Market Vitals: Seminar 69 Market Update
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After attending ACT Research's *Market Vitals: The Current and Future Health of the Market* seminar on August 22–24, Kirk Mann from Mitsubishi HC Capital America, Inc., along with Steve Tam from ACT Research, had an in-depth conversation about key topics such as economics, clean technology development, the dealer market, pent-up demand and prebuy activity, and the used and medium-duty truck sectors. Below are their insights and reflections from the event.
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**1. Economics**
David Teolis, former Deputy Chief Economist, Michael Zimm from BMO, and Jim Meil from ACT Research shared their unique perspectives on the current economic landscape. Steve noted that even with the same data, experts can reach different conclusions. “This economy is wild,†he said. Kirk agreed, adding that roughly half the audience believed a recession was likely. “We can’t control the market, but we can control our next move,†Kirk emphasized. He stressed the importance of adaptability and staying focused on what’s within our control.
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**2. Clean Technology Development**
Kirk was impressed by Rick Dauch of Workhorse for his transparency in discussing the EV market. “There’s been a lot of hype, but it’s brought attention and investment—things we need to move forward,†he said. Steve added that while challenges remain, the industry is making progress. “The ‘but’ in Dauch’s presentation shows where the real work lies.†Both emphasized the need for lenders to stay informed about the future of clean energy and plan accordingly. “Start building your strategy now and be ready to adjust as things evolve,†Steve advised.
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**3. Dealer Market**
Laura Perrotta of ATD, Jodie Teuton of Kenworth of Louisiana, and Maria Sherwood of Sherwood Trucks discussed how dealers have adapted to changing conditions. Kirk called the session “telling†and encouraged others to attend. He highlighted the challenge of securing equipment despite rising demand. Steve explained that supply chain issues have led to a buildup of pent-up demand, especially in fleet replacements. “It’s not all behind us, but we’re moving in the right direction,†he said. However, he warned that recovery depends on the business cycle and freight growth.
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**4. Pent-Up Demand + Prebuy**
Kirk predicted significant prebuy activity ahead of 2027 due to stricter emissions standards. “OEMs will need to ramp up production to meet this demand,†he said. Steve added that many units are already being prebought for 2026, with some shifting into 2025. “OEMs are keeping lines running to retain labor, which might push some prebuy orders into 2024,†he noted. This trend could lead to historic prebuy years if manufacturers are prepared.
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**5. Used & Medium Duty**
When asked what surprised him most about the used and medium-duty markets, Steve pointed to the volume of used truck sales. “Inventory is growing, and prices are dropping, making it a good time to buy,†he said. On the medium-duty side, he was struck by the resilience of demand. “It’s held up better than expected, showing strong consumer support,†he added. While there are trade-offs between medium and heavy-duty markets, the overall outlook remains positive.
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Overall, the seminar provided valuable insights into the evolving trucking and commercial vehicle industries. From economic uncertainty to the rise of clean tech, the conversation underscored the importance of adaptability, planning, and staying informed. Whether you're a dealer, lender, or fleet operator, these trends are shaping the future of the market.