EnRoute
Headlines From The Vehicle Renting and Leasing Industry
Wednesday, August 13, 2008
Top Stories
Senator Debbie Stabenow (D-MI) and Senator George Voinovich (R-OH) have introduced the Safety Technology Tax Credit Bill (S. 3428) that will provide tax incentives to fleets purchasing truck safety technologies. FULL STORY
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Mary Peters, Secretary of the Department of Transportation, has begun to discuss the Bush Administration’s new plan for the Department of Transportation that would look for new revenue sources; maintaining and improving the Interstate highway system; and reducing over 102 federal transportation programs and replacing them with eight comprehensive intermodal programs. FULL STORY
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Though the state of Oregon doesn’t participate in the Unified Carrier Registration (UCR) Program, they will begin imposing fines motor carriers, brokers, freight forwarders and leasing companies that have failed to register with UCR. FULL STORY
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To help guard against potential terrorist attacks, New York City is working to develop a plan that would track every car or truck that enters the city using bridges and tunnels. FULL STORY
Technology Trends
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A new electronic filing solution for Internal Revenue Service (IRS) Heavy Vehicle Use Tax Return Form 2290 has been introduced by Comdata Corp. FULL STORY
Sterling Trucks has unveiled a mid-size integrated sleeper cab, the NightShift sleeper cab, which is targeted towards LTL, distribution and leasing markets. FULL STORY
DD13 is the new 12.8-litre unveiled by Detroit Diesel which will replace the MBE4000 and will be available with 350 and 450 hp and 1,350 and 1,650 lb.-ft of torque. FULL STORY
TODCO has introduced FG lube, a more environmentally-friendly and custom-made lubricant designed specifically for overhead doors. FULL STORY
Briefly
HD America and Karmak have reached an agreement that will offer HDA member companies the opportunity to select Karmak’s Legend business system to manage their parts and service businesses. . .Transportation Alliance Bank, a subsidiary of Flying J Inc., has provided a $7 million working capital line to DriverTech. . .CPC Logistics has formed a new Canadian Corporation, Logistics Professionals Ltd., which has acquired Huron Services Group Ltd. . .SAF-Holland has announced its newly restructured organization which consists of three market-driven business units - Powered Vehicle Systems, Trailer Suspension Systems and a newly formed Aftermarket Business Unit dedicated specifically to the replacement parts sales and service business. . .Ryder System, Inc. has reached an agreement to acquire substantially all the assets of Gordon Truck Leasing, which is headquartered in Philadelphia, PA. . .Mark Pigott, chairman and chief executive officer of PACCAR Inc., has been named the winner of WCBF's Six Sigma & Business Improvement CEO of the Year Award. . .Eaton Corp. has acquired the engine valves business of Kirloskar Oil Engine Ltd. . .Twenty years ago Bridgestone Corp. purchased The Firestone Tire & Rubber Co. for $2.6 billion and more than 1,600 teammates and family members were expected to join Bridgestone Americas Holding Inc. Chairman and CEO Mark Emkes and state and local dignitaries in Akron, OH, to celebrate the anniversary. . .J.J. Keller & Associates plans to expand its sales offices into Neenah, WI.
People on the Move
Goodyear Tire & Rubber Co. has named Stephen McClellan president of the North American Tire Consumer business and Joe Copeland will become vice president of Commercial Tire Systems. . .Pam Nicholson has been named president of Enterprise Rent-A-Car, making her only the fourth person to hold the office in Enterprise’s 51 year history. . .Bendix Commercial Vehicle Systems has named Robert Legato vice president of integrated supply chain and Bill Mossing has been promoted to vice president and general manager of modules. . .The Commercial Vehicle Tire Division of Continental Corp. has named Shaun Uys director of replacement sales for the North American region. . .John Harris has been appointed director of purchasing and logistics for Utility Trailers. . .FleetOne has hired John Shorter as an account manager; Jonathan Allen as an account executive; Christopher Davis as an over-the-road account executive; and Joy Teague as an account executive. . .Staci Standen has been named general manager of Eaton Corp.’s Truck Group NAFTA Heavy Duty Transmission Division. . .The U.S. Senate has approved President Bush’s nomination of Thomas J. Madison Jr. to administrator of the Federal Highway Administration for the Department of Transportation.
Taking $tock
A look at truck transportation-industry Fortune 500 public companies:
| Company | Symbol (Click for Chart) |
08/13 Close | Two Week Performance | |
|---|---|---|---|---|
| ArvinMeritor | ARM | $15.70 | $0.18 | 1.13% |
| Avis Budget Group Inc. | CAR | $7.68 | $0.16 | 2.13% |
| Caterpillar Inc. | CAT | $69.83 | $1.98 | 2.76% |
| Cummins Inc. | CMI | $70.85 | $0.34 | 0.48% |
| Dana | DAN | $6.27 | $0.12 | 1.88% |
| Eaton | ETN | $72.52 | $0.34 | 0.47% |
| General Electric | GE | $29.31 | $0.43 | 1.45% |
| Goodyear Tire & Rubber | GT | $20.87 | $1.41 | 6.33% |
| PACCAR Inc. | PCAR | $42.43 | $0.51 | 1.19% |
| Ryder | R | $70.26 | $0.44 | 0.63% |
SOURCE: Yahoo! Finance and bigcharts.com
Money Matters
Goodyear Tire & Rubber Company has reported net income of $75 million on net sales of $5.2 billion for the second quarter compared to income of $56 million on sales of $4.9 billion for the same period in 2007. FULL STORY
Cummins saw sales outside the U.S. grow 61 percent which helped to push the company to report record sales and profits for the second quarter of 2008. FULL STORY
News From TRALA
As your high school seniors getting ready to head back to school, it’s not too early to be thinking about paying for college this time next year. One strategy is for your son or daughter to apply for a TRALA Scholarship that could amount to $20,000 over four years. Applicants must be dependent children (high school seniors only) of full-time employees of TRALA member companies. Employees must have been working full-time for the company a minimum of one year as of the application deadline. Applicants must have a cumulative grade point average of 3.0 or higher on a 4.0 scale and plan to enroll in a full-time course of study at an accredited four year college or university. Just click here to apply. The application deadline is January 15, 2009.
Questions? Contact TRALA’s Tonya Gibbs at (703) 299-9120 or tgibbs@trala.org.