66 An increasingly important tool for the heavy vehicle industry, the buyer’s club segment entered 2026 on a downward trend. Industry sentiment suggests that, amid high interest rates, macroeconomic uncertainty – further intensified by the war in the Middle East – and elevated levels of indebtedness, activity is likely to stabilize or experience a slight decline in certain segments by the end of 2026 Specifically in the heavy vehicle segment, given the breakdown of 51% in agricultural machinery, 41% in trucks, and 8% in road and agricultural implements, among others, the outlook for 2026 is one of stability compared to 2025, which recorded a 15% decline from the previous year. This type of financing, which has over 900,000 active participants in the heavy vehicle buyer’s club segment, accounted for one in five vehicles sold and a third of the trucks sold for fleet expansion or renewal in the transportation sector, with particular emphasis on agribusiness use. ABAC (the Brazilian Association of Buyer’s Club Administrators) considers the decline observed at the beginning of the year unsurprising, as it reflects the broader market’s weak performance. Clear signs of this cooling trend had already emerged by the end of the first two months. Sales of new heavy vehicle quotas were limited to 25,000 units, marking a significant decline of 15.2% compared to approximately 29,500 negotiated in the same period last year. The volume of credit traded also declined, totaling R$ 5.5 billion – 13.5% lower than the R$ 6.4 billion recorded in the previous year. Even the average ticket for heavy vehicles fell by 1.1%, to R$ 234,400. According to ABAC, the number of new quotas negotiated throughout 2026 is expected to remain broadly in line with 2025 levels, when a 15% decline was recorded compared to the previous year. Given the prevailing headwinds both domestically and – especially – in the global economy, such an outcome could even be viewed as positive. Luiz Antonio Barbagallo, an economist at ABAC, highlights the ICSC (the Buyer’s Club Sector Confidence Index) – the association’s own indicator – which, in its ninth edition, has reached its highest level since inception. In February, it stood at 64.6 points, up 2.4 points from November. The indicator is derived from responses provided by players across various economic sectors, as well as by consumers and participants in the buyer’s club system. Thus, the economist notes that confidence among the association’s affiliated administrators remains optimistic, adding that minor fluctuations are to be expected at the beginning of the year. “The fact that 2026 is an election year, combined with ongoing domestic and global challenges, has led to continued uncertainty in responses regarding the Brazilian economy. In contrast, sentiment among industry executives remains optimistic, which pushed the ICSC upwards”. It is worth noting that the ICSC is based on questions related to the consortium system, its administrators, and the Brazilian economy. In the first two, responses were overwhelmingly positive. “If that were not the case, the ICSC would likely be on a downward trajectory.” Buyer’s clubs, in general, closed 2025 with several record-breaking results, even amid a year marked by economic fluctuations. A total of 5.16 million quotas were traded – a historic high, showing When stability is good news The buyer’s club segment expects to match in 2026 the performance recorded last year in heavy vehicles – an outcome that will certainly be worth celebrating. CONSÓRCIOS | BUYER’S CLUB | CONSORCIOS
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