LISLE, Ill. – Navistar International’s Board of Directors has responded to Traton’s final buyout offer of US$43 per share, saying it will accept US$44.50. Navistar says the $44.50 price has the support of Navistar’s two largest shareholders. In a letter to Traton, Navistar asked the company to publicly announce an extension to negotiations so the two sides can finalize a deal at the new proposed price. Earlier this week, Navistar was given until noon Eastern today to accept a US$43 per share offer from Volkswagen’s Traton for all outstanding shares. Traton first offered $35 per share on Jan. 30, but increased its offer on Sept. 10. “As we have indicated in our discussions, our findings in due diligence lead us to believe that our price of $43 per share fully values the Company,” Traton said in a letter to Navistar, posted on its website. “We still believe that this price of $43 per share reflects an extremely attractive premium to Navistar shareholders.” Traton said its $43 per share offer represented its “best and final offer.” If not accepted by Traton’s deadline, the company said its offer would be withdrawn, “unless prior to that time you have notified us in writing of your willingness to proceed with discussions with a view to entering into a transaction at that price.” If that is not the case, Traton said it will terminate discussions between the companies. The market seemed optimistic a deal would get done, with NAV shares trading up 21% at the time of this writing, at US$42.84. The post Navistar counters Traton’s ‘final’ offer appeared first on TruckInsuranceAAA.com. source https://www.truckinsuranceaaa.com/navistar-counters-tratons-final-offer/?utm_source=rss&utm_medium=rss&utm_campaign=navistar-counters-tratons-final-offer
0 Comments
DALLAS, Texas – Pride Group Enterprises (PGE) has opened its American headquarters in Dallas. The Mississauga-based company said Wednesday the new location will also serve as its rental and leasing supercenter. The 20,000-sq.-ft. state-of-the-art facility features five service bays, a wash bay and a parts shop on six acres of land. The site, located at 34880 Lyndon B. Johnson Fwy., is PGE’s 12th location in North America and sixth in the US. “We are excited to announce the opening of our Dallas location as the demand for our full-service and rental programs continues to grow,” said Sam Johal, president of PGE. “Our focus remains on strengthening our presence across North America so that we can continue delivering a one-stop solution for our clients no matter where they are domiciled or where they operate geographically.” The company is also a member of NationaLease, offering customers access to a network of more than 900 service support locations throughout the U.S. and Canada. PGE operates various businesses including equipment sales, rentals, financing and leasing, logistics, wholesale diesel and many others. It was ranked No. 28 on Canada’s Fastest-Growing Companies List last year. The post Pride Group opens U.S. HQ in Dallas appeared first on TruckInsuranceAAA.com. source https://www.truckinsuranceaaa.com/pride-group-opens-u-s-hq-in-dallas/?utm_source=rss&utm_medium=rss&utm_campaign=pride-group-opens-u-s-hq-in-dallas BLOOMINGTON, Ind. – The commercial vehicle market bounced back much more quickly and strongly than expected, but it will be late 2021 before it reaches pre-pandemic levels. During an FTR Engage webinar, the industry forecaster gave an updated outlook on the commercial vehicle markets. Truck loadings are what drive Class 8 truck demand, and FTR chief executive officer Eric Starks pointed out loadings have recovered strongly since falling off the cliff in the second quarter. But they have only recovered halfway from pre-pandemic levels. “This is telling us the market is not back to normal in any way, shape or form,” Starks said. But there’s a disconnect between various data points. For example, the spot market is back above pre-pandemic levels. But in terms of total truck loadings, Starks said it will be the second half of 2021 before pre-pandemic levels are reached. Also of concern to commercial vehicle manufacturers and dealers, total transportation revenues are down by more than 15% year-over-year, meaning fleets have less cash to deploy on new equipment purchases. Class 8 market outlook Don Ake, vice-president, commercial vehicles, explained the Class 8 market suffered from a flash recession caused by a global natural disaster in Covid-19. FTR has been increasing its market forecast since April, since the U.S. economy has continued fighting back even through a second wave of Covid cases. By September, FTR forecast 192,000 factory shipments of Class 8 trucks for 2020, up from an earlier forecast of 150,000 in April. There’s no comparison to previous recessions. Ake noted it took 48 months for Class 8 builds to fully recover during the 2000 recession, but this year Class 8 build has already climbed back to within 8% of pre-pandemic levels. However, said Ake, “our production forecast is expected to be flat for a while.” Class 8 order activity rebounded sharply to more than 20,000 units in August, which Ake expects to hold fairly steady. Ake warned of high Class 8 inventories, which hit a record in August 2019 and remain bloated. Inventory levels were reduced as truck production was halted during the worst of the pandemic, but they’re now creeping back up as order activity is now being supported by large fleets that prefer spec’ing trucks to their requirements rather than buying off the lot. “We still do not have enough small and medium fleets buying out of that inventory,” Ake warned. Retail sales are expected to be strong in August, which will help draw down inventories slightly, but Ake said the inventory-to-sales ratio has been too high for five to seven months. “There is an inventory problem we expect to drag on production until it’s resolved,” he said. Ake projects Class 8 factory shipments will be flat until the second quarter of 2021, when things will begin to “break loose.” Expect 192,000 factory shipments this year, 222,000 in 2021, 295,000 in 2022, 348,000 in 2023 – finally nearing 2019 levels of 349,000. Trailer outlook Trailer demand has also bounced back strongly, after “barely positive” orders in April and three months of “very poor order activity,” Ake said. August orders totaled 28,000 units, and dry van and reefer orders led the recovery. The flatbed market remains in a rut, because it is tied to the still-struggling industrial sector. FTR is predicting a “fantastic” 2023 for trailer orders with 330,000 units being built, up from 191,000 this year. For this year, Ake expects refrigerated van trailers to lead the way as restaurants reopen and the food supply chain ramps back up. In Canada, trailer production will total 14,000 units this year, growing to 17,000 next year, Ake predicted. The medium-duty outlook The Class 5 category continues to lead the way in the medium-duty segment, thanks to a surge in e-commerce deliveries, FTR reported. But the overall medium-duty segment has seen a “muted” recovery. North American Classes 4-7 factory shipments went from 55,000 in the first quarter to 29,600 in Q2. FTR expects a rebound to 52,000 in Q3 and fairly consistent results through 2021. The downside risks to its commercial vehicle forecasts include: Covid-19 persistence; a lack of government aid to support the economy; continued high unemployment; and delays in getting a vaccine. Upside risks are the exact opposite of all those factors, Ake said. They could swing demand up or down by 20,000 units annually in each forecast. The upcoming U.S. election isn’t factored in, as Ake said the “outcome and response is unknown.” He doesn’t anticipate a short-term impact but will evaluate the longer-term impact once the result is known. The post Commercial vehicle market rebounded sharply, but full recovery not imminent appeared first on TruckInsuranceAAA.com. source https://www.truckinsuranceaaa.com/commercial-vehicle-market-rebounded-sharply-but-full-recovery-not-imminent/?utm_source=rss&utm_medium=rss&utm_campaign=commercial-vehicle-market-rebounded-sharply-but-full-recovery-not-imminent WASHINGTON, D.C. — Less than two weeks before revised U.S. hours of service rules are set to take effect, a coalition of safety groups and the Teamsters union has challenged them in court. Advocates for Highway and Auto Safety, the International Brotherhood of Teamsters, Parents Against Tired Truckers, and Citizens for Reliable and Safe Highways filed a petition Sept. 16 with the U.S. Court of Appeals for the District of Columbia Circuit seeking to invalidate the rule. The parties are represented by Public Citizen Litigation Group. The changes, announced in May and scheduled to go into effect Sept. 29, were welcomed by many in trucking as a way to get more flexibility under the electronic logging device mandate. However, according to a release, the groups charge that “the changes will further exacerbate the already well-known threat of fatigue among commercial motor vehicle drivers by significantly weakening current HOS rules. Specifically, provisions that ensured drivers receive a brief 30-minute break after being on duty for eight hours and that govern the operations of drivers who start and return to the same location and remain within a defined geographic area known as “short haul” operations were significantly altered. In proposing these revisions, the FMCSA contradicted its own prior conclusions on these very issues and failed to undertake a proper analysis of the impacts the rule will have on truck drivers and the motoring public.” Teamsters general president James Hoffa said in a release, “By issuing this HOS regulation FMCSA has bowed to special trucking industry interests at the expense of highway safety, seeking longer workdays for drivers who are already being pushed to the limit.” The final rule was published in the Federal Register on June 1. The safety groups filed a joint petition for reconsideration of the final rule with FMCSA on July 1, which FMCSA denied on Aug. 25, according to the legal filing. In the petition to the FMCSA, the safety groups said, “In eviscerating numerous critical provisions of the HOS rules, the agency repeatedly relies on the baseless claim that driver fatigue and the crashes it causes will not increase because the Final Rule does not permit additional driving time beyond the limits provided in the current regulations… “The revisions to the HOS regulations contained in the Final Rule are based on nothing more than unfounded claims, misinterpretations, and incorrect reinterpretation of research. In fact, a number of statements contained in the Final Rule and the [Notice of Proposed Rule Making] directly contradict earlier agency findings.” The groups take issue with the agency’s explanation in the rule that more flexibility was needed because electronic logging device mandate “highlighted the rigidity of HOS provisions and the practical ramifications drivers faced.” The petition says, “the striking and candid acknowledgment by the FMCSA that the introduction of ELDs, which did not change the HOS rules, is the main impetus for this rulemaking raises significant safety concerns. The falsification of paper log books has been long identified as a serious problem. “Thus, if the primary justification the agency can muster for further eviscerating the HOS rules is that CMV drivers now have to accurately record their driving time and can no longer falsify their logs, the Final Rule is fatally flawed and clearly in violation of the Agency’s mission of protecting public safety. Of further concern is the fact that the FMCSA has exempted a large swath of the industry from having to use ELDs as part of this rulemaking.” Here, they’re referring to the expansion of the short-haul exemption. This is one area where another trucking group, which is pro-ELDs and other safety mandates, also has concerns. Heavy Duty Trucking magazine asked the Alliance for Driver Safety and Security, known more commonly as the Trucking Alliance, for its reaction to this litigation. While it has not reviewed the litigation, it responded, “we have consistently opposed a portion of these rule changes, which allows drivers in short-haul carrier operations to expand their on-duty number of hours to the same limits as long-haul drivers, but yet these short haul drivers aren’t required to install electronic logging devices in the trucks to verify compliance. FMCSA missed the safety mark on that one,” said Lane Kidd, managing director, in an email. Under the new rules, shorthaul carriers, which are not subject to the ELD mandate, will now be permitted to return to their normal work reporting location within 14 hours instead of the present limit of 12 hours, and the definition of short-haul operations has been extended from 100 air miles to 150 air miles. The safety groups say the rule “dismisses a sound and thoughtful analysis conducted by the well-renowned and well-respected Insurance Institute for Highway Safety (IIHS) which identified that a sample of trucks actually using the short-haul exemption exhibited an increased crash risk of 383%.” The change to the 30-minute break rules also drew criticism. These changes call for the break to be taken after eight hours of driving time, not on-duty time as with the current rule, and allow any non-driving status to qualify as a break. The petition for reconsideration said the rules “defy logic and suggest that the agency considers all on-duty work (including loading/unloading vehicles, stocking shelves, making deliveries) non-fatiguing. “Under this objectionable and ill-advised change to the regulation, a driver could conduct on-duty non-driving work for 10 hours straight without any break and then get behind the wheel of an 80,000-pound CMV and drive for four hours (or more if “adverse driving conditions” were encountered).” The petitioners also oppose the proposed changes to the split sleeper berth provision, which will allow drivers to split their required off-duty time into two periods. The shorter must be no longer than 3 hours and can be off-duty time, with the longer period being sleeper berth time. “Lowering the minimum length of the anchor (longer) split sleeper berth period from eight to seven hours risks reduces the opportunity for drivers to obtain the rest necessary to combat fatigue,” says the petition. “In addition, the Final Rule fails to adequately address the concerns raised by drivers that these changes could allow carriers to demand or coerce drivers to maintain fatiguing schedules.” FMCSA told Heavy-Duty Trucking it could not comment on litigation. However, the magazine obtained a copy of the agency’s response to the petition for reconsideration. “The agency has completed its review of the petition and compared the arguments you made with those submitted to the rulemaking docket in response to the August 22, 2019, Notice of Proposed Rulemaking. Your petition does not present any new data or information concerning the rulemaking, and we stand by the statements and analyses made in the preamble of the Final Rule. “FMCSA acknowledges your concerns. However, the agency continues to believe that the changes adopted by the Final Rule will not result in adverse safety consequences. None of the revisions allows truck drivers additional driving time beyond the current regulations. Except for the adverse driving conditions provision, none of the revisions allows drivers to operate a commercial motor vehicle after the 14th hour after coming on duty. “None of the revisions allows the use of multiple or intermittent off-duty breaks to extend the work-shift. Furthermore, none of the revisions relieves motor carriers and drivers of the explicit prohibitions against (1) operating commercial motor vehicles while ill or fatigued, or (2) coercing drivers to violate Federal safety rules. Therefore, the basic parameters of the HOS rule that are essential to safety remain unchanged.” One source who did not wish to be identified told Heavy-Duty Trucking that given the last-minute nature of this litigation and the need to show that the new rules would cause irreparable harm, it seems unlikely that an emergency stay would be ordered. The post Teamsters, safety groups challenge U.S. hours of service change appeared first on TruckInsuranceAAA.com. source https://www.truckinsuranceaaa.com/teamsters-safety-groups-challenge-u-s-hours-of-service-change/?utm_source=rss&utm_medium=rss&utm_campaign=teamsters-safety-groups-challenge-u-s-hours-of-service-change PORTLAND, Ore. – Daimler Trucks North America (DTNA) is partnering with FleetNet America to provide emergency roadside assistance for Freightliner and Western Star trucks. Available services include towing and recovery, mobile truck repair, tire repair and more, the company announced. The deal covers Canada and the U.S., and replaces previous plans from the truck makers. “While unanticipated breakdowns are an unfortunate reality of driving a truck, we want to give customers peace of mind that their issue is being addressed immediately and effectively,” said Paul Romanaggi, chief customer experience officer, DTNA. “FleetNet’s vast resources and 24/7 availability will help maximize uptime and get trucks back on the road as fast as possible to help our customers keep the world moving.” DTNA says the new programs offer a seamless customer experience, with real-time updates available through the FleetNet app, online, through text or email, or through the fleet’s custom communications system. The post Freightliner, Western Star tap FleetNet for roadside assistance appeared first on TruckInsuranceAAA.com. source https://www.truckinsuranceaaa.com/freightliner-western-star-tap-fleetnet-for-roadside-assistance/?utm_source=rss&utm_medium=rss&utm_campaign=freightliner-western-star-tap-fleetnet-for-roadside-assistance WASHINGTON, D.C. – The U.S. Tire Manufacturers Association (USTMA) has kicked off its annual tire safety awareness campaign. National Tire Safety Week will run from Aug. 31 through Sept. 6. The event was originally due to be held in late May, but was postponed due to Covid-19. The association said the overarching message of the campaign is “Check your tires”, and it applies to all drivers, including truckers. “National Tire Safety Week is an initiative that educates drivers about the critical role they play in maintaining tire safety, and ensures they have the information they need to successfully prioritize safety on the road,” said Anne Forristall Luke, president and CEO of USTMA. A number of member companies, including Bridgestone, Continental Tire, Cooper Tire, Michelin, Pirelli Tire and Yokohama Tire, have developed their own initiatives focused on the safety campaign. As the week begins, consider the following tips that apply where the rubber literally meets the road. Tire tips for commercial vehicles But accurate readings rely on the use of a calibrated air gauge. Also, be sure to measure the inflation pressures when the tires are cold, before a trip begins. Watch your speed Create a tire management program Take a closer look Keep everything in line Match the tires on dual assemblies When choosing tires for an assembly, consider the tire size, load-carrying capacity, and type of service the tires are designed for. Sources: Goodyear, Michelin, Bridgestone The post Tire Safety Week is underway appeared first on TruckInsuranceAAA.com. source https://www.truckinsuranceaaa.com/tire-safety-week-is-underway/?utm_source=rss&utm_medium=rss&utm_campaign=tire-safety-week-is-underway WASHINGTON, D.C. – JB Hunt has seen a direct return on its investments into advanced driver assistance systems (ADAS), says senior vice-president – safety, security and driver personnel Greer Woodruff. Building on the widespread adoption of tools like automatic emergency braking (AEB) and forward-facing cameras, the fleet plans to begin spec’ing blind spot detection systems by the end of this year. Another pilot project is testing cameras mounted on A-pillars. Truck Safety Summit “They have to maintain it. They have to make sure they know how it works,” he said during the Federal Motor Carrier Safety Administration’s (FMCSA) Truck Safety Summit, referring to the future vehicle owners. Drivers will need to learn how it works as well. The fleet has been deploying forward collision warning systems since 2011, and seen the technologies evolve to incorporate feature such as adaptive cruise control, braking on stationary objects, and in some cases pedestrian protection. Forward collision warning systems can now be found on 98% of the JB Hunt trucks, and the technology has been credited for helping slash the number of rear-end crashes in half, while also reducing the severity of collisions that do occur. “I’ve seen experienced drivers who have had years of safe driving have a momentary lapse or a circumstance that unfolds, and this has saved them.” – Greer Woodruff, JB Hunt Still, he reinforced the need for trained drivers at the wheels of these trucks. “I understand the value of having a skilled driver applying defensive driving practices behind the wheel,” he said. In the case of forward-facing cameras, now installed in 84% of the fleet’s Class 8 trucks, JB Hunt drivers have responded well to the benefits of instant replay, he said, likening the technology to an athlete reviewing game film. “Our drivers are similar in that they can refine their skills if they can go back and see what was going on.” ‘Drivers are key’ While advanced driver assistance systems such as lane-keeping assistance are steps in the journey to autonomous vehicles, they still require drivers to remain engaged, he explained. Like Woodruff, Beyer also described advances in the underlying technologies. Fused camera and radar, for example, have helped to minimize the number of false detections and interventions, he said. “The sensors themselves are getting better from generation to generation … even the existing sensors that are there will improve with software and confidence.” Developing such systems has been no small task, however. “The real world is actually a very random place. It’s difficult to design for,” said Ritchie Huang, Daimler Trucks North America’s executive manager – advanced safety systems and autonomous driving. One of the ongoing challenges in developing AEB systems is the diverse nature of trucks, Huang said as an example. Plows and buckets are also added to vehicles after they roll off the assembly line. Smaller vehicle classes of trucks face barriers like the lack of electronic stability controls. “It’s very challenging to really develop a system that operates in all conditions,” he said. There are regulatory barriers to the evolution of these systems as well, Huang added, citing windshield glazing rules that restrict the location of cameras near windshield wipers. “This technology is still evolving,” he said. “We also know it’s not perfect.” But Huang said the OEM believes in it. If JB Hunt’s experience is any indication, it’s not alone in that belief. The post Driver assistance systems deliver immediate ROI, JB Hunt executive says appeared first on TruckInsuranceAAA.com. source https://www.truckinsuranceaaa.com/driver-assistance-systems-deliver-immediate-roi-jb-hunt-executive-says/?utm_source=rss&utm_medium=rss&utm_campaign=driver-assistance-systems-deliver-immediate-roi-jb-hunt-executive-says GREENSBORO, N.C. – Economic uncertainty continues to keep many truck buyers on the sidelines, but attractive incentives from OEMs are helping to move inventory. Magnus Koeck, vice-president of product strategy and brand management for Volvo Trucks North America, said during a market update related to new VHD and VAH updates, that it’s difficult to predict when the truck market will fully recover. Normally, Volvo Group provides a market forecast following each quarterly report. “We haven’t done that this time, because we don’t know where 2021 is going to take us,” Koeck admitted. Volvo has had to make tough choices, including laying off 4,100 employees globally, many in North America. But on the positive side, it has used its facilities to produce personal protective equipment such as faceshields, has given back to drivers in the form of free meals on the road, has kept its uptime services functional remotely, its parts supply has remained steady, and it has continued to invest in future technologies. As many as 3,000 Volvo employees have worked from home through recent months, but “our Uptime Center, where we monitor customers 24/7 has worked seamlessly,” Koeck noted. (Photo: Volvo Trucks North America) “It has proven to work very, very well. Sometimes even better,” Koeck said, noting the tiny cameras used to show individual items can get into places that are difficult to see in person. “Of course, we hope we can open up for physical visits going forward.” The downturn in the market, however, couldn’t have come at a worse time. Truck orders were already declining due to the normal cyclical nature of the truck business. “We had a very high market coming down to more normal levels,” said Koeck, referring back to an update given at the 2019 North American Commercial Vehicle Show. “What we didn’t plan for was the Covid situation.” “The overall industry inventory of trucks has come down significantly from pretty much record levels.”Magnus Koeck, Volvo Trucks North America “The overall industry inventory of trucks has come down significantly from pretty much record levels,” Koeck explained. He anticipates the effects of some of those incentives will be seen in summertime order activity – barring another widespread economic shutdown. “It’s way too early to say we’re out of the woods,” he acknowledged. “We may see another forest coming up, but in principle, yes we see positive signs.” The post Truck market recovering, but not ‘out of the woods’ yet appeared first on TruckInsuranceAAA.com. source https://www.truckinsuranceaaa.com/truck-market-recovering-but-not-out-of-the-woods-yet/?utm_source=rss&utm_medium=rss&utm_campaign=truck-market-recovering-but-not-out-of-the-woods-yet Lubricants producer Howes has named the Iowa 80 Truck Stop as its third inductee in the Howes Hall of Fame, which the company launched in March to celebrate its 100th anniversary. The iconic truck stop in Walcott, Iowa, opened in 1964 as a single building, up and running before I-80 was completed. At the time, Iowa 80 founder Bill Moon was responsible for finding land and building truck stops for Standard Oil. He located the spot for Iowa 80, and they built and opened it at what is now Exit 284 off I-80. In 1984, after nearly 20 years of managing the place, Bill and his wife Carolyn convinced Standard Oil (now Amoco) to sell to them the land and buildings of their beloved truck stop. These days, Iowa 80 is overseen by the second generation of the Moon family. The Moon’s daughter, Delia Moon Meier, is the truck stop’s senior vice president. Women in Trucking President and CEO Ellen Voie and trucking singer-songwriter Tony Justice were the first two inductees into the Howes Hall of Fame. The post Howes adds Iowa 80 Truck Stop to its Hall of Fame appeared first on TruckInsuranceAAA.com. source https://www.truckinsuranceaaa.com/howes-adds-iowa-80-truck-stop-to-its-hall-of-fame/?utm_source=rss&utm_medium=rss&utm_campaign=howes-adds-iowa-80-truck-stop-to-its-hall-of-fame The American Trucking Associations recently opened registration for the 2020 ATA Management Conference & Exhibition, scheduled for October 24-27, while also addressing concerns related to the current coronavirus pandemic. “The safety and health of our attendees if first and foremost of highest importance to ATA,” said ATA in a statement to HDT. “ATA will continue to work with the state of Colorado, the city of Denver and the Gaylord Rockies Resort to keep our attendees informed and safe. We are excited to provide a safe environment for our attendees and enjoy the first in person trucking event since COVID-19.” This year’s theme, “Moving Forward from Crisis to Recovery,” will focus on what fleets and the industry needs to do to continue delivering goods across the nation. “Each year, MCE is a touchstone event for trucking and never has that been truer than this year,” said ATA President and CEO Chris Spear. “We anticipate MCE will be one of the first opportunities for our industry to come together and meet face-to-face and begin mapping our road to recovery from this pandemic and its economic impact.” According to ATA, the event hotel, the Gaylord Rockies Resort & Convention Center, is elevating its cleanliness standard and have put in place a multi-pronged approach designed to meet the health and safety challenges presented by COVID-19. “This event is an important part of keeping our industry strong and unified,” said ATA Chairman Randy Guillot, president of Triple G Express. “I look forward to joining my fellow ATA members in Denver this October to continue the work of moving our industry forward.” In addition to opening registration, ATA announced some of its guest speakers, including former Transportation Secretary Norman Mineta, former Senator Alan Simpson (R-Wyoming) and nationally renowned pollster Neil Newhouse. Even though registration is open, attendees may defer payment until September 1. The post ATA Opens 2020 MCE Registration, Addresses COVID-19 Challenges appeared first on TruckInsuranceAAA.com. source https://www.truckinsuranceaaa.com/ata-opens-2020-mce-registration-addresses-covid-19-challenges/?utm_source=rss&utm_medium=rss&utm_campaign=ata-opens-2020-mce-registration-addresses-covid-19-challenges |