How to Finance a New Trucking Business

Did you know that 72.2% of the nation’s freight is moved by trucks? This creates over $875.5 billion in gross freight revenues. There’s a lot of money to be made in the trucking industry, which draws you to the field. …

People across the country are finding ways to save money. Interest rates started climbing at the same time grocery prices, utility bills, and fuel prices also went up. There have been companies laying off workers across the nation, and that’s …

When you’re running a business, timely payments mean everything. The longer it takes to get paid, the later you are with your own bills. If you pay late, the late fees add up and can quickly eat into your profits. …

Close to 39 million business trucks are registered in the U.S., and over 4 million are Class 8 trucks, meaning they weigh more than 33,000 pounds. Class 8 trucks increased by more than 2% between 2020 and 2021. Combined, it’s …

Double freight brokering is an act where a carrier accepts a load from one broker but turns around and re-sells it to a different broker without first notifying the broker or shipper. Ultimately, the perpetrator takes a load for a …

Inflation and the higher cost for items have companies fearing holiday shipping is going to decline. It’s a new concern that’s the complete opposite of how things were last holiday season. FedEx and UPS are already finding themselves with more …

Back in 2017, 54% of the surveyed trucking companies (less than 50 trucks) reported that checks were the most common method of payment. For companies with 50+ trucks, 54% reported that most of their brokers or shippers paid by check. …

Between 2018 and March 2022, the Federal Reserve hadn’t increased the effective federal funds rate. However, the Fed opted to get ahead of inflation by raising the rate by 25 points going from 0.25% to 0.50%. This was the first …

Not everyone has time to wait, especially when it comes to getting paid. You work with some fantastic brokers and shippers, but waiting for payment until the end of the month is stressful. You’ve heard about freight factoring, but you …

Freight invoice factoring (freight factoring for short) is a service where you sell your unpaid invoices to a factor. That company pays you a percentage (sometimes 100%) of the money due and waits for the client to pay the amount …