When the price of a commercial truck goes up, so does its value
It’s a long-standing trope that a big business will inevitably find a way to exploit a new market.
In this case, the company behind the trucking company Nurtec Commercial says it has done just that.
“It’s been a tough year for trucking,” said Eric Richey, president and CEO of Nurtec.
“We have to start investing in our business to be competitive again.”
In January, the trucker and his trucking business had been hit by a series of bad news.
Nurtec’s share price dropped more than 50 per cent in the days after the U.S. Federal Trade Commission accused the company of ripping off the U,S.
Postal Service, which is an entity of the U.,S.
Nurtecs share price has since recovered.
“We saw a huge drop in demand for our products, and we didn’t expect that,” said Richeys father, Jason Momoa, who owns two trucks and sells his own trucking supplies.
He says that, at first, he and his wife had planned to buy another truck and then buy a new truck.
“But then, it got a little bit scary.”
Richey says that when his company’s share value went from about $8 million to less than $4 million, he decided to take matters into his own hands.
“When I heard that, I was like, ‘We’ve got to get it together,’ ” said Rietes father.
The couple started making changes, he said, including adding a safety belt to the truck.
They also bought new tires and a trailer hitch that will be used to haul the truck, and they also put new brakes on the truck to prevent it from being thrown off its trailer.
“My wife is pretty much the most passionate trucker that I’ve ever met,” Rietys father said.
Richeys family owns the truck in which Momoa is a passenger, and the truck he drives on his personal business, Richees family owns a second truck and sells a number of trucking products.
“I think our focus right now is making sure that we have the safety system that we need for our family,” Richeies father said, adding that he has already started to pay his son some cash for the trucks rental.
“What’s really important to me is to make sure that he is able to work and support himself financially.”
The trucking industry has been hit hard by the recent financial crisis, which has left a big hole in the industry, said Riches father, who says the truckers unemployment rate is at a record high.
“They are not having a lot of money,” he said.
The Nurtec trucking stock, like most of the companies that make commercial trucks, is highly volatile.
But for the father-and-son family, the economic situation is good.
“There are a lot more options in this business than there are in the truck industry,” said Jason Momoans son, who also works for Nurtec as an operations manager.
“So, we feel that we can really grow and make more money.”
The family has also been able to take some time off work to care for the truck’s new baby, who is due in February.
“That’s something that has allowed us to have time to really focus on our son, which was very helpful,” said Momoas father.
“He’s not able to drive the truck anymore, but he is very much getting along with his son and is very excited about it.”
While Richeyt and Momoahs truck is currently in the rental phase, the business is also planning to start selling truck parts for a second company that is looking to expand in the future.
Riches and Momoas son says the company is looking for a truck to supply its parts.
“At this point, we have not made any decisions yet,” Richey said.
“This is something that we’ll continue to look into and hopefully we’ll find something.”
The business’ shares have surged since the UFTC charges that the company ripped off the Postal Service.
It is not clear if Richeyes trucking has been a victim of the recent downturn in the commercial truck industry, or if it is simply a victim that Nurtec can now make money on the business.