Convoy Shutting Down?

Discussion in 'Ask An Owner Operator' started by Siinman, Oct 18, 2023.

  1. seamutt

    seamutt Light Load Member

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  3. gentleroger

    gentleroger Road Train Member

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    The thing in the statement that stood out to me was "logical strategic aquierer".

    Basically, Convoy never planned to be a fully functional company, they just wanted to make something solid enough to be bought out. That is a major flaw in our current economy- people building things with a plan of selling out rather than creating value for themselves.
     
  4. Accidental Trucker

    Accidental Trucker Road Train Member

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    Creating "blue sky" doesn't cost much and the sales price can be very attractive!
     
  5. ThatGasDude

    ThatGasDude Bobtail Member

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    You've put this very elequently.

    I view it as more of a white collar fraud. Develop a business plan that you know has a poor probalitliy of being profitable, sell it as "new gound breaking technoology" and then find enough suckers to invest in your vision. At that point you keep going thru rounds of funding burning other people's cash until you run out suckers and exit the game scot free. And in the miniscule chance the business does become profitable you look like an absolute genius.
     
    Last edited: Oct 20, 2023
  6. Kenworth6969

    Kenworth6969 Road Train Member

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    Not if other brokers steal their customers saying they'll get loads moved for cheaper.
     
    Siinman Thanks this.
  7. Siinman

    Siinman Road Train Member

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    Not gonna lie I do not use them very much but when I do they have paid pretty good so kind of disappointed they are done. Also they always had free quick pay and was easy to deal with compared to some other larger brokers. Never had an issue with them and always got paid detention without any hassles.
     
    Woobie Thanks this.
  8. Siinman

    Siinman Road Train Member

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    I think we will see a lot of brokers and carriers fall out within the next year. Think it is gonna get worse before it gets better.
     
  9. Siinman

    Siinman Road Train Member

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    Funny thing is I have found they pay pretty good when I have won a load from them. Always get calls on the hard lanes in my area from them. I tend to bid like I don't want to take the load and they give them to me sometimes. Can't complain on how they treated me.
     
  10. Siinman

    Siinman Road Train Member

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    I think they wanted to make there board bigger then DAT to be honest. It did not catch on as well as they thought it would. I never booked a load from any other broker with them but they had several post loads on it and was growing. The platform is better than most digital boards from other Brokers in my eyes. Easier to navigate also when you won a load from them.

    I think they thought of themselves more of a tech company and that is what most tech companies do. They plan on growing it to a point then a big player will buy them out. Not always a bad idea but this one was for sure.
     
    Opendeckin Thanks this.
  11. Siinman

    Siinman Road Train Member

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    That is the new thing to be honest. One of my old friends started doing this a few years ago. He said he will never go back to making money the old fashion way. He owned a few successful business before doing this.

    It sure can be a scam the way he explained it but also said you can make big bucks if you understand the game.
     
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