Volume 26 • Issue 8 • 08/29/2024

IN THIS ISSUE

• Board News & Views: What the UTA Means to Me by Rocky Carden
• UTA Scholarship application deadline is coming up
• UTA Topgolf Event
• Inaugural UTA TWOK Event: Lake Tawakoni Fishing
  
• The UTA Convention — Opportunity, Friendship, and Community by Craig Kendall
• Convention Sponsorship Priority Booth Deadline 9/13
• Honoring Our Veterans
• Member Spotlight: Joey Bearden
  
• Opinion: Adapting to the New Digital Age of Truck Sales 
  by Ricardo Rodriguez-Long
• Used Truck Market Review & Forecast
• Industry News Briefs
• Electric News Briefs

BOARD NEWS & VIEWS: What the UTA Means to Me by Rocky Carden

The election for the UTA’s Board of Directors started on August 1st, and it made me think about how we’re fortunate enough to have so many outstanding candidates running for the positions. The current board is made up of a wonderful group, and I love being part it and getting to work with the UTA.

I think of the UTA as my family and friends. The Annual Convention is like my reunion, and one of my favorite things each year.

If you’re like me and want to get involved more, or if you have ideas to help make our organization better, there are many opportunities for you to affect change in the UTA.

Read full article

SCHOLARSHIP APPLICATION DEADLINE HAS BEEN EXTENDED TO SEPTEMBER 30th

Attention UTA Members!

Do you have a college student in your life? Make sure they apply for a UTA Jerome Nerman Family Foundation SCHOLARSHIP!

APPLICATION DEADLINE EXTENDED TO

MONDAY, SEPTEMBER 30!

The new application forms have been simplified making it a more convenient and efficient process.

TOMORROW

August 30 is the last day to sponsor the Topgolf Event and get your logo on signage!

REGISTRATION CLOSES THIS WEEK

Two days left to Register this inaugural event

Sponsorship Opportunities Available!

The UTA Convention — Opportunity, Friendship, and Community by Craig Kendall

The UTA Annual Convention will be November 13 - 16 at the Gaylord Palms in Orlando. This will be a fantastic event.

When I think of the Used Truck Association conventions, opportunity, friendship and community come to mind. I have been fortunate to attend all but the first UTA Convention. Here are some examples of opportunity, friendship and community at the convention.

OPPORTUNITY

In 2021 the convention was in Nashville, and I had just checked in. Someone I didn’t know walked up to me and asked, “Do you sell car carriers?” My dealer group sells car carriers. We followed up and made a contact we didn’t have before the convention.

Another example of opportunity is I met someone at the convention from a driveaway company who asked if they could move trucks for my dealer group. We started using this company. This relationship that started at the UTA Convention continues to work well for us.

Every time I attend the UTA Convention, I meet new people, renew acquaintances and I come away with some kind of deal on trucks, services, or new contacts that help my company and help me.

FRIENDSHIP

In 2013, the UTA Convention was in Orlando. My Dad died a month before the convention. I went to the convention and I was tired mentally and physically. I played golf with Tim Ronan from McMahon Truck Centers. Tim and I started laughing and we had lots of fun. The weight I had been carrying went away.

In 2019, the Convention was in Palm Springs, California. Terry Williams and I went to downtown Palm Springs and had fun going from place to place and checking out cool cars for our tour time. It was great.

The joy, networking, being with friends and people you do business with are things you shouldn’t miss.

COMMUNITY

One of the biggest things about the UTA and convention is a sense of community and belonging for many people. Everyone is busy, but the UTA Convention allows us to better connect with the used truck business and be with people in our industry.

Another terrific way to help at the convention and to assist the UTA is to volunteer at the convention. An example is “running” or carrying a microphone to people with questions or comments during the Q & A time in the general session and in the breakout sessions. This lets you see more people and helps the convention.

Serving as a marshal or meeting assistant where you help get people into the general session or breakout sessions on time is an important job. The UTA Convention is a wonderful event, but it takes a large group of people working hard to make the convention work well. If you are interested in helping with the convention, contact the Convention Committee.

The UTA Convention is THE used truck event! If you’re not coming to and your company is not attending the convention you and your company will miss opportunities, friendship, and community.

I look forward to catching up with you and if I don’t know you meeting you in Orlando!

Thank you,
Craig Kendall

25th Annual Convention

November 13-16 • Gaylord Palms

The Magical MAIN EVENT!

All the networking, workshops, market updates, the vendor expo, and other events you expect! There is so much to do you'll want to come early and stay late!

See the Convention Microsite for details!

Considering Sponsorship???

Secure Yours by September 13th

for Priority Booth Assignment!

Once again we at the UTA Convention will recognize our service members. Please click the link below and fill out the form if you or someone in your organization has served. No need to resubmit if you filled out the form last year unless you'd like to update your info/photos.

MEMBER SPOTLIGHT: Joey Bearden

Joey Bearden grew up on a dairy farm, which means some of his earliest memories come from riding around on a tractor with his dad. He was always fascinated by the heavy equipment on the farm when he was a kid. As such, he jumped at the chance to move a tractor or dump truck around, whenever it needed doing. This love has persisted into adulthood, and led Joey to become a Used Truck Manager at Gulf Coast Truck & Equipment in Mobile, AL.

His first job in the trucking industry was straight out of college, working for Kenworth of Alabama delivering and selling parts. Here, he learned about trucks from local mechanics, and about the business of sales in general.

Read more about Joey

OPINION: Adapting to the New Digital Age of Truck Sales by Ricardo Rodriguez-Long

There are moments in time when things radically change. The COVID-19 pandemic and changing consumer preferences have accelerated the shift towards online sales, with almost 30% of cars (about 5 million units) being sold online annually. I've noticed that about 70% of Americans now buy most things on the internet through platforms like Amazon and eBay. 

For truck buyers, a digital experience has become an essential part of the purchasing journey. Research shows that a significant percentage of potential buyers begin their search online, from researching vehicles to comparing prices to completing financing applications. This new dependency on digital tools requires a reevaluation of traditional sales models and the adoption of new strategies to meet the expectations of digital consumers.

Read full article

USED TRUCK MARKET REVIEW & FORECAST

Truck Sales Shrug Off Summer Break

Somewhat unexpectedly, preliminary Class 8 same dealer used truck retail sales volumes surged in July (+38%). Despite slow freight and freight rate improvement and falling, but elevated, interest rates, the buyers’ market remained attractive to quite a few truckers. Seasonality called for a decrease of about 2% m/m. Combined, the aforementioned set a low bar for expectations. According to plan, auction activity fell from its usual final-month-of-the-quarter high (-41% m/m). Wholesale transactions advanced 7.1% m/m. Altogether, sales rose 14% from June. If history is to be believed, August sales should jump 10%.

See full report 

Summary

Auction volume decreased in July 2024 and pricing continues to bounce along the floor. Retail volume returned to a typical level and depreciation was normal.

Class 8 Auction Update

Sales volume at auctions in July 2024 was down significantly from June, which is typical for the month. Selling prices increased notably, although the small sample size means we are not drawing any conclusions from this month’s results just yet.  

Looking at late-model sleeper tractors, average pricing for our benchmark truck in July was:

· Model year 2021: $49,075; $5,406 (12.4%) higher than June

· Model year 2020: $40,065; $2,103 (5.5%) higher than June

· Model year 2019: $33,911; $7,333 (27.6%) higher than June

· Model year 2018: $22,173; $5,418 (32.3%) higher than June

See full report

Used Truck Inventory Increases Putting Added Pressure On Values

According to the new Sandhills market reports, used equipment inventory levels continue trending up across all of Sandhills’ marketplaces, including used trucks, trailers, heavy machinery, and farm equipment. This inventory trend is putting added pressure on asking and auction values, which are maintaining lower levels than in 2023.

The key metric in all of Sandhills’ market reports is the Sandhills Equipment Value Index (EVI). Buyers and sellers can use the information in the Sandhills EVI to monitor equipment, truck, and trailer markets and maximize returns on acquisition, liquidation, and related business decisions.

See full report

INDUSTRY NEWS BRIEFS

Mack Dealer Vision Truck Group Opens New Location

Press Release, Mack Trucks (July 22, 2024) — Longtime Mack Trucks dealer Vision Truck Group recently invested $20 million to open a new facility in Brantford, Ontario, Canada. “Congratulations to Vision Truck Group for opening another location to better service and support Mack customers,” said Jonathan Randall, president of Mack Trucks North America

Old Dominion Posts Third Straight Quarter of Revenue Growth Q2 Showed 6.1% Increase to $1.5 billion

Connor D. Wolf, Staff Reporter, Transport Topics (July 24, 2024) — Old Dominion Freight Line marked its third consecutive quarter of year-over-year revenue growth during the second quarter of 2024, the company reported July 24. The Thomasville, N.C.-based less-than-truckload carrier posted net income of $322.1 million, or $1.48 a diluted share, for the three months ending June 30.

Read full article

European Truck Sales Slump Hurts Paccar Q2 Profits

Keiron Greenhalgh, Staff Reporter, Transport Topics (July 25, 2024) — Paccar Inc. profits fell in the second quarter of 2024 on the back of sagging European truck sales and lower parts and financial services divisions profits. However, the company’s truck sales in North America rose as Kenworth Truck Co. and Peterbilt Motors Co. increased their Class 8 market share in the most recent quarter.

Read full article

Moving Forward with Kriete

Press Release, Kriete Trucks (July 31, 2024) — Kriete Truck Centers, a leading commercial truck and equipment dealer with ten locations across Wisconsin, today announced the release of the “trailer” for Season 3 of its customer profile video series, Forward with Kriete. The new season continues to spotlight individual customers and the crucial role of trucking in society.

Read full press release

Nominations Now Open for 2024 Influential Woman in Trucking Award, Sponsored by Daimler Truck North America

Women in Trucking, Staff (July 31, 2024) — The Women In Trucking Association (WIT) and Daimler Truck North America (DTNA) are seeking nominations for the 2024 Influential Woman in Trucking award.  

Read full article

Class 8 Truck Orders Dipped In July

Trucks, Parts, Service Staff (August 2, 2024) — Class 8 truck orders hit their lowest point of the year last month, dropping to around 13,000 units, ACT Research and FTR reported Friday. ACT says its preliminary July estimate was 13,400 units, down 8% from June and 13% year over year. 

Read full article

Used Car Retailer Moves Into Heavy-Duty Trucks With First Dealership 

Trucks, Parts, Service Staff (August 8, 2024) — Used passenger car retailer HGreg, through its new division HGreg Trucks, opened a dealership in Miami recently. The truck dealership joins 33 used car locations spread across California, Florida, Texas, Maryland and Canada. 

Read full article

Mack Trucks Launches Refreshed Mack^® MD Series

Mack Trucks, Press Release (August 12, 2024) — Mack Trucks today announced a significant refresh of its Mack^® MD Series diesel and electric medium-duty trucks, featuring a larger cab that improves the driver environment and incorporates new safety features. These updates further strengthen Mack's medium-duty offering to meet evolving customer needs and applications.

Read full press release

Rihm Kenworth Makes List of Fastest-Growing Companies

Trucks, Parts, Service Staff (August 16, 2024) — Rihm Kenworth has been named to the exclusive 2024 Fast 50 list by the Minneapolis/St. Paul Business Journal.  The prestigious award recognizes the Twin Cities' fastest-growing private companies based on revenue, growth rate, and employee headcount, Rihm says.

Read full article

ELECTRIC NEWS BRIEFS

US Trucking Embraces Renewable Diesel for Cleaner Operations

Stephen Bennett, Special to Transport Topics (August 2, 2024) — Renewable diesel as a drop-in fuel for diesel combustion engines is starting to gain traction in the U.S. trucking industry, said suppliers, distributors and federal energy researchers.

Read full article

Exposed: Scammer Targeting Prospective Tesla Semi Buyers

Trucks, Parts, Service, Jay Traugott (August 9, 2024) — A suspected scammer is on the loose, targeting prospective Tesla Semi buyers. At least four Southern California-based trucking companies have been contacted by this individual(s) who is attempting to sell non-existent reservations at a premium for the soon-to-be-released truck, Clean Trucking has learned. 

Read full article

Mack Trucks and Kriete Truck Centers Deliver Mack^® MD Electric to ABC Supply Co., Inc.

Press Release, Mack Trucks (August 13, 2024) — Mack Trucks and Kriete Truck Centers, a leading commercial truck and equipment dealer with 10 locations across Wisconsin, recently delivered a Mack^® MD Electric vehicle – the first to operate in the state – to ABC Supply Co., Inc. during a handover event at the company’s National Fleet Center in Beloit, Wisconsin.

Read full press release

Mack Highlights Zero-Emissions Technology During GTSE Ride and Drive with Mack^® MD Electric

Press Release, Mack Trucks (August 19, 2024) — Mack Trucks will spotlight its Mack^® MD Electric model, the second zero-emissions vehicle in Mack’s lineup, at the Green Transportation Summit & Expo (GTSE), Aug. 20-22, in Tacoma, Washington. Mack is a sponsor of the ride-and-drive event occurring from 2 to 4:30 p.m. Aug. 20 on a closed course at the Tacoma Dome.

Read full press release

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