Some see the wave of consolidation at dealer level in the US as an indication of a second stage of market correction. The first was the shake-ups at manufacturing and distribution level, which included staff lay-offs and alterations to production processes. The current phase, partly triggered by the Nacco Material Handling Group Inc move towards dealership consolidations in North America for its Hyster and Yale brands, sees strong dealer chains getting bigger, and more vulnerable ones being pursued and acquired. We'll be exploring these moves in more detail in a couple of weeks, in our North American special report, so watch this space ...