Apr 12, 2024

The Most Desirable Truck Stop Amenities

We asked our community of nearly 1 million truck drivers to give us their top choices of truck stop amenities.

Understanding and Combating Cargo Theft in the US 2023 was a year that saw a skyrocket in cargo theft across the United States, with a <a href="https://www.ccjdigital.com/business/article/15638346/cargo-theft-up-59-in-third-quarter">59% increase</a> in the third quarter of 2023 as compared to 2022. As we continue to witness this surge, cargo theft continues to pose a significant threat to the logistics and transportation industry. As cargo is being stolen at an alarming rate and is <a href="https://www.truckersnews.com/home/article/15661462/2023-rewind-cargo-theft-exploded-last-year-expect-more-of-the-same-in-2024">forecasted to get worse in 2024</a>, it is important for truck drivers, brokers, and carriers alike to take precautionary measures against cargo theft. Let’s take a look at what cargo theft entails, the different ways it occurs, and some proactive measures to secure freight. What is Cargo Theft? Cargo theft, which refers to the act of stealing goods being transported by trucks, rail, or other means, can occur in a variety of ways. The stolen cargo can range from a variety of goods, although research has shown that the top targeted commodities are <a href="https://www.overdriveonline.com/business/article/15635411/cargo-theft-continues-to-skyrocket-in-2023">food and beverage and electronics.</a> Ways Cargo Can Be Stolen: 1. Hijacking and Forced Entry One of the most dangerous forms of cargo theft involves hijacking, where criminals force drivers to stop their trucks and surrender their cargo. This can occur on secluded stretches of highways or during scheduled stops. When cargo is hijacked, the drivers are often forced to open trailers and hand over the goods. 2. Break-ins During Driver Absence Unlike hijacking operations, cargo theft might not always be a high-stakes operation. Sometimes, thieves may opt for a less confrontational approach by breaking into trailers when drivers are away. This can happen during scheduled breaks or when trucks are parked overnight and unsuspecting drivers return to find their cargo missing. 3. Trailer Theft Some thieves go a step further by stealing the entire trailer and using their own trucks for a quick getaway. This method not only results in the financial loss of goods but also the significant setback of losing an entire trailer. <a href="https://www.ccjdigital.com/business/article/15448218/cargo-theft-up-41-so-far-this-year-expected-to-rise-for-memorial-day?__cf_chl_tk=ZlL6kCXke7QEJ3r6BK3zdD4ORAHF4pJspfblyNyBwdo-1706107383-0-gaNycGzNGNA">Full trailer theft</a> is becoming more common amidst heightened security measures. Now, stolen trailers are sometimes abandoned after the trailer has been unlocked and the cargo has been unloaded. 4. Fake Trucking Companies and Load Board Scams As on-the-road security has been increasing, criminals have become increasingly sophisticated by establishing fake trucking companies and engaging in <a href="https://www.insurancebusinessmag.com/us/news/auto-motor/fraud-and-misdirection-schemes-drive-cargo-theft-surge-455858.aspx">misdirection fraud.</a> These thieves secure legitimate-looking contracts and loads, only to disappear with the cargo, leaving both companies and carriers in the lurch. An increase in this form of fraud has emphasized the need for enhanced verification and due diligence in the freight industry. Tips to Secure Freight 1. Cargo Insurance With a greater increase in the inherent risks associated with cargo transportation, many shippers are turning to <a href="https://www.mikargo247.com/truckerpath">spot cargo insurance.</a> This type of insurance provides coverage for specific shipments on the spot on an ad-hoc basis, offering financial protection against losses resulting from theft, damage, or other unforeseen events. With cargo insurance, drivers now have a valuable financial safety net and this can also offer them some peace of mind when delivering goods. 2. Invest in Advanced Security Systems There has also been a massive move towards enhancing cargo security. This is largely through modern security practices, such as <a href="https://www.a1.digital/blog/digital-asset-tracking-in-logistics-security-efficiency-and-future-trends/">asset tracking</a> through GPS technology, geofencing, and real-time monitoring. These technologies allow shippers and carriers to keep a vigilant eye on their shipments and respond promptly to any deviations from the planned route or recover stolen goods promptly. 3. Strategic Route Planning Lastly, planning routes strategically can minimize exposure to high-risk areas prone to cargo theft. Especially now with the increased use of artificial intelligence (AI),there are route optimization tools that can help identify safer and more secure paths, avoiding regions with a history of criminal activity. As the freight industry in the US tackles the escalating challenge of cargo theft, there needs to be a more proactive and collaborative approach to mitigating cargo theft risks and safeguarding the logistics industry.

Apr 18, 2024

The Basics of Commercial Truck Financing and Refinancing Whether you're an owner-operator looking to upgrade your rig or a budding entrepreneur looking to get into the trucking industry, the first step is always to understand the basics of commercial truck financing and refinancing. This comprehensive guide will walk you through the essential steps of dealing with commercial truck financing and everything in between! 1. Finding Your Truck Before diving into the financing process, it may be helpful to narrow down the specific truck and price of the truck you want to purchase. Having more information about the truck can help round out your loan application and expedite it. Brand New vs. Used: Brand new trucks offer the latest technology and are covered by longer warranties, but they come with a higher price tag. Used trucks may be more budget-friendly but will have a shorter warranty period and require careful inspection to ensure they meet safety and performance standards. Amenities: Depending on your business requirements, you may require different amenities of the truck. Some truckers prioritize comfort features for long hauls, such as sleeper cabs, while others focus on fuel efficiency and payload capacity. Budget: Establish a realistic budget by considering not only the upfront cost of the truck but also ongoing expenses such as maintenance, insurance, and fuel. This will be crucial when determining the financing amount you need and not financing more than you can afford. 2. Types of Semi-Truck Financing There are many different types of financing options available and understanding the different options allows you to choose one that is best aligned with your business goals. Debt Financing: These are typically business loans and involve taking out a lump sum that you will repay over a set period with interest. Debt financing is suitable for purchasing a truck outright, giving you ownership from the start. Equipment Financing: Tailored specifically for the purchase of business equipment, this type of financing allows you to spread the cost over time while using the equipment for your business operations. It is also more accessible than your typical bank loans. Small Business Line of Credit: This is a more flexible financing option that is provided by the <a href="https://www.sba.gov/funding-programs/loans">U.S. Small Business Administration</a> to help small businesses get the funding they need to get started. There are a few different SBA loans available, depending on your business needs. 3. Choosing a Lender Selecting the right lender is a critical decision that can significantly impact the terms of your financing; this can depend on your loan requirements, credit score, and repayment history. Banks and Credit Unions: Traditional financial institutions often offer competitive interest rates and a range of loan products, such as commercial vehicle lending or small business loans. However, approval criteria may be strict, so you will need a good credit score among other qualifications. Alternative Online Lenders: <a href="https://www.l.lendio.com/trucker-path"> Online lenders</a> have gained popularity for their quick and streamlined application processes, as well as their more flexible terms. While interest rates may be higher, the accessibility and speed of funding can be advantageous for those with lower credit scores. Business Loan Brokers: These professionals have a large network of lenders that they can connect borrowers with. This saves you time from applying separately to these different lenders, streamlining the application process. 4. Check Your Qualifications Before applying for a commercial truck loan, assess your qualifications to strengthen your loan application and the finance options that you qualify for. Credit Score: A good credit score is key to securing favorable loan terms, preferably of 640 or higher. Regularly check your credit report for inaccuracies and work on improving your score if needed. Business Revenue: Lenders will assess your business's financial stability, so if you are looking to expand your business ensure your revenue and financial statements are in order. For those looking to get into the industry, demonstrating a steady income stream increases your chances of approval. Payments: While some lenders offer no-money-down options, offering a substantial down payment can improve your loan terms. By saving up for a down payment, you can strengthen your position during negotiations. Insurance: Comprehensive insurance coverage is often a requirement for getting financing for your vehicle. This can include primary liability coverage, cargo coverage, and physical damage coverage, amongst others. Research insurance options in advance to include accurate estimates in your budget. 5. Completing and Submitting the Application Once all of these have been completed, it's time to complete the loan application. Personal and Business Information: Specific documentation requirements may depend on the lender, but most of them will require tax returns, financial statements, and personal identification. You should also provide accurate information about your business structure, years in operation, and the intended use of the truck. Loan Amount and Terms: Specify the loan amount you're requesting and the desired repayment terms. Other factors that you should mention include interest rates, monthly payments, and any additional fees associated with the loan. Review and Submit: Carefully review your application before submitting it and ensure all information is accurate and complete; this will ensure that the loan process can be expedited. Embarking on the journey of commercial truck ownership is exciting and understanding the key aspects of financing is very important for success. Before applying for a loan, it is important to do your research and get all your documents in order to ensure that the loan is approved as quickly as possible.

Feb 22, 2024

Trucker Path Levels the Playing Field Between Large and Smaller Brokerages New Trucker Path for Brokerages offering enables small to mid-size freight brokers to dispatch, track and manage their loads while growing and retaining robust carrier networks PHOENIX – April 03, 2024 – Trucker Path, a subsidiary of leading global SaaS provider Moatable, Inc. (NYSE: MTBL) and the most comprehensive and relied upon mobile app for North American truckers, today announced Trucker Path for Brokerages. The new offering will enable small to mid-size freight brokers to dispatch, track and manage loads more efficiently and effectively to better compete against larger, more resource-rich brokerages. “Built for small to mid-size brokers, Trucker Path for Brokerages greatly simplifies the process of dispatching, tracking and managing loads awarded to carriers by freight brokers,” said Chris Oliver, CMO at Trucker Path. “By enabling significantly enhanced visibility into load location and status, it improves productivity and shipper satisfaction and streamlines processes to simplify operations. Trucker Path for Brokerages will help smaller brokers differentiate themselves and compete for carriers and customers like their larger competitors.” Trucker Path for Brokerages enables small to mid-size brokers to enjoy advanced features that streamline the interactions between the broker and carrier while making them both more efficient and productive. Providing their own customized version of the Trucker Path app to their carrier network gives brokers the ability to dispatch load details directly to drivers and track the progress of loads via an easy-to-use dashboard. Once deliveries are completed, the driver captures and uploads paperwork using the document scanner in the app for immediate processing. “The value of Trucker Path for Brokerages extends beyond replacing cumbersome, manual, time consuming and error-prone freight management and paperwork processes for freight brokers and their customers,” Oliver stated. “For small to mid-size brokers, it also increases efficiencies and carrier satisfaction. “Carriers also benefit from all the productivity tools the Trucker Path app offers the nearly 1 million North American truckers who already rely on the app regularly for truck-safe navigation, destination entry/exit guidance, real-time parking availability, fuel discounts, and more,” Oliver added. “It helps make life on the road safer, easier and more productive for drivers while also helping improve recruiting and retention for brokers.” Trucker Path for Brokerages is available to small to mid-size freight brokers at very affordable pricing. More details can be found at <a href="http://www.truckerpath.com/for-brokerages">www.truckerpath.com/for-brokerages</a>. Brokers attending the TIA 2024 Capital Ideas Conference April 10 - 13, 2024 can visit the Trucker Path booth #116 for more information. About Trucker Path Phoenix-based Trucker Path, the provider of a wide range of truck driver-centric mobility products, is a subsidiary of leading global SaaS provider, Moatable, Inc. (NYSE:MTBL). The Trucker Path app is currently used regularly by nearly 1 million professional truck drivers. Offering best-in-class navigation with truck-optimized routing, the Trucker Path app also provides access to vital up-to-date information about truck stops, real-time parking availability, fuel prices and discounts, weigh station statuses, and truck scales and wash locations. The company also offers TruckLoads, a digital freight exchange that connects drivers, carriers and brokers; and COMMAND™, the industry’s first and only Operations & Driver Relationship (ODR) platform that provides small to mid-size fleets with the necessary driver and TMS technologies to successfully run a fleet. For more information, visit <a href="http://www.truckerpath.com">www.truckerpath.com</a>. Media Contact: Susan Fall LaunchIt Public Relations 619-890-9415 susan@launchitpr.com

Apr 03, 2024