Full-service lease, guaranteed maintenance and commercial rental revenues all improved over the same quarter of last year, leading to 4% higher revenues for the quarter. Strong commercial rental use of a larger fleet during the quarter generated a 13% increase in commercial rental revenue over the prior year. Long-term full-service lease business experienced moderate growth during the quarter, despite the continuing delay in getting equipment delivered from truck manufacturers.
Recent Class 8 trade volumes have been lower than predicted, which means pricing has been more stable than expected for used trucks, according to J.D. Power & Associates.