Why Is Trucking THIS Bad in 2024? The Stalemate We Are Facing 

No greater joy than seeing progress in an initial decision made its a win win for me lately and I must say gagnon willaims deserves an appreciation

Expenses have skyrocketed while revenue dropped

Ever since the market slowed down I’ve been enjoying my free time . I refuse to haul loads as an owner operator for company driver pay.

I should’ve went to school to be a diesel mechanic lol

My uncle told me it’s too many people with cdl’s now , too many driver not enough loads

In my 30 years in freight, I've witnessed numerous booms and busts. Whether you're a carrier, broker, or shipper, you'll continue to experience both ends of this cycle. Before deregulation in 1980, the industry was heavily regulated, with carriers enjoying consistent prosperity under government protection. However, very few new carriers were granted operating authority. Post-deregulation, it became survival of the fittest. While trucking companies were safeguarded by the government before 1980, this came at the expense of a highly inefficient supply chain. Deregulation ultimately unleashed a 7% positive impact on economic GDP, ensuring that regulation will never return. Those in the industry are no longer shielded by government protection and never will be again. Surviving multiple downturns has taught us that success lies not in assigning blame, but in running our businesses smarter, maintaining fiscal discipline, focusing on specific lanes, adhering to streamlined processes, and remaining highly adaptable to ever-changing dynamics.

The real issue is the shippers are making excellent profits and continue to push the rates lower and there are plenty that will continue to haul at these low rates. I know it will never happen but until trucking companies and owner operators finally say enough it will continue to go lower. shippers know now they can always find someone to haul that cheap load. The people that actually move these loads have all the power but refuse to use it.

Trucking is so bad in 2024 because we forgot how bad it was in 2023.

Too many people in this industry are fatalisticlly optimistic. Not enough realists.

i have my truck paid off and it’s not possible to make money…..trucking is like you make 10k then end up 13k in repairs then you make another couple k’s then insurance goes out and so many other things too many to list, i burned a lot of savings last year and this year just staying in business……mind as well do any other job and just pay bills and keep what i got, and not to mention how hard it’s on our health and being away from family ….as much as i love it still , it’s not worth it . best of luck to new guys.

Let me give you another big clue. The container drivers in Chicago area are working only 2/3 days a week. Most containers from Asia go to west coast, then on trains to Chicago rail yards, from the rail yards to the thousands of warehouses in the Chicago area, then get shipped 48 states. If the import containers in Chicago are very slow, that means the retailers are not ordering much. So there is a big chunk of volume missing.

Look I'm 50 yrs in this your simple answer is the economy. It's the worst,

Too many dumb drivers hauling for rates below cost, signaling to brokers and shippers not to pay more because many dumb drivers will haul for pennies.

Thank you for sharing the data with us. So important for us to know this

And this too shall pass. Fingers crossed!

Thanks for all the videos you put out. Hang in there!

None makes sense. Because consumer prices have increased in everything. So all of them have adjusted prices for inflation. But our prices haven’t increased and adjusted for inflation.

I think it's important to know, overall volume is probably going to stay lower because of deflationary pressure. The people simply have no money to spend

Interesting thoughts, thank you!

Tuff times for sure, Thanks for the video!❤

Owner operator times are gone! Here in US we have 80% owner operators truck drivers from different countries! So what else to expect then low rates because nobody cares about them, same is in manufacturing jobs! Don't forget government needs low cost manpower to keep inflation down.

Can't look at numbers written on a page and not think those numbers aren't manipulated because companies always lie about what's on the books

Love ya. Thks for all you do to try and translate this catastrophe

Thank you a lot for this video. This is very interesting and informative. Keep posting like those amazing videos, this is awesome.

The thing is every thing is higher and the profit get low. For example tire, shop fuel and insurance is like double now. And rate per mileage still same like 20 years ago when you pay 5 thousand in insurance the whole year now is pretty much. Down payment

Thanks for your insights. 😮‍💨

Great program as always

👍... Hang in there.... All good things to he who waits !...🙏

Thank you 🙏🏼

It's like we're all in a giant game of musical chairs, trucking style. We're circling the market, hoping when the music stops there's a chair labeled "Profit" and not "Keep on Truckin'... for free."

News on CNBC 4-17-24, at aprox 11:50 am. J B Hunt stock just dropped 8.33 %, down $15.25. From $185 dn to 168. News says they have a lot of problems, diseal prices, etc.. Bizarre news, it says, JB Hunt is still struggling to get drivers. I can't figure this. It doesn't square up. How could they be having problems on one hand and at the sametime have problems getting drivers. If they are having problems with loads and at the sametime be short of drivers. I kinda get it, but geewis, the market is all screwed up...😊😅😮

I love the way you streamline all of this. Wish I had you as an educator for this Customs Brokerage course I'm taking.

Too many O/O's still in the market hanging on for dear life. Long haul ahead before we see any changes.

You have to remember this... trucking is a poor man's lottery, so there will always be carriers entering and willing to move freight equivalent to company pay. There are truckers that'll be very happy to make $1,000 a week profit as an O/Op. You can't fix stupid! You gotta get your brokers MC especially if you own more than 1 truck. It's a no brainer 🤷

I sure wish there were more women like you out here! Great job and thank u, as always!! Your the best!

I understand about the going crazy part. I'm there with you. Frustration is common these days

Miranda, seriously you are a hero! Ive been pushing my wife to jump with me & get a truck. We wanted our $ right. That happened & the bottom fell out for driving. Thank you for being SO transparent. I wish you happiness & shorter days!

Thx for the stats.

Tie frieght rates directly to the fuel price. $4.00gal fuel=$4.00mile rate.

Just quit my OTR company. Theyve been telling us drivers the basics "the freight isnt out there" but nothing else. This video was amazing. THANK U VERY MUCH.

It's not just bad here, it's literally at a stand still.

Thank you

HEY THANK YOU SO MUCH!!! Leeeettttysssssssss goooooooooo!!!!!!!!!🎉🎉🎉🎉🎉.things just suck😢

Hello Ms Miranda 🎉blessing

Doesn't matter how bad it is, you have to be dedicated to being on time, trucking industry is the same as it was 70 yrs ago put your butt in the seat and drive, now days with all the truck stops it's actually better now, with all the rules and regulations makes it harder now

Miranda you are absolutely right we are totally screwed in this industry

It's too many brokers. They make freight cheap!

All we can do is let people go out of business until things get better

I am in ltl right now it is slow like winter season is to many drivers to spread the work trying to hold on but at this point I think it is smart to either go back to food delivery or haul fuel both always in demand regardless..

You also had a lot of experts announcing a recovery in trucking. Then again, the FED alluded to 4 - maybe- 6 rate cuts in 2024 and now that’s been revised to 1 or 2.

There is a lot stealing going on in this business. Brokers are not transparent. They know you need to get home, they know you need diesel, insurance, tires, and they low ball the hell out of you. Don’t take cheap loads. The way we have been hanging on is by working together. I’ve adjusted the lease percentage to help out the lease operators so they can keep working. In total they end up paying 11-13 percent for leasing, factoring, and dispatching.

Ooooh wait I forgot something. The incentive created by regulation in rent seeking policies. Those regulations are created by big interest(humongous insurance companies) Like the following regulation. One is subject to be prices according to the state or zip code one lives. So I live in Florida, my policy was $28,000 a year, with 17 years of driving over the road, accident free. Even though I live in Florida, 90% of all my miles are not in Florida, only to get out and come back home. But you can have 2 years of experience, live in Arizona, drive every single week to Miami because a dedicated account, the same policy is $11,000 a year. That’s not free market. That’s rent seeking regulations. Where the proven skills(track record) of the individual and its area of driving is the most optimal measures to determine risk, not where one lives only. Can I adjust my price because I live in Florida? Like Burger King does when in an airport or high income area? We literally are indentured servants….

Companies are getting a lot of pressure to cut costs as they are being called out on their excess profits coming in from other areas. One area they'll definitely look to accomplish this with is shipping. Contract rates will likely really suck this year, as I've mentioned before. They won't just be reduced to similar spot market rates, I expect they'll actually go lower as excess capacity underbids them in an attempt to chip away at the big firms. I think this RFQ season is going to be a real race to the bottom, egged on by the pressure shippers are applying to the industry. And, the reality of it is that even when the industry starts to bleed capacity, we're still probably not going to see a reduction in operating costs, which means the rates being demanded in the Contract market will quickly become unsustainable. Hopefully that means will see a rise in freight being tendered to the Spot market, but we have to survive, first. When this happens, we'll see the upswing in rates, presaging the next freight "cycle". So back to the same old, same old, eventually. I know everyone wants rates to be higher(well, not the shippers), but we really, really need to be looking at other costs, too. Fuel, equipment and insurance(Brokers are required to have this, too!) are off the chain. Fraud costs are blowing up, costing everyone time and money, and damaging an already strained industry. We need real action on these things.

The first words that came out of my mouth after watching my first video were, "I love you!". ❤ One solution could possibly be to regulate how many authorities are issued per year. I try really hard to pay attention but you're so damn good looking. 😊 Thank you, Miranda. ; )

Democratic ran country, mic drop !!

I agree with alot of these comments, there are a lot of desperate carriers that dont understand that at some point they cannot survive at these rates. We should all have a day where we do not run any loads. Really stick it to the shippers and brokers

Call me a conspiracy theorist if you want but this is what i think is going on. Tens of thousands of drivers left the Mega Carriers in 2020 and opted to get their own trucks in an attempt to catch the trucking industries version of the gold rush. Even though a lot of those drivers have no idea how to negotiate rates they are still making more than they were as company drivers. Used trucks that were bought in 2020 were going for about 50 grand and they are paid off now so those drivers have low overhead and can still profit in this market. As for the fuel going up while rates plummet i strongly believe that the lobbyist for the mega carriers have convinced this administration to help them get their drivers back and the only way they can do that is by increasing the cost to operate which will in effect reduce profit margins and force the drivers back to the mega carriers. The minute the democrats took control they set things in place that damn near doubled the price of fuel. However mega carriers are still getting substantial fuel discounts and lower insurance costs. The large brokerages are in on it and so are Pilot, TA, and Loves. The mega carriers are their biggest customer and they will all give whatever assistance they can in getting the slave class back into a truck making 50 cents a mile. 100,000 miles will get you $50,000 a year before taxes but that truck is actually generating a quarter milion a year easy.

The balance for private carriers, some companies have their own fleet and some things have been sent by fed-ex or amazon to handle the excess that outside carriers could usually get

Hate to admit it but those of us left are the bag holders of this industry, we should’ve exited when we could still get something decent for our equipment. I don’t see any significant rebound happening for a long long time

Trucking is completely subservient to the retail industry. We have no power. That's why the deregulation was done in the 70s. The government protects the retailers not the truckers.

I've been keeping my eyes on the train Freight yards. They are expanding all of them it seems. It appears there is a increase in intermodle. Do you think there might be a move to eliminate over the road, or greatly reduce it.?

Trying to keep expenses low - your question has an answer, we need to regulate the logistics industry there’s no choice mega carriers are monopolizing the system they are also brokers - small and medium carriers will go out of business!

I hate to say it but everyone needs to prepare for hard times. We haven't seen anything. The holiday seasons aren't going to save us.

Bonds are going down, so since bond markets have something directly to do with financing, it will both decrease capacity and financing abilities for companies of all kinds.

Salute 🫡 to you Ms info

Sometimes I wonder if things will get better guess only time will tell. Fuel prices here in PA close 5 dollar's.

last trip I stuck for 5hr in Wy and later 12hr in Ne.

Wonder if the load capacity will shift away from warehouses to ltl lanes?

And wait for it, the summer is usually a slow time. So are we having fun yet 😂

I play air guitar at the opening song🥳

I hear that in Europe, there is a minimum per mile they have to pay the truckers.

The Trucking Co. I work at is selling tractors and trailers and has a hiring freeze.Yikes

Just to add… have worked for FedEx for years with no issue but since January, I am barely getting any loads. 😢

I'm in the household goods industry, noticed that it's also consumer behavior. The moving industry is a shady business and consumers are going with other options besides hiring a mover. Hidden fees, hostage moves, uneducated movers, high rates, the list goes on. To top it off the economy is still in shambles and its going to take a while before things get better

I have a stupid question, but I just want to make a clarification, make sure I understand: I assume a trucking company who is acquired by another company, brings the number of authorities, down. But is also a wash because the number of trucks still remain on the road? I was just wondering if that graph made that distinction, or it was only accounting companies, that went "under"?

I'm an insurance broker, and trucker insurance is double the premiums. and most of the single owner operators are having a lot of problems trying to stay in business

Where can we find historical data on the amount of CDL programs / trade schools? It seems to me there is a boom in low quality CDL programs. I'm curious as to how this contributes to the "pickle".

I own a truck and its just siting was on a company should i start my on inc. or just wait to see how it goes? im making 1500-2k weekly as company driver currently without the stress 😩

We’re not in a pickle. Their shoving a pickle in us O/Os. The way I see it is. As soon an drivers are in demand and we have any bargaining power, they’ll just flood the marked with inexperienced drivers, it doesn’t matter if their career is 3-6months long. It’s long enough to lower the rates and keep them low.

Biden

Bro I couldn't find load in Akron OH and hoping this Walmart wont boot me

I've noticed the same thing with Uber eats the past year. Rates have gone down, fees for customers up, and now every time i see a driver, they dont speak english and are from every country in the world. They take low paying orders because they dont know any better or just desperate. Uber has no incentive to higher the rates because people are taking them. Luckily, trucking has a higher entry barrier. Due to social media everyone wants to get into trucking.

Need a president that will fight for us

It's the depressed economy. Once things pick up spending will rise, so will demand for transportation of goods. Vote red in 2024 if you want to thrive again.

I know our rates went down 10-20 cents per mile from last years numbers doing the same lanes.

I wonder if the increase in operators jumping in is actually physical capacity or could it be that authorities were back logged and approvals just came through ?!?! Maybe they were anticipating a market turn in '24,and decided to file for authority in '23. I don't know,just my scenerio ! Hey Miranda..

It all started 01/06/2020

Miranda❤️❤️❤️❤️❤️❤️❤️❤️

I’m making 6 figures. I don’t live in a big city nor do I have expensive things to maintain. Just a family of 5 and we’re doing great 🤷🏽 but yeah let’s push to make more 🫡

Selling old trucks at $20k and allowing anyone to get a CDL and their own authority is a recipe for disaster. If DOT cracked down on inspecting these old, broke down trucks and taking them out of service, it would help. If it was more difficult to acquire and maintain a CDL, through testing and "check rides", it would create a much more professional driver force. But as long as crappy old trucks are still allowed to run the highways, and anyone can get a CDL, there will always be issues with freight rates. We don't see this problem in the airline industry... planes are routinely inspected and updated, and it is very difficult to get a pilots license and certification, and they have yearly check rides for competency. You can't buy any old airplane and get it running, take a 20 minute knowledge test and start your own airline hauling people around. But you can do it in trucking!

Lots of large truck companies have folded along with small companies

Time to sing 🎶 “Don’t worry, be happy” by Bobby McFerrin.

It's not about carriers individually it's about drivers. I came up in the last two years as a company guy, and they keep hiring.. And hiring etc etc

Crazy hair day??? Nah you tha 🐐

The spot market is affected by other modes of transport. Hot shot, box trucks

I have worked for the following in the past year: 1. Southeastern Freight 2. Yellow Trucking 3. SAIA Trucking 4. UPS 5. Ryder/GM Trucking sucks!!!

no LTL companies are hiring on indeed near me at all. nothing. it is bad out here

The brokers are under biding or trying to keep to much of the pie all truck should just refuse to move fright for under 3.00 a mile, which sounds easy right its harder than you think and if you don't think its posable look at the profit that company's are reporting and there stock prices there making that money off your back .

How to find a load for FB in Boise tomorrow 😢? Market is very very very awful

Corporations are experiencing record profits tho. So why are they so tight on monet? TOO PLEASE SHAREHOLDERS