This Week In The Trucking Industry: Updates & Significant Shifts

The trucking industry continues to see significant shifts in safety regulations, business consolidations, and market dynamics. Here’s the latest on recalls, acquisitions, market trends, and key employment changes in the sector.

Recall Report: Key Safety Concerns

Multiple recalls have been announced, impacting school buses, trucks, and motorhomes. Here’s a breakdown of the most recent recalls:

1. Corp. Micro Bird G5 School Buses (2023-2024 models): The engine drive belt tensioner may fail, causing a loose belt, potentially resulting in a loss of power steering, alternator, or water pump function. This increases the risk of crashes or fire due to overheating. 96 units are affected.

2. General Motors Chevrolet Express & GMC Savana Cutaways (2013-2019 models): These vehicles may have insufficient clearance in the brake line due to optional GM body mounts, leading to potential brake fluid leaks and brake failure. A total of 18,325 units are under recall.

3. Motiv Power Systems Vehicles (2017-2023 models): The 12-volt control wires in certain E-450 and F-59 vehicles may deteriorate due to missing insulation, causing loss of connection to the HV batteries. 151 units are affected.

4. Trans Tech Buses (2018-2021 models): Emergency exit windows may fail to open during a rollover event, which violates Federal Motor Vehicle Safety Standard 220. 544 units are affected.

5. Triple E Recreational Vehicles (2024 Unity & Wonder models): These motorhomes have transposed metric and imperial GVWR values on labels, increasing the risk of accidental overloading. 95 units are affected.

These recalls highlight the importance of regular vehicle inspections and maintenance checks to ensure compliance with safety standards.

Acquisition News: High Bar Brands Expands

High Bar Brands announced its acquisition of BettsHD, a division of the 156-year-old Betts Company, known for its metal fenders and mud flap hangers. High Bar Brands’ President, Christopher Thorpe, commented on the acquisition, stating, “The history, reputation, and products make this a perfect addition to our lineup of iconic brands.” This acquisition enhances High Bar Brands’ product portfolio and positions them to continue leading the market with high-quality aftermarket products.

Market Trends: Class 8 Truck Prices

According to ACT Research’s State of the Industry: U.S. Classes 3-8 Used Trucks, the average retail price for used Class 8 trucks increased by 4.6% month-over-month in August, climbing to $58,350. However, prices are still down 9.5% year-over-year, indicating that the market remains more affordable compared to last year.

Steve Tam, ACT Research’s vice president, notes that while same-dealer sales were down 7.7% in August, the wholesale and auction segments saw an increase, signaling healthy market activity. With stability expected through 2024, industry experts predict a return to year-over-year growth in early 2025.

Employment Report: Leadership Shifts

Several notable leadership changes have occurred within key players in the trucking industry:

• Blaine Brothers: Spencer Dally has been named CEO, while Dean Dally transitions to the chairman of the board as part of a planned succession.
• Dealer Services Network: Daryl Ludvik has been appointed chief technology officer, and Melissa Spiller joins as vice president of human resources.
• InCharge Energy: Rich Mohr has been added as chief commercial officer, and Zeb Dawson as vice president of service operations.
• VIPAR Heavy Duty Family of Companies: Joy Nickoloff has taken on the role of program manager.

These appointments reflect the ongoing evolution of leadership within the trucking sector, with companies strengthening their executive teams to adapt to changing market conditions and technological advancements.

Conclusion

As the trucking industry moves through 2024, it’s clear that safety, innovation, and strategic growth remain at the forefront. From safety recalls to corporate acquisitions and pricing shifts, businesses in the sector are continuously adapting to meet new challenges. Staying informed about these changes is crucial for companies and drivers alike as they navigate this dynamic landscape.

Source: Trucks Parts Service