In recent weeks Drivewyze has added parking space availability information from two states into its system, enabling that important data to be available on an electronic logging device (ELD) rather than through a state’s website.
The provider of weigh station bypass solutions has been branching out in recent years to provide other information through its system, which increasingly is integrated into ELDs rather than sitting in the cab as a stand-alone product. In what it is describing as the...
For truck afficionados, there is no better place to visit than the Iowa 80 Trucking Museum in Walcott, Iowa. FreightWaves’ photographer Jim Allen visited the museum and is sharing some of the historical trucks on display with our readers. Visit the museum’s website to learn more about the history...
https://s29755.pcdn.co/news/trucking-through-time-a-look-inside-the-iowa-80-trucking-museum
Omnitracs, the manufacturer of electronic logging devices (ELDs) and other telematics systems, got a mixed financial review from S&P Global Ratings in an infrequent look at a few of the company’s financials.
Omnitracs is privately held, with Vista Equity Partners as its majority owner. Vista had been reported last year to be looking to sell Omnitracs but no movement has been reported.
In its action, S&P Global Ratings affirmed the company’s “B” rating on its corporate debt. However, it lowered...
https://s29755.pcdn.co/news/omnitracs-under-review-weaker-debt-position-but-tech-investments-roll-on
The long-term debt ratings of Ryder have been reduced by Moody’s Investors Service, and the low resale value of trucks is cited as one of the key reasons for the move.
“A multi-year, negative trend in prices for used vehicles necessitated Ryder to lower residual values, which causes a considerable increase in depreciation expenses,” Moody’s said in its report on the truck leasing company. Keeping an accurate estimate on the value of its fleet is “critical to ensure adequate returns through...
https://www.freightwaves.com/news/ryders-debt-rating-slashed-by-moodys-2
Commercial vehicle drivetrain supplier Meritor Inc. (NYSE: MTOR) will cut 230 salaried positions globally by the end of the year and continue to pay lower salaries as it copes with the impact of the COVID-19 pandemic.
Troy, MIchigan-based Meritor was among the first industrial companies to announce pay reductions for salaried employees. On Wednesday, the company said it is partially restoring salaries:
https://s29755.pcdn.co/news/meritor-partially-restores-salary-cuts-while-trimming-salaried-jobs
Preliminary Class 8 truck orders totaled just 6,700 in May as heavy-duty truck manufacturers kept production suspensions in place while helping reduce an overhang of trucks in dealer inventories.
The inventory-to-sales ratio remained more than 50% higher than desired levels even as dealer stocks fell by 11,900 trucks, Kenny Vieth, ACT Research president and senior analyst, told FreightWaves.
“Restarting the manufacturing sector from a full stop was only partly successful, as Mexico’s lockdowns...
https://s29755.pcdn.co/news/class-8-truck-orders-stagnate-in-may
As businesses around the country restart operations, talk has shifted to the steps necessary to ensure the safety of their employees. For many, the changes are drastic — 6-foot social distancing, constant cleaning and even work from home. But for the trucking industry, a return to normal means a return to regulatory compliance.
While the reality is that compliance never disappeared, in many jurisdictions, and for many regulations, it has been relaxed or suspended entirely during the COVID-19...
https://s29755.pcdn.co/news/5-self-audit-steps-needed-to-ramp-up-carrier-compliance
Final numbers for Class 8 used truck sales in April dipped further even as prices continued to fall amid swelling inventories.
With practically no new trucks ordered or sold during the month, already slow-selling used equipment felt the brunt of the COVID-19 pandemic.
ACT Research said same-dealer sales fell 15% from March and 7% from April a year ago. Used trucks were older, sold for less and had fewer miles on the odometer than in March.
“Most dealers are reporting used truck sales have slowed...
https://s29755.pcdn.co/news/break-even-values-dictate-used-truck-trade-ins
The worsening economic crisis is creating an opportunity for Fleet Advantage. The data-driven seller of new and used trucks is offering to cash out a fleet’s excess trucks at book value in exchange for a lease that could lead to a new truck sale later.
As the COVID-19 pandemic ravages business, Fort Lauderdale, Florida-based Fleet Advantage is first targeting customers that provide the data the company uses to monitor fuel, maintenance and total cost of operation (TCO).
“This is really a terrible...
https://s29755.pcdn.co/news/crisis-cash-leasebacks-could-help-struggling-fleets-stay-solvent
April already was the worst month for Class 8 truck orders in a quarter-century. A late pullback of 10,000 bookings by one manufacturer dropped the month into negative territory with little improvement expected in May and no significant recovery until 2022.
That was the conclusion of industry experts Tuesday at the 13th annual Wolfe Research Global Transportation & Industrials Conference conducted online because of the coronavirus pandemic.
Tepid projections
ACT Research lowered its estimates for...
https://s29755.pcdn.co/news/class-8-orders-went-negative-in-april