As the Australian economy is starting to show positive signs in some sectors following the crisis points of the coronavirus pandemic earlier in 2020, truck and transport operators continue to show their agility and preparedness to keep supply chains open and the economy ticking along.
While most eyes have been firmly on the road in front, a lot has been happening in several sectors of the trucking industry. We're covering off on a range of issues to quickly update you on issues that may affect your business.
Truck Sales Figures Showing Positive Signs
In signs that growth is happening, October recorded positive sales figures for all segments in the heavy truck and van categories. While medium and heavy duty sales figures were down on the corresponding period in 2019, the year to date figures are ahead.
According to industry reports, many truck manufacturers have solid orders moving into the end of the year. If you want to add your order to their books, contact Jade Truck Loans for a pre-approved loan before you start talking price with the dealer.
New Models for Volvo
In early November, Volvo Trucks announced that they will be building 4 new trucks at their Wacol Queensland facility. The announcement by the company also included news of the biggest launch of new models for Volvo in Australia.
Buyers can now think about the new FM, FMX, FH and FH16 with the new Volvo trucks set be available for sale from 30 November. Amongst many new features, the FH and FM have the option of Euro 6 and Euro 5 emission and the FM will sport a new cab.
The timing couldn’t be better for buyers with interest rates recently reduced, investment incentives on the table and Jade achieving some of our best loan deals ever on the back of historic low rates truck finance.
The Heavy Vehicle Industry Association has released a statement which urges members to address plans for the Road Vehicle Standards Act which is due to be implemented in July 2021.
The Department of Infrastructure is apparently working on the VTA parts of the ROVER system with testing set for early 2021.
EWDs Now an Option
In a media statement in early November, Deputy PM, Michael McCormack announced the rollout of electronic work diaries from 1 December 202. This means that drivers of heavy vehicles will have the choice in the way that they record the rest and work hours. The National Heavy Vehicle Regulator approved the first EWDs.
The EWS is an electronic recording systems which provides drivers with an alternative to the existing written work diary for recording rest and work times. The Deputy PM congratulated Step Global and Teletrac Navman for meeting the requirements for EWDs. He said the move would cut red tape by allowing drivers to record their hours by pressing a button compared with the time spent in pen and paper recording methods.
Scotty Buchholz, Assistant Minister for Road Safety and Freight Transport, said he expected to see a broad rollout of the new fatigue management system throughout the transport industry. Both the ATA and HVIA have signalled their support for the new recording system as a positive for the industry, emphasizing the importance of not only safety measures but also the need for efficient Commercial Vehicle Finance solutions.
The introduction of EWDs is seen by the industry as a move in the right direction for safety and for productivity. These are moves always appreciated by operators. They represent the type of time and cost savings that we at Jade definitely embrace, especially when it comes to offering robust financing solutions like Chattel Mortgage, Leasing & CHP.
Moves at Isuzu
Isuzu recently confirmed the formal transition of UD Trucks to Volvo, a development that was initially announced in 2019 and has now been completed. The two trucking giants have signed a binding agreement, paving the way for a strategic long-term partnership.
Andrew Harbison, Isuzu's Chief Operating Officer, emphasized that this transition will not have an immediate impact on the Australian market. He reassured customers that uninterrupted support will be provided during this period.
Hino Built to Go Expansion
Following the launch of their new 300 Series in July, Hino backed up with an expansion of their built to go (BTG) range in this series. Many operators appreciate the ‘buy today work tomorrow’ convenience of BTG and Jade can expedite the process with our fast loan approvals process.
While Jade can arrange both truck and body to be rolled into the same loan, the delivery time of custom-built bodies can cause issues for some customers. Purchasing a BTG vehicle can offer many benefits to our customers and the Hino 300 BTG includes a range of body types.
Truck Lending Update
As we’ve reported in other articles, the Federal Budget delivered several incentives for investing in new trucks by way of IAWO and temporary full expensing. If you’re considering taking advantage of these measures, we can source a quote for a Chattel Mortgage for truck & trailer financing for your purchase. This is most suitable finance type for asset depreciation.
After the RBA's November rate cut, interest rates have further decreased to even lower levels.
Having accreditation with numerous banks and non-bank lenders, Jade Truck Loans is well-positioned to continue offering our well-known affordable truck loans, covering a wide range of heavy, medium, and light-duty segments.
For a quote on truck finance, contact Jade Truck Loans on 1300 000 003
DISCLAIMER: THIS ARTICLE INCLUDES SPECS, DETAILS, DATA, POLICIES AND MATERIAL WHICH HAS IN THE MOST PART, BEEN SOURCED FROM THIRD PARTY SOURCES. NO LIABILITY IS ACCEPTED FOR ANY MISINTERPRETATION OF THAT MATERIAL OR ERRORS IN PRESENTATION. THE ARTICLE IS PROVIDED AS GENERAL INFORMATION FOR READERS AND IS NOT PROVIDED WITH ANY INTENTION THAT IT BE USED AS THE ONLY SOURCE FOR MAKING FINANCIAL DECISIONS. IT IS NOT OFFERED AS FINANCIAL ADVICE AND IS NO WAY INTENDED AS SUCH. THOSE THAT REQUIRE ADVICE AROUND THEIR INDIVIDUAL FINANCIAL SITUATION SHOULD SEEK CONSULTATION WITH A FINANCIAL ADVISOR.