In the 2001 fourth quarter report for PACCAR, the company's chairman and chief executive officer notes that some competitor truck OEMs continue to experience deterioration in their used truck values.
"It appears that, at the present time, some competitors are maintaining aggressive residual guarantee programs, which was one of the primary contributors to the North American truck industry challenges last year," Mark C Pigott says.
Other comments about the truck market came from David Hovind, president. "Although the North American transportation industry has benefited recently from lower interest rates and fuel prices, these factors were more than offset by lower freight tonnage, higher insurance costs, and declining used truck values. The result was a 13 percent reduction in North American Class 8 heavy-duty truck orders last year. It is anticipated that industry Class 8 orders this year will be comparable to 2001.
"The European truck market was good in 2001, comparable to 2000, with DAF increasing its market share. However, it is anticipated that the European truck market could be lower by 20 to 25 percent in 2002.