Public carriers faced profitability issues due to low rates, weak volume, and severe winter weather. However, some carriers like J.B. Hunt and Schneider National retain optimism, focusing on intermodal business, cost control, and technology investments. Truckstop’s survey shows a 9% increase in the Market Demand Index for Q1, with many carriers expecting better times ahead.

FTR’s May forecast anticipates a steady rise in rates by Q3, despite predicting a 2% drop for 2024. Supply-side factors and higher interest rates were critical concerns, with 78% of motor carriers feeling the impact on equipment financing costs. The uncertain outlook continues, with 44% unsure about their future and 9% considering exiting the industry. Truckstop CEO Kendra Tucker expressed hope for a positive shift.

Despite these challenges, industry stakeholders remain vigilant, closely monitoring economic indicators and market trends. The Federal Reserve’s monetary policies and inflation rates are among key factors that will likely shape the trucking industry’s future landscape. In this vein, carriers are advised to strategically navigate these uncertainties by implementing adaptive business models and continuous innovation.

Source: Commercial Carrier Journal

The post Survey Highlights Optimism Among Owner-Operators and Small Fleets Regarding Future Demand appeared first on Truck Drivers USA.

“I’m a farmer and a small-business owner,” Finstad said. “I’ve seen firsthand and heard numerous stories of the negative effects of government overreach when it comes to overly protected regulations and the rulemaking process.”

The primary objective of this legislation is to shield small businesses from government overreach and excessive regulation by compelling federal agencies to assess the impact of their regulatory actions on small enterprises.

“What does the rule say? How do we comply with this rule? How do we meet this regulation? What we’ve found is that it’s costing Americans billions of dollars each year,” Finstad said. “Since 2009, it’s estimated that it’s over $730 billion and over 480 million hours in paperwork time added to our small businesses.”

While the Prove It Act has broad implications for various industries, its resonance is particularly strong among small-business truckers, constituting 96% of motor carriers in the United States.

“The owner-operator or farmer or small independent business owner who is the most adversely affected in this regulatory climate,” Finstad said. “Because they don’t have the HR department. They don’t have the regulatory department. They don’t have the lawyers. They don’t have the staff to help them navigate the rules and regulations.”

The Owner-Operator Independent Drivers Association (OOIDA) lends its support to the Prove It Act, recognizing the overwhelming regulatory burden faced by small-business truckers.

“It’s always changing,” said Finstad, who holds a commercial driver’s license. “Just when you think you’ve caught up to the new climate of the new regulations and rules to comply with, there’s another harebrained idea coming at us tomorrow. It’s just so hard to keep up, especially if you’re that small independent.”

A notable example of regulatory excess, as highlighted by Finstad, is the Federal Motor Carrier Safety Administration’s (FMCSA) proposal to mandate speed limiters on most commercial motor vehicles.

“This is another harebrained idea that comes from folks who have never been in a semi,” he said. “To restrict speed and to have government intrusion right into our business office creates an unsafe environment.”

To counter this, Finstad has joined as a co-sponsor of the DRIVE Act, a legislative measure aimed at preventing the FMCSA from advancing any rulemaking that mandates speed limiters on heavy-duty trucks.

Despite the vocal opposition from thousands of truck drivers against mandatory speed limiters, FMCSA is expected to unveil a formal proposal in May. It’s important to note that Congress has not enacted any law requiring speed limiters, and the agency is attempting to push through this regulation independently.

“I’m one of the few members in Congress who has a Class A CDL, so it brings a little street cred to that conversation,” Finstad said. “When the bureaucrats tell me how things should or shouldn’t work, I can ask them if they’ve been behind the wheel. ‘Have you ever had to drive a truck with a 53-foot trailer? Have you ever had to haul a thousand bushels of corn to market?’ If the answer is no, you better start talking to the people who do it.”

With the recent addition of Representative David Rouzer, R-N.C., as a co-sponsor on Feb. 28, the House version of the DRIVE Act now boasts 37 co-sponsors. OOIDA actively encourages its approximately 150,000 members to advocate for the DRIVE Act by reaching out to their lawmakers. Truck drivers can conveniently contact their representatives through OOIDA’s Fighting For Truckers website.

Source: Land Line

The post U.S. Congressman Campaigns for Small Trucking Businesses, Says More Regulations Hurts Them appeared first on Truck Drivers USA.

Led by industry experts like Amanda Pearson, the TCA Profitability Program has already helped over 120 carriers achieve their goals. Now, Small Carrier University is opening its doors to even more carriers, giving you the opportunity to learn from the best and participate in powerful benchmarking groups.

“All too often, leadership is wearing many hats spending time putting out fires. Planning growth initiatives, tracking KPIs, and trending data fall by the wayside,” Pearson explained. “Our goal is to help small carriers by identifying the KPIs that best match their goals, understanding and developing the cadence for tracking, and the processes that lead to improvement.”

TCA’s benchmarking groups cover five different modes- van, reefer, flatbed, bulk, and brokerage. Participants submit financial reports and receive composite reports specific to their group. Additionally, TCA provides access to hundreds of key performance indicators for carriers to benchmark. These groups meet two to three times per year to discuss various topics related to operations, maintenance, and more.

Small Carrier University offers instruction in 29 key business metrics and identifies accounts impacting performance measurement. Learn to identify over- and underperformance indicators and structure strategic recommendations for improvement or sustainment. Upon completion, you’ll be knowledgeable about benchmarking groups and prepared to participate in them.

To complete the program, attend virtual classes covering operations, maintenance, and safety, and complete required assignments. As a bonus, connect with peers and industry experts through monthly market insights and industry hot topic discussions.

These virtual sessions are scheduled for the following dates:

• Thursday, July 27, 2023
• Thursday, Oct. 26, 2023
• Thursday, Jan. 25, 2024
• Annual convention class session in March 2024

Eligible TCA member carriers with fewer than 99 total power units can apply. There is a one-time set-up fee of $299 and a monthly enrollment fee of $479 for 12 months. Paying the full year in one payment earns you a $100 discount on the enrollment fee.

Visit TCA’s website for more information and to register for these programs.

Source: truckinginfo

The post Unlock the Secrets to Success with TCA’s Small Carrier University appeared first on Truck Drivers USA.