Trends That Affect the Trucking Industry & Why Equipment Financing Is the Best Option
There’s no doubt that the last two years have been difficult for many businesses. The pandemic hit hard and almost everything is taking a little bit longer these days, whether that's a furniture order or your meal at a restaurant.
In this article we will be discussing particular trends that have a direct impact on the trucking industry. Keep in mind that these are not trends that solely have a negative impact, we have also included trends that will positively affect the trucking industry.
We will also highlight the benefits of equipment financing, specifically, commercial semi truck financing and other big truck financing, as we see more and more businesses turn towards financing as a business growth strategy.
Disruptions to the supply chain
2020 and 2021 saw a huge demand for an increase of products and services, as we saw with the success of Amazon during the pandemic. But what came with this was a lot of supply chain disruptions beginning to develop. These shortages are seeping into 2022 as well, as businesses try to increase their productivity.
To combat these supply issues, trucking and transportation businesses have been turning to equipment financing. This is because equipment financing allows you to preserve your capital so that you can use your cash for other areas of your business.
Inflation
The supply chain issues added even more inflation pressure that continues into 2022. This causes the prices of equipment to rise and make heavy equipment financing a much more profitable option than buying a semi truck outright and using up capital.
With equipment financing you can spread the cost of the vehicle over small monthly payments which in turn, will help you budget your business better.
New technology
Technology continues to be at the forefront of most industries, but especially the trucking and construction industry. Artificial intelligence (AI) technology is growing with the goal of helping industries improve its safety and ease some of the labour. For example, Tesla is marketing its semi truck as “the safest, most comfortable truck ever”.
Electric trucks are coming out slowly and steadily, just dipping their toes into the water. There have been government incentives and new regulations, particularly in California, that are playing a significant role in jump-starting the development of the electric commercial vehicle market. This makes it increasingly likely that the future of trucking will be powered by electric vehicles.
You can click here to check out our article on Electric Semi Trucks.
Your business needs to stay up to date with the latest technology in order to stay competitive. With Blue Capital’s equipment financing you can do just that. You never have to worry about the upfront cost, and you can continue improving your workflow with better, high-quality equipment. Obtain the equipment you need without your working capital taking a big hit.
Economic growth
You want to make sure that your business is ready to take advantage of the growth of the economy as equipment financing is also sure to be growing. With Blue Capital you always know that you are getting the best rate possible because at the end of the day, we just want to help you grow your business!
Get your business in gear with Blue Capital’s equipment financing
Blue Capital Equipment Finance is a North American-wide finance brokerage that has years of experience helping businesses grow with equipment financing and commercial truck financing. We are your one-stop shop as we can help you locate semi-trucks through our established network of truck dealers, find used trucks for sale, or help you finance a brand new truck.
Blue Capital offers many financial services and can help you easily get approved with zero down payment options and low-interest rates. We have multiple finance options and can help you find the right loan for your business so that you don’t have to let old, and unreliable equipment slow you down.
