April 2021 Page 1 Disclosure Regarding Forward-Looking Statements
This presentation may contain statements that are forward looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties, which may cause actual results to differ materially. A summary of risks and uncertainties is described in more detail in our periodic reports filed with the Securities and Exchange Commission (SEC).
We undertake no duty to update or revise this presentation, whether as a result of new information, future events or otherwise. For the most recent financial, risk and other information about PACCAR, please see our SEC filings and most recent earnings release available on the Investor Relations page of www.paccar.com.
April 2021 Page 2 PACCAR A Global Technology Company in Commercial Vehicles
2020 Revenues $18.7B 2020 Net Income $1.30B 2020 Avg Dividend Yield 2.5% 82 Years of Consecutive Profitability; Dividend Paid Every Year Since 1941
Truck and Other Aftermarket Parts $13.2B Revenues $3.9B Revenues Premium Quality Light, Medium and Distribute Aftermarket Parts through Global Heavy Commercial Vehicles, Diesel and Network of over 2,200 Dealerships Alternative Fuel Powertrains
Parts 21% Truck and Other Fin Svcs 71% 8% Financial Services $1.6B Revenues Finance and leasing portfolio of 203,000 trucks and trailers, with assets of $15.80B
April 2021 Page 3 Our Culture
PACCAR is a company with a great culture and a bright future. Our focus is on doing things in an ethical and disciplined manner. We make decisions utilizing conservative financial principles and common sense for the long-term benefit of our customers, employees and shareholders.
Conservative Highest Operational Long-Term Quality Financial Integrity Excellence Perspective Management
April 2021 Page 4 PACCAR’s business segments include Commercial Vehicles, Powertrain, Aftermarket Parts, Financial Services and Information Technology. PACCAR’s premium brands Kenworth, Peterbilt and DAF are the premier light, medium and heavy duty commercial trucks in their markets. Other brands include PACCAR Powertrain, PACCAR Parts, PACCAR Financial, and PACCAR Leasing.
April 2021 Page 5 PACCAR’s product Our products reflect our investments deliver industry- core brand values of leading performance and quality, innovation and value to our customers technology
April 2021 Page 6 New Kenworth T680
Kenworth has introduced the next generation T680 heavy truck featuring a sleek new exterior, excellent fuel economy, and driver optimized technology, including a customizable 15” digital dash display.
April 2021 Page 7 New Peterbilt Model 579
Peterbilt has introduced the new Model 579 Class 8 truck that sets the standard for technology, fuel efficiency and driver comfort.
April 2021 Page 8 New Peterbilt and Kenworth Medium Duty
The all new medium duty product line-up features an 8” wider cab with 3- person seating. Powered by the updated PACCAR PX engine and all-new PACCAR TX-8 automatic transmission. Production will begin in July.
April 2021 Page 9 DAF Product Line
DAF’s offers a wide range of XF, CF and LF models with industry-leading fuel economy that helps reduce total cost of ownership
April 2021 Page 10 The integrated PACCAR Powertrain is the most advanced powertrain in the market. The PACCAR MX-13 and MX-11 engines are optimally matched to the advanced PACCAR 12-Speed automated transmission and the efficient 40K tandem drive axle to achieve exceptional performance and fuel economy.
The PACCAR MX-13 engine offers 510 hp and 1,850 lb.-ft. of torque and the PACCAR MX-11 engine features 430 hp and 1,650 lb.-ft. of torque. PACCAR designs MX engines to an industry-leading B10 life of one million miles. This means 90% of PACCAR MX-13 and MX-11 engines are expected to reach one million miles without the need for a major overhaul.
In addition to the PACCAR tandem drive axle, Kenworth and Peterbilt offer the PACCAR steer axle. DAF trucks include a range of lightweight and durable PACCAR front and rear axles.
April 2021 Page 11 PACCAR Truck Production Over 1.5 Million Trucks Produced 2011 - 2020
PACCAR produced 133,300 trucks in 2020
Units 198.8 (000s) 189.1 200 Brasil 154.7 158.9 142.9 Australia 138.0 140.4 137.1 140.9 133.3 Mexico 150 Canada US 100 Europe
50
0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
April 2021 Page 12 PACCAR Excellent Financial Performance Throughout the Business Cycle
$ Billions Revenues $ Billions • Reputation for superior operational 28 28 excellence and premium-quality 24 24 20 20 products and services 16 16 12 12 8 8 • Long-term growth in revenues and net 4 4 income reflect increased market share 0 0 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 in North America and Europe, excellent aftermarket parts performance and growth in financial $ Billions Net Income $ Billions services 2.5 2.5 2.0 2.0 1.5 1.5 • Maintain profitability throughout the 1.0 1.0 cycle due to strong cost control 0.5 0.5 discipline and experienced 0.0 0.0 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 management team
April 2021 Page 13 Strong Liquidity
PACCAR maintains a strong liquidity position to manage through all phases of the business cycle
$ Billions PACCAR Liquidity Reserve $ Billions • Strong cash & marketable securities 10 10 position: $4.7 billion as of March 31, 2021 8 8
• No manufacturing debt 6 6
• Excellent liquidity reserve for Financial 4 4 Services debt maturities 2 2 • Credit ratings: S&P A+, Moody’s A1 • Finance Company: - - − High quality portfolio secured by truck (2) (2) collateral (4) (4) − Conservative debt to equity ratio of 3.0 (6) (6) as of March 31, 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 − Matched-term funding Debt Maturing Next 12 Months Cash & Securities − Currency matched Committed Credit Lines Liquidity Reserve
April 2021 Page 14 Best-in-Class Operating Efficiency Commercial Vehicle Segment Operating Margin
• PACCAR’s operating margin 12% 12% has been at the top of the industry since 2012, reflecting 9% 9% the premium value of our 6% 6% products and our leadership in operating efficiency. 3% 3%
0% 0% • This is a testament to the outstanding performance of -3% -3% PACCAR’s employees. -6% -6%
-9% -9% 11 12 13 14 15 16 17 18 19 20
PACCAR Volvo Daimler Traton Iveco Navistar
April 2021 Page 15 Best-in-Class Operating Efficiency Inventory Turns PACCAR’s inventory turns are the highest in the industry, a result of the PACCAR Production System, Lean Manufacturing and Six Sigma
24 24
20 20
16 16
12 12
8 8
4 4
0 0 11 12 13 14 15 16 17 18 19 20 PACCAR Volvo Daimler Traton CNH Navistar
April 2021 Page 16 Best-in-Class Operating Efficiency SG&A % of Sales PACCAR’s SG&A as a percentage of sales is much lower than its peer group, reflecting strong financial discipline
16% 16%
12% 12%
8% 8%
4% 4%
0% 0% 11 12 13 14 15 16 17 18 19 20 PACCAR Volvo Daimler Traton CNH Navistar
April 2021 Page 17 Net Income per Truck
• Net income per truck is Truck Units $/Truck PACCAR’s net income divided (000s) by total truck unit sales. 200 14,000 175 12,250
• Truck sales not only generate 150 10,500 profit from the sale, but also parts and finance profit. This 125 8,750 illustrates the strength of 100 7,000 PACCAR’s business model, 75 5,250 providing the highest quality trucks, aftermarket support and 50 3,500 financing. 25 1,750
0 0 • PACCAR achieved $9,700 net 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 income per truck in 2020. Trucks Net Income per Truck
April 2021 Page 18 Capital Allocation Strategy
• High ROI Capital Investments • Pay Regular Quarterly and Annual Dividend − Dividend paid every year since 1941 − Total dividends paid approximately 50% of net income for many years − Regular quarterly dividend 10-year annualized growth of 13% • Share Buybacks − $500 Million authorized; $390 Million remaining as of 3/31/2021 • Strategic M&A − Disciplined valuation and screening process − Clear path to value creation • No Unfunded Pension Obligation
April 2021 Page 19 Dividends Declared and Stock Repurchases
$ Millions CAGR = 8% $ Millions 1,500 1,500
1,200 1,200
900 900
600 600
300 300
0 0 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
Dividends Stock Repurchased
April 2021 Page 20 Excellent Dividend Yield
Average Dividend Yield = 3.5% • PACCAR’s dividend yield, 6% 6% reflects the total quarterly + special dividends declared 5% 5% in the year, divided by the average stock price for the 4% 4% year
3% 3% • PACCAR’s dividend yield has averaged 3.5% over the 2% 2% last ten years
1% 1%
0% 0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
April 2021 Page 21 Trucking Moves the Economy 74% of U.S. Freight is Moved by Truck Trucking is the lifeblood of the economy. In the U.S., the economy depends on trucks to deliver ten billion tons of virtually every commodity consumed - 74% of all the freight transported in 2020. Rail 36.9 million commercial trucks, 11% including 3.9 million heavy-duty trucks, move that freight. The percentage of Truck 74% tonnage by mode is stable over time. Pipeline 10%
Water 5%
April 2021 Page 22 >6t Truck Market >6t Global Truck Market 2000000 2015 – 2.4 Million China 2020 – 3.1 Million 1,780 Europe Russia/CIS
1500000 320 270 60 85
1000000
750
500000 North America
0 385 310
Rest of Asia
265266 210 India Africa & South America Middle East 260 170 170 90
125 125
Australia
20 21 PACCAR Truck Assembly 2015 2020 Units in Thousands >16t Truck Market Size
Units (000s) Units (000s)
350 350
300 300 2021 Market Forecast Estimate
250 250 U.S. and Canada 260,000 – 290,000 200 200 Europe 260,000 – 290,000 150 150 S. America 100,000 – 110,000 100 100
50 50
0 0 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21
US & Canada Europe South America
April 2021 Page 24 April 2021 Page 25 PACCAR Strategy
Quality Technology Innovation BrandValues
Premium Products and Services
Profitable Market Share Growth
Profitable Growth Profitable Geographic Expansion
April 2021 Page 26 PACCAR Investing Throughout the Business Cycle
Operating Cash Flow • Operating cash flow has averaged $2.8 billion for the $ Billions $ Billions last five years and has grown 9% annually over the 3.0 3.0 2.5 2.5 last 20 years 2.0 2.0 • Strong operating cash flow enables PACCAR to 1.5 1.5 invest in growth throughout the business cycle 1.0 1.0 0.5 0.5 • PACCAR has invested $7.3 billion in capital projects, 0.0 0.0 innovative products and new technologies in the last 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 decade through 2020 • Key investments: Capital Investments and R&D Expenses − DAF XF/CF trucks $ Millions $ Millions 1,200 1,200 − PACCAR MX-13 and MX-11 engine factory in North 1,000 1,000 America 800 800 − Kenworth and Peterbilt 2.1 meter wide cab program in 600 600 North America, South America, and Australia 400 400 200 200 − DAF Brasil factory 0 0 − PACCAR Parts distribution centers 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Capital R&D
April 2021 Page 27 Cumulative PACCAR MX Engines Produced
Cumulative PACCAR MX Engines Produced • The PACCAR MX-13 is the flagship of PACCAR’s # of # of engine line-up with over 530,000 engines produced in Engines Engines Europe and over 240,000 engines installed in North (000s) (000s) America and a growing presence in South America 900 900 and Australia. 800 800 • The PACCAR engine factory in Columbus, MS, 700 700 celebrated 10 years of manufacturing excellence in 600 600 2020 500 500 • PACCAR expanded its engine program in 2013 with 400 400 the introduction of the PACCAR MX-11 in Europe. 300 300 The MX-11 was launched in North America in January 200 200 2016. 100 100 0 0 11 12 13 14 15 16 17 18 19 20
DAF MX 13 KW/PB MX 13 MX 11 PACCAR MX-13 PACCAR MX-11 12.9 Liter 10.8 Liter
April 2021 Page 28 Zero Emission Trucks
Peterbilt 220 EV Peterbilt 579EV Peterbilt 520 EV
Kenworth 270E Kenworth T680E DAF CF Electric
April 2021 Page 29 PACCAR Partners with Romeo Power • In April 2021, PACCAR announced a strategic partnership with Romeo Power for a five-year supply agreement for battery power systems • PACCAR will purchase Romeo Power’s battery packs and battery management software for heavy-duty battery electric Peterbilt 579EV vehicles and Peterbilt 520EV refuse trucks in North America • Production of Peterbilt zero emissions trucks featuring Romeo Power’s battery pack is expected to launch in the second half of 2021 • PACCAR also became a minority shareholder as part of the strategic alliance
April 2021 Page 30 Battery Charging Solutions
• PACCAR Parts has introduced new electric vehicle charging stations to support the global launch of electric vehicles • Compatible with Kenworth, Peterbilt and DAF electric trucks and other brands • Charging power from 20 kW up to 350 kW • PACCAR is collaborating with Faith Technologies and Schneider Electric to provide charging infrastructure solutions for customers who purchase Kenworth and Peterbilt electric trucks in the US and Canada.
April 2021 Page 31 Zero Emission Kenworth & Peterbilt Conquer Pikes Peak
• October 16, 2020, Kenworth’s T680 hydrogen fuel cell & Peterbilt’s 579EV battery electric truck became the first Class 8 Zero Emissions vehicles to summit Pikes Peak in Colorado. • Both vehicles made the 14.2 mile Pikes Peak climb with superb acceleration up the steep grades while exhibiting excellent drivability over the 156 turns it takes to reach the 14,115 ft. summit.
April 2021 Page 32 Autonomous Trucks
• In January 2021, PACCAR and Aurora formed a global strategic partnership to develop autonomous Peterbilt 579 and Kenworth T680 trucks • PACCAR’s autonomous vehicle platform will be integrated with the Aurora self- driving technologies • PACCAR customers will benefit from the autonomous vehicles’ enhanced safety and operational efficiency • Kenworth T680 and Peterbilt 579 trucks utilizing the Aurora Driver are expected to be delivered in the next several years Autonomous Peterbilt 579 Test Vehicle with Aurora Driver
April 2021 Page 33 Connected Services Enhancing connected service for over 450,000 Kenworth, Peterbilt, and DAF trucks
April 2021 Page 34 PACCAR Innovation Center, Sunnyvale, CA
• PACCAR Innovation Center in Silicon Valley enhances PACCAR’s access to emerging technologies and talent from around the world. • The Innovation Center collaborates with other PACCAR engineering teams to develop next generation technologies such as autonomous trucks • PACCAR Innovation Center establishes strategic partnerships, such as the autonomous vehicle collaboration with Aurora • The Innovation Center truck lab is equipped with the tools needed to integrate emerging technologies.
April 2021 Page 35 PACCAR Global Embedded Services
PACCAR has three embedded service technology centers located at Kenworth in Kirkland, WA, at DAF in Eindhoven, the Netherlands; and in Pune, India. The centers will accelerate embedded software development and connected vehicle solutions to benefit customers’ operating efficiency. Digital Technology Center, Eindhoven, NL
Kenworth Embedded Engineering Center, Kirkland, WA Embedded Service Center, Pune, India
April 2021 Page 36 PACCAR Facility Investments
DAF Factory, Ponta Grossa, Brasil DAF New Body, Cab & Trim Facility, Westerlo, Belgium
PACCAR Engine Factories Kenworth New Cab Paint Facility, Chillicothe, OH PACCAR Parts Strategy
PACCAR Parts achieved $3.91 billion in sales in PACCAR Parts Sales $ Millions $ Millions 2020. PACCAR Parts has achieved a sales CAGR = 6% 5,000 5,000 CAGR of 6% over the last 15 years. 4,000 4,000 3,000 3,000 Long-Term Growth Drivers: 2,000 2,000 • Growing population of Kenworth, Peterbilt and 1,000 1,000 DAF trucks due to geographic expansion and 0 0 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 market share growth Engine Parts Sales Parts Sales • Growing population of PACCAR engines due to North America introduction in 2010 • Best-in-class Distribution Network − 18 parts distribution centers and 2,200+ dealer locations. Louisville PDC will be added in 2022. • Proprietary, PACCAR Genuine and TRP branded parts enhance margins • Growing network of TRP stores Louisville, KY, PDC to Open Early 2022
April 2021 Page 38 PACCAR Parts Distribution Centers and Dealers 18 PDCs in 11 Countries; 2,200+ Dealer Locations
PACCAR Distribution Centers Kenworth and Peterbilt Dealers DAF Dealers Kenworth/DAF Dealers PACCAR Global Dealer Network
• Independent dealer network of 2,200+ dealer locations • Premium customer experience • Strong dealer profitability and expanded opportunities from PACCAR engines and TRP stores • Competitive flooring and retail financing provided by PACCAR Financial and PACCAR Leasing
April 2021 Page 40 Growth in Kenworth and Peterbilt Dealer Locations U.S. and Canada
Locations Locations
900 900 PACCAR MX-13 Introduced in 2010
800 Dealer Investments of $1.9 Billion since 2010 800
70% Growth in Dealer Locations 700 700 Drives Long-Term PACCAR Parts Growth 600 600
500 500
400 400 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 April 2021 Page 41 PACCAR Financial Services Strategy
• PACCAR Financial Services supports truck Total Assets 3/31/21 = $15.5 Billion sales by providing financing and leasing Australia, Mexico & Brasil $1.6 Billion services to PACCAR customers 10% U.S. & Canada $7.4 Billion • In 2020, PACCAR Financial financed 28% of Europe 48% all Kenworth, Peterbilt and DAF trucks $4.0 Billion 26% PacLease • Geographical diversification, disciplined credit $2.5 Billion 16% underwriting, and rigorous portfolio management have enabled PACCAR Financial to earn excellent profits throughout % Low 30+ Days Past Due % the business cycle. 6 6 • Key strategies and investments: 5 5 − Predictive data analytics for credit quality 4 4 − Expanded used truck centers 3 3 2 2 − Mobile finance and credit system 1 1 − E-contract and e-signature 0 0 − Customer on-line portal 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 April 2021 Page 42 Long-Term Growth in PACCAR Heavy Duty Market Share
32% 32%
• Since 2000, PACCAR’s above 16 tonne 28% 28% market share has increased in North America, Europe and South America 24% 24% • Kenworth is the market leader in Australia 20% 20% • PACCAR’s investment in truck 16% 16% manufacturing in Brasil supports 12% 12% PACCAR’s medium-term goal of 10% market share for Kenworth and DAF 8% 8% products in South America. 4% 4%
0% 0% North America Australia Europe S. America
2000 2010 2020
April 2021 Page 43 Long-Term Growth in PACCAR Medium Duty Market Share
25% 25%
• Since 2000, PACCAR’s medium duty market share has increased in the U.S. 20% 20% and Canada and in Europe 15% 15% • In the U.S. and Canada, Kenworth and Peterbilt achieved a record share of 22.6% in 2020 10% 10% • DAF share increased to 9.5% in Europe in 2020 5% 5%
0% 0% U.S. and Canada Europe
2000 2010 2020
April 2021 Page 44 Environmental Leadership
CDP “A-” Rating Facilities
PACCAR Achieved an “A-” rating for its Over 90% of PACCAR Environmental Practices; Manufacturing Locations Top 15% of over 9,500 have Achieved ISO 14001 Reporting Companies Certification
Over 80% of PACCAR Science Based Targets Locations are “Zero PACCAR has established Waste to Landfill” new emission reduction targets in partnership with the Science Based 2020 Encouraging Targets Initiative Environmental Excellence “E3” Gold Award
April 2021 Page 45 First Quarter 2021 Earnings
April 2021 Page 46 PACCAR Revenues and Profit
82 consecutive years of net profit
Dividends every year since 1941
1st Quarter ($ in Millions) 2021 2020 Revenues $5,846 $5,162 Net Income $470 $359 Return on Revenues 8.0% 7.0% Diluted EPS ($/Share) $1.35 $1.03 New Truck Deliveries (units) 42,200 38,400
April 2021 Page 47 2021 Financial Results First Quarter 2021 vs. First Quarter 2020
Sales and Revenues Net Income (Billions of Dollars) (Millions of Dollars) • Sales and Revenues of $5.85 Billion
$5.85 • Net Income of $470.1 Million $5.16 $470 • After-tax Return on Revenues of 8.0% • PACCAR Parts Revenues of $1.16 Billion $359 • PACCAR Parts Pretax Income of $251.3 Million • Financial Services Pretax Income of $76.4 Million • R&D Expenses of $80.1 Million • Capital Investments of $94.2 Million
2020 2021 2020 2021 • Deliveries of 42,200 Trucks
April 2021 Page 48 Historical Annual Gross Margins
• Truck margins increased through 2019 due to Total Manufacturing new products and operating efficiencies 15% 15% • Truck margins in 2020 affected by lower 14% 14% production volumes and global pandemic 13% 13% • Parts margins have benefited from distribution 12% 12% and technology investments and growing populations of PACCAR trucks and engines in 11% 11% 13 14 15 16 17 18 19 20 1Q operation 21
Truck Parts 14% 14% 29% 29% 12% 12% 28% 28% 10% 10% 27% 27% 8% 8% 26% 26% 6% 6% 25% 25% 13 14 15 16 17 18 19 20 1Q 13 14 15 16 17 18 19 20 1Q 21 21
April 2021 Page 49 Truck First Quarter 2021 vs. First Quarter 2020
Sales Segment (Billions of Dollars) Pretax Profit • Sales grew 13% to $4.23 Billion $4.23 (Millions of Dollars) $3.76 • Pretax operating profit of $269.5 Million, an increase of 47%
• First quarter 2021 deliveries of 42,200 $270 compared to 38,400 units in the same
$183 period a year ago
• Kenworth and Peterbilt unveiled new flagship Class 8 trucks in March and a new full line of Class 5-7 vehicles in April
2020 2021 2020 2021
April 2021 Page 50 Aftermarket Parts First Quarter 2021 vs. First Quarter 2020
Revenues Segment (Millions of Dollars) Pretax Profit • Record first quarter revenues of $1.16 $1,161 (Millions of Dollars) Billion, an increase of 16%
$999 $251 • Record pretax profit of $251.3 Million, an increase of 17% $215
• First quarter parts revenues and profits growth due to robust freight demand and truck utilization, investments in distribution and innovative technology. TRP all-makes parts and TRP stores and a growing population of connected vehicles with PACCAR MX engines also contributed to 2020 2021 2020 2021 the growth. E-commerce sales grew 30%.
April 2021 Page 51 Financial Services Balance Sheet & First Quarter Profit
$ Millions Segment Pretax Profit (Millions of Dollars) 3/31/2021 $76 Finance & Other Receivables $11,740
Equipment on Operating Leases 3,060 $48 Other Assets 734 Total Financial Services Assets $15,534
Commercial Paper & Bank Loans $3,043 2020 2021 Term Notes 7,522 • New loan and lease business of $1.3 billion • Portfolio performed well with low provision for bad debt and Deferred Taxes & Other Liabilities 1,397 0.4% past dues Total Financial Services Liabilities 11,962 • High quality portfolio of 203,000 trucks and trailers Equity 3,572 • Increased demand for used trucks and higher pricing • Investments in 12 worldwide used truck centers. A new Total Liabilities & Equity $15,534 facility in Madrid, Spain, will open in 2021.
April 2021 Page 52 PACCAR Inc A+/A1 Credit Ratings
($ Millions) • Superb balance sheet 3/31/21 Mfg Cash & Securities $ 4,651 • $4.7 billion in manufacturing cash and securities to support growth Other Manufacturing Assets 8,318 opportunities and investments in all Financial Services Assets 15,534 phases of the cycle Total Assets $ 28,503
• No manufacturing debt – a capital structure that has proven beneficial Manufacturing Debt $ - throughout the business cycle Manufacturing Liabilities 5,823 Financial Services Liabilities 11,962 • A+/A1 credit rating provides excellent Shareholders' Equity 10,718 access to the credit markets for PACCAR Financial Services Total Liabilities & Equity $ 28,503
April 2021 Page 53 PACCAR Competitive Advantages
Experienced Management Team
Highest Quality Products
Rigorous Cost Control
Excellent Supplier Partnerships
Innovative Technology
Global Aftermarket Parts Sales
Profitable Financial Services
Strongest Dealer Network
April 2021 Page 54 April 2021 Page 55