SIC 7513 Truck Rental and Leasing, without Drivers

Encyclopedia of American Industries | 2005 | Copyright

SIC 7513
TRUCK RENTAL AND LEASING, WITHOUT DRIVERS

This category covers establishments primarily engaged in short-term rental or extended-term leasing (with or without maintenance) of trucks, truck tractors, or semitrailers without drivers. Establishments primarily engaged in finance leasing of trucks are classified in Finance, SIC 6159: Miscellaneous Business Credit Institutions; those renting trucks with drivers are classified in various trucking and courier service industries; and those primarily engaged in renting and leasing, except finance leasing, of industrial trucks are classified in SIC 7359: Equipment Rental and Leasing, Not Elsewhere Classified.

NAICS Code(s)

532120 (Truck, Utility Trailer and RV (Recreational Vehicle) Rental and Leasing)

Industry Snapshot

Growth in the truck rental market slowed in the mid 1990s after an expansive period in the late 1980s and early 1990s. By the end of the 1990s, the industry continued to grow, and 35 percent of all trucks in service in the United states were owned by rental or leasing companies. The industry leader, U-Haul International Inc., continued to dominate, owning well over half of all the rental trucks in service in the United States and owning 52 percent of the market. The Budget Group, with Budget Truck Rentals and Ryder TRS comprised 27 percent of the market. The remaining 21 percent was made up of a few other midsized players, such as Rollins Truck Leasing Corp. and Penske Truck Leasing, plus thousands of small operators. The industry generated 1997 revenues of $10 billion, employed 46,566 workers, with an annual payroll of $1.4 billion.

Current Conditions

Growth in the truck rental market slowed in the mid 1990s after the expansive period of the late 1980s and early 1990s, as U-Haul and Ryder competed for expansion of dealer locations and market...

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