Farm2Fleet/Covenant Fleet - O/O's

Oh, ok... So factoring is more like a "pay day loan" vs "selling your receivables". But a factoring company can still say who they will advance money on and who they won't even though they are not ultimately responsible to take the hit if payment fails.

3PL could be a stand alone trucking company or a broker coordinating loads between Shippers and Receivers.

 

It's a tool to get cash flowing. Some people use it and some don't. If a factoring company won't factor for a certain broker it's because that broker has bad credit and is high risk to likely not pay. So you don't want to work with a broker like that anyway.

 

I'm late to the party, but I hear a lot of good about Farm2Fleet, but I really don't know anything about the company. Anyways, I'm going to be buying my own truck soon.
I don't have my own trailer..
I don't have my own authority..
I might not have my own insurance..
I can drive all 48 contiguous states..
I want to stay on the road for 2-months straight..
I'd like to drive no more that 2,700miles per 7-day week..
And I need to GROSS a bare minimum of $4,000 to the truck before ANY settlement deductions..
Can this be achieved working with Farm2Fleet?
And exactly what weekly/monthly settlement deductions are there and the associated cost?

Thanks a lot..!

 

As long as you met the driver qualification requirements I don't see any issues. You'll need to get your own bobtail insurance, but that's small potatoes. Off the top of my head the only mandatory deduction is cargo insurance at $92 a week. From there you've got some optional deductions like your own load board account for $2.50 a week, a prepass for $3.88 a week, financing your base plate for $52 a week, trailer rental for around $100 a week, etc.

In terms of rates and miles it's up to you to negotiate those rates and lanes with your customers, but I've found those numbers to be far from a challenge, even being home every weekend once you've got things figured out. For the most part we run spot market, but contract freight does pop up both short and long term.

 

Thanks for the info barroll!
Is there anyone else that can weigh in with a response to my above post?
Maybe with more specific numbers or types of insurance, or any details my buddy barroll could have missed.
Thanks..!

 

Would love more info

 

I'm available to answer any questions.

 

We have two programs at F2F now (some of the vets are on old contracts that we continue to honor so they may be a little on what our offering is.

The original plan is 100% self-dispatch where the O/O finds their loads from relationships we have, building new ones, load boards, etc. As long as the account meets credit criteria you are free to move freight for them. This program pays 80% plus there are fixed weekly fees (Driver Development would have the exact numbers).

Because we have seen over the years that throwing someone in the deep end of the pool without having anyway of seeing if the can swim before hand we have created a highbreed model.

We will provide a guaranteed rate per mile plus an ability to get percentage (the higher of the two rates will be paid). While we are just launching this we feel this will give those that partner with us the best chance for success. This gives us the ability to provide extended training on rates, lanes and negotiating. Plus we now have a way that a partner in highbreed can try book freight while protected from failure.

 

Wow that is so cool

 

Looks like I'll be needing to go through another orientation to get caught up.