One trucking equipment finance company reports a big surge in lending through the first three quarters of the year.
Utah-based TAB Bank said it provided $11.3 million in trucking equipment loans for 22 transportation companies during the third quarter of 2014. Based in different regions of the country, these companies represent a broad spectrum of trucking entities, including one-truck owner-operators and small and large fleets, according to company.
In the first nine months of 2014 TAB Bank said has increased its trucking equipment lending by 56% compared to the same time in 2013.
"Trailer sales and Class 8 truck sales continue to build momentum as we enter the final quarter of 2014. We see many reports that trucking equipment sales are seeing very high numbers as trucking companies nationwide replace their equipment and upgrade their fleets,” said Jan Allen Ackley, Chief Lending Officer for TAB Bank.