Citing weakness in the truck leasing business, Ruan Leasing, a division of Ruan Transportation Management Systems, will eliminate 100 jobs over the next three weeks, company officials said.
The company said it is taking the action because there is a glut of used trucks on the market, and the value of used trucks fell by as much as 50% in the last three years. Ruan said a large portion of a leasing company's business comes from selling used trucks after the lease expires.
Chicago-based consultant Morris Anderson Ltd. has been hired to restructure Ruan Leasing, which has more than 10,000 trucks under lease.
