Trucking information and briefs for Thursday, July 28, 2022:
Used truck gross sales costs, miles and age all up through first half of 2022
The Class 8 used truck market in June noticed a rise in gross sales, together with common worth, miles and age, in response to the most recent launch of the State of the Industry: U.S. Classes 3-8 Used Trucks, printed by ACT Research.
Used Class 8 retail volumes (identical supplier gross sales) had been 1% greater month-over-month. Longer time period, volumes had been down 44% in comparison with the identical interval a yr in the past and had been 34% decrease year-to-date.
Average costs and miles had been down 6% and 1%, respectively, in June in comparison with May, however common age rose 5% month-over-month. Longer time period, the common worth was greater than June 2021 and year-to-date, as had been common miles and age, with costs up 74% year-to-date in June, common miles 3% greater in comparison with the primary six months of 2021, and common age 6% older for a similar time interval.
“Same dealer retail sales of used Class 8 trucks held almost steady in June,” stated Steve Tam, Vice President at ACT Research. “The gain is smaller than expected, at least as far as typical seasonality is concerned. Normally, volumes are about 5% larger in June, relative to May. In the grand scheme, June sales are very average, meaning almost no seasonal adjustment is necessary to account for buying habits and/or patterns.”
Tam added that financial issues are enjoying closely in the used truck market.
“As the economy and freight begin to cool from their torrid pace over the past two years, it is logical and expected to see demand for commercial vehicles, both new and used, slow,” he stated. “However, demand is not all about what is happening today. As new and used truck buyers were denied access to equipment because of the supply-chain crunch, they were forced to extend their trade cycles and age their fleets.
“While this is a short-term tactic, it is a situation that needs to be rectified. It is that replacement of older trucks that will sustain the industry through the trough of the current cycle.”
[Related: The search for a good used truck: Inflation putting community college CDL program out of reach]
New agency providing one-way cargo insurance coverage
A brand new spot-cargo “insurtech” firm, launched just this week, aims for one-way, spot-cargo insurance for freight.
MiKargo247.com provides motor carriers, freight brokers and 3PLs with access cargo insurance on a per-trip basis. Coverage is all-risk, providing far broader coverage than standard cargo insurance, the company said, with claim support from an office in Schaumburg, Illinois.
Additional features, according to the company, include:
- Quotes in 10 seconds; binding coverage in 90 seconds
- Access to commodities typically excluded by other cargo policies
- No sign-up or subscription
- No more waiting for agent or underwriter approval
“We developed MiKargo247.com to fill a dangerous hole in the market,” said Michele McGinnis, co-founder and CEO of MiKargo247.com. “It’s estimated that over 60% of cargo on the road goes uninsured daily, racking up $15+ billion worth of damages that cannot be recouped. With MiKargo, not only are shippers and freight brokers protected with an all-risk policy if something goes wrong, but the truckers can now haul previously uninsurable loads, ultimately making them more money.”
Underwritten by Roanoke Insurance Group with underwriting authority provided by Munich Re Syndicate Ltd. — Syndicate 457 at Lloyd’s of London, MiKargo247 offers insurance coverage up to $1 million per load in the U.S. and Canada.
[Related: What to do when a broker withholds payment after a cargo claim]
Driver named Highway Angel for rescuing crash victims, extinguishing fires
The Truckload Carriers Association (TCA) has named truck driver Kyle Uhrich from Covington, Washington, a Highway Angel for rescuing several injured crash victims from their burning vehicles and extinguishing the fires, amid live ammunition exploding. Uhrich drives for Trans-System, Inc., based in Spokane, Washington.
“I was literally already on my way out the door with the fire extinguisher in hand,” Uhrich stated, when one other pickup truck slammed into the again of the primary crashed pickup truck.
Uhrich stated the motive force of the primary pickup was in a position to exit his car with hand and face accidents. Uhrich guided this injured driver to the aspect of the highway away from the burning truck.
“That’s when I realized that the other car that had hit was also on fire,” Uhrich stated, so he used his hearth extinguisher to extinguish each fires.
The driver of the second crashed car, nonetheless, suffered important accidents — each he and his passenger had been thrown from the car. Uhrich used the remainder of his hearth extinguisher to subdue flames close to the second car so he might get to the victims.
“I pulled him away from the vehicle,” he stated. “I had to put him down because he was slippery because he was just covered in blood and I had to duck. There was ammunition in the car — as it caught fire they were popping off in the car.”
Why take such dangers to assist these drivers? “You live by a code — you’re taught to preserve life,” stated Uhrich, sharing that this wasn’t “his first rodeo.” Receiving medical coaching in the Norwegian Army when he was youthful, he is aware of trucking may be harmful and accidents occur.
“It’s not a matter of if, it’s a matter of when,” he stated.
TCA introduced him with a certificates, patches, lapel pin, and truck decals. Trans-System additionally acquired a letter acknowledging him as a Highway Angel.