More Bankruptcies in Trucking?! When Will It End?!
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- Опубликовано: 18 май 2024
- More Bankruptcies in Trucking?! When Will It End?!
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MORE BANKRUPTCIES!? Can you believe it??
In this video, Ronen breaks down the details of yet another chapter 11 bankruptcy in our industry, as well as discuss the differences between chapter 11 bankruptcy and a closure. Do you think we can expect to see more companies filing for bankruptcy in the near future?
Leave your comments below!!
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Chapters:
00:00 Introduction
00:10 Illinois trucking company files for bankruptcy
00:58 Taking a look at the company details on Carrier 411
01:21 Illinois trucking company stats
01:45 Safety rating
02:01 Looking to sponsor ET?
02:34 What's the difference between chapter 11 bankruptcy and closure?
04:34 What happens to the drivers and trucks?
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#truckingbankruptcies #truckingindustry #trucking2024
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Any trucking company going out of business in Illinois is good in my book.
LOL, why is that?
The more carriers that go under, the higher freight prices will go up
@@NorthAmerican-Trucking-Newsit's because they usually are Eastern European/Russian owners who extract money from USA to send back home.. a lot of these companies in this area have poor safety records and tend to change their names quite frequently due to poor safety records or lawsuits.. many have short-term money grab outlooks.. additionally, many use nefarious funds from illegal operations from their home country to fund their trucking fleets.. these people are quite often referred to as the Volvo Mafia.. Illinois and particularly the Chicago land area including parts of Indiana are there roaming grounds.. they have dubious reputations of having professional websites and recruiters but their equipment and their operations department are second and third world..
Stop government subsidies to the big companies it will fix freight rates and help everyone
How?
I've always believed that Swift etc, are getting gov $ for constantly training & training 3rd world foreigners todrive in our nation; and to boot FMCSA was started Because of so many 3rd world people were trained to drive. Keep in mind when fmcsa was started, 2000, the previous 10 yrs corps started mass training of those ppl.
This is a actually good news. The faster these companies go away the faster the rates will go up.
Harshhhhh
this is nothing compared to how many companies have been opened, they still have to close and close
I guess that's yin and yang for you
@@NorthAmerican-Trucking-News that’s a way how it works in this business
Thanks again for the update. It’s bad news but it’s the industry right now. Be safe!
Fret not! We're always going to be working to improve this situation until we have bountiful amounts of good news!
Started with them two Thursdays ago, saw this Saturday said it happened Wednesday!!! Was like wow!!!
I hope you're already at a better job by the time you read this
Yikes!
Have you ever posted an optimistic video about the trucking industry?!?
Are these abysmal freight rates, multitude of bankruptcies, and drivers getting treated horridly particularly optimistic?
To answer your question, yes we have, but it's hard to create overwhelmingly positive videos when the reality is that this industry is facing a decline. We aim to represent and share what is happening CURRENTLY and if that is negative, then that is the video you will see. We also aim to improve this industry, so we are actually fairly optimistic and are aiming for an industry that people are proud to be a part of once more in the future. If we weren't, we probably wouldn't be in business. We love trucking! We're just trying to be real about it at the same time.
Hey brother I've been watching your channel 2 years plus much appreciate everything that you do for the trucking industry.
I hope you guys are doing well at least enough to get by was wondering if you're open to do a video on your business and how it's been affected since the downturn for the trucking industry the goods and bads the ups and downs and your American Division any updates? how's that been working out for ET Trans.
I only assume it's been tough for you guys as well considering most owner-operators and small carriers are struggling and going out of business outside of the large carriers.
You have been a strong inspiration for myself and I'm still interested in getting into this tough trucking industry as OOps or CompD.
Keep On Truckin bro I still think there's a future at least a tail light at the end of this road✌️🚛😇
Sounds like a great video! I'll raise it to Ronen and see about getting that video out!
14 mil per quarter on 120 trucks would be 466k annually per truck 🤔
I don’t understand that either that about 9,000 add a week were is he getting these loads from?
Yea his math is way off that’s $4 mile avg
I think the industry is troubled to the point that even solid companies are struggling. Good tough companies won’t be leaving without a fight to the finish.
I think everyone is struggling at the moment just from freight rates alone...
@@NorthAmerican-Trucking-News
Yes - everyone left will be a tough out, but reduction in the industry is inevitable.
The bankruptcies will stop when deflation happens. It's not complicated supply side recovers when demand side stops.
With how things are... I wonder when that'll occur
Keep us posted on tech side always into new gadgets
Definitely!
Hello Ronen. Can you do some series with carrier 411. LIke checking some Owner operator and Small companies Rating so they would know why some broker do not want to work with them. It will help them to improve what they missing. Thanks
Definitely suggesting that idea thanks!
Must be in the last bunch of them. With rates up so much in the past 2 months anyone in financial trouble should be able to pull themselves out. Rates up on avg $1.75 since 2024 started so everyone I know is running $2.80 to $3.25 and are killing it . Guys at the Los Angeles port picking up loads over $4.00 that are only 36k
Why is Roen stating otherwise. His recent vid said $1.80.....
You are hilarious. Come back to planet earth.
We've seen way worse than 1.80 too. Even in past videos you'll see us getting rates as low as 1.23... And that's just us. Our community has shared videos with them receiving even LESS. Don't believe me? Here's a video: vm.tiktok.com/ZMMk5Xqk1/
I’m still here our checks are still giving to us on time and a lot of what you said is wrong we have 300 power units
Bankruptcies always happen no matter what the economy is doing. It’s just cyclical as to how many are going on at any one time. Plus factor in how many are Ch 11 vs Ch 7?
You aren't wrong but there seems to be an overwhelming number of bankruptcies being filed in this industry specifically
*Greetings from Thailand. Off topic, Is Brian not doing videos anymore or did he decide the green was greener elsewhere?*
Keep watching to find out 😉
Hey Ronan, as a newly licensed driver in Ontario, what advice would you have to get the first driving job? Seeing as very few companies are hiring, and those that do, are at a minimum 1 year of experience.
Find a company with an onboard training program, they're usually the best bet for getting road experience as they're intended for those starting from scratch
@@NorthAmerican-Trucking-News all of them said they only take limited schools from the TTSAO, as my MELT school is outside of it, they’re not taking me on
Rates need to go down alot or brokers need to sqeeze more money from haulers. That will solve alot.
Rates need to go down for what specifically?
I was just being sarcastic, figuring that statement might make some drivers piss and moan.
Is not even high fuel who gets carrier for bankruptcy, is high trucks payments
It's high everything at this point
Highlight took a major loan I'm surprised they are still here
Really?
@NorthAmerican-Trucking-News ya a few years back. The loan was like the celadon deal. 50 million if I remember correctly. I thought they would have gone under, but they built a new hub in berrie. I think they are one to watch to go under, I'm sure there cvor sucks 2 multiple accidents.
They've banked on a why bother attitude for so long and have put such immense pressure to see that through and They're just now seeing evidence of it? Where has decency gone to?
Oooooomph
Dude, I can’t believe you are using Carrier 411!!!!!!! Do you have the slightest clue how bad they are???? Just Google their business. They have ONE STAR. Even my company is showed by them as “applying for insurance “ even though I have been active since 2020. They should be sued, not promoted in your videos. Tells me all I need to know about you
If you’re a carrier they don’t even let you contact them. They had my information outdated since I got my own authority 2 years ago. Many brokers refused me because of them.
@@B0RN2RACE100 you are absolutely correct!!!! Him using Carrier 411 says it all
Hi! Thanks for informing us, we'll definitely look into this further! Do you have any suggestions on better services to use in their stead?
@@NorthAmerican-Trucking-News
You are the one who relies on info on carriers. RMIS is the one all reputable brokers use. I haul for BIG brokers . Meaning ; XPO, JB , Schneider, CHR, TQL, I have no issues with them . Some little fish out there still use Carrier 411 and after I call them and ask them to check with FMSCA they all see that I am compliant. I am telling you seriously, my friend, these guys are a joke. Just go on Google maps, then look at their reviews. I have not seen anything worse than that. It should make you wonder. So many carriers CANNOT be wrong. Even if one tries to call them and inquire about irregularities, they block them instantly the moment they hear that it is a carrier. I even called OOIDA. Even THEY can’t get to talking to those jerks. They blocked them too.
All I am telling you can be verified.
If you want to pursue this further, I can definitely prove that I am a legit carrier with absolutely stellar record and inspections. The jerks still show me as “ applying for authority “( while being active since 2020).
Western express should go bankrupt
Why is that?
@@NorthAmerican-Trucking-News worst company they have bad reputation and shouldn't hire people who put lives in danger plus they care about themselves and not the drivers
Those poor truck drivers I'm making a lot of money😢
. Explain how ur making money?
Why feel sorry for people that demanded $5 a mile in 2020? You reap what you sow.
Happy for you
it will end when they stop buying 200k tractors
And when rates return to something profitable
rates arent profitable because overhead has been pushed to stupid levels. between equipment payments, maintenance costs, tolls, truckstop fees, fuel costs, driver pay (18c mile is long gone eh), insurance, etc etc rates cannot be profitable because NOBODY can or SHOULD pay rates to cover inflated overhead. so we have a situation where mega carriers again mostly will survive, those with good dedicated contracts will survive and those who kept their costs low will manage. the others who splurged in on fancy shit and have 10k a month fixed costs are pretty much fucked. and those are due whether you drove 1mile or 20k miles that month... @@NorthAmerican-Trucking-News
When you get a new president
first
Here's your medal! 🥇
I stay out of Canada, how about you stay of of the states, we don't need more trucks stealing loads down here
Doing honest work isn't theft
We come to the USA because someone has to haul your freight that you don't want to bring here. If you call that stealing that's just weird man. We also go to the USA because Americans like our products if you don't want us stopping ordering our stuff. Problem solved.
Russian mob