PRIDE GROUP Going Under! | Yet Another Trucking Bankruptcy
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- Опубликовано: 31 мар 2024
- THIS JUST IN! North American carrier, Pride Group files for bankruptcy protection, and faces $100 MILLION law suit. Ronen covers what we know so far and explains the details of the fallout.
What do you think of another major company dealing with bankruptcy this early into 2024? Do you have any other information we haven't covered?
Leave your comments below!
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Well what doesn"t make sense about Pride Group is they are still hiring and put out job ads daily. What kinda corruption is this? Especially Ads out for Owner Operators when they are barely making a return if at all? The Corruption amongst these types of Companies need to stop.
All major companies do this to keep a list of applicants in case an opening becomes available they can quickly fill. bankruptcy protection is to refinance ir stop loan payments while they liquidate by seeing equity or equipment and lower production costs.
A trucking company is ALWAYS looking to hire truck drivers. It's even better if they are owner / operators because they take on the risk and expenses of the truck
april fools ;)
@@juanguzman8034
They filled for chapter 15 so they keep going while selling off assets to pay the debt off
I have grow up in trucking drive truck from the age 15 my grand father usto have like 15 trucks a shop where he work on all of them buy him self he usto have one of the bigest sugar contract in the island of jamaica and a buxite hauling contract whit windalco and one whit jamalco I get my first commercial drivers license at age 17 and the day I get that license that man sell all the truck and only keep2 he ones say to me that driver run truck whit out driver there is no trucking companies I live in canada and if I apply for a job at one of this big company right now they say I have no experience. Now if I buy my owne truck I am sure of getting my owne experience and my owne incurance but because most of the trucking companies in canada don't owne the truck most of them is like a egg pride is an example sorry for lot of the people who put up there house to get a truck out of pride truck sale lot loos there family and there home to be in a industry that they will let the make money thank the old school guys in trucking that the school I am coming from and I am only 37 coming from the days of when perkings motor usto under truck cab 3406 b cat nt88 cummins the days of the bruggader gmc general but little guy who have little creddit and charging some cheep labour who just see a truck yesterday to let me feel lest than my self because ask them from work I hope the incurance compney and the creditor satisfied whit there lost they help.distroy the trucking industry because the give the big company too much power over the little man whit the one truck!
This industry is going down big time, won’t be long before other carriers follow Pride.
We expect that to occur too!
Yellow started the collapse 😂
Org chart is a perfect example of how to go under asap. Only people that don't actually produce revenue come up with insanity like that "org chart". Smh. Insanity
Anyone remember Celedon/Hyndman? , the management kind of reminds me of this
I rmb seeing hyndman trailers
@@The_real_Toddington I remember pulling cans for Hyndman delivering to K-Mart of all places!
All would have been fine if Celadon had kept their greedy hands off of two great Canadian companies.
You know what’s crazy I just saw a celadon trailer this week with the company name and all at a lowe’s warehouse in Milton
Serves 'em right! The leasing arm of pride is fraudulent. So is their truck sales- always selling trucks overpriced.
So we're hearing!
They just burst their bubble..
They flew too close to the sun on wings of curry naans
I don't want to laugh at this... but God the wording cracked me up a bit
@@NorthAmerican-Trucking-News hahaha because you know it's true 😛
Too big too fast, recipe for disaster
That's what she said
@@jonesmorales-tu6kq😂
What ..are you blind...there is not a single load of freight in the market
This guy's are the biggest scammers of all time, I'm glad they are falling apart. All this hard working owner operators have been crying, including me, by the scam we all have been into. I'm still dealing with them!
Are you open to sharing more about your experience?
@@NorthAmerican-Trucking-News yes anytime
Right On right on right on that how to put an end to driver ink what a cattle put an end to drive her ink
More Room For Real CANADIAN TRUCKERS
I am we lease to own a truck back in Aug 2023. And it has been a complete headache with the junk truck they sold and now we are not able to use the extended warranty they sold us for $12,500@@NorthAmerican-Trucking-News
thank you ronen i had ask yesterday
Thanks for sharing 👍 🇯🇲
Thanks for watching!
The company was founded by Sulakhan Johal and his brother Jasvir Johal…wow these are some true native canadian names I guess
Their no correlation with their name and business strategy
There are not native canadians
Not surprised seeing those names ,that they went bankrupt and screwed someone over .
👀👀👀
Those mofos are dangerous. They don't know how to drive and have no business in a highway tractor. One of these foreigners killed a kids hockey team I Saskatchewan a few years ago.
In 2007 they was selling one or two trucks a month but it’s unbelievable..growth and scam 🎁🎁
Trucking needs to be dismantled and re-thought and re-structured. ground up 🤷
It definitely needs work, but dismantling, I think that's a little harsh. I think some re-education of drivers is a good place to start. I've heard the trucking industry is dying. It's not just dying, it's killing itself. Today's drivers don't give a shit, they don't look past their own hood.
Why is it we don't have safety problems with owner operator, company drivers are 90% of whats wrong with trucking, as a o/o I can do it cheaper and more profitable than a large company we just need to fix the brokerage firms and government overreach
Like you have rookie truck drivers you have rookie managers and that's all I have to say.
I used to work with TCT Canada years ago and was shocked by there poor manager many years before their downfall. They took a lot of people down with them
Sorry to hear that
Yep TCT destroyed Atomic much like Celadon destroyed Yanke and Hyndman
As my husband just said here comes more units to the auction house with the issue with Pride Group. But if you got the extra cash sitting around, great time to jump in.
Yep!
Hi Ronan, would you be able to make a video on hazardous cargo? Just wondering the difference in pay rate, safety risks, etc. thanks.
I'll forward that suggestion over to him!
What they don’t say in their press release is how bad they got burned by leasing trucks to unqualified drivers/small trucking companies who in the long run quit making their payments. I don’t work for Pride but am in the industry and get the vibe that during the pandemic they were contracting anyone that wanted a truck and putting them in a nice piece of equipment. That was a VERY long line of applicants when trucking was good, when things got tough they got left hanging on hundreds of millions of dollars of equipment. They were taking advantage when the market was good, charging high prices and high interest rates. Ultimately, that made it harder for their customers to keep up on payments when times got tough. What killed them was
not their trucking/logistics business, it was the sales/leasing side of the operation. This is all allegedly and speculation but I hear that is what led to their downfall..
Ahhh, those are some good points
I was an independent contractor all 2020, I don't know from where did you got $4=5 per mile ( maybe brokers). I got an average of $2.5 per mile, $3 when I was lucky.
That is insane
How?... where did you run....Easily got $4/00 from Jersey to Florida for 2yrs straight.... Wisconsin/ Minnesota/ Iowa....Northern Illinois...Easily $5 /00 per mile to Florida 2.5 years straight... even now Iowa to Florida $3.00 per mile
Highlight Motor is next
Charger too
They got there ukraine money buddy
@@satl5230 Highlight is Russian, not Ukrainian. Caravan transport is Ukrainian!
🫣🫣🫣
@@void308Caravan is Polish
Hey out of service for a small air leak and a few out of adjustment breaks. Its only a matter of time before we all go down. Ontario blitzes costed 2000$ in 2 days now. Yesterday officer didn't find these breaks out of adjustment yesterday. Odd they dont get how this could work out in court. Im not a mechanic so they think they are. And we pay for everything. Just because we work or habe businesses they can fine us for minor infractions now pull us out of service. Not even worth it. I hope they starve for this and beg us to keep hauling. Its time.
3 hours inspection had a flat and a concerned citizen called me in said my load was falling off the truck. Didn't move. Inspector didn't see the air bags where over inflated because the release value isn't working properly, I only noticed when I was empty. But besides the fact no warning straight to finnage 800$ and a call out 16 km from the tire shop. This industry is in full collapse because of the government. Did you know we are at a brink of war but these truckers will pay.
Years ago at the Putnam scale i had 15000 pounds of insulation on and thought i had nothing to worry about . wrong 2am on a Sunday morning got pulled around back they went under my truck 3 times and then came out with a ticket for straight pipes . there wasn't anything they could find . cheap dot cop got to wright you up for something . they kept me 2 hrs for that nonsense .
Dude figure it out you put people's lives in danger when you drive with brakes that are bad, you put other truck drivers lives in danger when you do that
@@WesleyPettit-su2rq haha I can't. I can't reply to your stupidity
@@patrickbooth2329 Man I hate that scale and always worry if it’s open when i’m headed to london . The other bad one is the one on the 403 near lincoln that one’s always open
/sounds like greed and mismanagement!!!!
So we're hearing!
Yes long time ago they did it two months ago
But wait! I thought all truckers were getting rich because of the “massive driver shortage”! Guess they can’t name their price after all.
Haha, if only that was right
I can name mine. Eat your heart out 😛
@@juliogonzo2718 suuuure you can bud.
The family that owns Pride most likely made sure they were financially good before the bankruptcy …. now the creditors have to find the hidden funds etc
Well no shit. Circa gainey transportation, 1500 trucks... Now they do insurance.
Obviously
Richie bros has more equipment to sell
If they can get the stink out of it
So it seems!
Ty Ronan.
😢
You're welcome
I worked for Arnold Transportation right after they were taken over by USExpress, they were horrible to work for then and from what I've seen they are still a terrible place to work.
I drove for them as well. Horrible company with Horrible pay.
Yikessss
Yep. Are they going to under as well?
Is it a good idea to buy a truck from pride if they filed bankruptcy?
Is the truck being sold at a good price?
It sounds like somebody was suckered by a bubble.
DO NOT hook up with any company, otherwise, someone may attach a lot of strings. Be your own boss. In a word a sole proprietor.
Thanks for answering my message 😂
Our pleasure!
What we are witnessing is the fall of public companies that have taken over private companies and have been driven by shareholder returns to the point of the ability to continually increase dividends there has been the sacrifice of capital reserves that were a traditional structure of private companies, now when things go sideways or get thin there is little capital to tide them over because CEO,s have been paying themselves big bonuses and upping shareholder dividends so getting approval of their high salaries and bonuses but leaving them exposed like we see here again, and we will keep seeking as the private company honor of looking after its employees is no longer the backbone of its management strategy, its easy come easy go bankrupt these days !
Crazy Stuff.
Indeed it is!
Never heard of pride group around Edmonton, never seen their logo.
Really?
Every body wants to be bigger then the next guy. A lot of companies out here are on borrowed money, I was just talking to my wife about it today , I seen loads going from Denver to Ga today 48,000 lbs for 96 cent a mile and people are taking them what idiots, your hauling someone freight for free
96 cents???
I recently saw an ad looking for team O/O's. They were offering $.96/ mile split, and that's Canadian, to run Toronto to BC rounder
@@jeffreycairns767 They think that there is a possibility that they will find dumb and dumber
Get em outta here
Harsh
Poor management. More fools in a business that is to easy to get into. Strip them of everything to pay creditors as much as possible.
We all pay for their downfall with higher interest rates as lenders have to recoup their losses. 👎
It's always poor management
I was fired just 1 month ago from Pride.I think that's why they are getting rid of some drivers.
Probably was an attempt to downsize but ultimately failed
It's always wise to separate your
Leasing company "that owns the trucks" and the trucking company " that runs the trucking business" (separating them helps with mitigating risk/liability)✍️
You may be right
Or were they financing trucks to "owner operators" and taking a cut? The old come work for us as an % so we can finance you a truck and pay you just enough so you stay hungry routine
They also own many marinas.
I see...
Hauling cheap freight will bankrupt anyone who hauls it . take the load so you can cover your fuel . what a great idea LMFAO . leave it on the load brokers desk until he gives you at least 60% . what a joke cheap freight is on those that haul it .
You're partially correct
Good, every mismanaged company needs to be out of business. No worries to the small players. It’s more loads for you to run.
This doesn’t happen by accident either, there are likely corrupt fraudulent circumstances with ownership and executive level. No WAY unless you all the sudden Suck at running your company does this happen. Highly doubt that. BK and a restart leaving lease companies holding the bag.
So far, a lot of people have come forward and said that there were lots of fraudulence occurring... but we are uncertain ourselves.
If you are in a room with a cobra and an Indian businessman keep your eye on the man as he is the most dangerous.
DRIVER INK
Truck can't run on credit when there is not enough production in canada if the fright dont come up back.lot more of these big companies is going to be the next pride 😂😂😂😂😂😂
There have been and will be more bankruptcies
To bad about pride. They are very reliable. This is just the start of the trucking collapse..our grocery stores are going to have empty selves..the worst is yet to come
This company that go big fast down fast too
Bigger they are the harder they fall they said
Would it be a good idea to buy from Pride Truck Sales?
I bought my truck from them. Horrible experience so far and on top of that, truck has been in and out of the shop since I bought it.
Honestly... that depends on you
Here comes the debt snowball and interest rates are going higher.
We're in for a rough period of time
@@NorthAmerican-Trucking-News Depressions are indeed rough.. start preparing!
Someone's loss is someone's gain that how this works I guess
That's the world we're living in
It was built to fail
How many millions these theif stacked away?
Who is to say?
Let them go under. Every driver should also stop working on milage based. Drivers should also start only working for an hourly pay of no less than $38 per hour. No free waiting time at the shipper/receiver either. Minimum $38 per hour. Overtime after 8 hours.
Good luck making that in Ontario where myself and Et transport are located. It’s hard enough to find someone paying $30 a hr
@@classicxl , it is hard because drivers are being stupid. There is a reason why police, nursing, teachers, pilots…. Union exist. Only when company truck drivers will get their head out of their own rear-ends, and only then, their lives will get better. If they refuse to do this and continue being idiots, pardon my forwardness, drivers’ will continue to have red anus, will have more divorces and they will continue to tumble downhill…
@@classicxl it is driver’s fault. Due to their stupidity, drivers can’t unite. Police, nurses, teachers, pilots, etc… are part of a union. Why? Negotiating power. Truck drivers, are on the other hand, majority, lack brain power to make it happen. Hence for divorces, family issues, and their red anuses, without even a paycheck to show for it. If otr drivers were smart, they would never be out of the house for more time than actually being at home. Uneducated and stupid people, on the other hand, are more than happy to waste their life away. Prove me wrong.
@@classicxl it is driver’s fault. Due to their stupidity, drivers can’t unite. Police, nurses, teachers, pilots, etc… are part of a union. Why? Negotiating power. Truck drivers, are on the other hand, majority, lack brain power to make it happen. Hence for divorces, family issues, and their red backside”, without even a paycheck to show for it. If otr drivers were smart, they would never be out of the house for more time than actually being at home. Uneducated and stupid people, on the other hand, are more than happy to waste their life away. Prove me wrong.
@@classicxl it is driver’s fault. Due to their stupidity, drivers can’t unite. Police, nurses, teachers, pilots, etc… are part of a union. Why? Negotiating power. Truck drivers, are on the other hand, majority, lack brain power to make it happen. Hence for divorces, family issues, and their red backside”, without even a paycheck to show for it. If otr drivers were smart, they would never be out of the house for more time than actually being at home. Uneducated and stupid people, on the other hand, are more than happy to waste their life away. Prove me wrong.
Emotional damage isn’t a good excuse to fail delivery!
You're right
The leasing arm of this company is fraudulent,making false claims about non payments are not made and reposes trucks illegally when in fact payments are usually up to date.
Isnt there a truckers shortage, i dont understand.
Im not american
There's a shortage on good truckers for certain... the bar for entry is massively low so the newer drivers are terribly unskilled at times
Does Pride Truck sales is in their chain?
yes
@@jocamp4837 i was looking to buy truck from them these days…
That’s how they started with truck sales , then leasing and the trucking company
One day I when there to asked a bout buying a truck the guy say 80 000 I look on him and say if I buy.a cab from kenworth buy the transmission from Eton buy.the back.hend from Hendricks buy the steel and the bolts from bolt plus the truck still don't cost me 80000 he look at me and say I am not willing to sell you my wife laug😅 and say he dont to do no business whit u because he see that u know about the trucking industry
@@classicxltrue
I have 2 demirit points and they wouldn't hire me.First time in my life an insurance co has said no to me. Karma payback ...for not hiring me 😂
You had a guardian angel looking out for you by not getting hired
Everything has a reason man...
@@classicxl probably. They were also rude
@@NorthAmerican-Trucking-News heard that
They didn't hire you because you're not Punjabi. Many companies are doing this now and getting away with it. Explain how we have to be governed yet if you're Brown, the laws don't apply. I was told once, by an MTO officer, that they rarely stop or inspect Indians is because they cry racism, get lawyers and they always win in court. It's not worth the Hassel, but if you're white, black, etc., you have no rights at all
How about Landstar.
We'll keep an eye on them! And by that I mean, legally not spying
I dont know, I actually think to work for them, you know, unemployment after 3 month
Frig transports we’re scattered all over hwy 90 in South Dakota. Professional drivers would have enough to stop or slow down with 50 mile an hour cross winds on black ice . Literally had two idiots go by me when I slowed to about 40 on the ice. Not even two hundred feet in front of me both of them got blown sideways and spun out almost killing me.
Yikes.... are you okay??
We help ever country but can not do anything to help the poor people
Sometimes it's easy to solve someone else's problem instead of your own
@@NorthAmerican-Trucking-NewsEspecially when ki k ba ks are involved.
Owners still flying first class no doubt
Undoubtedly.
Very strong economy
Haaaaa
Unnatural growth, like raising the minimum wage for fast food workers to $20.00 an hour? Yeah we'll all now be paying $25.00 for a Happy meal.
You don't know what the hell you're talking about. Too many dumbass in the world today. It's exhausting
Inflation is insane
Is Charger in that group
No, but they are another one that has a similar business model
Were these the guys that bailed out Bruce R Smith?? Never did see a true male Canadian driver behind the wheel of any of their trucks. I usually saw scared nervous New Canadians trying to drive!! Just saying......
👀👀👀
i remember when Bruce R Smith was next door to my current company in Mississauga and they were a large company. I heard after the owner died they got into financial difficulties and were bought out by fastfrate
There are men who main goal in life is to make money and lots of money. If all you want is a new truck then that's your goal. These guys want to a have private jets, helicopters, office towers, golf courses, bullet proof cars, and private Islands. They are the ones with the help of the government and banks that helped create everything and they need people to work for them. They created the world you live in and we help them get rich and they don't care about anyone but there own group. Detroit was the envy of the whole world at one time and now it's all in ruins. The men that created that city got filthy rich and don't even care that city is a hell hole.
I have worked for rich greedy men and they really don't care about the guys who make them money because we are all replaceable. I'm pretty sure that these big carriers have something to do with all of the rules you need to follow because they don't want any free thinkers out there.
If the passion is just to be rich then it's not a passion at all.
No good
Just more used trucks on the market.
Too many hitting the market, however.
@@NorthAmerican-Trucking-News Let's hope so. I need a inexpensive truck with low miles and and newer year.
Ha they have rich shell companies will scoop them up leaving a bigger bankruptcy… some how taxpayers will lose again
Is this the guy who I heard about... the Italian wannabe
Huh??
I would offer $210m for an outright buyout😊
Oh?
Free up freight.
Will it be enough to increase freight rates though?
Bloodbath in trucking
Hope it doesn't come to that
@@NorthAmerican-Trucking-News was a yellow driver. Not looking good for industry.
crooks ruin industry
Pretty much!
Good. New canadian company gone. Roads will be safer
One of their drivers, on a straight and dry road, managed to put his tractor and trailer on its side completely blocking the highway.
Takes some skill to do that.
Harsh
Don't worry, Charger, or one of the other brand new Punjabi companies, will gladly take over and continue running cheap freight. I work on a dedicated account and we're about to have our per mile rates dropped for the second time in just over 6 months. Why? It's because the Punjabis have taken over and doing it for, practically, free
@@jeffreycairns767your so right seen this happen a few times once they take over the industry rates shoot up big time but the only way they can do it is with a dozen or more living together to cut cost plus bring in unqualified drivers which many don’t even have the proper license to be driving they do not care about safety
Can you expand on your comment? I'm trying to understand the reasons behind it. Thanks.
First
Third
Lol it's true now that I hear ... I heard this this guy likes to use his own as cheap labour as a dispatcher or driver... don't know if he is a driver or running his daddy's business 😅😅😅 either way he looks and sounds indian not an Italian 😅😅😅😅
Are you describing Ronen??
🤣🤣🤣🤣🤣🤣🤣🤣🤣
Mitsubishi hc capital 😂 good no for you🤡
Haha...
Living in a CONSTITUTIONAL REPUBLIC you know what I'm about to say is covered by the UNITED STATES CONSTITUTION: The Supreme Law of the Land !! [not 🇨🇦]
"These six things doth The Lord hate, yea seven are an abomination unto Him: 1. A proud look 2. A lying tongue 3. hands that shed innocent blood 4. feet that be swift in running to mischief 5. an heart that deviseth wicked imaginations 6. a false witness that speaketh lies 7. and he that soweth discord among brethren.....
Satan was cast down from Heaven....why ?
Answer: Pride !!
Next please !!
Good by and good riddance !!
Wow
NDP is offering $1 billion tax money to save em
Pride would have sold multi million $$ cash LMIA….😂