In The News

ACT Research is sited and sourced several times each week by publications and news outlets reporting on the state of the industry.

Fleet Advantage expands asset management solutions

Used Class 8 Truck Sales Fall in September

Commercial vehicle market continues to deteriorate

ACT Research digests painting less than rosy picture in CV market

Diesel to power 80% of big rigs by 2030, industry leader says

Fleet Advantage expands leasing program to trailers

ACT: Natural Gas Truck Retail Sales Down 23% M/M, Up 27% YTD

ACT Research: Used Truck Sales Drop 18% Y/Y

Recent report shows take rates again on the rise for natural gas trucks

ACT Research: Class 8 Regression to the Mean Coming in 2020

Rush Enterprises, Inc. (RUSHA) CEO Rusty Rush on Q3 2019 Results – Earnings Call Transcript

One of America’s largest trucking companies is quietly closing its operations of a Pennsylvania warehouse and will lay off dozens

Rush Enterprises Inc (RUSHB) (RUSHA) Q3 2019 Earnings Call Transcript

Trailer orders up month-over-month but down year-over-year

With Strike Set to End, Mack Workers Will Return to Softening Market

Report: Class 8 truck market headed for correction

Rush Enterprises Reports Mixed Q3 Results

Average Used Class 8 Price Drops 6.9% in September

As strike ends, Mack Trucks workers returning to a softening heavy-duty truck market

For-Hire Trucking Index Shows Volume Surge in September

U.S. net trailer orders jump 73% in September

New trailer orders up 73 percent over last month

Rush Enterprises reports solid Q3 but warns on used truck market

ACT Research For-Hire Trucking Index: Bottoming process under way?

To yield, or not to yield

Slowing GDP growth but no recession

Trailer orders rebound in September, pointing to solid 2020 production

ACT: Leading Indicators Point to Downturn as Retail Truck Sales Surge

Used truck volumes slipped in September

ACT: U.S. Trailer Preliminary Net Orders Up 75% M/M in September

Class 8 Truck Sales Hit High Point, But Leading Indicators Point to Downturn

Volvo Trucks will lay off 3,000 workers because of UAW strike at Mack Trucks

Medium-Duty Gains in September Led by Class 7

EVs To The Rescue: Lessons From A California Blackout

ACT Research Freight Forecast: Spot pressure to persist on more capacity additions

Trade war biggest threat to commercial vehicle market: ACT

Today’s Pickup: DexFreight Completes Blockchain Project, Gets Carrier Paid Within Minutes

Today’s Pickup: dexFreight completes blockchain project, gets carrier paid within minutes

ACT Research: Key risk to vehicle market forecasts remains China trade war

ACT: Trade War Remains Key Risk to N.A. CV Market

ACT: Heavy Duty Market Up-Cycle Running Out of Steam

Industry outlook report shows Class 8 market running out of steam

ACT Research: Spot Pressure to Persist on More Capacity Additions

ACT says spot pressure to persist on more capacity additions

Spot market pressures to persist: ACT

September Class 8 truck retail sales set all-time monthly record

Mack Trucks Sees Its Strength Rising In A Slowing Market For Over-The-Road Trucks

ACT Research: Class 8 market moving into significant correction next year

Class 8 orders for September stuck in down cycle; medium-duty numbers fall

Market leader Freightliner to cut 900 production workers in North Carolina

Anheuser-Busch to Deploy 21 BYD Electric Trucks

For-hire trucking industry loses 9,300 jobs the past two months

Another 4,200 truck drivers lost their jobs in September as a recession slams America’s $800 billion trucking industry

Understanding the relationship between spot rates and truck orders can save shippers money

Class 8 Orders Off 71% From Year-Ago Levels

Trailer preliminary net orders up fractionally, trail last year

As spot rates stay low, shippers hold off on contracts

Economic forecast for trucking: Gloomy with a chance of recession

Medium Duty Demand Slowed, while Class 8 Order Intake Improved in September

Trade uncertainty stunts Class 8 truck orders

ACT Research: China’s CV Truck Markets Continue to Decelerate

ACT Research: NA medium duty demand slowed, while Class 8 order intake improved in September

ACT: Class 8 Market to Move into Significant Correction in 2020

Freightliner laying off plant workers as new orders stall

Class 8 demand improves, medium-duty truck demand slows in September

ACT Research: Net US trailer orders up 2% over July

ACT: For-Hire Trucking Conditions Return to Trend in August

Class 8 truck market to see ‘significant correction’: ACT

ACT Research: Used Truck Prices Fall 1% Y/Y, Sales Drop 19%

For-Hire Trucking Index: Conditions Return to Trend in August

ACT Research For-Hire Trucking Index shows conditions return to trend in August

For-Hire Trucking Conditions Worsen After Brief Summer Surge

Used truck prices fell 1% Y/Y and sales dropped 19%, ACT Research says

Trailer net orders up M/M, down Y/Y, YTD

Used truck sales drop 19 percent compared with last year

Freight markets still weak, data still trending negative

Used Truck Prices Slip as Used Truck Supply Grows

New trailer orders in August were down 72% from a year ago, ACT says

Are fears about a recession warranted?

Cancellations rise as trailer orders continue to stagnate

ACT: Preliminary August 2019 Trailer Orders Up Fractionally from July

Freight sector blip insufficient to change gloomy long-term forecast, firms say

Truckers are becoming more pessimistic about the US economy

ACT: Freight Markets Still Weak, Data Still Trending Negative

ACT Reports slight bump for trailer orders

Used Class 8 truck sales fell in August

Class 8 Sales Slide Lower in August

North American Class 8 orders for August up modestly from July

ACT: Preliminary Used Class 8 Volumes Fall M/M, Y/Y and YTD

Key risk to N.A. CV market forecasts is trade war with China, ACT Research says

Pre-ship provides respite from freight downturn, ACT Research Freight Forecast says

J.B. Hunt intermodal customers not pre-ordering freight to beat tariffs; Fed expected to cut rates, economist says

Declining Class 8 used truck sales continue

Struggling used truck market dips for 10th consecutive month

Heavy-Duty Truck Market Conditions Continue Decline

ACT: Key Risk to N.A. CV Market Forecasts is Trade War with China

Class 8 truck production cuts intensify as market slackens

ACT Forecasts Imminent Slowdown in Class 8, Trailer Production

ACT Research: Heavy Duty Market Conditions Continue to Deteriorate

Mack Plans Temporary Layoffs at Pennsylvania Plant

Truck, trailer order market outlook trending down as market stumbles

Pre-Tariff Shipping Could Be Causing Recent Uptick in Freight

Who’s in the news: Our weekly trucking employment report

Around 4,500 truck drivers lost their jobs in August as the trucking ‘bloodbath’ rages on

Understanding the relationship between spot rates and truck orders can save shippers money

Used truck prices fell 4% on flat sales in July

U.S. trailer net orders up 22% month-over-month, but down 46% on a YTD basis

ACT Research: Pre-Ship Provides Respite from Freight Downturn

Sam Kahan of ACT Research Wins Lawrence R. Klein Award

ACT Research freight forecast: Pre-ship provides respite from freight downturn

Truckers Slashed Payrolls in August

ACT’s Kahan to accept Klein award, deliver 2020 forecast

Volvo plant may anchor Virginia R&D corridor

Class 8 Truck Orders Down Nearly 80 Percent Over August 2018

August North American orders for new Class 8 trucks show slight uptick

ACT: NA Medium and Heavy-Duty Volumes Rebound in August

Freight rates to rise ahead of holiday shopping season; hurricane disrupts service

Truck orders rebound slightly in August

Class 8 truck market ‘at a turning point’: FTR

Number of trucking companies out of business in 1st half of 2019 exceeds 2018 total

Are fears about a recession warranted?

Class 8 truck engine demand trending to smaller displacements, ACT Research says

ACT Research For-Hire Trucking Index shows anomalous spike in July

Truck makers log sharply lower orders

ACT: Commercial Vehicle Markets Heading for a Market Correction in 2020

Class 8 engine sizes shrink as emissions rule changes loom

Class 8 Engine Sizes Shrink As Emissions Rule Changes Loom

ACT Research: Commercial vehicle markets heading toward correction in 2020

Truck Makers Apply the Brakes

ACT Research: Commercial vehicle markets heading for market correction in 2020

Today’s Logistics Report: Waiting at the Dock; Korea’s Shipyard Concern; Tariff Tug-of-War

Used Truck Market in July Underscores Buyers Are Leaving

ACT: Class 8 Truck Engine Demand Trending to Smaller Displacements

ACT Research: Class 8 Market Indicators Diverge

ACT Research: Class 8 truck engine demand trending to smaller displacements

Class 8 Engines: Is Smaller Displacement the Wave of the Future?

Smaller displacement engines, gasoline increasing in popularity

The leading industry group for truck drivers has declared we’re hurtling toward a trucking ‘bloodbath’

ACT Research: Used Truck Prices Fall 4% on Flat Sales

No rush for 2020 trailer build slots: ACT

ACT: Trailer orders up 22% month-over-month, down 46% year-over-year

Executives: Trailer Orders Down, but Robust 2018 Helped Companies Prepare for Future

Pace of EV Introductions Could Quicken

U.S. Trailer Net Orders Hit 1st Sequential Increase in 9 Months, but Are Down 46% on a YTD Basis

For-Hire Trucking Index Sees Anomalous Spike in July

ACT: U.S. Trailer Net Orders Hit 1st Sequential Increase in 9 Months

Trailer orders down 46 percent year to date

Trailer Orders Recover from Weak June, but Still Down for the Year

ACT Research: U.S. trailer production robust, indications show component supply challenges easing

Trade War with China a Key Risk to North American CV Market Forecasts

China to Impose New Tariffs on $75 Billion of US Goods in Latest Trade War Escalation

Spot rates to remain flat for rest of 2019, logistics experts say

Trailer component supply improving, trailer orders continue slide

ACT Research: U.S. Trailer Production Remains Robust

Indicators Show Slowdown in Growth, but Recession Isn’t Likely

Trailer orders continue to slide, while production remains robust

ACT Research: Trailer production robust, component supply challenges easing

Reports indicate truck markets likely to weaken in immediate future

Daimler: Truck sales to remain solid; fleets view safety tech as important as fuel economy

Quotable:

ACT: Key Risk to NA CV Market Forecasts is Trade War with China

ACT Research: Class 8 market-leading indicators continue to erode

Streetwise: Market volatility an opportunity

Preliminary Used Class 8 Volumes Fall for Fourth Consecutive Month

Sino-U.S. trade war complicating forecasts: ACT

Preliminary used class 8 volumes fell for fourth consecutive month

ACT Research: Key risk to CV market forecasts is China trade wars

ACT Research: Heavy duty markets at the edge of the precipice

Rate outlook: Indicators point to mid-2020 recovery

Heavy-duty vehicle market on edge of precipice: ACT Research

FreightWaves Radio preview: what they talked about at ACT Research

Renewable Natural gas continues to move passengers on the Big Blue Bus and at LAX

USTMA revises shipment forecast up for passenger tires, down for truck tires

Heavy-Duty Truck Orders Hit Lowest Level in Nine Years

ACT, FTR: Class 8 truck orders reach 9-year low in July

July Class 8 Truck Orders Lowest Since 2010

Truck orders hit lowest level in 9 years ahead of ‘market correction’

July new heavy-duty truck orders lowest since 2010

Natural gas truck sales surge even as electric trucks get the hype

Downturn expected for US Class 8 market, but don’t panic—Daimler

ACT research: Class 8 market-leading indicators continue to erode

Cass predicts economic contraction after eighth consecutive month of shipping declines

Navistar cuts medium-duty truck production in Ohio

July Class 8 Sales Top 25,000 for Year’s Highest Volume

The ‘bloodbath’ in America’s trucking industry has officially spilled over to the rest of the economy

ACT: July 2019 Trailer Preliminary Net Orders 66% Lower Y/Y

Class 8 Orders in July Sink to Lowest Level Since 2010

Trailer orders increase 65 percent in July

Used truck prices defying predictions, but the worst may be coming

Medium-Duty Sales Climb in Summer Market

RNG continues to move passengers on the Big Blue Bus, LAX

ACT Research says forecast of freight downturn persists

Renewable Natural gas continues to move passengers on the Big Blue Bus and at LAX

Freight Rates Expected to Fall, But Truck Production Remains at All-Time Highs

Heavy-Duty Truck Sales Off 81% in July – to Lowest Level Since 2010

ACT says heavy truck, trailer industries heading toward market correction in 2020

Ryder posts record sales and earnings across all segments

Class 8 natural gas truck retail sales up 10% M/M, 60% Y/Y, 43% YTD in May, ACT says

Natural gas truck sales rebounding

Sales of natural gas trucks rebounding

ACT Research: US trailer orders continue to recede in June

FTR and ACT: Net trailer orders in June down sharply

Natural Gas Truck Sales Are on the Rise

June Used Class 8 Prices Climb Even as Lots Grow Full

Class 8 truck demand teeters on cusp of “significant correction,” ACT says

“Significant correction” coming for Class 8 market: ACT

Is a Class 8 Truck Order Correction in the Cards?

ACT Research: Used Truck Prices Up 2% M/M, 10% YTD

ACT Research: Heavy truck and trailer industries heading for market correction in 2020

ACT Research: Class 8 market on cusp of significant correction

Truckers Wrestle With Oversupply of Big Rigs, Falling Freight Rates

June used Class 8 truck prices are up 6 percent from previous year

ACT Research: U.S. trailer net orders continued to drop in June, down 70% Y/Y & 43% YTD

More on Rush Enterprises Q2 results

Rush Enterprises, Inc. Reports Second Quarter 2019 Results, Announces $0.13 per Share Dividend

Rush 2Q Earnings, Revenue Climb on Truck Sales

Continued weakness in freight volumes leads analysts to consider recession

Small Trucking Firms See Tighter Lending Standards

ACT Research For-Hire Trucking Index: Weak Finish to Q2

Preliminary June 2019 trailer net orders down 41% from May, 69% below last year

ACT’s For-Hire Trucking Index for June shows declines

ACT Research: Industry Currently Astride Class 8 Demand Inflection

June Class 8 Sales Improve Amid Softer Freight Market

Trailer production strong, orders weak as cycles normalize

ACT Research: Industry currently astride Class 8 demand inflection

Trailer orders plummet in June

SPECIAL REPORT: Driven by Data. Proper steps to integrate data into a truck dealer or aftermarket business

ACT Research For-Hire Trucking Index: Weak finish to 2nd quarter

ACT: June 2019 Trailer Industry Preliminary Orders Down 41% from May

Contracting used truck market another sign of industry slowdown

Used Class 8 sales fell for third consecutive month

Despite slowdown in orders, Mack says market remains ‘hot’

Is Trucking in the Midst of a Freight Recession?

Medium-Duty US Retail Sales in June Fall Flat

ACT: Preliminary Used Class 8 Volumes Fall for Third Consecutive Month

ACT Research: Same dealer used truck sales down 8% in June

Hefty Fuels Savings Prompt Fleets to Replace Big Trucks

Trucking data shows signs of recession

Freight recession continues but upturn coming, ACT Research says

Class 8 market activity approaching “precipice”

ACT: Current Class 8 Market Activity Rapidly Approaching Precipice

Wall Street Week Ahead: Union Pacific, other freight co earnings eyed for tariff effects

Heavy truck market activity nearing ‘precipice’

Truck Builders, Motor Carriers Spooked by Tariffs, Slowing Economy

ACT Research: current Class 8 market activity rapidly approaching precipice

ACT Research says trucking sector is in a recession

June Class 8 truck orders rise incrementally from May

Class 8 orders still lag as tariffs cloud future

NA Medium & Heavy-Duty Volumes Rise Incrementally in June

Class 8 orders rise slightly in June, but post worst first half of year since 2010

ACT: Used Truck Prices Drop 1% M/M, Rise 10% YTD

Volvo makes record investment in Pulaski County as it builds new facility, adds 777 jobs

Volvo Trucks anticipates layoffs as industry hot streak comes to an end

Volvo makes record investment in Pulaski County as it builds new facility, adds 777 jobs

Trailer Orders in May Fall to Lowest Point in Nearly Three Years

Used Class 8 Prices Up 6% in a Year as Inventories Increase

Trailer orders down in May; June seen as pivotal month

Manufacturing Cross-Currents

Today’s Pickup: UPS seeks to kick open doors to global trade for women-owned businesses

ACT: U.S. Trailer Net Orders Drop in May, Down 54% Y/Y

ACT Research: Economy Strong, but Moderating

Trailer Orders Continue to Slide as OEMs Catch Up on Production

Despite near-record highs, Class 8 market shows signs of decline

Truckers are warning of a ‘bloodbath’ as trucking companies go bankrupt or slash their profit expectations

Class 8 market showing signs of cooling: ACT

ACT: Class 8 Measures Near-Record Highs, But Signs of Decline Appear

ACT: Class 8 cancellations surprise on low side

ACT Research: Cancellations moderate May trailer orders

ACT Research: China’s CV truck market softening; bus markets supported by demand for new energy units amid environmental concerns

ACT Research shows freight conditions plummeted in May

Freight conditions slumped in May, burdened by plummeting prices in for-hire trucking, study shows

ACT Research says Class 8 cancellations continue on low side

Rising Class 8 Sales in May Signal Demand Alive and Well

ACT: Class 8 Demand Strong, but Freight Metrics Softening

Medium-Duty Sales Rise in May, Top 22,000 Units

Preliminary used Class 8 volumes fell again in May

Used truck volumes fall 14% month-over-month in May

Used truck sales dropped 14 percent in May, down 22 percent from a year earlier (with video)

ACT: Preliminary Used Class 8 Volumes Fall M/M, Y/Y & YTD in May

Trucking industry volumes less than usual, driver pay continues to rise

Class 8 build rate: When change comes, it’s likely to come fast

ACT Research: When Change Comes, It Is Likely to Come Fast

ACT Forecast: Possible Short-Term Pre-Ships to Off-Set Future Tariffs

Class 8 orders drop to smallest total in nearly 3 years

May Class 8 Orders Plummet to Nearly Three-Year Low

May was the weakest month for Class 8 orders since July 2016

ACT: NA Medium & Heavy-Duty Volumes Drops 70% Y/Y in May

Backlogs Send Heavy-Duty Truck Orders Plummeting to 3-Year Low

Bharat Forge slips 1% after North America Class 8 truck orders

Two-Front Trade War Could Create Double Trouble for Trucking

May Was a Frigid Month for Class 8 Truck Orders

U.S. trailer orders easing, production remains robust, ACT Research says

Trailer order cancellations on the rise

ACT: Class 8 Production to Grow in 2019, Ease in 2020

Today’s Pickup: Costco lags in online grocery delivery

ACT: US trailer orders easing, but production remains robust

Trailer Orders Slow Down but Production Nears All-Time Highs

Freight Recession v Rate Recession

April Trailer Orders Surprise

Class 8 Truck Production to Taper Off By the End of 2019

Trailer orders continue down swing, but trend not sign of problem

ACT: Class 8 engine production to grow before drop late in 2019

April Used Class 8 Prices Climb; Dealers Wary of Slowdown

ACT Research: Used Truck Prices Rise 12% YTD; Unit Sales Drop 16% YTD

ACT Research: U.S. Trailer Orders Drop in April, Down 23% Y/Y

ACT: Economy Strong, But Trade Uncertainty a Moderating Force

Used Class 8 sales fall in April

Class 8 measures are at cycle highs, trailer orders are weak, ACT Research reports

U.S. trailer orders continue to drop in April, ACT Research says

ACT Research: Used truck prices up 6% month-over-month

Freight Market Shifts into Lower Gear

Trailer demand softening

April trailer orders down from March, ACT Research

ACT Research: April trailer orders at 14,500 units

ACT says trailer order volume soft in second straight month

ACT: For-Hire Trucking Index Pricing Index Drops Considerably

ACT: April 2019 Trailer Industry Net Orders Down 38% Y/Y

Class 8 backlog ‘remains jam-packed’ as freight growth stagnates: ACT

One Size Doesn’t Fit All: How Commercial Electric Vehicles Present Unique Challenges For Charging Infrastructure

ACT Research: Used Class 8 Volumes Fall 16% Y/Y

Trucker rates expected to fall

Today’s Pickup: Amazon breaks ground on Kentucky air hub; where will the next Uber will come from?

Trucking Industry Threatened by Escalating U.S.-China Trade War

ACT: Preliminary used Class 8 volumes fell M/M, Y/Y and YTD in April

Trucking Industry Hits the Doldrums with Neutral Economic Outlook

ACT Research: Trucker profitability expected to roll over in 2nd half of year

 Freight market continues to slump as hot truck sales add capacity

Likelihood of freight recession increasing: ACT

Today’s Pickup: Colombian logistics boom

RUSH ENTERPRISES INC \TX\ filed on Fri, May 10 10-Q Form

Second Quarter 2019 Survey of Professional Forecasters

ACT: Slow Freight and Fast Tractor Sales Pressure Rate Outlook for May

10-Q: CORE MOLDING TECHNOLOGIES INC

Suppliers Take Path to Alternative Powertrains

Freight demand softens, second half of 2019 a ‘wild card’

ACT says slow freight, fast tractor sales pressuring rate outlook

April Class 8 orders down sharply year-over-year, data show

Warehouse Hiring Surges on Rising E-Commerce Demand

Warehouse Hiring Surges on Rising E-Commerce Demand

ACT: NA Class 8 Orders Dip from March to April, Hit 31-Month Low

ACT: Class 8 Natural Gas Truck Sales Down 12% YTD

U.S. Trailer Orders Drop 48% Y/Y in March, 36% YTD

ACT Research data indicates stagnating freight growth

Economy continues to cool, but danger of full freight recession dims, ACT says

Rush’s Aftermarket Gains Lift 1Q Results

ACT Research: Strength in commercial vehicle industry varies by sector

Weekly Freight Market Update: Quarter End Scramble

Schneider says it will use its assets to enhance middle mile capabilities

Preliminary Used Class 8 Volumes Jump 25% M/M in March

Truck drivers see orders, miles fall in most recent U.S. stoppage flag

Caminhoneiros dos EUA veem queda das cargas em sinal de desaceleração econômica

DIESEL AND THE FUTURE OF TRUCKING

March Trailer Orders Fall

ACT Research: Freight Recession Possible, Rate Recession Likely

Bibby Financial study reveals predictive maintenance concerns

Q1 Truck Orders Plunge as Industry Works Down Backlog

Strong start to the stock market in April – third day in a row

Orders for new Class 8 trucks dip below 16,000

ACT Research: NA Class 8 Orders Drop Significantly in March Y/Y

ACT Research: Used Truck Prices Rose 2% M/M in February; Sales Fell 7%

Chinese CV Truck Market Softening Amid Environmental Concerns

China’s CV Truck Market Softening, Bus Markets Flat

ACT Research: Trailer Orders Drop in February, Down 29% Y/Y

ACT: U.S. Trailer Orders Continued to Drop in February, Down 29% Y/Y

Trailer orders down 9 percent from January, ACT says

Current Class 8 Orders See Big Backlogs

Truck Trailer Orders Down Again In February, But Analysts Predict Another Record Year

ACT Research Says Commercial Vehicle Industry is Solid

NA Class 8 Orders Rebound Modestly from January to February

Global freight carriers, shippers remain positive on 2019; trucking industry faces possible rate recession

Trucking Conditions Worsen In January And Predicted To Be “High Point” For 2019

Class 8 truck orders quiet in February

GAO: Federal agencies should take additional steps to prepare for potential workforce effects of self-driving trucks

NAVISTAR Q1 EARNINGS PRESENTATION

Oil, Gas Companies Aim to Curb Truck Order Backlog

ACT, FTR report 5 percent monthly increase in Class 8 orders

J.D. Power says new truck boom cycle almost certainly in rear-view mirror

Class 8 engine production expected to continue growth trend

ACT Research Predicts Continued Class 8 Production Growth in 2019

Trailer orders softening, but not for lack of demand

ACT Research Says Class 8 Production to Grow in 2019

Trailer Orders Are Down but Demand Isn’t to Blame

Huge Backlog Slows Trailer Orders to Start 2019

ACT: Industry books 25,800 net trailer orders in January

Truck Recalls Exceed Sales, Year In And Year Out

ACT Research: Freight rates and trucker profits pressured In 2019

ACT Research Suggests Caution for U.S. Economy, Commercial Vehicle Industry

Rush Enterprises, Inc. Reports Fourth Quarter and Year-End 2018 Results and Declares Quarterly Cash Dividend

What Electric Vehicle Adopters Can Learn from Natural Gas Fleets

Class 8 Truck Orders Get Off to Slow Start in 2019

Class 8 Heavy Truck Orders Crash 68% in January

North American Class 8 Heavy Truck Orders Collapse 68% in January

Nightly Business Report – February 4, 2019

Follow the links to the transcript of the Night Business Report story which featured Kenny Vieth of ACT Research discussing the state of the commercial vehicle marketing and the cycle of demand.