Trucking Industry Update | 2024
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- เผยแพร่เมื่อ 22 พ.ค. 2024
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2024 is going to be an interesting year in many respects. This is especially true in the transportation industry where local, national and global trucking markets have faced unique constraints.
As we begin to jump into 2024, things are not looking great. Have we reached the bottom? Are we on our way up yet? Let's meet with Paul Pfeiffer, CFO of Anderson Trucking Service, and get the inside scoop to prepare ourselves for 2024 and what's to com - ยานยนต์และพาหนะ
Level-headed, clear information. Thank you for this content.
Thanks for watching!
Thanks for sharing this information! Hopefully things are going to get better.🤞🏽
You're welcome! Things always get better, it's just taking longer this time. We will get there! 😊
Thanks for the info!! Just keep running!!
This is great information, thank you. I hope you keep up with the updates!
Thank you! We plan to have paul update every quarter as well as our monthly podcast
True
Very good video. Thank you
Thank you too!
very good information from you and well explained. thank you
Glad it was helpful!
Goodness... exactly what I needed to hear... thank you !!!
You are so welcome
I started picking beer cans in my hometown doing much better know low overhead an no longer dealing with brokers manufactures an shippers to big of a criminal maffia for me go against it.
I hope things will get better starting in Q3 and Q4 🤞
As do we! 🙂
Look around
I can't say where
Because I don't gave my customer
But look around
Great info!
Glad it was helpful!
Great information
We're glad you found our video to be helpful! Thanks for watching!
👍👍👍
It would be even more informative if we had some stats in the video, like the amount of drivers exiting the market compared to the amount who entered the market during COVID times, etc. Thanks for the video!
Thanks for the tip! You are absolutely right. While obtaining industry wide information would be tough, we can certainly try to provide statistic updates in the next industry update. Thanks!
Watch Miranda she gives the statistics
In short Mega companies are only going to survive
Yes and no, mega companies with large amounts of debt will also struggle, as we saw with Yellow.
With markets tumbling, inflation soaring, the Fed imposing large interest-rate hike, while treasury yields are rising rapidly-which means more red ink for portfolios this quarter. How can I profit from the current volatile market, I'm still at a crossroads deciding if to liquidate my $125k bond/stocck portfoli0
It’s precisely at times like these that investors need to be on guard against the next certainty. You don’t have to act on every forecast, hence i will suggest you get yourself a financial-advisor that can provide you with entry and exit points on the shares/ETF you focus on.
I would suggest speaking with a financial adviser for more specific information related to your situation.
Many city's are building R/R cross dock operations, this is all freight ! Mine will take 500 otr trucks off the road
That's interesting! We will look into this and see what information we can find and talk about it in a future industry update! Thanks for the information and sorry to hear about how this negatively affects you.
@TruckingIndustryChannel I'm in the west and savage industry is the builder, I support this 100%
The rest are spot on but he never mentioned increase price of gas. In Canada, there is carbon tax increase which came into effect on April 1st 2024.
Thanks for the information! We will have him discuss fuel prices on the next one 😊
don't forget to add that these driving schools are pumping new cdl drivers out left and right into a market that isn't here. The new hustle .
Thanks for the tip! We will look into that
💯💯💯💯💯
As long as these truck drivers are not stopping these wheels. They will be singing the same song ten years from now.
It's tough because drivers need to be paid like everyone else. Until the market shifts and there is more freight than drivers, the rates will remain low.
Well put together data driven information.
Not be contrarian but, the downfall of this industry has to do with poor gov/fmcsa regulation. Hundreds of thousands of Mexican/ Canadian carriers are currently breaking the camouflage rule by staying in states and running on the load-board for months. With nobody to regulate this issue it has only gotten worse; because a simple revision of the BOL will make them look legit.
Thanks for the information. There will always be bad apples and people who ruin it for others. Unfortunately, this is something *we* have no control over.
@@BeyondTheRoadATS so that why we must bring awareness because it not then good luck competing with companies that are paying the illegal immigrants 250- 400 dollars a week.
Too many truck drivers .
There are more drivers than shipments, that is correct.
BINGO....and still coming in.
Capacity is leaving where? From own truck to a company driver? Because nobody wants to work the whole month just cover your rent on any other job.
Both leaving for companies as well as the market altogether. With too much capacity, freight rates go down. After rates go up, drivers come back. It's always been the cycle and will continue to repeat itself based on supply and demand.
Best way . don't work with brokers
if you can
don't go low on your rate
Or move to a different broker some do pay
Good
Good luck
Like all services you will find different rates. You should do your homework, look for the best fit for your needs and get yourself the best price. Thanks for the tip!
Where is driver shortage?
Paul did a video for drivers, you can find it here: th-cam.com/video/GhkKzw6Ot-c/w-d-xo.htmlsi=IbVERqYTLyxSPMB7
I seen this coming 10 years ago. The problem is how low will you go on your milage rate. Your insurance, fuel, maintenance, and operating coast are going to be way too high to compensate your per mile rate. This will cause drivers to try to sell and bigger trucking companies to try to cut back and be forced to sell equipment to recover losses. But once that starts to happen the truck sales market will fall really quickly and fast. This is also the product of high interest rates by the feds.
The cost of running a truck is rising, yes. Additionally, freight rates are low due to the down market we are currently in. We understand drivers' frustration with this and know that many are struggling to navigate the current market conditions.
All the freaking CDL schools pushing out drivers
With an imbalance of drivers and freight, and more drivers coming into the industry, it will take time for the shift to happen. There are a lot of drivers leaving the industry as well, but with inflation it's taking longer than usual.
2024 is definitely NOT time to buy or lease class 8s 😢
Lot of unknowns for 2024, unfortunately.
Time to stop the wheels and let other waste their equipment with cheap freight,
If you can afford to sit out the rough times, it may help save your equipment while you wait for the market shift. Unfortunately, not all drivers have the resources to do so.
Majority dont@@BeyondTheRoadATS
Maybe you can afford to sit it out the next driver can’t , ppl kill me with that statement
the company I work for loves cheap freight, they got no issue under cutting other companies to get it either, money is money, every dollar counts
@@standodge7687afar the name of the company?
More &more drivers falling off everyday
Unfortunately they are. It's a tough situation, we don't want to see any drivers leave the industry. However, unless the consumer purchasing of goods increases, there are currently more drivers than there is freight and rates will remain low until it equalizes.
It’s worse today than it was last year. Last year was worse than the year before.
If there was any transition, it’s a transition from bad to worse…
Only time will tell!
Bla bla ! You all brokers are the big peace of the problem 🤷🏽♂️. AtS are paid 1.45/mi right here, right now in all New England states. You are keeping more than 50% in each single freaking load. Fys!!!
Brokers aim to claim 3-8% margin. As far as your claim of over 50%, where did you get that number? Here is a resource that talks about brokers in the market today. Hopefully this helps: th-cam.com/video/wfXQzebUsYc/w-d-xo.htmlsi=NEBH5wteN34rjZmL
Pure crap lol. Not getting better. Everything costing more and rates havent hardley moved up in 25 years
Well this simply just isn't true. The rates during 2020/2021 were some of the highest the industry has seen. In an industry that relies heavily on supply and demand, consumers were only purchasing goods and not using services as a result of being home. We also saw these numbers in 2017, and again before. The pattern is there, it's the same every few years. The difference in 2023/2024 is the hit everyone is taking from inflation, which makes it all feel so much worse.
Not true 2 yeaea ago rates were very high
So rates increase for everyone except the drivers. We’re simply expected to absorbs the costs. Absolutely insane. The white collar side of logistics is totally out of touch. You understand why things are getting bad, but if everyone is increasing costs, that means the cost of drivers needs to increase in a commensurate manner. But we have simply NOT experienced this. The only increase in driver rates we saw was during Covid when there was a shortage of drivers (an actual shortage not the one created by carriers refusing to pay Class A drivers what they’re worth for decades). So when you need us, you pay, when you don’t we’re a burden. So sick of this BS.
We understand that this is tough for drivers during the down markets. The industry has always worked on supply and demand. When drivers are receiving low pay, it means everyone is. There are bottom lines for all areas in order to continue operating, such as the trucking company, sales, customer service, mechanics, shop, parts etc. When drivers are struggling, it means that trucking companies are scraping by at the bottom dollar for budgets. This is why we have seen some major trucking companies go under this last year. The only area profiting from this is the shipper side of things and it's simply because consumers are purchasing services right now instead of goods. When the market shifts, and there is more freight than drivers, all of the power shifts over to the drivers and they choose the rates they want. It's a cycle that has happened every couple of years for decades and will continue to do so. You can find a better explanation of how it all works here: th-cam.com/video/nPQepM9RirU/w-d-xo.html Hope this all helps
Why is it nobody's mentioning the foreigners coming over here purchasing trucks and then not making the payments and then letting them Repo the truck after a year?
We are not familiar with this information.
What’s that gotta do with anything ?
I agree, that information is useless
To many trucks constantly being moved into the market & out as well. But it adds to the truckers...
That’s interesting. I’m assuming you are saying that a certain number of individuals, mostly resident aliens and foreigners with work visas, are qualifying for $200k loans, financing a truck and possibly a trailer, establishing a motor carrier authority, or signing on with an MC as an owner operator, running their business, paying insurance, taxes, fuel, repairs, and supplies. However, they neglect their truck payment and pocket the money they would otherwise pay towards the truck loan. They keep the truck payment money for 12 months. Then, after 12 months pass, the bank repos the truck and the operator is sued for the deficiency, bankrupted, and unable to continue in the business. The operator profited $24k extra for one single year and was forced to cleverly hide all assets, including bank accounts, from the bankruptcy court. And, these “foreign” operators saturate the market to the point that natural born US citizen truck drivers can’t earn a decent living. I think, maybe, it’s the shady brokers, shady owners, and shady shippers/receivers that are keeping you down, bro. Not the boogie-man foreigners. They exist, but not to the extent some would like to believe. The occasional individual that gets away with what you are describing, is a loser. A few losers aren’t squeezing the truckers. The big players are squeezing the truckers.