I own a small trucking company (since 2008) and this has been in the works for years. COVID put it over the top. We pull mainly refrigerated trailers for context. Back in 2017 (I believe, maybe 2018) the DOT mandated E-Logs and that pushed out some of the old timers. Insurance has been on a steady increase as the number of “nuclear” insurance verdicts have increased drastically. Again, pushing out smaller trucking companies. Ambulance chasing lawyers are not good for trucking either.
Truck Rates have increased in the area of 50-150% since 2017 for the stuff we do. Colorado to Midwest/South & back to Colorado.
Also, parents nowadays aren’t exactly pushing their kids into trucking (or many other “related” fields of trade schools) so the number of drivers/workers available is drastically low. I believe this will change once people realize you can make $75k++ driving a truck. Issue is that, in general, for the first 2 years you have to work for a crappy, large company that will take advantage of you & possibly run you out of the industry.
I’ve raised wages by 20% in the last 1.5 years & still can’t find guys. My turnover is low but getting new guys is tough. LOTS of money to be made in trucking right now if you can get employees
New issue is there’s a parts shortage. Not sure of the reason, though I have my conspiracy theories but I won’t share those. Basic parts, AC compressors on very popular model trucks are impossible to get. Nationwide, literally none available. Many other, more important parts are also “back ordered” nationwide. Turbos & NOX sensors are a couple that quickly come to mind that I’m literally hoarding right now as I have 10 trucks with the same engine.
The point of this post is to say, in my opinion, that things are going to get MUCH worse before they get better. I believe there will be items rationed. Food shortages