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Banks and financiers have become trucking's new gatekeepers. That hasn't paid if you've performed well in this recession. Quote:
Almost exactly a year ago, the U.S. stock market fell right over an already decimated housing sector and in its collapse, took pretty much the entire North American freight economy with it. As any trucker will attest, it's been a long, tough slog back to the plateau ever since.
If you've survived this mess, there's a good chance you fall into one of two categories. You might be a relatively healthy carrier whose balance sheet is just sound enough that your creditors have left you alone to do your business. Or, perhaps you've racked up enough debt that your lenders can't afford to be too strict, and thereby left you alone just the same.
Dealing with bankers is about an enjoyable as dealing with a government bureaucrat these days, which is fitting since in this market the latter seemingly has just as much say on whether you can be in business or not.
As Donald Broughton, director of the equity investment firm Avondale Partners quoted a trucker as saying in a recent Trucking Failure Report: "Either you own the bank, or the bank owns you."
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