Getloaded.com CEO Pat Hull joins Doft

New ground freight-sharing platform Doft (Do Freight Transportation) has welcomed Pat Hull, the CEO and founder of Getloaded.com, as an advisor to the company.

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Velociti expands headquarters

Velociti is in the final stages of construction on an expansion project that will double the size of its Riverside, MO, headquarters facility. The additional 33,000-sq.-ft. will not only accommodate Velociti's growing team, but will house an expanded warehouse for inventory management, staging and configuration; a fitness center and a cafeteria.

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ITI offers cargo securement training

Instructional Technologies Inc. (ITI) announced it is offering free cargo securement training focused on open deck transportation companies in advance of the annual Commercial Vehicle Safety Alliance's (CVSA) International Roadcheck June 6-8.

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Fleets Bear the Pain in Bull Market for Used Trucks

A classic glut has created a buyer's market for good quality, low-mileage Class 8 tractors. Photo: Ritchie Bros.

A used truck market that has been unusually soft for months is showing signs of leveling off, industry experts say. However, a glut of used trucks remains on the market and, in extreme cases, some fleets actually owe more for equipment than it is now worth on the secondary market.

The roots of this soft secondary market date from late 2015. Large fleets had placed large orders for trucks as the U.S. economy began to rally in the 2013-2014 timeframe. But the economic upsurge didn't last. By the 3rd quarter of 2015, retail orders were lagging and manufacturing levels fell off as a result. As freight volumes dropped in response, fleets began to shed suddenly excess equipment, resulting in high volumes of relatively low-mileage trucks, in excellent condition landing on dealer lots all over the country.

“Yes. It's a classic truck glut,” said Chris Visser, senior analyst and product manager, commercial vehicle valuation services for J.D. Power and Associates. “Supply in the used truck market still outstrips demand, although we have tracked a gradual trend since January or February of this year indicating more retain buyers are purchasing – which of course goes hand-in-hand with the excess inventory and the overall quality of the used equipment available today.”

Citing J.D. Power's Commercial Truck Guidelines Industry Update, released earlier this month, Visser noted that the average sleeper tractor sold wholesale in March was 70 months old, had 535,833 miles, and brought $29,314. Compared to February, trucks sold in March were one month newer, had 1,515 (0.3%) fewer miles, and brought $85 (0.3%) more money. Compared to March 2016, the average sleeper sold this month was 12 months newer, had 85,719 (13.8%) fewer miles, and brought $4,385 (13%) less ...Read the rest of this story

China 'playing the falling odds': Rajan

Former RBI Governor Raghuram Rajan lays out the scenarios that lie ahead for China if it does or doesn't tighten credit growth going forward.

Roadrunner welcomes new executive, relocates HQ

Roadrunner Transportation Systems announced that Terence R. Rogers has joined the company as executive vice president and chief financial officer.

Prior to joining Roadrunner, Rogers served for four years as chief financial officer for The Heico Companies, LLC, parent company for a diversified portfolio of over 35 businesses. His career includes 17 years in financial positions with Ryerson Inc., a distributor and value-added processor of industrial metals, most recently as chief financial officer.

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Gianforte wins US House race day after charged with assault

BOZEMAN, Mont. (AP) — Republican multimillionaire Greg Gianforte won Montana's only U.S. House seat on Thursday despite being charged a day earlier with assault after witnesses said he grabbed a reporter by the neck and threw him to the ground.