Convoy Shutting Down?

I’m at Seymour IN and there’s a Landstar truck sitting here hooked up to a Convoy trailer.

I wonder how they plan on getting 4000 trailers returned to where they’re supposed to go. I’d think they’d be doing well if they got 3500 of them returned and only had 500 disappear.

 

"In recent weeks, FreightWaves has been hearing from sources that a number of midsize freight brokers are in financial trouble. One CEO of a large broker that had discussed potential transactions told me the risk was most pronounced in brokerages that generate $50 million to $250 million in revenues.

A CEO of a major bank with exposure to trucking told me he had three large brokers that are in dire financial shape in their portfolio and he expects them to shutter in the coming months."

Freight brokerage bubble bursting as freight markets face long winter

I hope TQL joins the party.

Uber has changed the payouts to 30 days without a quick pay option...

 

In regards to Uber payouts at 30 days..

I believe that the 30 day payout is to your factoring company if you use one. I just received a quick pay into my account from them. I’m waiting for another that should be paid Thursday. Should have actually been paid today but I’ve noticed them becoming a bit behind.
Unless something just changed just recently that I wasn’t notified about..

 

No factoring companies are involved.

"Payout process

If documents are approved, payout for an Uber Freight load should reach the carrier’s account within 30 days."

Be careful with them.

 

I’ve done hundreds of loads for them and always get paid within a couple days. They’ve always paid on Tuesday and Thursday.

Has something changed in the last week?

 

A lot has changed since last Wednesday.
Read the article as well.

 

The only thing I read from Uber about paying in 30 days was about factoring companies. Unfortunately I can’t find the link to it..my dementia is not letting me remember what search words I used to find it, lol

When we signed up we chose the method to be paid..to a factoring company or directly to our bank account. I also remember that they always advertised that they sent payment on Tuesday and Thursday. I no longer see anything about that and have noticed a change in being paid over the last few weeks.

They just notified me that they approved me for a Uber Freight fuel card (I didn’t apply) . Haven’t read the details but with the card you get instant payment for your loads. Could be that they are trying push people into using their fuel card?

I just delivered a load early Monday morning and submitted the paperwork at 8am so we’ll see.