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Wells Fargo: Trucking Industry’s Challenges to Continue in 2013

March 20, 2013, 02:29 PM
Filed Under: Trucking

According to the Wells Fargo Equipment Finance Q1 2013 Trucking Quarterly, the headwinds faced by the transportation industry in 2012 will continue in 2013.

Jon Eide, National Sales Manager, of Wells Fargo Equipment Finance Commercial Vehicle Group said in the report, “It appears that 2013 is shaping up to be another year of modest growth.”

Additionally, the report cites Sam Bullard, Wells Fargo Senior Economist saying, “As we look ahead to 2013, the overall economic landscape in which the transportation industry will operate does not appear to be dramatically different from that of the past couple of years. That said, certain sectors of the economy — notably, housing —have the potential to surprise to the upside and lead to a stronger rate of economic growth than is currently projected.”

Bullard also noted that on the production side, “Builders of Class 8 trucks are still dealing with 2012’s bloated inventory issues. As a result, truck builders have been underproducing retail sales in an attempt to reduce inventory. Based off the low rate of truck production in the fourth quarter, modest growth expectations for 2013 production seem reasonable, with risk to the upside depending on how many new orders are taken to beat model year 2014 EPA regulations. Bottom line: 2013 is looking to be another year of modest growth for both the overall U.S. economy and the transportation industry.”

Read the full Wells Fargo Equipment Finance Q1 2013 Trucking Quarterly.

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