Solid Growth for Truck Renting & Leasing Says TRALA CEO
The $25 billion truck renting and leasing industry is ready for strong growth in upcoming years thanks to its offering of financial flexibility and unique operational profile, according to TRALA President and CEO Peter Vroom. He addressed a crowd of 700 at Bridgestone/Firestone’s BIZCON7 in Las Vegas last week.
The association’s Truck Renting and Leasing Industry Report says 21.5 percent of all commercial trucks in operation are rented or leased. That number increases to 37.5 percent when trucks are five years old or less. When compared separately, 68.4 percent of the rented and leased truck fleet is five years old or younger. Truck leasing and rental companies’ contract maintenance increased 11 percent over last year.
Vroom pointed to a number of factors that will impact economic improvement, including no used-truck inventory backlog, increased needs for motor carrier freight capacity, and the end to the war in Iraq. Vroom predicted that noticeably expansion is likely "later in 2003 or early 2004."