At this point it is the same old story: global supply chain shortages leading to trucks being produced at a rate that does not match demand. FTR and ACT Research have the numbers.
February 2022 Numbers
FTR pins the sales at 21,100; ACT Research, 21,000. This is perhaps the closest the two research organizations have been in regards to their sales numbers.
Compared to the month before, February 2022 is outstandingly level. However, compared to February 2021, the sales are less than half.
The trucking backlog is currently set to 12 months, according to ACT Research President Kenny Vieth.
“Critical industry demand drivers at, or near, record levels, industry strength should be measured with long backlog lead times, rather than in tepid new order activity,” he said in a statement.
Don Ake of FTR mirrors ACT Research’s sentiments, but says that with truck manufacturers holding off on taking new orders, trucks are going to be harder to obtain for months to come.
“By not booking more orders, truck makers are signaling that the supply chain remains clogged, and they don’t anticipate being able to ramp up production in the next couple of months.”
So what does this mean for the average trucker? With new trucks becoming harder and harder to obtain, making good use of older trucks and keeping them maintained to the best of one’s ability is vital to survival in the trucking industry during this global supply shortage. As supply is unable to keep up with demand, prices are going higher and higher. If Ake’s words ring true and we will not see the end of this production slump for a while, it may make sense to buy a truck now unless a trucking company can afford to wait a year or longer.
Fortunately for you, TopMark Funding can help. We work with numerous lending organizations to get you the best possible rate for your credit scenario. Read on below for more information, and perhaps we can help you get into a new truck before it is too late!
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