.
