In an effort to help truckload carriers cope with the glut of used trucks on the market and the resulting drop in residual values, the Refrigerated Division of the Truckload Carriers Association has scheduled a discussion of the used truck situation as seen from the perspective of financial institutions. The session will be presented by Al Steinhaus, senior vice-president of CitiCapital on July 12, 2001, during the Refrigerated Division annual meeting in Sonoma, California. Richard Durst, president of Arctic Express in Hilliard, Ohio, is chairman of the Refrigerated Division.
The market for used trucks and trailers is clogged with late model equipment, which has driven residuals to critical low value, many carriers say. Financing is difficult to find, and valuations for equipment available for trade are often below the amount owed on it. In addition, many carriers report that they have structured service departments for preventive maintenance and no longer have the capability for heavy repairs as the warranties on aging equipment expire. The session will discuss options and project the future of the used truck market. For additional information, contact the Truckload Carriers Association at 703-838-1950.