Pros & Cons of selling my Authority???

Pro : money in the bank

 

Con: letting someone who burned their authority start fresh, so they can do it again and again and again.

 

Is the authority in your name or a company name?

 

You can "sell" your authority, but your dot number will not transfer, the FMCSA will issue a new one for the buyers. They are on to the start over again with a older number,masking their poor safety records.

 

I sold mine a few months ago and have no regrets. It was in my company name and it was a new carrier buying it to save on start-up insurance costs. I'm not entirely sure how that worked out for them, but we had our lawyers hash it out and I got paid a good price. Once I verified the authority was in their name, I voluntarily canceled my DOT number.

 

Good to know that Carrier Authority selling and buying actually works. I heard about it here and there, and was even inquired whether I would sell mine but I would not know either how that would work in terms of insurance companies not minding someone else buying it from me and continuing with the premium ratings as if nothing changed.

 

If you look at the for sale forum on here you'll see guys wanting to buy and sell authorities. Those are mostly brokers who do nothing but act as a middle man for the buyer, and that's how I sold mine. I have no idea what kind of commission the guy got for selling mine, but that's fine as long as he got the job done.