That’s the word—okay, two words—from Polk’s Quarterly Commercial Vehicles Report and my colleagues here at Direct Capital. As we roll into the fourth quarter, the trucking industry looks likely to keep on…well, trucking.
Taking a little time to speak with Greg Bourdon and Joshua Rasch of Direct Capital and browsing Polk’s report, I was able to get a better picture of what’s going on in the industry right now. The good news? Just ahead.
The State Of The Industry
According to Polk, the first half of 2011 brought a significant increase in the number of new commercial vehicle registrations.
How significant? We’re talking 15.4 percent, which broke the 200,000 plateau for the first time in a little while. In fact, it’s up 24.2 percent over 2009, so the industry is trending in the right direction.
The highest single month during the new year was June, with close to 40,000. Those are very encouraging numbers, to put it mildly, and manufacturers also appear to have increased production across the board.
What Direct Capital Is Seeing
I asked Rasch to talk a little bit about what he’s seen in 2011 thus far. According to him, it’s difficult to tell whether the industry is trending up or remaining steady based on what Direct Capital has seen this year.
In August and September, he said, there has been a bump in applications for financing trucking, but he suspects there might be underlying reasons for that.
“The past few weeks have seen a slight increase in applications, but that might be due to the summer being over kids back at school,” said Rasch. “It’s normal trending for this time of year.”
What did you think of our report? Let us know!