Market Vitals: Seminar 74

Thom Albrecht became involved with transportation in 1988 and since April2020 he has been at Reliance Partners, first as both the CFO and Chief RevenueOfficer, and since June 2024, solely as Chief Revenue Officer. As CFO heimproved financial reporting, did two acquisitions, obtained 3 new creditfacilities, led the company through its first two audits, brought in a privateequity partner and helped the company grow from ~$120 million in premiums to over$500 million.

From October 2017-December 2019 he was with Celadon Group, anIndianapolis-based truckload company. ThroughMay 2019, he was the CFO, Chief Strategy Officer & EVP. After helpingdeleverage Celadon, including selling 7 business units, settling 5 class actionand derivative lawsuits, leading a multi-year restatement, and cleaning up DOJand SEC investigations, he became the Chief Commercial Officer, Chief StrategyOfficer & EVP.

Previously, he spent 28 years on Wall Street at 4 firms, coveringtruckload, LTL, intermodal and equipment companies, including 12 years as aManaging Director at BB&T Capital Markets. Albrecht holds a B.S. inbusiness administration with a Finance major from the University of CentralMissouri and was a CFA from 1993-2017.

For 7 years he served on the Federal Reserve Board Beige Book Committeein Richmond, VA and in his career has been involved with over 40 initial publicofferings and secondaries. Hisbackground includes capital markets, financial strategy, data analysis,business development, marketing initiatives, economic and market research,e-commerce, business disruption and a keen understanding of what institutionalinvestors are looking for.

Jacob Brazier joined TEL in 2012 and has essentially grownup in the transportation industry, coming from a family that grew and solda trucking company. He focuses on understanding customers’ business models andhow equipment costs affect transportation businesses in different ways.

Jacob’s personal goal: To helpfamily-owned-and-operated trucking companies become more successful.

Jacob sees the opportunity at TEL to improve profitabilityand success for transportation companies by providing the bestpossible equipment acquisition programs to support their operationsand maximize their cash flow. Jacob channels his passion for the industryinto his role at TEL and his goal to help family-owned and operated companiesbecome more successful.

At TEL, Jacob values the direct impact his sales team isable to have on families, their companies, their employees, and theircommunities by helping them build a stronger and more profitable business.

Jacob Brazier background and personal notes:

Jacob graduated from Kennesaw State University with a degreein business management and entrepreneurship. He loves that transportationcompanies place a high value on building long-lasting relationships, and heknows trucking companies are the backbone of this nation’s economy.

Kiley joined ACT in January 2025 as Director of ProductDevelopment, bringing with him a decade of experience in strategic planning andproduct innovation within the transportation and energy sectors. At ACT, heguides the development and execution of forward-looking product strategies, with a focus on aligning customer needs with market trends and emergingtechnologies.

Prior to joining ACT, Kiley spent eight years at CumminsInc, where he held several roles within the on-highway strategy division. During his time there, he helped shape long-term business plans, advancingmarket positioning, and supporting the development of cleaner and more efficient power solutions for commercial vehicles.

Kiley holds a B.A. in marketing from Butler University and a J.D. from Indiana University, equipping him with a unique blend of business acumen and legal insight that informs his product and marketing strategies.

He currently resides in Columbus, Indiana, with his wife anddaughter.

Todd is a lifelong resident of Kansas City who attended Arizona State University in Tempe, AZ. Promptly after graduating from college, Todd returned home to work for his family’s wholesale auto parts company. Having grown up working there, Todd was exposed to everything ranging fromwarehouse work to strategic management. After the company was sold to the $650million industry leader, Todd spent the next three years working for theacquiring company. During his tenure there, Todd gained invaluable business experience while managing both inside and outside sales forces for the company. Shortly thereafter, Todd discovered his new professional passion, the usedtruck and trailer industry. In 2014, after recognizing his instant affinitytowards the industry, its people, and the process, Todd decided to start ImageTruck Partners and invited his father, Ron, to join him.

Todd and his high school sweetheart, Celine, were marriedafter graduating from Arizona State. Together they have a son and daughter andget to experience the joys of parenthood from both sides of the fence! Todd isa lifelong sports fan and is embarrassed to admit publicly how much he enjoysfantasy football! Much of Todd’s free time is spent with his family, morningsat the gym, and time being outside.

Tim Denoyer is Vice President and Senior Analyst at ACT Research, where he leads the firm’s transportation research initiatives and serves as the principal author of the ACT Freight Forecast: U.S. Rate and Volume Outlook. This comprehensive report offers supply chain professionals critical insights into pricing and volume trends across truckload, less-than-truckload, and intermodal markets—sectors that form the backbone of the $800 billion U.S. freight transportation industry.

Denoyer joined ACT Research in August 2017, bringing with him 15 years of experience in equity research, with a focus on the transportation, machinery, and automotive industries. He was a co-founder of Wolfe Research, a prominent equity research firm, where he earned recognition as a Rising Star analyst in both the machinery and auto sectors by Institutional Investor. His investment background also includes tenure at Balyasny Asset Management, where he covered the industrial sector of the equity market.

At ACT Research, Denoyer applies his investment expertise to analyze commercial vehicle demand and the development of alternative powertrains, including electrification. His work provides valuable foresight into the dynamics of freight rates, volumes, and transportation trends. Denoyer is also a sought-after speaker, having presented at industry events hosted by organizations such as the Intermodal Association of North America (IANA), the Council of Supply Chain Management Professionals (CSCMP), the National Association of Truck Stop Operators (NATSO), and the Truckload Carriers Association (TCA).

Denoyer holds a Bachelor of Business Administration in Economics and Finance from James Madison University.

Chris Hammond is the Executive Vice President of Sales forGreat Dane. In this role, Chris works collaboratively with sales, marketing, and aftermarket support teams to create the best possible experience in thetrailer and truck body industry.

Chris previously served as the Vice President of Dealer andInternational Sales, where he managed the full-line independent dealerships forGreat Dane in the US, Canada, Mexico, Chile, and Colombia markets.

With nearly 40 years of industry experience, Chris firstjoined Great Dane in 1987 when he took a summer job at the Savannah plant. After returning to intern in sales engineering, he accepted his first trailer sales position in Atlanta in 1993. Since that time, Chris continuously gainedincreasing responsibility and leadership within sales operations at Great Dane. After developing the Jacksonville and Charlotte markets, he relocated back tohis hometown of Savannah to join the executive team.

Chris is a proud graduate of the University of Georgia, Go Dogs.

Mike Jacques serves as the Vice President of Used TruckSales at Inland Kenworth, bringing over 26 years of industry expertise to therole. He is responsible for overseeing the used truck operations acrossInland's extensive network of nearly 50 locations throughout the United Statesand Canada. Although Mike calls San Diego, CA, home, he frequently spends timeat Inland's corporate headquarters near Vancouver, BC, to ensure seamlessoperations and strategic alignment.

Before joining Inland Kenworth, Mike dedicated 15 years toJX Truck Center, where he rose to the position of Director of Used Truck Salesfor their Peterbilt and Volvo dealership network.

Mike holds a Bachelor of Business Administration from theUniversity of Wisconsin-Whitewater and an MBA from the University ofWisconsin-Parkside. Outside of his professional commitments, Mike and his wife, Kyla, enjoy an active lifestyle with their two miniature Australian Shepherds, Cali and Maverick.

Bachelor’s degree from the University of Indianapolis, graduating in 2001

Anthony Johnson was hired on with the Marvin Johnson familyin May of 2001. He has been a licensed agent since February 2002. He was aletterman with the University of Indianapolis men's football program, undercoach Joe Polizzi. He is the grandson of Marvin Johnson and the son of StephenJohnson. Tony has grown up in the agency, and will continue the tradition ofselling insurance with the Marvin Johnson family. He resides in Columbus, IN.

Anthony’s hometown is Columbus, Indiana, and he chose toplant his roots here by building a career at MJAI and raising his family wherehe was raised. He enjoys spending his free time working out, watching movies, looking for fossils and rocks, coaching sports, volunteering, and playing withthe latest tech gadgets. He greatly values the well-being of his family andemployees. He also loves spending his vacation time in sunny Florida. Anthonyadvocates for adoption as he and his wife are both adopted, and he adopted hisdaughter, Ciera. He aims to raise his two sons to be respectful men and toraise families of their own someday. Anthony has been driven by the quote“being in charge is having the illusion of choice”, which he interprets asunderstanding that all decisions should be made for the good of the companyrather than himself.

Anthony views his call to a career at MJAI as a familycalling. He is one of the many descendants of Marvin Johnson who chose tocontinue the family’s tradition and has succeeded at the company. He grew upbeing involved in the company and listening to his uncles and father talk about the Trucking Industry. He has worked at MJAI for about 20 years and values thepositive code that he and the employees of MJAI live and work by. Anthony plansto continue the tradition of providing a good life for his employees and their families.

A third generation supply chain leader, Matthew M. Leffleris the Armchair Attorney®. An experienced advocate and communicator, Matthewhas a consistent record of helping individuals and companies navigate complexlegal questions. As a former general counsel, Matthew’s experience is wide, though his practice today focuses on the supply chain.

Matthew earned a J.D. from Michigan State University Collegeof Law, Magna Cum Laude, and a B.A. from the University of IllinoisUrbana-Champaign. He is licensed to practice in the State of Illinois; the U.S.District Court, Northern District of Illinois; and the 7th Circuit Court of Appeals.

With over 15 years at C.H. Robinson, Mat Leo providesdata-driven, action-oriented thought leadership to help shippers and carriersmake informed decisions across an evolving transportation and logisticslandscape. As a key resource for market intelligence, Mat develops and deliversinsights for diverse internal and external audiences, including executiveleadership, commercial teams, and customers across the transportation industry, translating complex supply chain dynamics into clear, actionable guidance.

Mat also leads academic research initiatives in supply chainlogistics, partnering with universities and industry advisors to study freightmarket dynamics and broader economic forces impacting transportation. His workequips clients with the perspective needed to navigate market complexitystrategically and confidently.

Patrick Manzi, PhD is the Chief Economist at the National Automobile Dealers Association (NADA), where he provides expert economic analysis for both NADA and the American TruckDealers (ATD) division. A trusted voice in the automotive industry, Patrickfrequently delivers insights to diverse audiences and oversees the creation ofkey economic reports, including the annual NADA Data and ATD Datapublications. Originally from West Virginia, Patrick earned both hisundergraduate and doctoral degrees in Economics from West Virginia University. He currently resides in Falls Church, VA, with his wife and daughter.

After graduating from Wabash College in 2006, Ian spent 8 years in the fitness industry as the head trainer at a Columbus-area fitness center. He then transitioned to a digital marketing agency where he spent 4 years as the Director of Digital Marketing Sales.

In this role, Ian leverages years of experience in marketing, business development and technology to provide high-level strategic growth and lead new initiatives.

Ian is married and has two daughters who, fortunately, take after their mother.

Jennifer currently serves as ACT’s Director, Research Analysis and Publications. In this role, she leads ACT’s current market trailer analysis efforts, including data processing and regular conversations with OEMs, suppliers, lease/rental fleets, and dealers. Additionally, she leads ACT’s Mexican trailer industry team’s efforts and headed production of the recently published Mexican Trailer Report. McNealy also coordinates monthly and quarterly publication production and distribution, serves as backup media liaison, and researches/analyzes the Canadian macroeconomic landscape and natural gas fueling stations in the US.

She joined ACT Research in September 2011, and has served in numerous roles, including Office Manager, Research Analyst, Senior Research Manager and Analyst, and Director of CV Market Research.

Getting an advanced degree was always a goal for her, and in 2000 Jennifer earned her MSM from Indiana Wesleyan University, taking evening classes to make this dream a reality. After receiving her BA from Hanover College in Communication and History, Jennifer began an eight-year career in the travel and tourism industry. Additionally, she spent 13 years as a member of the local and regional media industry, where she worked in both print and radio formats, serving as a radio broadcaster, community/local government news reporter, and special programming producer. After serving in various roles, including new technology graphic designer and pre-press technician, she concluded her work in print media as Graphic Design Department Manager for a regional Indiana newspaper.

McNealy’s community efforts have included past board and officer positions for the local historical society, fall festival, and arts & cultural council in her hometown. Her current community development efforts center on sustainable and socially responsible agriculture, as well as quality of life placemaking.

Steve Oliver is the Vice President of Sales and Marketing forTaylor and Martin Auctioneers. Since 2017, Steve has worked with a national salesteam that generates over $500 million in transportation truck and trailer sales, at over 70 live consignment and dispersal auctions annually. Prior to working for Taylor and Martin, Stevespent the bulk of his career in the auto dealership space, most recently as aGeneral Manager for a large dealer group in Omaha, NE.

Taylor and Martin is an auction, remarketing, appraisal, andconsulting company based in Fremont, NE. Taylor and Martin count some of the country’s largest fleets, dealergroups, and transportation lenders as customers in both the auction andappraisal sides of the business. Inbusiness since 1935, Taylor and Martin is dedicated exclusively to thetransportation equipment business.

Steve Oliver is the Vice President of Sales and Marketingfor Taylor & Martin Auctioneers, a premier remarketing and appraisal firm. Established in 1935, Taylor & Martin has remained dedicated exclusively tothe transportation industry for the last 60 years.

Since joining the executive team in 2017, Steve has beeninstrumental in leading a high-performing national sales force. Under hisstrategic guidance, this team facilitates over $500 million in annual salesvolume in more than 70 live consignment and dispersal auctions across thecountry each year.

Prior to joining Taylor & Martin, Steve spent most ofhis career navigating the automotive dealership landscape. Most recently heserved as the General Manager for a prominent dealer group in Omaha, Nebraska, where he honed his skills in large-scale business management and marketleadership.

Today, Steve leverages his deep roots in the industry toserve Taylor & Martin’s elite customer base, which includes some of thenation’s largest transportation fleets, dealer groups, and lendinginstitutions. He has been a featured speaker at ACT Research Expo, AmericanTruck Dealers Show (ATD), and on FreightWaves Loaded and Rolling podcast.

Ryan was appointed CEO of Engineered TransportationInternational in 2021. He was previously with Engineered TransportationInternational from 2012 to 2020, holding various roles including President ofKalyn Siebert and VP Sales & Marketing for NA Tank Trailer Division. He wasVice President and General Manager of Capacity Trucks, a division of REV Groupfrom 2020-2021. Ryan has over 20 years of sales, production, commercial, operations, and leadership experience in manufacturing and industrialapplications.

Ann Rundle’s career has been focused in the transportation industries, since her early years as an engineer in the marine industry. Rundle transitioned to Strategic Planning and Business Development roles in Automotive and Commercial Vehicles after completing her MBA. Ann was with Eaton Corporation for 20-years, with senior leadership roles as Director of Business Development for the Automotive group, and Global Customer Sales Director for General Motors and FIAT group (including IVECO, CNH & Ferrari). Rundle left Eaton to join a small R&D start-up focused on advanced Li-ion battery technologies, and from there transitioned into independent consulting projects focused on developing growth strategies for new technologies, primarily in industrial and commercial vehicle markets. Most recently, Ann was with FIAT-Chrysler Automobiles (FCA) and headed up their global Strategy & Planning for electrified vehicles, including hybrids, plug-in hybrids, battery electric, and fuel cell vehicles for both automotive and commercial vehicle applications.

Rundle holds a BSE in Naval Architecture & Marine Engineering from University of Michigan and an MBA from San Diego State University. Ann is a Director/Trustee of the Chicago Yacht Club Foundation and leads their After-school Education programs and the Grants & Scholarships committee.

As Vice President at ACT Research, Steve Tam is one of two principal commercial vehicle market analysts. Since being promoted to his current position in October 2008, he was appointed to the Board of Directors and became a Managing Member of ACT Research in September 2016. He also leads the used truck market efforts for ACT. Other responsibilities include project and database management; and collection, analysis, and reporting of specialty data series. In addition to being frequently sought after as a guest speaker at industry events and giving presentations to private companies, you will often see him quoted in industry publications, newspapers and business periodicals.

A graduate of Indiana University, Steve has also served in the military and spent time in various accounting positions at two Fortune 500 companies before joining ACT Research in 2000. He has been involved in the commercial vehicle industry since 1993 and has been vital to the growth of ACT Research over the years.

David Teolis, joined ACT Research in the position of Chief Economist in October 2023 following a 28-year career with General Motors as Deputy Chief Economist, International Markets, FX & Commodities.

In his most recent role, he was responsible for providing economic analyses, forecasting long-term new vehicle sales, and conducting special studies for the economies of South America, Africa, Middle East, Europe, and the Asia-Pacific region. David was also responsible for managing the company’s foreign exchange rate forecast process and writing monthly and quarterly reports. Prior to this role, David served for five years as the Manager of European Economic and Industry Forecasting located at the Adam Opel Headquarters in Rüsselsheim, Germany. He joined General Motors in 1995 as an economist with primary responsibility for economic and industry forecasting for Mexico, and subsequently worked in several finance positions within the company before returning to the economics staff as the Senior Economist for North America.

Prior to joining General Motors, David was the recipient of the Herman Kahn Fellowship in International Political Economy from the Hudson Institute where he worked on issues related to NAFTA and telecommunications deregulation. He is a two-time recipient of the Best Overall Economic Forecast Award from the Federal Reserve Bank of Chicago.

David graduated with a B.A. in economics, with distinction, and an M.S. in finance from the University of Illinois. He earned his Ph.D. in economics from Indiana University.

He is past-President of the Detroit Association for Business Economics and previously served on the Board of Directors for Global Ties Detroit and the German-American Chamber of Commerce of the Midwest - Michigan Chapter. He is a member of the National Association for Business Economics, the International Institute of Forecasters, and the American Economic Association.

Kenny Vieth is the President and Senior Analyst at ACT Research, a leading authority in commercial vehicle industry data, market analysis, and forecasting services for the North American market. Joining ACT Research in 1991, Vieth became a partner in 2000 and ascended to the role of President in 2010. He oversees commercial vehicle analysis and forecasting, serving as the principal heavy-vehicle market analyst. His insights are sought after by original equipment manufacturers (OEMs), suppliers, Wall Street analysts, and the Federal Reserve, to which he frequently contributes to the Beige Book report.

Vieth is a recognized thought leader in the transportation industry, known for his expertise on Class 8 trucks, trailers, and economic trends. He is a frequent keynote speaker at industry events, including the National Private Truck Council's Annual Conference and Private Fleet Management Institute, where he has earned top ratings and enthusiastic praise from audiences. In 2012, he was named the consulting economist to the National Private Truck Council.

Under Vieth's leadership, ACT Research has received accolades such as the Chicago Federal Reserve Automotive Outlook Symposium Best Overall Forecast and recognition as a top economic forecaster by USA Today. The firm is also a contributor to the Blue Chip Economic Indicators and a member of the Wall Street Journal Economic Forecast Panel.

Vieth holds a degree from Southern Illinois University and began his career in city government and education before transitioning to the transportation industry.

Market Vitals: The Current & Future Health of the Industry

Speakers

Speaker Bios

Thom Albrecht

Chief Revenue Officer

Reliance Partners

Jacob Brazier

Senior Vice President, Sales

TEL

Kiley Broad

Director of Product Development

ACT Research

Todd Coppaken

President

Image Truck Partner

Mazen Danaf

Lead Economist

Uber Freight

Tim Denoyer

Vice President & Senior Analyst

ACT Research

Roe East

Senior Business Advisor

ACT Research

Chris Hammond

Executive Vice President of Sales

Great Dane

Mike Jacques

Vice President

Inland Kenworth

Anthony Johnson

President

Marvin Johnson & Associates

Matthew Leffler

Lawyer

Armchair Attorney, LLC

Mat Leo

Director, Research & Market Intelligence

C.H. Robinson

Patrick Manzi

Chief Economist

NADA

Ian McGriff

VP of Marketing, Business Development

ACT Research

Jennifer McNealy

Director, Research Analysis & Publications

ACT Research

Steve Oliver

VP of Sales & Marketing

Taylor & Martin

Ryan Rockafellow

CEO

EnTrans International

Ann Rundle

Vice President, Electrification & Autonomy

ACT Research

David Sowers

Head of Ram Professional Operations

Stellantis

Steve Tam

Vice President, Analyst

ACT Research

David Teolis

Chief Economist

ACT Research

Kenny Vieth

President & Senior Analyst

ACT Research

Lydia Vieth

Research Analyst, Electrification & Autonomy

ACT Research

Carter Vieth

Research Analyst

ACT Research

AGENDA

Get all of the details in one spot! Download the agenda below.