Ruan Leasing plans to eliminate 100 jobs

Aug 1, 2003 12:00 PM, from staff and wire reports

Citing weakness in the truck leasing business, Ruan Leasing, a division of Ruan Transportation Management Systems, will eliminate 100 jobs in August, 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 past three years. Ruan said a large portion of a leasing company’s business comes from selling used trucks after the lease expires.

Chicago IL-based consultant Morris Anderson Ltd has been hired to restructure Ruan Leasing, which has more than 10,000 trucks under lease.