Overdrive Magazine

May 2019

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28 | Overdrive | May 2019 Used truck prices slid across all class- es and segments in March, putting the market closer to a "historically typical" range based on J.D. Power Valuation Services sampling. Sales were suppressed in the win- ter, so March data provides the first real look at how the market might perform this year, said Chris Visser, J.D. Power analyst. The average sleeper tractor retailed in March was five years and nine months old, had 467,319 miles and brought $55,808. Visser said trucks with less-desirable specifications and mileage are not faring as well as in previous months. On a year-over-year basis, late- model trucks sold in the first quarter this year brought 10.6 percent more money than in the same period last year. However, used truck values in 2019 will be more historically typical than in 2018, Visser said. J.D. Power's benchmark model for March auction activity shows a wide range of declines from February prices. Model-year 2016 tractors averaged $42,750, which was $3,550 (7.7 percent) lower, and 2015 trucks averaged $36,600, $3,000 (7.6 per- cent) lower. Comparable data for other models: • Model-year 2014, $29,250, down $1,050 (4 percent). • Model-year 2013, $25,400, down $2,175 (8 percent). • Model-year 2012, $18,750, down $5,650 (23 percent). Used truck prices drop to 'typical' levels BY JASON CANNON PROGRESSIVE INSURANCE updated its claims process to allow driv- ers to file claims for single- vehicle accidents within its mobile app. Using the app can reduce the number of contacts with body shops and claims offices to receive insurance payments. MARKET CONDITIONS for trucking companies con- tinued to sour in Februar y, according to FTR's Trucking Conditions Index. The index fell to its lowest reading since August 2017, reflecting weaker freight volume and rates, FTR said. The index soared in early 2018 as freight volumes climbed, while rates hit record highs last summer. The index slipped into more neutral territor y in late 2018 as the market cooled. THE CONVO Y BROKERAGE expanded its freight marketplace with a preloaded trailer program that allows owner- operators access to drop -and-hook loads. Data from the Convoy Go pilot program shows average wait times at shipper and receiver facilities to be about 45 minutes versus three hours with Convoy 's other shipments. Max Heine March's decline in used truck prices should be indicative of pricing for the remainder of 2019, according to J.D. Power. A former Roadrunner Transportation executive has been charged with fraud by the U.S. Securities and Exchange Commission and the Department of Justice. The SEC alleges that Peter Armbruster, former chief financial officer, altered Roadrunner's financial results and misled investors. In January 2017, Roadrunner acknowledged accounting dis- crepancies that occurred between 2011 and 2016. The company reissued financial statements for 2015 and 2016. Roadrunner said that "an internal investigation found the company overstated its net income by approximately $66.5 mil- lion" in those six years. The company overhauled its executive team after the discovery of the accounting discrepancies, includ- ing replacing Armbruster. The SEC also said that the U.S. Department of Justice has filed criminal charges against Armbruster and two company controllers in the truckload segment, Bret Naggs and Mark Wogsland. Roadrunner's ex-CFO charged with fraud

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