Need honest feedback - thinking of getting into auto hauling business

Your question is one that is asked about once a week here on this forum by someone that is basically looking for some type of passive income with little or minor involvement in the operation. The constant is that they have been successful in some other industry or profession, and are looking for investment outside of their field of expertise. The only thing that varies is the amount of money they have on hand to invest or the resources for financing.
The part that usually concerns me is the belief that because you were successful in another area of business, you have a pretty good chance to make a go of it in trucking. Your business knowledge will definitely help you, but your lack of practical experience in the trucking world will most likely lead to your downfall.
What would you think about a truck driver that has done well and starts looking into your current area of work looking to throw a couple hundred thousands dollars at establishing themselves in your industry. Of course they are only going to be involved minimally and hire someone to actually run the business for them. Smart move on their part, or would they be just another sinking ship.

 

Very wise statements. I think folks can learn from you if they listen.

 

I initially replied to this post from the side of the Interstate waiting on a hook. My turbo decided it had enough this morning and laid down. My load got delivered damage free, my dealer commented excitedly on me showing up to deliver his cars on a wrecker as they need every car they can get currently. My tractor was safely at my home shop and I was at the house by noon. First time in 5 years on a hook but when things happen they cost money.

 

Thats how it’s done man. I had a reefer haz medical load that I delivered on the hook. We do what we gotta do to please the customer. Much respect my friend.

Sometimes pride aside right!?

 

Absolutely right.

 

Hopefully you didn't have too far of a trip on the hook. Few months back one of our trucks broke down 100mi from the house, valve bridge said bye bye. 1st guy we called said 1800. Called another guy that was half the price

 

What about getting an F450 or some other "Beast" and just hauling 2 or 3 cars on a car trailer. Talked to a guy a few years back that done this...Said he made fat coin...Even after the insurance and pickup payments.JMT

 

$225 an hour and I was 70 miles from my delivery, 10 more miles to drop my trailer and about 10 more to my engine shop. Total cost for the wrecker was $1,050 including the time he waited for me to unload. There was a shop with a crowded parking lot about 3 miles from my breakdown, but with a load of cars on it could have cost me more had one single unit got a damage while I was being repaired.

 

Why not open a brokerage account online through a trading platform and do the wall street thing? Not sure what type of firm you have experience from but I would guess you'd be better off than most. I like what I do but in a perfect world I would be able to be home with basically 0 overhead and make good money. I tinker around in that and dream of getting there one day. No need to be on wall street to make wall street money with the internet. With the cost of equipment you could open the account and no pdt rule would be in place. Just a thought.