ROSLYN HEIGHTS, NY – Nassau Asset Management?s NasTrac Quarterly Index (NQI) indicates that repossessions of tractor-trailer trucks declined 70 percent in the third quarter (Q3) compared with the same time frame in 2003—welcome news for lenders and truckers following an upswing in repos mid-year.
?This summer truck repossessions climbed 33 percent between first and second quarter, when truckers were battling rising fuel and insurance costs,? says Edward Castagna, senior executive vice president of Nassau. ?What we saw in Q3 was in line with the overall decline in equipment repossessions that began in 2003.?
Repossessions of machine tools, a closely watched barometer of economic activity, dropped 72 percent in Q3. This finding correlates with other indicators within the manufacturing industry. In August, U.S. machine tool consumption to date in 2004 was up 38.4 percent compared with 2003, according to the Association for Manufacturing Technology and the American Machine Tool Distributors Association.
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