What's Happening With PRIDE GROUP?! Billion Dollar Settlement Update!
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- Опубликовано: 16 май 2024
- What's Happening With PRIDE GROUP?! Billion Dollar Settlement Update!
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As Pride Group faces their billion dollar settlement, many are curious what they plan to do going forward, what will happen to the 20,000 pieces of equipment under their company, what steps they are currently taking, and whether or not Pride Group is able to recover. Join Ronen today as he explores the most recent updates on Pride Group's situation.
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📚 Chapters
00:00 Introduction
00:15 Background on Pride Group's Situation
01:27 Join ET's Membership Today!
02:18 How Did Pride Grow At A Fast Rate?
03:12 How Did Pride's Greed Bring Their Downfall?
04:48 Loan Defaults
05:25 Why Pride Filed Bankruptcy Protection
06:11 Pride Group Now: What's Happened Since?!
08:06 Conclusion
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Nothing wrong with organic growth. Borrowing $2B for any business (especially transportation) is asinine! At the end of the day, it’s the big banks fault for not doing their due diligence and applying some risk management techniques here.
I agree, but the issue at hand here is that Pride's downfall came for a lot of their drivers
Thanks for updating us now. That's what I am asking for simple news updates, especially companies well known
You are most welcome!
The Canadian freight market is going crazy, just saw today that True North Freight locked the doors and disappeared without paying the drivers or staff this week
We heard about that today!
I was on the phone with them right now. Thinking about to return my equipment
What they told you? Im behind payments already too. And im thinking the same go return the truck. But im not sure if they will affect our credit or suit for debt?
Might be smart... never good to cling to a piece of a sinking ship.
@@alfonsodejesus5248 Ghost ride into the dealership and report it stolen.
@@alfonsodejesus5248 I have someone who wants to buy my truck. Because I made a good down payment they can take the truck and we are good or I will transfer to another buyer . I’m still thinking about it. Not sure if I leave or continue. Times a rough brother. But I don’t have any payment behind me.
Thanks for the video good information
Thanks for watching!
Where is the link to join ? Lol I can’t find it anywhere in the description of the video.
It's right beside our name under the video! A button that says "Join"! 🙂
the model is great. bad credit. need 25-35% down payment, charge 10-25% interest. Make payments for a couple months, can't pay anymore, you repo truck, they resell the truck and repeat.
Yeahhhhhh
My factoring company won't factor their brokage. They're still posting loads. I don't know how they're doing it, but they post their loads without their MC showing on dat.
Interesting
Thanks
Thanks for watching!
Take a million dollars from the bank and its your problem. Take a billion dollars from the bank and its the banks problem.
Haha
Im leaving this mess before somebody close it's doors with my paycheck inside.
You would be much the wiser to do so, yes
Are you hiring now or waiting for markets to stabilize?
We are waitlisting currently, but we are definitely watching the market to see if it will stabilize
@@NorthAmerican-Trucking-News Can i smoke crack and pull a dry van for ET?
Wow it’s going to be very interesting
Indeed it might be!
We had a local corporation here few years back that did the same thing....they offered their investors a real great return on the money they invested....went great for awhile but when it crashed it was ugly....like a pyramid scheme gone bad
Yikessssss
Gigg,Charger, Falcon next Canada looks like
Oh
Maybe they will start answering calls and paying their warranties they sold to customers.
I was told they were great to deal with, and have had nothing but problems dealing with this company.
Haha, I doubt that somehow
You gave poor business sense if you think it was a good idea to buy trucks and warranties from a company like Pride.
I’m sure there is some shady things going on
Naturally. Will they really just accept an L and move on?
Even with this guy
They are in a really deep hole, I’d be really surprised if they can get out, the amount of money is too high. This is only the beginning of the end for them.
I think they will actually, just at the cost of the drivers
They have a hotel in Illinois. I passed it today crazy.
A hotelllll, wow
They gave trucks out to owner operators just by their id no social nothing.
Oh?? That's disconcerting
One of my drivers he told me how they did this nefarious practises and he said just a few months ago he just abondaned the truck and nobody has come yet to claim it, he even said that he knew a lot of them who went through the same process of leasing the truck.
I find it interesting that the banks haven’t gotten involved. They no more want all these trucks turned back in than Pride Group. You would think the banks would use their power to push up the freight rates so everyone involved can make money as well as the banks. 0:15
What gave the impression that they want everyone to make money as well?
Not only was they interested high but there down payment where crazy, my buddy got a new one from them 45k down just greedy business this is what wrong with this country today people are buying things like it’s free. Great videos
Ridiculous downpayment
I wonder if this will result in lower prices on the used market if thousands of trucks are liquidated?
Yes it will
I like this guy. He makes money on his videos. Plus pulling drivers into his company. I don’t know what he pays his o/o or drivers. But it’s probably less than 65%. That is a really bad deal
Less than 65% would be criminal, no one would willingly work for 65% much less work for less than that
We need more trucking bankruptcies. Freight rates will never get better if so many trucks are on the road.
We're gonna wait a while if that's the resolution we're looking for
What will happen to somebody that has a truck on payments from them and did not default on it?
Worst case scenario, your truck is reposessed
Do you know if in that case credit scores will be affected ?
I still see their equipments on the road
Had 2 of their drivers ask me if my company was hiring. Gave them the info. They are worried about their future.
I'm not sure how long that will be the case for
Not for too long for sure
This type systems look good on paper but black cloud show up you got huge storm yup.pride was good but when covid 19 went after slowdown start few crack on them.i saw this before with heavy equip.most are out business sad but true.😮
Pride Group is why the trucking industry in Canada is garbage. Glad this is happening and shaking out the industry. Let’s hope it isn’t allowed to happen again.
I am looking for update of billion dollar heist happen in Canadian airport by Indian immigrants!! if you know you can share!
That's news to me, what was that about?
@@NorthAmerican-Trucking-News ruclips.net/video/2ZBhpqsRmTE/видео.htmlsi=1Cn8kDxtIT_kVLsW
My taxe dollars at work
Haha
I herd they include a free turbin with a truck purchase.
And water bottle
They get a free yamika if they decide to move into the dispatch department.
Turbin and flip flops!!
That is the dumbest crap I've heard today
Learn to spell idiot before you wanna rip on others
I would say let him fail. They was getting rich off back of the truckers 12% interest is crazy. You can't manage your business and balance your books it's time to call it quites
Something tells me he won't fail though
IF COMPANIES WOULD REFUSE T LOSE MONEY( sub $3.00..) per mile then the industry would be better off. The brokers who accept poverty freight should just NOT broker the freight. What about the fuel surcharge that is supposed to be charged. As a perceptive O/O I could NEVER make the equation work with cheap freight.I understand that you have to serve your customers but groveling on the phone to freight brokers is embarrassing. publish a money making rate and stick to it. as the old movie clip says " it is a poor salesman the cuts his rate"!
Most of the brokers aren't accepting poverty freight. They're the ones making them. They accept a decent load and try to broker it at a 20~40% profit leaving carriers to barely make any on their own
I didn't know there was this much racism in transportation industry in Canada. I knew this was common in the US but noticing in the comment section of your videos how many comments are targeted towards a particular group of people. Is this jealousy or something they do which really pisses off you folks?
It is believed that people of the middle east and Indians and the like are the reason why rates are driven down at fast rates because they are thought to be the ones running all the cheap freight on the market. As a result, many Canadians are open about their dislike towards those groups
@@NorthAmerican-Trucking-News ohh Ok.
@prakashkiran1 I personally have no problem with South Asian drivers. I do have a problem with South Asian owned trucking companies who bring people here who have little experience driving a truck and send them across the country in the winter in conditions they are not prepared for. Also they often pay and treat their drivers poorly and do not follow Canadian labour laws (deducting pay for accidents for example) they are basically abusing their drivers so they can undercut other companies who play by the rules and try to put them out of business. It is basically legal human trafficking in my opinion by some of these employers.
@@juliogonzo2718 thanks for the explanation!! Appreciated
You know who’s at fault ?? TQL that’s who.
damn clickbate. I thought an actual update
It is
Overload trucking with cheap driver's in crap trucks. Scam the banks and disappear back to the sand box. Haha brilliant.😂