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Showing posts from 2014

How Are You Funding Your Trucking Company?

How is freight factoring helping your trucking company, or are you using other methods to fund your business? Please participate in this discussion,  tell us which method of funding you are using to receive needed funds: freight factoring, ACH advance company or other funding sources, and how much are you paying for that funding, is freight factoring cheaper than ACH advances?

Shortage of Truckers

FoxBusiness reported recently on the shortage of truckers, specifically long-haulers, as per the ATA (American Trucking Association) the trucking industry has a shortage of about 30,000 of qualified drivers, and expected to raise to 200,000 over the next 10 years.   Is DOT Secretary Foxx looking into this, there seems to be a significant opportunity to create new jobs in the transportation sector? According to the June 2014 North American freight Numbers, the Bureau of Transportation Statistics reported that "Trucks carry three-fifths of U.S.-NAFTA freight and are the most heavily utilized mode for moving goods to and from both U.S.-NAFTA partners. Trucks carried 59.5 percent of U.S.-NAFTA freight in June 2014, accounting for $29.8 billion of imports and $31.4 billion of exports." There is a strong focus on infrastructure investments which is necessary but the DOT should not overlook  an opportunity to create jobs.

Truck Drivers and Sleep Deprivation

The Los Angeles Times had an interesting article a few weeks ago written by Karen Levy about the nation's trucking system suggesting sleep deprivation and the need to address reform of a range of unsafe practices. The article went on to state that many trucking companies are putting tremendous pressure on their drivers to stay longer on the road than what is required by law, even owner-operator are feeling the pressure when dealing with brokers, some are losing opportunities when they hew to close to the rules. If this is true, then we have an epedemic that needs to be addressed as soon as possible and what can the industry do to avoid these pressures imposed on our nations' drivers?

Is There a Difference Between Bank and Non-Bank Financing for Trucking and Transportation Companies?

By Staff Writer Actually, there is a big difference between bank and non-bank financing for trucking and transportation companies!  After the most recent banking meltdown, obtaining bank financing for a trucking or transportation company has become a long and uphill struggle.  Banks are focusing on carriers with high earnings, excellent credit history, strong balance sheet and predetermined debt service ratios. But there's a lot to be said about non-bank asset based lenders and trucking factoring companies, these lenders and factors attract those trucking and transportation borrowers and factoring customers that would not qualify otherwise under normal bank lending standards, which may apply to certain borrowers with high leverage, negative net worth, recent losses, and those faced with fast growth/expansion needs. Under traditional lending guidelines these borrowers would not qualify. Non-bank lenders in determining the lending criteria of a potential borrower would look at

Transportation Jobs - Slight Gain

The jobs report that came out Friday indicated a total of  217,000 jobs gained although no change to the unemployment rate which is still at 6.3%, there were gains  in the transportation-warehousing sector which rose by 16,000 in May.  The industry over the prior 12 months has added average of 9,000 jobs per month, and in May transportation had 6,000+ and 4,000+ for messengers and couriers. Other sectors showing job gains throughout the year included manufacturing which added 105,000 jobs and both sectors (transportation and manufacturing) should maintain gradual growth for the next 12 months. We welcome the comments of individual truckers/carriers and their opinion on how they expect the industry to perform through next year.

Are You Satisfied With Your Current Freight Factoring Company?

How satisfied are you with your existing freight factoring company?  There are many options available to trucking companies, options that you may not know are being offered by your current trucking factor. So if you are unhappy with your existing factoring company, before putting too much time and efforts in searching for a new factor, just give your trucking factor a call and tell them what you want, they could be offering options that you may not be a

A Bit About Freight Factoring

Factoring is one of the quickest methods for trucking and transportation companies to raise working capital. Used by almost every industry, factoring allow companies to raise the needed capital in just a few short days for expansion/growth, restructuring or survival. There is no need to wait 30-60-90 days for your customers to pay your invoices/freight bills, freight factoring advances monies to you on your outstanding invoices now.   Trucking factors can advance funds on freight bills very quickly, normally in a day or two after you contact them, and in some cases that same day. The factor then gets paid back when your customers pay in 30 to 90 days. Factoring is converting your freight bills/accounts receivables/invoices for cash, thus allowing your co

Investments In Our Transportation Infrastructure

U.S. Transportation Secretary Anthony Foxx recently announced a $2.5 billion investment which was outlined in President Obama’s Fiscal Year 2015 budget as part of his commitment for continued investments in the transportation infrastructure.  The plan calls for the construction and/or completion of rail, rapid bus transit and streetcar projects in 16 states undoubtedly helping these communities create or sustain thousands of construction-related jobs and help expand transportation choices for hard-working families.  As Secretary Foxx stated. “We are committed to ensuring that every American has access to the ladders of opportunity that lead to success – and access to public transportation is essential to making that happen.” We ask our visitors to opine on the White House continued support for the transportation sector, is it boosting confidence in the industry in general?

U.S. Department of Commerce Business Expansion Talks With Mexico

The US Department of Commerce Secretary Penny Pritzker continued business expansion talks with Mexico should benefit several sectors of the U.S. economy including transportation. Her efforts should boost business opportunities for U.S. companies in Mexico, her meetings with Mexican business and political leaders included talks on trade and investments between the two nations, discussions also covered the recent passed telecommunicatio

How Can Trucking Factors Better Service Their Customers?

How are trucking factoring companies doing?  As you probably noticed, the trucking factoring industry has become very competitive, trucking factors are constantly improving customer service and searching for ways to better service their customers, in general a trucking factor is a good guy that specializes in providing the needed cash to their customers with a sincere desire to actually help the customer. Give us your feedback, what else can trucking factors do to better service their clients? We ask our blog members to participate and post their comments, what you would like to see in ways of improvements in the trucking factoring industry?