Orders for US business equipment decline by more than forecast
Orders placed with US factories for business equipment fell in March by more than expected, suggesting higher borrowing costs and a cloudy economic outlook are restraining capital investment. The value of core capital goods orders, a proxy for investment in equipment
PACCAR Financial Services portfolio up 16%
PACCAR Financial Services, the finance arm of truck manufacturer PACCAR Inc., continued to grow its portfolio in the first quarter of 2023, driven by elevated prices and higher deliveries. PACCAR Financial originated $423.2 million in the first quarter of 2023, up
Volvo North American truck, CE orders skyrocket
Swedish manufacturer Volvo’s North American truck and construction equipment orders jumped in the first quarter thanks to strong demand and favorable market conditions in the region. Volvo Trucks’ North American truck orders totaled 2,596 for Q1, up 151.9% year over year,
Huntington, Volvo Financial commercial outstandings rise as equipment market normalizes
Commercial financiers Huntington Bank and Volvo Financial Services’ commercial and industrial books grew in the first quarter as the equipment market normalizes. Huntington Bank’s commercial and institutional loan outstandings landed at $47 billion in Q1, up 4.3% quarter over quarter and
Equipment finance execs: Recruitment a challenge
MCKINNEY, Texas — Equipment finance executives are working to attract new talent as the industry continues to face recruitment challenges. “The biggest challenge we’re starting to address — but we're so far behind the curve — is the influx of new
Outdoor Recreation Act to bolster equipment industry
America’s Outdoor Recreation Act of 2023 introduces three programs aimed at investment in outdoor recreation infrastructure poised to prop up the equipment industry. America’s Outdoor Recreation Act (AORA) was introduced on March 16 by U.S. Sens. Joe Manchin (D-W.V.), chairman of
Ryder expands lease, rental fleet with EVs
Commercial vehicle rental and leasing company Ryder System is adding thousands of light-duty, electric vans to its fleet. Ryder is adding 4,000 commercial electric vans manufactured by BrightDrop, a subsidiary of General Motors, by the end of 2025. The move will
A solution for ongoing labor shortage: DEI
Diversity, equity and inclusion offers a possible solution to the ongoing labor shortage affecting the equipment industry. The labor shortage in the equipment industry is a growing concern for several sectors. With the changes in the labor market over the past
3 best practices for navigating rising interest rates
As interest rates continue to rise and cash flows tighten, equipment dealers must find the best ways to navigate today’s hawkish interest rate environment to ensure access to funds. Equipment dealers of all sizes must manage rising interest rates to meet
Opinions mixed on finalized CFPB section 1071 Dodd-Frank rulemaking
Opinions are mixed on the Consumer Financial Protection Bureau’s finalized rule that requires small businesses such as equipment dealers to collect information from customers, as financial institutions prepare for new small business lending reporting requirements. The CFPB issued a final rule