The demand for truckers reached new heights in the first half of 2018. Consumers are buying more, construction and natural disaster recovery are in full swing, and capacity loads are in demand across the United States. As the strong economic landscape filters down to consumers, truck manufacturers are also experiencing sizable growth.
Consumer Demand Pushes Truck Manufacturers
Fleet owners are trying to handle an increased demand from consumers. The ball has been placed firmly in the hands of the trucking industry due to increased sales through e-commerce, construction, and shipments from the agricultural industry. These factors have moved both small and large fleets to increase their capacity and hire more drivers. In turn, the economic upswing has caused more fleets to place orders with truck manufacturers. In early June, there were over eight loads for every available truck in the country. As fleets try to balance the demand with more capacity vehicles, truck manufacturers have seen sales more than double from the previous year.
Now Is The Time To Expand Your Fleet
Truck rates are increasing and the rise in demand for truckers means fleets are generating more revenue. While some are investing that revenue into marketing and courting larger customer accounts, other fleets are putting capital towards recruiting and acquiring more trucks. Fleet owners are also looking to truck manufacturers as they upgrade or convert their commercial vehicles to hybrids or electric-powered trucks.
Accumulating Revenue Is Easier For Fleets
Even though the economy is running strong, some fleets are still waiting on revenue from unpaid customer invoices before they acquire new vehicles. Instead of tracking unsettled customer accounts, fleet owners are using freight load factoring. Freight load factoring provides cash for unpaid invoices so fleet owners can get more trucks without having to take out loans or put off growth to a later date. The ideal time to get new vehicles from truck manufacturers is now, and staggered payment schedules shouldn’t get in the way of a healthy cash flow.
Express Freight Finance provides factoring services designed specifically for the trucking industry. Contact our offices today and find out how our team can help your fleet get an edge on growth during this economic upswing.