Big questions for all timers.

Discussion in 'Ask An Owner Operator' started by Xenergiserx, Sep 26, 2022.

  1. Xenergiserx

    Xenergiserx Light Load Member

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    Question for those O/O that survived the 2008 Great Recession. How you guys did it. I own two trucks, two dry van trailers. One truck is financed. And the two trailers only one truck is paid off.
    We been working the loadboard and had no luck finding dedicated work. Now this recession looking more and more like total disaster I’m worried what we going to do. My insurance contract is over this November. So I have to make a decision. Just wondering what old timers would do on my situation.
     
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  3. Hammer166

    Hammer166 Crusty Information Officer

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    If you don't have your own customer base, you need to get leased on with a carrier who does. Yes, the market has shifted more towards non-asset based 3PL since 2008, but when the overflow loads from the asset based 3PLs dry up, there's still going to be a lot of guys chasing the fewer loads on the boards.
     
  4. Ridgeline

    Ridgeline Road Train Member

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    leased with land star and a couple other companies. took the burdens off of dispatching and dealing with brokers. did this until I started to take on customers directly.

    You won't survive with the brokers in todays' world, 2008 won't be as bad as the up and coming recession/depression.
     
  5. Lennythedriver

    Lennythedriver Road Train Member

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    This one’s gonna be ugly indeed and we’re just now venturing into the beginning stages of it. And people are already screaming. Every single aspect of the economy is under extreme pressure and is buckling and ready to fail. I’m not gonna say why. Anyone with half a brain knows why. It’s being done purposely. But neither that nor there, we are all in for a rough ride. And whoever comes in Next to try and fix it? It’s gonna take a decade. This is not your typical 18 month cycle. The powers that be are going to make this one sting and hurt for a very long time. Yes, your government is that disgusting.
     
  6. Keepforgettingmypassword

    Keepforgettingmypassword Medium Load Member

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    I wasn't a driver in 08. I would suggest you pay off that second truck asap. Weather you lease on with some one or not. Pay it off and find a way to keep your guy employed.
    Or
    Don't pay it off. Let it go back and start saving to buy two trucks when there cheaper in 18 to 20 months. Then call the guy back.I would choose option a.
     
  7. lester

    lester Road Train Member

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    Paying off the truck early is not going to do anything to help cash flow in a tight time like this. When cash is tight don't throw it at financing to save a little interest. Just keep watching expenditures and keep cash on hand to keep things running. When you have extra cash sure throw it at the truck payment. Just my worthless opinion
     
  8. AsphaltFarmer

    AsphaltFarmer Light Load Member

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    Broken clocks waiting for their day after uninterrupted fear mongering since the last recession still are as accurate as shooting the moon with a snub nose.

    Capacity isn't only about drivers but also trucks. It's no secret during this whole boom period there's been an equipment shortage. In a normal trucking cycle where manufacturers ramp up production during the boom that same capacity causes the downturn to reach lower.

    Mega carriers are seeing independent operators signing on for the security against falling spot rates, definitely. Those same megas have also commented contract customers negotiations indicate this is the trough of the dip based on the duration of the contract terms being accepted.

    Sure everything can absolutely go as the doom and gloom crowd craves but if it does it doesn't matter what you're doing nothing is safe. Okay someone follows their philosophy and sits on a bunch of cash waiting for the collapse to hit full swing. Even if it's half of what they are predicting the implications are a death blow for the modern financial system, so you're cash is trash.

    Heads you lose, tails you lose. That's the essence of that crowd. No matter what happens they'll always be singing the same song. Might as well tighten the belt, bet on yourself, and keep working because if they're right about how bad it will be there won't be anyplace to hide.
     
  9. KrumpledTed

    KrumpledTed Light Load Member

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    I know I’ll get flak for this one, but it needs to be said. Having your own direct customer base is not the end all be all. If your direct customer closes up shop on a Tuesday in November, while owing you just shy of 37000 in freight bills, you’re also up the creek. You could widen your customer base and diversify in the freight you haul. But then you run into service issues. And again, if a big enough customer falls… And also, the same can be said about running only for one or two brokers. Myself? I try not to lean too much on one customer or broker over another. Yes, that exposes me to the market swings a bit more. But that also keeps me agile. Roll with the punches instead of trying to weather them.

    You could lease on to a larger outfit with more steady customers and freight. But eventually freight woes will find you there as well.
     
  10. Keepforgettingmypassword

    Keepforgettingmypassword Medium Load Member

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    I agree I just hate seeing people pay for stuff just for the repo man to come and get it. It breaks my heart.
     
  11. bamanation

    bamanation Medium Load Member

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    Everyone sees the spot market taking a beating right now. Running and leasing to a carrier that has direct customers ain’t going to save you if you are in that bad of shape. Those direct customers are seeing the spot market rates and will be asking for a rate reduction very soon. You can bet on that. Right now the best thing that you can do is keep pushing and try to cover your cost. Don’t take a load that is below your cost and ride this out. It’s election year. Every election year the doomsayers come out to play to get their beloved politician into office with endless promises and no action after November.
     
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