Leading provider of transportation finance in this sector, Bibby Financial Services (BFS) announced today that it released the findings of a survey with 250 small to mid-sized fleets. The BFS US Trucking Trends 2019 report looks at the challenges that trucking businesses face and what they expect in the coming year.
Topics include the impact of the driver shortage, high fuel and insurance costs, government regulations and fierce competition. 68% stated that increasing costs are their number one challenge; with insurance, maintenance and fuel expenses topping the list. With this knowledge, BFS can customize the alternative funding solutions offered through Bibby Transportation Finance (BTF) to better accommodate for the unplanned expenses that companies will likely encounter.
“Though the transportation industry still faces some of the same challenges as in recent years, the overall outlook is steady for this in-demand industry,” said Mary Ann Hudson, EVP, Managing Director of Bibby Transportation Finance. “We believe this report and its findings will help transportation companies better navigate the road ahead.”
- More than 1 in 3 businesses state they had drivers quit unexpectedly in the past 12 months with 42% citing a loss of revenue of over $10K when a driver walks off the job.
- Despite the recent slowdown in the US economic growth, 52% of respondents reported growth and 38% are expecting to continue growing their revenue at an aggressive 11-25% over the next 2 years.
- 68% of respondents confirm that increasing costs are the number one challenge - namely insurance, maintenance, and fuel, which top the list.
- Over half (52%) of transportation businesses surveyed feel that they are under threat from new and emerging companies. Intensifying competition has led to the loss of contracts to competitors who are offering prices so low they are unprofitable (66%).
The BFS US Trucking Trends 2019 report was conducted by an independent, third-party research firm and the findings are based on in-depth interviews with clients and a survey of over 250 American transportation businesses across the main carrier types (general freight, motor vehicle, fresh produce/meat/refrigerated food/beverages, metal/machinery, household goods, less than a truckload, etc.). Survey research took place between Jan 1 and Feb 28, 2019. Participating businesses have fleets of 1-100 trucks.
The full report, including the top 5 trends uncovered in this transportation industry research is available for download at: https://www.bibbyusa.com/about-us/news-and-insights/reports/bfs-us-trucking-trends-report
About Bibby Financial Services
Bibby Financial Services is a leading independent financial services partner to more than 10,900 businesses, providing more than $1.25 billion in funding annually and handling $11.6 billion in annual client turnover. With over 40 operations in 14 countries spanning 3 continents, BFS provides asset-based lending and factoring solutions to help businesses grow in domestic and international markets. Established in 2001, Bibby Financial Services supports businesses in virtually any industry. BFS is part of Bibby Line Group, a diverse and forward-looking family business with over 200 years’ experience of providing personal, responsive and flexible customer solutions. To find out more about BFS in the US and BFS in Canada, please visit www.bibbyusa.com or www.bibbycanada.ca.
Write2Market for Bibby Financial Services
Carla Etheridge: 727-385-8910