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WASHINGTON — Transportation Secretary Anthony Foxx said his department would formally propose eliminating a requirement that truck drivers file daily inspection reports when they do not find any problems with their vehicles, a decision he said would save the industry $1.7 billion a year.

Transportation Secretary Anthony Foxx said Thursday the Department of Transportation will propose eliminating an inspection paperwork requirement that will save the trucking industry $1.7 billion annually.

Penske Automotive Group said it will buy an Australian truck distributor that sells a variety of truck brands for $200 million.

Several of the country’s largest publicly traded truckload carriers reported a mixture of modest profit declines and some gains for the second quarter, with most citing a soft freight market.

Heavy-duty truck makers reported lower second-quarter profits and revenue, compared with a year ago, as the U.S. economy gradually improves.

Universal Truckload Services’ second-quarter operating income rose from a year ago.

USA Truck said its second-quarter loss narrowed from a year ago.

Truck makers sold 15,929 Class 8 vehicles in the United States in June, the highest total so far in 2013, but also the 10th consecutive year-over-year decline, WardsAuto.com reported.

Truck manufacturers received 18,900 net orders for Class 8 trucks in June, the lowest monthly total so far this year but still 13% above the year-ago level, ACT Research reported.