A new bill has been introduced to U.S. Congress that will seek to repeal the federal excise tax (FET), which is at present 12 percent. The FET on heavy duty trucks dates back to 1917 when it was introduced to defray the cost of World War I. The tax on new heavy duty trucks later grew from 3 percent in 1917 up to the 12 percent we see today.

The 12 percent FET on the purchase of heavy duty trucks is a burdensome tax – higher than taxes for all other vehicles, and when combined with recent federal emissions and fuel-economy mandates, can add up to thousands of extra dollars when purchasing a new truck. At its present 12 percent, the FET depresses heavy duty truck sales and, as a result, slows [...]

Article by Hal Kresser, Principal at Hal Kresser Agency

“Tow Truck Market Gets Hit Hard as Carriers Exit Market.” This article appeared in The Insurance News Journal on February 6, 2017 and featured on the front cover.  Simultaneously, it was posted in the Forums section of Tow 411, so it was written before February 6, 2017.  Naturally, a front page article will get the attention and it did!  That magazine is distributed to every insurance company in the country and most agencies. Within just a few weeks I heard from underwriters that they will have to tighten up their requirements and continue to raise rates due to claims. They were also apprehensive because many of their competitors were exiting the market. In their minds the only reason a competitor would exit the market is if [...]

On-The-Lot | Financing Available We carry the nation's largest selection of New & Pre-Owned standard to heavy duty tow trucks, car haulers, wreckers, flatbed carriers, rollbacks and rotators. We are an authorized hub dealership for Jerr-Dan wreckers and the nation's largest dealership for Cottrell auto transport car carrier trailers also know as car haulers. There units are On-the-lot here in Portsmouth Virginia and waiting to increase your bottom line. As a Jerr-Dan manufacturing hub, we carry one of the largest selections of standard to heavy duty Jerr-Dan tow trucks, wreckers, and rotators that you'll find in the mid-atlantic region. Whether your looking to join the auto transport and towing industry or add to your growing fleet, [...]