ACT: Freight Rate Improvements Power Spike in June Class 8 Net Orders
JUL 6, 2020 - 6:44 am
According to ACT Research, preliminary North American Class 8 net orders in June were 16,000 units, rising 139% from May and 23% compared with June 2019. The North American Classes 5-7 market experienced an improvement in orders of 77% month-over-month despite being down 20% from the year-ago June volume. Complete industry data for June, including final order numbers, will be published by ACT Research in mid-July.
“Preliminary data show that June orders for medium and heavy duty vehicles jumped to a four-month high, rising above the combined April and May order tally,” Kenny Vieth, president and senior analyst for ACT Research, said. “On the back of a rapid improvement in freight rates over the course of May and June, North American Class 8 net orders spiked in June and were up against an easy year-ago comparison, when orders were under pressure from still large backlogs and rising equipment overcapacity. June is typically a slower order month, so seasonal adjustment augments the rebound.”
Regarding the medium-duty market, Vieth said, “Preliminary data here also show a four-month high and seasonal adjustment provides a lift to June’s Classes 5-7 orders.”
For industries that depend on exhibitor trade shows, conventions and in-person meetings for networking, COVID-19 has completely disrupted the landscape, posing challenges to those who lean on and put dollars into large gatherings. Important conversations, business development and the transfer... read more
The event that shaped the equipment finance industry in 2020 certainly needs no introduction. COVID-19, the cause of one of the most disrupted years in memory, is continuing to impact the leasing industry. We close the year out with the... read more