Our country has survived the recent pandemic and economic downfall. So, is growing your fleet now really a smart business move? Yes, it is!

The good news—things in our industry are definitely heading in the right direction. Recent data suggest that there may be no better time than the present to expand your fleet. Our advice is to act now and get in the fast lane.

Many Signs Point Upward

There is a light at the end of the tunnel, and positive signs are paving the way for economic improvement and growth opportunities. The economic recovery turbo-charges ahead, retail sales flourish, jobless claims decrease, and confidence rises. The current administration’s trillion-dollar plan aims to modernize a decaying infrastructure, fix roads and highways, and create millions of new jobs, especially for construction workers, truck drivers, and others with unique skills. To date, more than 69 million Americans are fully vaccinated against Covid-19, which is diminishing concerns and anxiety around a raging virus.

Freight Rates Sit At Record Levels

A boost in consumer spending is hiking up the demand for new modern trucks, especially ones loaded with automated manual transmissions, making it easier to enter the truck driving profession. Many industries are in a recovery phase, like manufacturing, retail, and construction. Soaring freight rates and inflated fleet orders are creating long wait times and backlog. More than 250,000 Class 8 truck orders occurred in the past six months, higher than the combined total of the past year and a half. This buying trend is forecasted to continue through 2021, so get in on the action.

Retail Sales See Upward Trend

January Census Bureau data reported seasonally adjusted retail sales increased 5.3% from December, an uptick of 7.4% year-over-year. While sequential declines happened during the fourth quarter, the streak of year-over-year increases continued. However, sales are still outpacing inventory levels in many stores across the U.S. Merchandise levels are seeing improvement compared to during the pandemic when stockouts were across the board. Inventory levels still need to recover, boosting trucking demands.

Like Walmart and Target, many retailers are increasing investments in supply chain projects to replenish and improve inventory levels.

As inventories need continuous replenishment over the next several months, the trucking industry will experience strong demand and growth.

Vital Info You Need

A commercial equipment loan application will contain detailed information about your business. To expedite the borrowing process, we offer our App Only Program. Many applicants can be approved for credit by filling out a credit application.

You can expect to provide the following when filling out an application:

• Credit application

• Vehicle invoice or Bill of Sale

• For businesses open less than a year, you will need three months’ bank statements.

Other information that you may need to provide:

• Your commercial driver’s license (CDL) – if you’re OTR

• Equipment specifications

• Additional financial documents will be required if your loan exceeds $250,000

To complete CFF’s online credit application, please visit https://commercialfleetfinancing.com/cff-financial-application/

The Importance Of Your Truck’s Condition

A commercial equipment loan application will contain detailed information about your business. To expedite the borrowing process, we offer our App Only Program. Many applicants can be approved for credit by filling out a credit application.

You can expect to provide the following when filling out an application:

• Credit application

• Vehicle invoice or Bill of Sale

• For businesses open less than a year, you will need three months’ bank statements.

Other information that you may need to provide:

• Your commercial driver’s license (CDL) – if you’re OTR

• Equipment specifications

• Additional financial documents will be required if your loan exceeds $250,000

To complete CFF’s online credit application, please visit https://commercialfleetfinancing.com/cff-financial-application/

Hot Topics: Should I Stay OR Should I Grow Now?

Here is a question we get all the time from our customers. Should I stay? Or should I grow now? In today’s hot topic video we give our expert opinion on this question. Watch Now >>

CFF-U Series:

Watch this 2-part series: “Why Credit Matters” and “Getting Approved” With Matt Manero and Kindra Bierly.

Do you want to book the highest paying truckloads and stop focusing only on the loads that pay quickly? Factoring your freight bills can help you with your cash flow so that you can book more loads and get paid the same day.

Get all 10 FAQ’s: “10 FAQ’S Everyone in Transportation Needs to Know Now” booklet below.

Download – 10 FAQs FOR FLEET OWNERS

The experts at CFF answer the most commonly asked questions about financing, including refinancing, which is better loan or lease, and how credit is measured for a company.

About Commercial Fleet Financing, Inc.:

At Commercial Fleet Financing (CFF), our pros have given smart advice to fleet owners and owner-operators in the transportation, moving, towing or construction industries for more than two decades. With CFF, finding the right financing solutions is a phone call away and most borrowers secure commercial vehicle financing with ease. To talk directly with one of our finance pros and get started with credit approval in as little as two hours, CFF’s phone number is (469) 281-2962.