Apr 19, 2019 • Carriers

Industry Update - April 19, 2019

Industry Update - April 19, 2019

By Jeremy Feucht

Did you Know?

By volume, Isuzu is the largest commercial truck manufacturer in the US averaging around 450,000 per year.

Trucking tip of the Week

Its that time of year where fuel costs begin their yearly ascent. Fuel economy is always a concern and the biggest factor to your bottom line. 55mph is the efficient speed for your truck. While you probably drive fast in order to keep other drivers happy (and to keep ahead of your logs, get to your next load, or finish your current load),remember that you use 27% more fuel when driving at 75mph instead of 65mph.

Human Trafficking

Truckers Against Trafficking made a stop in Grand Junction, CO this week. Their mobile exhibit has been made to not only create awareness in local communities about what to look for in a human trafficking scenario, but to engage truckers to fight against trafficking as well. Truckers are seen as a key cog in stopping human trafficking as their travel takes them to many places and brings them in contact with more people and situations than the average American.

Alternative Fuel

Power companies in California are looking into pushing truckers towards electric vehicles. The plan is to conduct a study that would determine how practical adding charging stations from Seattle to San Diego along I-5. The idea is to reduce smog. The hope is that these stations can charge a big-rig battery in about 30 minutes for drivers looking to get on the road quicker and have options for a slower charger for drivers who are parked overnight. As of now, no electric vehicle has boasted the power potential yet to become a viable option for long haul truckers.

Technology

One alternative fuel that does claim to have enough power, is hydrogen. Hydrogen produces electricity and water vapor, making it ecofriendly. The bigger issue is how and where to fuel and the overall cost of the truck. Nikola held a conference to show off their new inventions this week in Scottsdale, AZ. With over 2000 viewers, Nikola announced they have solved the power issue of electric vehicles and are actively working on the issue with refueling. Refueling is believed to take about 20 minutes and the cost to refuel will be worked into the lease payment for the vehicle. The leases will be set for 1 million miles or 84 months whichever comes first. No details were released about the cost, but claim over $12 billion in orders have already been placed for their branded trucks.

TagsNikola Did you Know Trucking Tips Human Trafficking Truckers Against Trafficking Alternative Fuel Electric Trucks Hydrogen Trucks Fuel economy California Isuzu

Trucker Spotlight - Kristy Mathews <em>The Trucker Spotlight series explores the lives of truckers and their journey to make a difference in their industry. We interview different truck drivers to understand some life lessons that make them who they are today. We also learn more about their motivations, and the problems that they encounter on the job. We also tackle how Trucker Path's solutions helped them with what they do. The information that they provide helps inform other people who are looking to delve into the trucking world.</em> <h2></h2> [img src="https://truckerpath.com/uploads/2020/09/tp-sp-blog-kristy-3.jpg" alt=""] <h2></h2> Today we are putting the spotlight on <strong>Kristy Mathews</strong>, who's one of the three recently crowned Queens of the Road by <a href="http://www.realwomenintrucking.com/">Real Women In Trucking</a>. She's a 36yr-old, born and raised Minnesotan trucking influencer, who isn't scared to take on any job. Big or small she's done it all. Let's get to know more about Kristy and how it's like to be Queen of the road. <h2></h2> <h3></h3> <h3><strong>What made you decide to be a trucker?</strong></h3> I always had a fascination with the big trucks and machinery we used in the family companies. From the 1st time I got to ride in the truck, I knew that's what i wanted to. <h2></h2> <h3><strong>What were some challenges that you faced when you started out trucking? </strong></h3> When I first started driving, I definitely was looked at like I couldn't do it. I was an 18yr old 90lb woman fresh out of high school, but I showed them I had what it would take. I've been looked at as an underdog and its a daily reminder of all the things I was told I couldn't do and I've prevailed through thick and thin. This is my dream and I'll do whatever it takes to succeed. Especially if it's empowering more women to do something they thought they could never do. Positive vibes and strides to the ultimate goal. <h2></h2> [img src="https://truckerpath.com/uploads/2020/09/tp-sp-blog-kristy-2.jpg" alt=""] <h2></h2> <h3><strong>In the years that you've been driving, what are the significant changes that you've noticed in the trucking industry?</strong></h3> Biggest noticeable changes I've noticed in the industry is lack of common sense and respect for others. We are all in this together like a family once upon a time and now it's all about your 15 seconds of fame on bashing others. I hate what its come to and I always try to instill that brotherhood/sisterhood as much as possible. We need that back, we need to have each other's back. <h2></h2> <h3><strong>Any times when you get lonely while driving? How do you deal with it?</strong></h3> I don't have times of loneliness because I'm an introvert. I love the isolation in my truck and all the time to myself. That's also how I think of my next big move in life. <h2></h2> <h3><strong>What are your trucking pet peeves</strong></h3> I have a lot of trucking peeves but I would like to think of the positives and not get set back by something I can't change. <h2></h2> <h3><strong> Being Queen of the Road, how would you want to change or improve on the current situation of the trucking industry?</strong></h3> If I could change or improve current situations in the industry, it would have to be getting our voices heard across the board from big things like rules regulations and HOS, to increasing truck parking so drivers can have a restful sleep and safe havens. <h2></h2> [img src="https://truckerpath.com/uploads/2020/09/tp-sp-blog-kristy-5.jpg" alt=""] <h2></h2> <h3><strong>What keeps you busy nowadays? How did the current Covid-19 situation affect your trucking life?</strong></h3> Work keeps me plenty busy. I work hard so I can play harder. I love taking vacations. It is something I never grew up doing with my family so now I'm living my best life. Covid-19 hasn't really affected me all that much. I've been to every hot spot delivering medical supplies. If anything, it was humbling in the beginning knowing I'm doing something to help and these loads were needed, but it's honestly no different than any other day. <h2></h2> <h3><strong>What are your future career plans? Would you continue to be a trucker? Any plans on being an instructor?</strong></h3> Looking into my future, it's my goal to get my non-profit initiative started. Breast cancer screening is a big deal (has deep meaning to me) and I want to be able to help females in the trucking industry get the screenings they need more conveniently, more affordable options for preventative care, mastectomies, and down time since we all know if the wheels aren't turning you ain't earning. Also part of it, I'd like to help females wanting to come into the industry with grants to get them schooling they need to succeed, and graduating high school students scholarships to anyone wanting to go into the medical field. I have some big dreams and goals I plan to achieve. <h2></h2> <h3><strong>Favorite truck model?</strong></h3> I'd love to own, restore, and drive a 1957 Mack B61 twin stick. If i had time and a lot of extra money, that would be my dream right there. <h2></h2> <h3><strong>What are your must haves or the things that you bring with you when on the road?</strong></h3> My best must haves are an atlas, <a href="http://www.truckerpath.com">Trucker Path app</a>, and my phone. I like to keep it simple. <h2></h2> [img src="https://truckerpath.com/uploads/2020/09/tp-sp-blog-kristy-4.jpg" alt=""] <h2></h2> <h3><strong>What are some tips that you would like to share for aspiring women truckers?</strong></h3> Women wanting to delve into this industry should not come in with an "I am woman hear me roar" BS attitude. We are all in this together, doing this together. The best way to succeed is to be humble, strong, thick skinned, and help others asking for help. <h2></h2> <h2></h2> <em>Got a cool story to share? Send us message at community@truckerpath.com to be featured!</em> <h2></h2> <h2></h2> <h4>By Aldous Aldwin</h4> <h3></h3> <h3></h3>

Sep 04, 2020 • Carriers

Fine Print and Hidden Costs in Freight Factoring [p]Be certain to review the fine print of freight contracts as sneaky freight factoring companies sometimes have hidden costs that are added to the advertised factoring rate. [/p] [h2] Freight Factoring - What some companies don't tell you [/h2] [p]Factoring can be a great tool to streamline your cash flow and grow your business as it eliminates the wait to get paid for owner-operators. However, some factoring companies have contracts with complicated jargon and disclaimers hidden in the fine print. [/p] [h2] Hidden Costs [/h2] [p]Sometimes a factoring company will advertise a great rate, far lower than any competitor. It's a perfect scenario for you, right? Well, not exactly. [/p] [p]Those rates that seem too good to be true are typically just that. Although a low rate is optimal, the associated fees that you will incur in addition to the rate can balloon the overall cost for you to factor. [/p] [video id="IBCMtru_QMQ"] [h2] ACH Transfer Fee [/h2] [p]ACH Transfer fees can be issued each time you factor and range from $10 to upwards of $25 depending on the type of transfer or deposit. This cost can surely add up over time and frankly, it's ridiculous for to you to pay a fee just to receive your money. [/p] [h2] Minimum Volume Fee [/h2] [p]Often times a factoring company will require you to commit to factoring a minimum volume of invoices. Failure to meet the agreed minimum amount can result in extra fees or a percentage surcharge. Take into account your typical invoice amounts and calculate if you will have an issue trying to meet the minimum requirements. Keep in mind not all factoring companies have this policy or fee. [/p] [h2] Client's Credit Check Fee [/h2] [p]Although your credit is not taken into account, your client's credit is. The creditworthiness of your client must meet a certain standard for certain factoring companies before they agree to factor your invoices. That's right, some companies will charge you a fee for that credit check. [/p] [h2] Length of Terms [/h2] [p]You might decide to factor for a variety of reasons. Unavoidable circumstances might arise making it difficult to cover your operational costs. Truck repairs are extremely costly and unpredictable at times, especially for owner-operators and having a reliable truck that is fully functional is essential to your business. If you run a small fleet, wages, insurance, and taxes further compound your expenses. [/p] [p]This brings the length of terms to factor into play. Most factoring companies offer three to six-month term agreements to factor with some even require one-year contracts. It's important that you review and consider your options when considering the length of terms.[/p] [p]Be sure to choose the best fit for you. If you're confident that you won't be factoring for an entire year or that you want to explore other options after a few months, you should consider factoring with a company that doesn't have a minimum length of terms agreement. [/p] [h2] Termination Fee [/h2] [p]Let's say you have been factoring with a company for six months now. You have received payment days after hauling a load and it's been beneficial in helping you generate cash quicker to cover your expenses. Now you have ample funds and decide that you don't need to factor for the next few months.[/p] [p]The factoring company won't let you out of the contract because you agreed to factor for a certain length of time. In order for you to stop factoring, you have to pay a fee up to $1,000. [/p] [p]That's ridiculous, right? [/p] [giphy] <iframe src="https://giphy.com/embed/KE58LJF3k8jug" width="480" height="426" frameBorder="0" class="giphy-embed" allowFullScreen></iframe><p><a href="https://giphy.com/gifs/roger-KE58LJF3k8jug"> [/giphy] [h2] Choosing a Freight Factoring Company [/h2] [p]Before choosing to do business with a factoring company, you should take into account these potential hidden costs and fees in the fine print of a contract. Freight Factoring helps manage your trucking company's cash flow and takes the hassle away from client collections, allowing you to focus on growing your business and hauling more freight. [/p] [p]You shouldn't feel that you are being fleeced by an unusual amount of fees that you weren't aware of or deal with. <strong>Trucker Path InstaPay</strong> is freight factoring that pays you in a day with no hidden costs, fees, minimum commitments or contracts with pages and pages of fine print to sift through. [/p] [button text="LEARN ABOUT INSTAPAY" href="https://truckerpath.com/sign-up-instapay/?utm_source=blog&utm_medium=hiddenfeesAug1" width="250px"]

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