Economy

November Used Class 8 Same Dealer Sales Down 19%

According to ACT Research's latest release of the State of the Industry: U.S. Classes 3-8 Used Trucks report, used Class 8 retail volumes (same dealer sales) were down 19% month to month in November. read more

Class 8 Tractor Dashboard Drops for Seventh Time in Eight Months

The top line on the Class 8 Tractor Dashboard dropped in October to a -3 reading, marking the seventh moderately downbeat reading in eight months, according to ACT Research’s recently released Transportation Digest. read more

Equipment Finance New Business Volume Rises 9% in November 

The Equipment Leasing and Finance Association’s Monthly Leasing and Finance Index (MLFI-25) showed overall new business volume for November reached $8.6 billion, up 9% year over year from new business volume in November 2021. read more

Confidence in Equipment Finance Market Increases from November

The Equipment Leasing & Finance Foundation released the December Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI). Overall, confidence in the equipment finance market is 45.9, an increase from the November index of 43.7. read more

ELFF Projects 4.2% Growth in Equipment and Software Investment, Mild Recession in 2023

In what is likely to be challenging year for both the U.S. economy and the equipment finance industry, equipment and software investment will grow by 4.2% in 2023, according to the Equipment Leasing & Finance Foundation. read more

ISM Projects Revenue Increases in Most Sectors in 2023

According to December release of the Institute for Supply Management’s semiannual economic forecast, revenues are expected to increase in 15 of 18 manufacturing industries and 14 of 18 services sector industries in 2023. read more

Federal Reserve Boosts Federal Funds Rate for Seventh Time in 2022

The Federal Reserve announced that it will raise the target range for the federal funds rate to between 4.25% and 4.5% on Wednesday, marking a 0.5% increase and the seventh overall increase this year. read more

Midland Equipment Finance Crosses $1B Portfolio Threshold

Midland Equipment Finance, the equipment financing division of Midland States Bank, crossed the $1 billion mark in its portfolio since the division’s 2018 inception. read more

Banks Record Second Lowest Small Business Loan Approval Rate in 2022 in November

According to Biz2Credit’s Small Business Lending Index, small business loan approval percentages at big banks dropped from 14.7% in October to 14.6% in November, marking the second lowest monthly percentage in 2022. read more

Wells Fargo Expects Recession in Early 2023 and Recovery Throughout Rest of Year

Wells Fargo Investment Institute released its 2023 outlook report, which outlines its expectations for a recession in the first half of 2023, recovery around mid-year and a rebound that gains strength into year-end. read more

CIT Serves as Lead Arranger of $135.6MM Financing for Superior Biologics

CIT’s healthcare finance division served as lead arranger of $135.6 million in financing for Superior Biologics. read more

KBRA Examines 2023 Forecasts and Trends

Kroll Bond Rating Agency released its 2023 ABS Sector Outlook, examining key trends from 2022 and providing forecasts for 2023. read more

TimePayment Raises Approval Limit to $25K

TimePayment, a financial technology company specializing in commercial and specialty equipment lease financing, raised its limit for automated approvals for qualified lessees from $15,000 to $25,000. read more

Used Class 8 Retail Sales Fluctuate During Fall Season

According to ACT Research, used Class 8 retail volumes were down 19% month to month in October, while average mileage was flat, average price was down 2% and age was up 5%. Longer term, average price and miles were higher year over year, with prices up 15%.  read more

October U.S. Trailer Orders Up 83% M/M, 171% Y/Y

According to ACT Research, October net U.S. trailer orders of 47,860 units were 83% higher compared to September, up 57% on a seasonally-adjusted basis and 171% above last year's October level. read more

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