Q3 White Metal Market Report: Used Wholesale Market Remains Steady
By Bill Bishop, SVP of Sales and Marketing, FLD Remarketing
Welcome to the third installment of the 2024 White Metal Market Report, our quarterly look at news, views and important topics affecting the used white metal vehicle market (we even chime in on the big trucks too).
Looking back on the third quarter is a lot like looking back on the rest of 2024 - and a good part of 2023 as well. For the most part, used vehicle markets have stabilized after experiencing a rocky four months.
Despite the fact that anything can happen in a world that has the capability to change in an instant, we don’t see those kinds of dramatic changes for the used white metal market as we head into the end of 2024.
EV Companies, Battery Makers Urge Trump Not to Kill Vehicle Tax Credits
A group representing major electric vehicle and battery manufacturers urged President-elect Donald Trump not to kill tax credits for electric vehicle sales and production, citing the impact on key states that voted for the Republican.
The Zero Emission Transportation Association - whose members include Rivian, Tesla, Uber, Lucid, and Panasonic - said production tax credits have driven enormous job gains in states like Ohio, Kentucky, Michigan and Georgia, and warned killing those production and consumer tax credits would undercut those investments and hurt American job growth.
ZETA Executive Director Albert Gore said the tax credits are critical to "actually compete to win against China."
Class8 Raises $22M Series A to Empower Carriers and Drivers with OEM-Integrated AI Solutions
Class8, previously recognized as FleetOps, announced it has secured $22 million in Series A funding, led by Xplorer Capital with new investor Commerce Ventures and returning partners Inspired Capital and Resolute Ventures.
Class8’s platform blends OEM data and advanced AI to optimize fleet operations, enhancing each truck’s ability to adapt and stay profitable.
"We've transformed our platform into a single operations hub that eliminates planning headaches and busywork," said Chris Atkinson, CEO of Class8. "Our enhanced system now includes automated backhaul finding and real-time route planning–all powered by direct OEM connections. The result is a full solution that maximizes carrier efficiency by reducing operational costs."
Exclusive: Trump’s Transition Team Aims to Kill Biden EV Tax Credit
President-elect Donald Trump's transition team is planning to kill the $7,500 consumer tax credit for electric-vehicle purchases as part of broader tax-reform legislation, two sources with direct knowledge of the matter told Reuters.
Ending the tax credit could have grave implications for an already stalling U.S. EV transition. And yet representatives of Tesla - by far the nation's biggest EV maker - have told a Trump-transition committee they support ending the subsidy.
Tesla CEO Elon Musk, one of Trump's biggest backers and the world's richest person, said in July that killing the subsidy might slightly hurt Tesla sales but would be "devastating" to its U.S. EV competitors, which include legacy automakers such as General Motors.
Giving Thanks
"Be present in all things and thankful for all things." ~ Maya Angelou
Our FMW team thanks our readers and contributors and wishes you all a peaceful and happy Thanksgiving.
Please note that the next edition of the FMW newsletter will be on December 4th, and that you can check in at FleetManagementWeekly.com for daily updates.
