Used Trucks News

TRALA CEO Vroom Predicts Solid Growth For Truck Renting And Leasing Based On New Industry Statistics

ALEXANDRIA, VA - The $25 billion truck renting and leasing industry is poised for strong growth in coming years because of its offering of financial flexibility and its unique operational profile, TRALA President and CEO Peter Vroom told more than 700 participants during the keynote speech at Bridgestone/Firestone’s BIZCON7 held last week in Las Vegas. “When the economy is good, carriers often look to leasing, particularly to full-service leasing, to relieve the pressure of handling their transportation requirements so they can concentrate on their core business,” Vroom said.

“When the economy is not so good, leasing is a very attractive way to reduce capital outlays and better leverage equity. And whether the economy is up or down, the flexibility of lease financing will always be attractive because it can be customized to the customers’ needs.”

According to the association’s Truck Renting and Leasing Industry Report, 21.5 percent of all commercial trucks in operation are rented or leased, with the number jumping to 37.5 percent when looking at newer trucks five years old and less. Looking separately at the rented and leased truck fleet, a full 68.4 percent of the fleet is five years old or younger. The survey also revealed that contract maintenance by truck leasing and rental companies increased a substantial 11 percent over the last year.

Vroom pointed to all the factors being in place for economic improvement “the used truck inventory backlog is gone, motor carrier freight capacity needs are rising, 2002 engine performance fears have almost completely subsided, and the war in Iraq has ended. The consensus from our view is noticeable expansion likely coming later in 2003 or early 2004.”

ABOUT TRALA
The Truck Renting and Leasing Association, based in Alexandria, Va., is a voluntary, non-profit national trade association, organized in 1978 to provide a unified and focused voice for the truck renting and leasing industry. TRALA's membership includes more than 650 leasing and rental firms and 100 suppliers that make up nearly the entire full-service truck renting and leasing industry. The renting and leasing industry is responsible for approximately 40 percent of all new class 3 through 8 commercial truck registrations

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