Crowder Trucking Case Study l Bibby Financial Services

Crowder Trucking

Owner-operator that has been driving trucks for over 30 years.

freight factor

Thanks to the team at BTF, I have been able to build my client base significantly, and we can handle large contracts much more consistently. Large contracts used to be rare, but now we serve those very customers every day.

-Richard Crowder, Crowder Trucking (Owner)
  • Product: Bibby Transportation Finance - Factoring
  • Location:  Franklin, Tn
  • Industry:  Transportation - General Freight Trucking

 

The Challenge

Franklin, TN native Richard Crowder was drawn to the transportation industry because it promised a lifestyle outside the confines of an office and the opportunity to be his own boss.
In 1991, after 16 years as a company driver, Richard bought his own truck. He spent the next nine years as an owner-operator, leased on and hauling loads for other companies. His story took an interesting twist when his then 13–year-old daughter wrote to the producers of the “Trick My Truck” show on CMT. Richard’s truck was an unreliable Freight-liner FLD that frequently broke down. The show chose Richard out of 7,000 entries to have his truck completely transformed into a state-of-the-art rolling sanctuary with stained glass and angel wings. With his newly reliable, stylish truck, Richard decided it was time to make a change and grow his own company. However, he needed better cash flow to get started.
 
 
 
The Solution

Richard heard about Bibby Transportation Finance (BTF) from a friend. He researched the company and thought factoring would be a great solution to his cash flow challenges. He liked that the Nashville-based transportation factoring company was nearby so he could get to know the staff when he dropped off his freight bills. Bibby Transportation Finance provided Richard with cash flow solutions, and also handles his back office, removing the administrative burdens that often hinder small business owners.
“I have buddies that won’t work with factoring companies because they don’t want to pay for the service,” said Richard. “In my view, either you pay a freight factor or hire people and do your payroll in-house. Either way, you have to pay someone—why not use a factor that has the systems in place and avoid the headache.”
 
 

The Result

“They’ve helped me tremendously,” said Richard. With support from BTF, David was able to grow his fleet from one truck to ten much faster that he would have otherwise. But as the old saying goes, bigger isn’t always better. Richard realized in mid-2013 that he could serve his customers more efficiently if he scaled back, so he decreased his fleet from ten trucks to a more easily managed five. With reduced overhead and a leaner staff, the owner of Crowder Trucking, LLC has been able to more fully focus on winning the larger contracts that now drive his business. 
 
Richard appreciates the personal touch that the team at BTF provides. “Bibby Transportation Finance has a great staff – they’re wonderful people to work with, and I wouldn’t change a thing about them for the world. Thanks to the team at BTF, I have been able to build my client base significantly, and we can handle large contracts much more consistently. Large contracts used to be rare, but now we serve those very customers every day.”
 

Factoring

Factoring

Funding for your invoices and receivables management service

Transportation Finance

Transportation Finance

Flexible funding for trucking companies and freight brokers

asset backed lending

Asset Based Lending

Tap into your company’s assets to generate the cash you require