Aug 15, 2017 • Community

Trucking Industry Trends

Trucking Industry Trends

Trucking Industry Trends

The trucking industry trends reveal the importance of truck freight in America and freight revenue forecasts to grow by 75 percent over the next nine years.

The trucking industry has powered America for over a century moving 70 percent of all freight. As truck drivers move freight across the country so moves our economy. What are the trucking industry trends for 2016? We reveal the answers!

In 2016, the trucking industry:

Generated $676.2 billion in revenue
Accounted for 79.8% of the nation’s freight bill
Moved 10.42 billion tons of freight
Moved 70.6% of all domestic freight tonnage
3.68 million Class 8 trucks registered
Traveled 450.4 billion miles
Powered by small business – 91% of carriers operate six trucks or less
1 in 15 jobs in America is in the trucking industry

“The information in Trends highlights exactly what I tell elected officials, regulators and key decision-makers every day: trucking is literally the driving force behind our great economy,” said ATA President and CEO Chris Spear. “Safe, reliable and efficient motor carriers enable businesses throughout the supply chain to maintain lean inventories, thereby saving the economy billions of dollars each year.”

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TagsTrucking Industry

FMCSA Updated Hours of Service (HOS) Rules [p]The FMCSA has changed some of the rules within the <a href="https://www.fmcsa.dot.gov/regulations/hours-of-service">Hours of Service (HOS) regulations</a> which took effect yesterday, September 29, 2020. [/p] <h2></h2> <blockquote>“FMCSA wants drivers and all CMV stakeholders to share their thoughts and opinions on the proposed changes to hours of service rules that we are putting forward today,” said FMCSA Administrator Raymond P. Martinez, who spoke with reporters on a conference call Wednesday morning. “We listened directly to the concerns of drivers for rules that are safer and have more flexibility—and we have acted. We encourage everyone to review and comment on this proposal.”</blockquote> [p]FMCSA’s newly proposed HOS rule offers a couple of revisions to the existing HOS rules, which Martinez said are based on extensive public comments shared with the agency since last year. [/p] [p][b]Here are the key changes which are important to note:[/b][/p] <ul> <li>Increase in short-haul radius to 150 air-miles no matter the size of the vehicle</li> <li>Short-haul drive time has been extended from 12 to 14 hours. </li> <li>Extension of the driving window by up to 2 hours for adverse conditions</li> <li>30-minute break can be taken in “On Duty, Not Driving” status</li> <li>30 consecutive minute break must be taken after driving eight hours</li> <li>Split sleeper can now be taken within a minimum of 7 hours in sleeper berth. The remainder of the 10 hours can be taken in “Off Duty” status and must be consecutive in nature. Neither period will count against the 14-hour driving window when utilized properly.</li> </ul> [p]In line with the above, an update to <a href="http://eld.truckerpath.com/">Trucker Path's ELD Pro</a> has also been rolled out. We urge all Trucker Path ELD Pro users to update their application in either <a href="https://play.google.com/store/apps/details?id=com.app.truckerpatheld&hl=en">Google Play Store</a> or the <a href="https://apps.apple.com/us/app/trucker-path-eld-pro/id1488420043">Apple App Store</a> to take advantage of the new rules. [/p] <h2></h2> [img src="https://truckerpath.com/uploads/2020/09/hos2.jpeg" alt=""] <h2></h2> <h2></h2> [p][b]By Trucker Path[/b][/p]

Sep 30, 2020 • Carriers

Industry Update - March 15, 2019 <h3>Trucking Industry Update March 15, 2019</h3> <h5>By Jeremy Feucht</h5> <h3><strong><u>Did you Know?</u></strong></h3> One of the world’s first, and at the time the worst, oil tanker spill occurred this week in history. On March 16, 1978, the Supertanker Amoco Cadiz, wrecked off the coast of France. The spill released 68 million gallons of oil into the Ocean and covered roughly 240 miles of French coastline in oil. <h3><strong><u>Trucking tip of the Week</u></strong></h3> We are about a week away from Spring Break for most of the US. This means more cars on the road traveling to both big cities and remote areas. Make sure you allow yourself additional time on your trips. Be vigilant as this time of year also begins to see an increase in freight thefts. Be careful and be safe. <h3><strong><u>Declarations of Emergency</u></strong></h3> With another massive storm hitting the US, make sure you are checking the road and weather reports for the areas you are traveling to and through. This time, a good portion of the <a href="https://www.msn.com/en-us/weather/topstories/bomb-cyclone-slams-plains-midwest-with-heavy-winds-snow/ar-BBUMs06?ocid=spartandhp">Mid-West and Plain States</a> were hit with what is being called a “Bomb Cyclone.” This weather pattern hit states from Colorado to Iowa and as far south as Missouri. Many states have already declared a State of Emergency. Make sure you know if your loads are cleared for hours of service exemptions before trying to run in an exempt status. <h3><strong><u>Pay</u></strong></h3> In what should come as little surprise, and good news to owner-operators, large fleets saw a reduction in turnover rates in 2018. This is because <a href="https://www.joc.com/trucking-logistics/labor/pay-hikes-cut-truckload-driver-turnover-big-fleets_20190314.html">large trucking companies increased pay</a> across the board for their drivers. As rates drove up, companies were desperate to keep their seasoned drivers from going off on their own and increased pay. By doing this, they allowed owner-operators to operate at higher rates in the spot-market for a bit longer than normal. As rates begin to fall again, we will see if large fleets retain their high pay rates through the summer or not. <h3><strong><u>Danger on the Road</u></strong></h3> This piece of news has several dangerous aspects to it. A driver, just outside of Spokane, WA was uninjured when he navigated the rest stop exit improperly and wrecked his truck into a snow bank. Normally, a wreck that is off the freeway/highway would not shut down an interstate for two hours. This one however did as the trucker had <a href="https://www.khq.com/news/isp-confirms-semi-truck-carrying-missiles-was-headed-for-indiana/article_e96df9ae-443a-11e9-8fb5-430d6df36d84.html">16, 2000-pound US Military missiles</a> on board. Military crews from Fairchild Air Force Base were called to clean up and secure the scene.

Mar 15, 2019 • Carriers

Factoring Costs - Comparing Factoring Rates [p] Freight factoring can be advantageous to your trucking company but there are some factoring costs that are misleading and comparing factoring rates as well as their offer details can help you maximize earnings. [/p] [h2] Factoring Costs [/h2] [p]There is more to the factoring cost than the factoring rate offered in<a href="https://truckerpath.com/blog/freight-factoring/"> freight factoring</a>. Freight factoring provides owner-operators an opportunity to better manage their cash flow and eliminate waiting to get paid. Factoring companies offer rates based on a variety of factors but there are several things you must understand when talking about the factoring cost.[/p] [p]Some require specific qualifications a client must meet to earn the best possible factoring rate. Others might require a specific volume of loads or long-term commitments (not quite 'til death do us part but nonetheless). Sometimes the lowest factoring rate won't provide you with the lowest cost to factor. [/p] [video id=IBCMtru_QMQ] [h2] Comparing Factoring Rates [/h2] [p]When comparing factoring rates a 1.5 percent factoring rate can cost more than 3.5 percent rate. Yes, you read that correctly. It's entirely possible that a lower factoring rate can actually cost you more. Let's say Factoring Company A who is offering a 1.5% rate and Factoring Company B is offering 3.5%. You're more inclined to factor invoices with Factoring Company A because the rate is better right?[/p] [p]While Factoring Company A's rate is lower, the overall cost to factor is not. This is due to fine print in Factoring Company A's contract where it included a variety of fees and commitments from you.[/p] [p]By breaking down the additional factoring fees and including them with the factoring rate we can compare the true factoring cost and decide which option is best for you. In this case, Company B would be the best freight factoring company for your trucking business. [/p] [img src="/uploads/2017/06/factoringrates.png" alt="My image"] [h2] Understanding the Differences When Comparing Factoring Rates [/h2] [p]Not all factoring rates are created equal. If you are interested in using a freight factoring company to help your cash flow, comparing factoring rates and determining the actual factoring cost can save you thousands. Some factoring companies aren't transparent and hope you won't see through some of their additional fees that lead to a higher factoring cost to you. [/p] [p]Remember to always read the <a href="https://truckerpath.com/blog/hidden-costs-to-factor/">fine print to avoid those hidden fees</a> in your factoring contract and understand the details that could lead to additional fees before committing to factor with a company. [/p] [p]Factoring companies like Trucker Path InstaPay offers non-recourse factoring with no commitment or fees. IntsaPay is completely transparent and you can easily get paid in a day by factoring right from your phone. It's perfect for owner-operators with a simple flat rate and no additional costs. [/p] [button text="MORE ABOUT INSTAPAY" href="https://truckerpath.com/sign-up-instapay/?utm_source=blog&utm_medium=ctacomparingratesJuly24" width="250px"]

Jul 25, 2017 • Carriers