Because fuel represents one of the top expenses for any trucking company, folks are scrambling to find ways to save money. With prices soaring to historically high levels, what steps can you take to leverage technology in your fight to contain costs? What can you implement right now to optimize your operations? Exploring broader solutions allows any fleet manager to improve fuel consumption, optimize operations and increase margins.
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The long-awaited change to the lease accounting standard ASU 2016-02, Leases (ASC 842) is now effective for privately-held transportation companies. As the first major update to lease accounting in 40 years, implementation presents a significant challenge for many transportation companies who lease tractors, trailers, real estate and other assets. Fortunately, the implementation of the new lease standard by public companies provides an opportunity for private transportation companies to understand how to prepare and understand the challenges encountered throughout the process. Here are five lessons learned that could help private trucking companies.
As one of the largest parcel delivery companies in the world, UPS supports state funding initiatives to repair and expand infrastructure, the development of sustainable and alternative fuel vehicles, and simplifying the supply chain process to integrate more technology into day-to-day operations.
Inflation has dominated the news in 2022. For consumers, what cost $1 in May 2021 now costs 8.6% more, on average. Prices for fuel, groceries and other living expenses are soaring to record highs. In at least one respect, the nation is now experiencing what motor carriers have been through with commercial auto insurance.
When it comes to data, some in the industry claim you’re better off not knowing what your carrier’s numbers look like.
By reviewing their financial statements and comparing these metrics with other companies’ and industry standards, trucking company owners can tell how their trucking company is performing.
Even if a motor carrier faithfully requests the required annual motor vehicle record (MVR) on its driver, a driver’s more recent history can go undetected up to 12 months.
Motor carriers are not chosen at random for an off-site audit. There has to be a good reason, which means most of the power lies in your hands to prevent an audit from happening.
After several years of being pushed out due to technological challenges, the Entry-Level Driver Training (ELDT) rule compliance date of February 7, 2022, is almost here.