Truck Capacity Might Start Falling Off A Cliff in 2025
HTML-код
- Опубликовано: 26 авг 2024
- Capacity is not decreasing fast enough, why? Well, we now might have the answer!
📖 COURSES:
➣ Dispatch Course: miranda-c-s-sc...
➣ Open a Trucking Company Course: miranda-c-s-sc...
➣Trucking Business Planning and Management Course: miranda-c-s-sc...
📌MORE:
➣ RTS Fuel Card: www.rtsinc.com...
➣ RTS Factoring: www.rtsinc.com...
Sources:
www.freightwav...
Having multiple streams of income is a game changer for financial stability. Relying solely on a job may not provide enough financial security due to high rates of tax It is important to explore additional investment opportunities to surpass one's expectations.
Well explained. Thank you for bringing this up, financial education is indeed required for more than 70% of society in the country as very few are literate on the subject, thanks to Mrs Charlotte Walsh
@@markharper171How!! I know it's possible I would appreciate if you show me how to go about it.
What is the best way to make money from crypto trading?
As a beginner, it's essential for you to have a mentor to keep you accountable. I'm guided by a widely known crypto professional.
The professional is Ms Charlotte Junko Walsh
Oh 800 million went to rescue YRC but the boards of directors took that 800 million and handed out executive bonuses returns to the share holders and let the company fold.
After 12 years of being an O/O I finally gave it up. I don't make as much money but the stress is a lot less. The trucking industry just isn't worth it anymore. It's better to just live small and enjoy as much time with your family as you can. F being on the road for weeks and months at a time trying to make hundreds of thousands of dollars a year.
Debt free is the best strategy at any situation.
Agreed. Paid my depreciating assets off ASAP to try to beat the curve. Money was easy to make there for a little bit.
I believe there is an agenda to eliminate the OO. However, we are not going down without a fight. Last year, I wasn't even making company driver wages, but I never missed a truck payment. If I had had to pay a driver, it would have been impossible. I didn't get a government loan. I completed a merciless lease to own, but I made it. My Cascadia is 2022 with 435K. Replaced the radiator. I now have my own authority, but it's really scary out here. The government works for corporations, not us. I pray for America!
My story is similar sir. Good luck out there brother may god bless you.
The OO will eliminate itself by failing to "math it to death." Everything in our life is explained in math. If you concentrate on "OO math" and not the power trip of towering over four wheelers, it's a no brainer. You're a rented mule for the industry. Get out of the denial mode.
@@williamrobinson6680...I did the math, which said that you're very angry and arrogant.
@@simonjusticier333 Lol, well that was a move forward! Gaslighting won't change your situation. Never does.
But thanks. Your comment is appreciated and duly noted. 😊
(By the way. I got in with two cash rigs, no loans. Best time of my life! The math grasshopper. The math.)
Agreed. I'll go a step further. In so many ways this government AND Corporations are our enemies.😮😢
The biggest issue is all the visas given to foreign drivers swamping the market...not to mention those "drivers" cant really drive
𝙴𝚡𝚊𝚌𝚝𝚕𝚢 𝚋𝚛𝚘, 𝙸 𝚔𝚎𝚎𝚙 𝚝𝚎𝚕𝚕𝚒𝚗𝚐 𝚝𝚑𝚎𝚖 𝚝𝚘 𝚂𝚝𝚘𝚙 𝚙𝚞𝚝𝚝𝚒𝚗𝚐 𝚊 𝚋𝚕𝚊𝚗𝚔𝚎𝚝 𝚘𝚟𝚎𝚛 𝚝𝚑𝚎 𝚙𝚛𝚘𝚋𝚕𝚎𝚖 𝚘𝚛 𝚐𝚎𝚗𝚎𝚛𝚊𝚕𝚒𝚣𝚒𝚗𝚐 𝚝𝚑𝚎 𝚜𝚒𝚝𝚞𝚊𝚝𝚒𝚘𝚗 𝚙𝚘𝚒𝚗𝚝 𝚘𝚞𝚝 𝚝𝚑𝚎 𝚍𝚎𝚝𝚊𝚒𝚕𝚜 𝚘𝚏 𝚝𝚑𝚎 𝚙𝚛𝚘𝚋𝚕𝚎𝚖 𝚜𝚘 𝚠𝚎 𝚌𝚊𝚗 𝚏𝚒𝚡 𝚒𝚝 𝚊𝚗𝚍 𝚑𝚎𝚛𝚎 𝚒𝚜 𝚝𝚑𝚎 𝚍𝚎𝚝𝚊𝚒𝚕 𝚘𝚏 𝚝𝚑𝚎 𝚙𝚛𝚘𝚋𝚕𝚎𝚖. 𝙵𝚘𝚛𝚎𝚒𝚐𝚗 𝚝𝚛𝚞𝚌𝚔 𝚍𝚛𝚒𝚟𝚎𝚛𝚜 𝚊𝚛𝚎 𝚒𝚗𝚌𝚛𝚎𝚊𝚜𝚒𝚗𝚐𝚕𝚢 𝚠𝚒𝚕𝚕𝚒𝚗𝚐 𝚝𝚘 𝚑𝚊𝚞𝚕 𝚌𝚑𝚎𝚊𝚙 𝚏𝚛𝚎𝚒𝚐𝚑𝚝 𝚋𝚎𝚌𝚊𝚞𝚜𝚎 𝚝𝚑𝚎 𝙰𝚖𝚎𝚛𝚒𝚌𝚊𝚗 𝚍𝚘𝚕𝚕𝚊𝚛 𝚖𝚊𝚒𝚗𝚝𝚊𝚒𝚗𝚜 𝚜𝚒𝚐𝚗𝚒𝚏𝚒𝚌𝚊𝚗𝚝 𝚙𝚞𝚛𝚌𝚑𝚊𝚜𝚒𝚗𝚐 𝚙𝚘𝚠𝚎𝚛 𝚒𝚗 𝚝𝚑𝚎𝚒𝚛 𝚑𝚘𝚖𝚎 𝚌𝚘𝚞𝚗𝚝𝚛𝚒𝚎𝚜, 𝚜𝚞𝚌𝚑 𝚊𝚜 𝙸𝚗𝚍𝚒𝚊, 𝙲𝚑𝚒𝚗𝚊, 𝚊𝚗𝚍 𝚁𝚞𝚜𝚜𝚒𝚊.
𝚃𝚑𝚒𝚜 𝚎𝚌𝚘𝚗𝚘𝚖𝚒𝚌 𝚊𝚍𝚟𝚊𝚗𝚝𝚊𝚐𝚎 𝚊𝚕𝚕𝚘𝚠𝚜 𝚝𝚑𝚎𝚖 𝚝𝚘 𝚎𝚊𝚛𝚗 𝚌𝚘𝚖𝚙𝚊𝚛𝚊𝚝𝚒𝚟𝚎𝚕𝚢 𝚖𝚘𝚛𝚎 𝚠𝚑𝚎𝚗 𝚝𝚑𝚎𝚒𝚛 𝚒𝚗𝚌𝚘𝚖𝚎 𝚒𝚜 𝚌𝚘𝚗𝚟𝚎𝚛𝚝𝚎𝚍 𝚝𝚘 𝚕𝚘𝚌𝚊𝚕 𝚌𝚞𝚛𝚛𝚎𝚗𝚌𝚒𝚎𝚜, 𝚖𝚊𝚔𝚒𝚗𝚐 𝚝𝚑𝚎 𝚕𝚘𝚠𝚎𝚛 𝚏𝚛𝚎𝚒𝚐𝚑𝚝 𝚛𝚊𝚝𝚎𝚜 𝚒𝚗 𝚝𝚑𝚎 𝚄.𝚂. 𝚜𝚝𝚒𝚕𝚕 𝚙𝚛𝚘𝚏𝚒𝚝𝚊𝚋𝚕𝚎. 𝙲𝚘𝚗𝚜𝚎𝚚𝚞𝚎𝚗𝚝𝚕𝚢, 𝚝𝚑𝚒𝚜 𝚒𝚗𝚏𝚕𝚞𝚡 𝚘𝚏 𝚏𝚘𝚛𝚎𝚒𝚐𝚗 𝚝𝚛𝚞𝚌𝚔 𝚍𝚛𝚒𝚟𝚎𝚛𝚜 𝚠𝚒𝚕𝚕𝚒𝚗𝚐 𝚝𝚘 𝚠𝚘𝚛𝚔 𝚏𝚘𝚛 𝚕𝚎𝚜𝚜 𝚒𝚜 𝚍𝚛𝚒𝚟𝚒𝚗𝚐 𝚍𝚘𝚠𝚗 𝚘𝚟𝚎𝚛𝚊𝚕𝚕 𝚖𝚊𝚛𝚔𝚎𝚝 𝚛𝚊𝚝𝚎𝚜 𝚊𝚗𝚍 𝚜𝚚𝚞𝚎𝚎𝚣𝚒𝚗𝚐 𝚘𝚞𝚝 𝙰𝚖𝚎𝚛𝚒𝚌𝚊𝚗-𝚋𝚘𝚛𝚗 𝚝𝚛𝚞𝚌𝚔 𝚍𝚛𝚒𝚟𝚎𝚛𝚜, 𝚠𝚑𝚘 𝚏𝚒𝚗𝚍 𝚒𝚝 𝚌𝚑𝚊𝚕𝚕𝚎𝚗𝚐𝚒𝚗𝚐 𝚝𝚘 𝚌𝚘𝚟𝚎𝚛 𝚝𝚑𝚎𝚒𝚛 𝚘𝚙𝚎𝚛𝚊𝚝𝚒𝚘𝚗𝚊𝚕 𝚌𝚘𝚜𝚝𝚜 𝚊𝚗𝚍 𝚎𝚊𝚛𝚗 𝚊 𝚜𝚞𝚜𝚝𝚊𝚒𝚗𝚊𝚋𝚕𝚎 𝚕𝚒𝚟𝚒𝚗𝚐. 𝚃𝚑𝚎 𝚖𝚊𝚛𝚔𝚎𝚝 𝚒𝚜 𝚋𝚎𝚌𝚘𝚖𝚒𝚗𝚐 𝚜𝚊𝚝𝚞𝚛𝚊𝚝𝚎𝚍 𝚠𝚒𝚝𝚑 𝚏𝚘𝚛𝚎𝚒𝚐𝚗 𝚍𝚛𝚒𝚟𝚎𝚛𝚜, 𝚎𝚡𝚊𝚌𝚎𝚛𝚋𝚊𝚝𝚒𝚗𝚐 𝚝𝚑𝚎 𝚏𝚒𝚗𝚊𝚗𝚌𝚒𝚊𝚕 𝚜𝚝𝚛𝚞𝚐𝚐𝚕𝚎𝚜 𝚘𝚏 𝚕𝚘𝚌𝚊𝚕 𝚝𝚛𝚞𝚌𝚔𝚎𝚛𝚜 𝚊𝚗𝚍 𝚝𝚑𝚛𝚎𝚊𝚝𝚎𝚗𝚒𝚗𝚐 𝚝𝚑𝚎 𝚜𝚝𝚊𝚋𝚒𝚕𝚒𝚝𝚢 𝚘𝚏 𝚝𝚑𝚎 𝚍𝚘𝚖𝚎𝚜𝚝𝚒𝚌 𝚝𝚛𝚞𝚌𝚔𝚒𝚗𝚐 𝚒𝚗𝚍𝚞𝚜𝚝𝚛𝚢.
Here are my 2 cents, the fact that brokers can act like a mini monopoly by looking at freight rates, which keep all small spot market companies down. The fact a broker can go into a website see what moat other brokers are paying is absolutely assinine! Heres why your market rates stay low along with negotiations.
I think so
It's by design, to keep transport cost as cheap as possible.
Can we all just say it out load:
THERE ARE TOO MANY FOREIGN DRIVERS!!!
Thank you exactly
They are all foreigners. I get looked at like im lost or something in truckstops cause im white.
Exactly 💯
@@6millionisalie-gl9dxYer, I'm an Aussie over here. And it's "spot the white guy".
And also foreign trucking companies.
I believe that the excessive glorification of truck driving as a fast track to wealth, along with the widespread use of social media and the influence of various experts teaching people how to purchase inexpensive trucks and acquire operating permits, has led to a significant expansion of the industry. There are even celebrities who have started their own fleets, individuals who probably wouldn't have been interested in the industry if it hadn't been for social media. I think that social media has played a significant role in this expansion.
@@nasheemwhye5197 I agree 100%
Wrong, its 80% third world country now, with about the same percentage not even speaking English, and for a reason.
Blind stupid ignorant optimism helps.
No true information gathering, nor critical thinking.
@@sword-and-shield Yep, them still believing in the American Dream, after the corporate's killed it.
@@carlthor91 Why move overseas for third world workers huh, just bring them here. Its a cheap investment to get them started as well, free CDL, a no cost entry truck lease. Been happening for years, they almost have it wrapped.
We got 36 trucks and trailers all paid for in cash..when we where making good money.we surviving because of not having to pay truck loans and by also having a profitable towing and repair shop in our yard..(the yard we pay for that 1 million$$ loan) but it's worth almost 2 million now finally the permits have been approved to start construction on a 4 repair bay mecanic shop and office space.whats really high is insurance $49k per month!!! Another high expense I seen lately is Simple breakdowns that cause Expensive road service calls because we have some lazy.not prepared drivers that don't carry a basic small tool box.that can help be the difference between a $350 air chamber replacement at a shop or a $950 service call!! Just a pair of clamps and 2 quarters can pinch air brake hose and release the brakes making truck drive- able .or a simple truck tire repair kit with plugs.etc etc A good professional driver is prepared..a steering wheel holder is just that..Also not doing a good PTI can get expensive if after leaving u break down on the HWY instead of noticing the issue when still at truck stop..Nowadays every single penny saved helps! Things like this can make or break a company. I seen 3 or 4 small carriers ( 6-8 new 2024-23 trucks)go under because they could not afford the $1,500 monthly payments on each truck..plus insurance etc..
@@carloscortes5570 you got what you pay for drivers .
If you know they are not professional drivers , then fired them .
Yep... New O/O started in 2022. $5,500 down, then $3,100 a month. Got by for a while, but can't do it anymore! Leasing onto a small outfit with over 30 years on their numbers. Insurance will be WAY more affordable.!
Are you paying your drivers to drive or be mechanics? As a driver you best believe I’m not fixing a truck if it breaks down. Unless you paying me as both the basic mechanic and driver
Put a plug in a tire will get you off the side of the road...and an OOS if caught. Cheating the system for future B/S to happen and taking lives with you will get DOT's pulled and life without parole.
Next point? I don't work on 170-240 thousand dollar trucks when mechanics are paid much more than me and home every night...to stick on a decal. Most of these company truck shops don't have mechanics. At 400 bucks an hour? Plug your own tire. Or, hire someone responsible to violate your truck warranty at 170-240 thousand. Or, blame me for having tools as your excuse to get another driver.
Either way, I walk.
Clamps on air hose? Have you ever heard of an OOS order?
Didn’t get a loan- anytime the Government says we’re here 2 help I run the other direction 💯💯🤙🤙
💯💯💯😲🔥
Never took a dime either
That's how people get stuck on welfare and unemployment ! Because they want you depending on the state !! For Ever !
You're not factoring in the 2 plus million new MC numbers added over the covid years, and one more thing...our government has imported cheap labor and they get assistance every month, plus cheap start up loans and capital. This will prolong everything
Apparently they are also getting government fuel cards. SMH.
@bigbuck4438 I wish she would have addressed this..I think it's this more than the stable loans that are causing the delay in recovery
@@bigbuck4438 all my Punjabi friends agree with these statements.
Food cards and low standards of living. Living in a semi is like normal Americans winning the lotto
facts bro
No shut down loans for me....I am still recovering from the damages but still crawling along. tHanks for the video
$90.000 per year
600 miles per day
70 hours per week….at least 😂😂😂😂
Divide $90.000 by 3500 hours for 50 weeks per year and an owner operator will make about $25 per hour at most without zero benefits,no health insurance,no retirement plan,no overtime,no paid vacation etc…..
A Walmart driver will make well above $100.000 plus benefits for example…or a UPS driver…some as much as $170.000 as was reported multiple times on media.
And they still coming into the fail market….especially those with working visa…never happened before in US history….BIDEN economics and his trucker friends 😂😂😂😂
I did want to bring this up many times but was ashamed of it. The SBA loans, although helped us through a rough time, gave us the sense that everything would be ok and, after three or four years, the loss is so big that we can't back out unless forced to. The SBA money was to be invested in the business it was approved for and had certain regulations to do it. There's the problem, investing all that money in a failing business expecting that it would flip back and now there's no money to pay the loan. Nightmare!
BINGO
I’m in the same boat I feel exactly the same
Same boat here.
YEP SAME HERE
Sounds like a commercial building in San Francisco waiting on their office tenants to return to the office. 🤷♂️
As a future owner operator this helps me make a decision whether I need to get into this business or not.
Like you, I didn't get any SBA loan. My opinion on the problem with the rate is as follows: many small companies operate with mexican drivers, and fresh of the bought half legal immigrant drivers. To many outside U.S. broker's. Also, I think many are cheating on Elogs.
I drove straight through the whole pandemic and didn't get a dime from anybody because I was told I had to be an employee and I own my own truck. Now that we're going through rough times with the pandemic being over now is when I could use some money! I'm hurting bad
How is the trucking going to recover when the country is broke?
We just keep shipping it over to other countries
Thank the Trump administration for leaving the country in trillions of dollars in debt
@@richhart2583 Really? Biden's deficit is $2T annually. The only way out is cuts and increased productivity. Trump was working (and succeeding) on increasing productivity then covid hit.
And ; bet you believe Trump staged his assassination attempt?
“TDS” is strong 💪 in this one 1️⃣!
In the voice of Yoda!
@@richhart2583 Do you like the blue over the left side of the new bell going to the store next week?
You are on point. 💪🏼
No SBA loan and thank you for sharing this with us 💪🏾
I love watching your channel especially I love that you’re a woman. I’m in the box truck business. I have a small fleet and I’ve been noticing that the Klein over the last couple years, but the last year has been really rough and the last three months are so bad that I’ve had to drop a couple trucks from my fleet. Just curious if you have any data in regards to straight truck business last mile LTL, etc.?
technology has provided the means for worldwide price fixing, there is no market.
all these big companies can afford their own fleet if they wanted to, but instead they use Carriers.
carries only exist to carry all the liabilities at the lowest cost.
When your making money, paying your debts and having good luck with maintenance every one is happy. Today there's really nothing positive about this industry. Guys out here hauling loads that won't even pay for a tire or cover fuel. Wish I knew why all this is happening
Freight waves repeatedly speaks for corporate. Foreign drivers flooded the market and still are. Change the laws requiring Drivers to read and speak English and 24 months class C drivers experience before the CDL can be issued. Problem solved. ✌🏽
I always try to remember the phrase I'm the government and I'm here to help. I didn't fall into the trap either
It's a trap that gov work with the banks and lure people into the rabbit holes. The banks behind it is the main strings puller.
MUH GUBMENT
yeah it's definitely just the federal corporation and definitely not major carriers (also corporations) using lobbyists to "encourage" members of Congress to pass industry-specific legislation which will further decrease the market share of smaller trucking companies. The larger corporations have also been lobbying for federally mandated speed limiters for a while now.
So how do all the brokers know how to set the rates. Who gives the signal?
@@dangfool8924 TIA
It makes sense Miranda. This was a really well put together video. 👊🏼
The idea of being an owner operator and only making 75k a year in taxable income is disgusting. Especially driving 3000 miles a week....but 45k...that is ludacris.
That is beyond comprehension....
Thank you RUclips for both these works of art
The reason is the US has had and continues to have millions of immigrants coming into the trucking industry. Only truckers can see this first hand. This is all by design. Also you have certain groups of immigrants that load into a semi 4 to 5 drivers at a time. Every trucker I see between Colorado to Pennsylvania doesn't speak English and wears flip-flops. There is your excess capacity. Finite freight divided by an excess of capacity equals a shity market. It will get way worse.
Yeah I see that as part of the problem as well I've been in this business for 40 years and since what you have talked about has come into play it is gone downhill faster than a snowball on a ice hill
Punjabi Indians
The thing is these immigrants are still subject to the same operating costs. And the rate per mile now doesn’t even cover operation. They are one break down away from going out of business. These immigrants will literally need to be mechanics, truckers, and excellent businessmen all in one. Yeah good luck
@poonetidestroyer8955 Yeah, I get it, but there is NO freakn way I'm convinced that these idiots are surviving on the current freight market rate. They are being subsidized either with fuel or some other way. It is NOT a 100% "free market." If it were, they ALL would've disappeared a few months ago.
Yes, I agree this is probably the main problem
I did not take a SBA loan and I’m still in business! My reasoning is very similar to yours, buckle down and work harder!
Yes!
How many H1 visa drivers from India and Pakistan 20k , 80k, or more running at 75-80mph and driving team at .15 to .30 cpm. There is no way to complete in 10 years all drivers will be foreign.
Thanks for reaffirming my decision to remain a company driver.
Smart man
Company is the way
Smart man
@@samndisya1922 15 years at the same company.
My codriver and myself were looking at taking $50k each out of our 401k and going in as partners.
We just couldn't get the numbers to work.
Considered Tri State Secure.
Government Contractor vaccine mandates put the stop to that.
You're safe until you aren't and you won't see it coming. Be sure to save money and stack silver now. If you don't know what that means, research "stack silver".
I never got the loan but I have thought about these things as well but not to the level that you just explained it I think yeah the next couple of years we're going to see a lot of those people exiting the industry Good job at looking at all the data and very good job at explaining it.
Yes debt free is the way to go! Love your insights, you are very knowledgeable and I appreciate your videos!
Good Morning, I couldn't agree more with this video and Freightwaves with this article. The loans will possibly be career suicide for many unfortunately, with aging equipment and an $88k loan repayment, how, how can you pay for everything.
I also wonder how will lending institutions, banks etc...view the SBA loans, many firms have always been skeptical of lending to owner operators.
With all of this said, I do believe the lending institutions, banks etc...bear some responsibility for the impending or already failed, bankrupted families in trucking, why? Our industry preys on folks who just don't know or understand, sure it is the individuals responsibility however for almost thirty years, I've watched many good people suffer because of companies lies.
stay safe
Wow, I feel for ya. So you bought a new truck with a 30 year loan and have been paying only the low minimum payments?
@@chsmithins Good Morning, No, not even remotely close.
Your point is well received, it is also a reflection of how most Americans live. My point however is directed at many folks who came into our industry with rose colored glasses. I started driving in 96', trucking has always been a good honest hardworking underpaid career.
What we saw during covid was the first time many of us made real money, time vs sacrifice vs reward. I'm not sue we will even get back to where trucking once was and that is saying a lot given the facts above.
We used to be able to use the restroom facilities, now we are in a port a John, when it is negative 20 degrees.
Stay safe
If you took that 3.75% government loan and used it to pay off your truck loan - which usually are 10% or higher - you came out ahead.
I know people that received 700k from SBA I don’t think most of them put It into trucking plus they got PPP loans also.
Really enjoying your insight, boss thinks I’m smart when I discuss your topics lol
You are smart- in my opinion, smart people are those that are constantly learning :)
Good topic. Def. Agree w/you!
There are Class 8 truck manufacturers in North America.
Daimler Trucks North America owns Detroit Diesel, Freightliner, and Western Star along with the Sterling name. DTNA is of course owned by the Mercedes-Benz Group.
Navistar International is part of the Traton Group which is a subsidiary of the Volkswagen Group.
PACCAR is DAF, Kenworth, and Peterbilt. PACCAR is a subsidiary of Leyland Ltd. in the UK.
Volvo Trucks North America is Mack and Volvo and is under Volvo of Sweden.
If you think that everything is for sale you do not value your own liberty.
My guess - 2026 ))
Thank you for the info Miranda!
No SBA loan thanks God !! 🙌🏽 we’re surviving a day at a time and chasing that debt free life.
Is 5% margin for O/O accurate? Thats awful
Things are getting better and better. More and more companies are going bankrupt, more and more dot numbers are going inactive, more and more drivers who can't afford repairs because they owns maybachs and penthouses are giving up. Trucks are getting cheaper and cheaper. The market is going to be ours again in the next 24 month. Save up and try to get you a truck before the end of next year. Only the real truckers tho. The ones who been doing since before COVID and the trucking boom. Our time is coming. We got shat on with sba shxt and missed our chance but we stayed patient and our time has come
Financial providers offer unbeatable terms at 10.5% for a lease (rent) to own from the dealership (which has significant tax benefits) why on earth buy or take a loan ?
I got $83,000 I paid off my debt got the money back up to $83,000 I didn't know what to do with the money almost gave it back but the light bulb came on. I owed around that much money on my truck and trailer so yes I paid off the truck and trailer to have a lower interest rate. In months that were tight I paid the minimum payment of $400 in good month paid my regular truck and trailer payment. Currently the loan is just about paid back I will soon have no payments debt free except for my house.
Niceee!!!
That's how you do it 🔥
Smart usage of the SBA government loan help for what it was designed for!
Unlike the majority, you have GOOD sense.
As always , thank you for your videos and awesome information and insights you bring us all … I didn’t get the SBA loans , thank God 🙏🏼 , I’m a company driver 😊🚛
Hola, Miranda hope you're doing well.
This makes sense. I didn't know so many o/o got these loans. I was offered these loans but decided to not take it.
Yep, PPP was available and wasn’t a loan. The SBA loan WAS a loan and was optional.
I got a little over 200k in sba loan, bought second truck and trailer, 1.5 years later had to sell that equipment and fire the driver as it doesn’t make sense to have couple of trucks working for you. Insane economy
P.S. I wish I never applied for it, the payment for it will start soon, but hey we live for experience, I tried - it didn’t work, will keep grinding.
Дядь хелоу)
Опыт дороже денег.
Все мы в таком положении +-
BidenObamics has bankrupted so many people and companies 😭🔥
@@sardoryunusov с двумя траками никто не зарабатывает.
You da best! 💯
Not alot of people staying in the industry, also company's arnt producing as much. Why are they doing that make less charge more, why make more for less
I’m ashamed to say I got one of those SBA loans and it is in fact why I’ve been able to stay in business longer than usual. Maintenance is killing me, I’m about to go spend three grand to replace a turbo actuator in six hours.
Oh man :( Hang in there!
The Government Helped With the Problem they Made.😢😮 By Shutting down the Economy.😮
8:50 EXACTLY. It turned out that Egr on my FL went wrong, $2000 in parts went to garbage. 380K miles
I’m currently in school to get my CDL and many people say to not, get into trucking. lol I feel like the scales are balancing out and I’ve been doing lots of research. I feel like it’s going to come back around, slowly. There are still great jobs out there if you live in socal. I live right by the port of Los Angeles. I know for sure my first couple of years I’ll be taking a pay cut from compared to what I’m currently making at my job but I really see so much opportunity in trucking and I know things will get better. Hang in there everyone and god bless all you truckers out there. I appreciate you for keeping the world moving. ❤
You must be crazy, and if you're not there already, you will be shortly. Trying to drive anywhere in the LA basin is a nightmare! The trip into and out of Long Beach from Fontana takes 5 hours on a good day.
Good luck with all those layovers, kid.
You will make more working at Mcdonalds in California. $22 an hour.
@@Mr.boombastik420 several mc Donald’s in my area are shutting down and most workers work part time
@@TruckinMommy
630 trucking companies went out of business a few days ago😳
Debt is money. If you understand Macroeconomics and money then you know that you use debt to make money.
Almost three years I don’t think market will recover from this inflation because department of transportation gives everyone authority some people have one truck even
Very good information as always!!!Thanks for the video!
The situation will be worse than now. The next step is lowering the driver cpm pay to the 2019 level. Cpm will go even lower than it was in 2019.
Talked to a swift rookie , he said now pays 43/mile . It was was 53/mile at corona time . 😂 And I bet it will keep free falling.
@heydennisha yep
Where I am at there is a virtual hiring freeze in LTL.
No reason to buy trucks or hire line haul drivers when OTR companies will contract to pull the cross country loads for under $2 per mile.
Some carriers now paying as low as 35¢ I've seen lately. Unbelievable when they used to pay 85¢ and a few even more during C-19
😂That's quite a joke. So they are still trucking?@100pyatt
@@user-pm1hc6rr7o I mean you have to pay your bills to survive, right ? At least you don't have to work two jobs as a trucker, and one friend of mine , he is a IT programmer, laid off since 9 months ago, guess what he still in front of the desk applying for jobs.
29,0000 ltl drivers lost from yellow freight.
This year 24,000 from fed ex and ups laid off.
Driver "shortage" solved.
Customers cant afford fuel surcharges, it adds stupid money to the freight bill....
The majority of people that I know that got that loan burned through that money a couple years ago.
Trucking executives price fixing
Trucking rates will go slightly up and down due to many different factors, but they will only fully recover when economy recovers. It’s basic economics. Trucks are transporting toys, cars, parts, food, clothing. Since Biden administration raised interest rates to fight inflation, the whole economy has slowed down. Trucking also slowed down. Once economy start to recover truck rates will also.
Good video. Lots of great points made
Trucks are cheap as fuck. Nobody got money.
Great info as always 👍
FW is anti labor, pro company. Facts. Unsubscribed some time ago.
I’m saying this again debt is killing trucking
As of 2024. There is no carrier that could start up purchase equipment and maintain profit with today’s operations costs. Listening to executives at large carriers now is like talking to a kid out of high school who never had a job before. They talk out of their butt
Why uncovered shoulders, for better trucking industry?
Because I am a human who gets overheated i 115 degree weather haha
_Stop putting a blanket over the problem or generalizing the situation point out the details of the problem so we can fix it and here is the detail of the problem. Foreign truck drivers are increasingly willing to haul cheap freight because the American dollar maintains significant purchasing power in their home countries, such as India, China, and Russia._
_This economic advantage allows them to earn comparatively more when their income is converted to local currencies, making the lower freight rates in the U.S. still profitable. Consequently, this influx of foreign truck drivers willing to work for less is driving down overall market rates and squeezing out American-born truck drivers, who find it challenging to cover their operational costs and earn a sustainable living. The market is becoming saturated with foreign drivers, exacerbating the financial struggles of local truckers and threatening the stability of the domestic trucking industry._
Whom doesn’t want to make $ just driving! Sitting and sleeping is easy work, I be around not matter what! As long as I hear that engine brake and muffler Iam happy! Just keep fuel money rolling!
I have a slightly different perspective on this topic. Unlike this younger generation of truckers who evidently DO NOT know how to properly maintain their newer crappy trucks with emission engines, There are still plenty of us older guys with pre emission engines that have taken very good care of our trucks. A properly maintained pre emission engine truck will last far in excess of 3 million miles. I grew into this industry many moons ago with an "old school" attitude that you carry a bag of tools and spare parts to handle most road side repairs yourself. This younger generation would rather waste money calling roadside repair to handle what amounts to simple DIY fixes. As an O/O, you must know the mechanics of your truck, and be willing to work on it yourself. When you're crawling under your truck every week, you notice things that need repair and are more apt to fix them before they leave you stranded on the side of the road. Buying a new truck is a total waste of money. It is far cheaper to properly maintain an older pre emission truck, doing much of the work yourself. I've seen your operational numbers Maranda, and frankly I'm not at all impressed with how you run a trucking company. You have a lot to learn about boosting profitability. Your expenses are way too high and your margins are far too thin. You are probably only one or two bad months away from bankruptcy. I've taken the last two years off from the road and let you young pups run your treadmill of crappy rates and thin margins. As of this week, I have reinstated my authority and am ready to hit the road again. Paid cash for my pre emission truck years ago. My insurance is $4,105.00/year. My total costs of operations are something that you could only dream of. The real reason that capacity has NOT left the market is because of people like you, Maranda who have taken on enormous debt loads and have no other alternative than to keep running hard for razor thin margins because you DO NOT want to declare bankruptcy and would, instead, rather work for pathetic wages.
Covid SBA loans were not bad, much better than any dealer loan.Low interest and long term if you need. The problem was that the equipment prices of that time were extremely high.
What gives is that this is a crisis created by brokers. After coming through a pandemic it's terrible that carriers should be working under poverty wages!
I never got one
Oh no. We didn't get an SBA loan. Because at the time, with a pandemic, it did not make sense
Little to no debt! Keep CPM low. Make money in any market. Invest that money in things that earn passive income. For me, that's things other than trucking
Bingo! All the money in goes into passive streams for worst case senecio exit planning. Staying debt free and living below my means is the only reason I'm still in business.
Truck sales are way down an there is a lot of trucks getting sold on lots it's crazy
Who works for 50 cents cra cra
For those who borrow the SBA loan at that time. I feel sorry for ya. That 30 years pay back time yikes..... And if you do a lateral loan to cover that SBA then the new interest rate will kill you. And the interest won't go back down for years. So basically saying you can event consolidate the SBA loan if you can't make payment on time for 30 years and it will stick with you forever until either your revenue comes back up along with econ or the interest rate comes back down (which it would never happens base on trumps new policy ) so you can do a lateral consolidation to give yourself a break .
I have a feeling Trump will help all those who got scammed by BidenObamics by lowering rates and offering a better plan to get out from the big mess
Agreed, great video, thank you!
Trucking capacity has zero to do with freight rates. Trucking capacity is the talking point of freight brokers to maintain leverage. Do we really think shippers and manufacturers are up late night thinking about how many trucks in the market? Come on people 😮💨
Good video.
Good.
No surprise and I agree with the host. Old story of guys buying a truck and can't even read a paper version of a Rand McNally.
Freight Waves missed the biggest factor in their calculations. The human factor. Owner operators will hang on and find a way to survive. Tenacity, resilience and stubbornness. It has it's human cost, but that's how it always has been.
Capacity will be almost the same in 2025.
The biggest reason the capacity is still stubbornly high is because there are not too many other opportunities, where you can make 100k a year or close to.
Who's making $100,000 a year?
Now that is INTERESTING thank you
You got to understand the people who write the majority of freight waves articles are not actively involved with a carrier or shipper. This is another flawed theory. That money ran out many moons ago.
Why ?
-Continue hauling cheap loads
- continue leasing your equipment and continue signing lease purchase agreements.
- continue buying trucks and continue exploiting your fellow drivers .
- continue booking loads weeks ahead .
- continue “ spinning your wheels “ 24/7
- continue doing the same $@&#% and expect different results.
Did you get my sarcasm???
GOOD THOUGHTS. THANK YOU
I applied for sba and was denied. I worked smart durring covid snd saved money. I paid my truck off and am cash flowing repairs. Its been stressful but im still here. Dec 23 i bought a step deck trailer for 14k.👍
I think you were wise not taking loan
My kids also paid for their college
Another good choice
Once again, thanks teach
Do you see freight rates? People think it’s the long promised turnaround. Now they can get back to being geniuses at running a business that runs them
❤️ your content!!!
Hundreds of drivers are out here and they are already in bankruptcy.... they just don't know it yet !!!
10:10 planning is the key.