My numbers as an O/O leased to Crete

Keen, your avatar did not have a bearing on my post. The company's web site did. They are not hiring o/os, or company drivers, from my area.

Weazz, do you mean using a second morgage, or borrow against the equity in your home, to purchase a truck? If so, NO!!!!!!!!!!!!!! Crete has an excellent purchase program for either new or used that requires a minimal down payment. Save money for the down payment plus a little extra. Then buy the truck.

That being said, I did neither. I used a credit card to advance myself about $5k. The card company offered me an introductory offer of 0% finance charge due to my excellent credit. I paid the loan off before the intro period was over.

 

To do, or not to do? That is the question you ask of me. Since I do not know your financial situation I cannot make that decision. I do not know how much home time you may require. I do not know how serious you are about this industry. I do not know if you have the aptitude to be a businessman first, a truck driver second, and a family man third. (and yes, in that order)

If you want my opinion, based on my personal experience with Crete, now is a good time to become an o/o as freight has picked up and I'm constantly get 3k miles p/w. on the average, not including home time. However, Crete is only hiring o/os if they are current company drivers.

 

May 13, 2010

Re: Financial Statements – Via Web
John, following you will find your April 2010 monthly financial statement. We are
also posting your March monthly financial statements to the web at this time.
In looking at the April financials, you are showing a Net Profit of $27,551 for the
year-to-date period. This comes out to $0.556 cents per mile and is based on
49,578 paid miles. You are averaging 12,395 paid miles per month this year
compared with 11,141 monthly miles you averaged last year. You were out on
the road 110 days through the end of April 2010 (92% in service) and averaged
451 miles for each day you were out.

Your maintenance expense for the first four months of 2010 was $4,260 or
$0.086 cpm and your tractor supplies expense was $181 or $0.004 cpm. Your
maintenance expense includes tire costs of $782 from the National Account.
Together your variable tractor expenses are on the high side of what we expect
to see but remain reasonable.

Fuel costs averaged $0.425 cpm less fuel surcharge reimbursements of $0.262.
This results in a net fuel cost of $0.163 which is very good.
​

Everything else is pretty much in line based on the miles driven.

The maintainance expenses where on the high side due to a brake job at 540k miles that included new drums and all four rear wheel seals being replaced at a cost of $1200, and the replacement of steer tires after 150k miles. The steer tires had at least 50k miles of tread left, but a piece of metal impailed itself into the right tire so I dedcided to replace both at the same time.

I averaged $1.206 p/m in March, and $1.262 p/m in April. The increase was largely due to $522 in detention pay. Without that April's p/m would have been $1.217.

 

Crete is hiring O/Os again if anyone is interested.