What Happened During Q1 and How To Prepare for Q2 In the Trucking Industry
What goes up, must come down.
In 2022 we saw historically high rates for used trucks, fee rates, etc, many companies in the transportation industry made a lot of money. However, as we close out the first quarter of 2023, we're seeing a steep decline in numbers throughout the industry, including freight rates with no end in near sight.
In today's episode of the TruckVin.com Podcast, CEO Zach Ellis breaks down some of the current data in the industry, and the average numbers as the first quarter of the year closes out. He talks about some of the big moves made in the industry, including Knight Swift's buyout of U.S. Express. He talks about how the number used semi trucks for sale has nearly doubled in the last six months, and what you need to do to stay alive in an industry where companies are shutting down quickly.
He also talks about recent trends he is seeing in the industry with companies quickly trying to sell trucks and get bids, and why honesty and loyalty will always be a key factor.
Link to the video of the SVB Collapse: • Here's how the SVB fallout impacted F...
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