
Headlines From The Vehicle Renting and Leasing Industry
Wednesday, August 5, 2009
The U.S. House of Representatives and the U.S. Senate have passed legislation that adds $7 billion to the highway trust fund and the measure will now go to President Barack Obama for his signature. FULL STORY
The National Highway Traffic Safety Administration (NHTSA) has issued a final rule that will require a cut of 30 percent in the allowable stopping distance for the majority of new trucks beginning in 2011. FULL STORY
A new Obama Administration proposal to reopen the border to select Mexican carriers and end the Mexican tariffs on $2.4 billion worth of U.S. goods, has gone through all the interagency channels and is expected to be passed along to Capitol Hill for a vote. FULL STORY
Client Talk, a new software application released by Karmak, Inc., streamlines heavy-duty parts and service operations by sending e-mail notifications to customers when key business activities occur. FULL STORY
FleetNet America, Inc. has a new Lift Truck Maintenance Management Program that monitors maintenance costs, hours of usage and equipment condition for warehouses, distribution centers and other businesses that depend on lift trucks. FULL STORY
The Spicer S140 Series is Dana’s new family of single-drive, medium-duty axles specifically engineered to improve fuel economy, reduce maintenance costs, increase operator comfort and boost overall vehicle performance. FULL STORY
ArvinMeritor’s portfolio of Meritor Q Plus drum brakes are in the final phases of implementation and will enable North American truck operators to meet the recently issued U.S. government mandate for shortened stopping distance requirements. FULL STORY
The ILD+ is a new and improved liftgate from MBB InterLift that maintains a simple and straight-forward design but has incorporated many features and components used on the MBB Palfinger models produced in Germany. FULL STORY
Cummins Filltration has expanded their product line to include convenient, smaller-sized packaging options as well as dispensing equipment for Diesel Exhaust Fluid (DEF). . .Navistar and ArvinMeritor Inc. have announced that under the terms of a new long-term supply agreement, Meritor axles are now in standard position on International medium-duty trucks and IC Bus brand school and commercial buses. . .Kenworth Truck Company has achieved the highest ranking in customer satisfaction among Class 8 truck owners in the Over the Road, Pick and Delivery (P&D), and Dealer Service segments according to J.D. Power and Associates 2009 Heavy Duty Truck Customer Satisfaction Survey. . .Bendix Commercial Vehicle Systems LLC has launched the password-protected Bendix Webshop, www.bendix.biz for direct Bendix aftermarket customers. . .Hendrickson’s weight saving HTB LT rear air suspension is now available on International ProStar Trucks. . .Daimler Truck Financial is providing heavy- and medium-duty truck dealers with a comprehensive training program in the art of selling finance and insurance products to their qualified customers. . .Peterbilt Motors celebrated its 70th anniversary with dealers, top customers and community leaders at the headquarters in Denton, Texas. In its 70 years, Peterbilt has produced almost 700,000 trucks. . .Cummins Inc. has been honored by the National Business Group on Health as one the nation’s leading corporations for innovative programs promoting a healthy workplace and for helping its employees and their families make better choices about their own health and well-being. . .The Kenworth Truck Company manufacturing plant in Renton, WA, recently received a 2009 Best Workplace for Recycling and Waste Reduction Award from King County’s Solid Waste Division for Kenworth’s outstanding efforts to reduce, reuse and recycle.
Kevin Nowlan has been appointed vice president and treasurer of Arvin Meritor’s global capital markets and treasury activities. . .Karmak, Inc. has expanded its sales force and hired Ron Melendy as the new regional manager for the Rocky Mountain Region. . .FleetNet America has hired Craig McDowell as Forklift Fleet Manager. . .David Trucano, a managing director of Centerbridge Partners, has been appointed to the Dana Holding Corp. board of directors and will serve on the board’s audit committee and compensation committee. . .C. Thomas Harvie, The Goodyear Tire & Rubber Company’s general counsel for more than 14 years has announced plans to retire in October. The Goodyear Board of Directors elected David L. Bialosky, executive vice president, general counsel and secretary of TRW Automotive Holdings Corp. to succeed Harvie. . .The Equipment Leasing and Finance Association’s (ELFA) President Ken Bentsen is stepping down from the helm of the group to take a new position as executive vice president of the Securities Industry and Financial Markets Association (SIFMA). Ralph Petta, ELFA vice president for research and industry services, was named to serve as interim president upon Bentsen’s departure.
A look at truck transportation-industry Fortune 500 public companies:
| Company | Symbol (Click for Chart) |
8/5 Close | Two Week Performance | |
|---|---|---|---|---|
| ArvinMeritor | ARM | $6.69 | $0.44 | 7.04% |
| Avis Budget Group Inc. | CAR | $9.39 | $0.45 | 5.03% |
| Cummins Inc. | CMI | $44.92 | $0.08 | 0.18% |
| Dana | DAN | $4.67 | $0.02 | 0.39% |
| Eaton | ETN | $53.28 | $0.64 | 1.19% |
| General Electric | GE | $13.99 | $0.17 | 1.23% |
| Goodyear Tire & Rubber | GT | $17.98 | $0.14 | 0.77% |
| Navistar International Corp. | NAV | $42.71 | $1.08 | 2.59% |
| PACCAR Inc. | PCAR | $34.91 | $0.38 | 1.08% |
| Ryder | R | $37.39 |
$0.13 | 0.55% |
SOURCE: Yahoo! Finance and bigcharts.com
PHH Corporation reported for the second quarter of 2009 that its Fleet Management services segment showed a profit of $18 million for the quarter and $25 million for the six months ended June 30. The company attributed these results to better than expected financing costs, improved lease margins and continuing efforts to renegotiate lease pricing and to reduce costs. FULL STORY