Plus: autonomous trucking just raised $113M, California is fighting to keep 20,000 drivers, Arrive's 2026 truckload freight forecast, and more.
Two bills just dropped in the Senate that could reshape trucking faster than anything since deregulation. Plus: Russian hackers targeted your load board, flatbed rejection rates just hit 40%, and a robot is taking the Houston-Dallas overnight run.
This week: The Dalilah Law, a trucking bankruptcy that wiped out thousands overnight, a FreightGuard civil war on Reddit, and the payroll data that's predicting Q4 capacity.
Plus, Pride Group shuts down under massive debt, while Mexico solidifies its position as the U.S.'s top trading partner, and a trucking owner pleads guilty in a fatal crash case.
Good morning. Pride Group shuts down under massive debt, while Mexico solidifies its position as the U.S.'s top trading partner, and a trucking owner pleads guilty in a fatal crash case. Plus, we take a look at the fastest-growing logistics companies on the Inc. 5000 list.
TOP LANE MOVERS POWERED BY GREENSCREENS.AI
*Greenscreens.ai, forecasts real-time truckload buy prices that are suited to each freight brokerage's purchasing power using AI and machine learning. Its engine takes into account over 130 attributes and data points in each rate forecast.
🐔 WHAT’S COOKIN’ IN FREIGH
🚛 Pride Group's Collapse. Pride Group, a major Canadian trucking firm, is ceasing operations due to a $637 million debt. Stakeholders rejected a $56 million rescue plan. The closure could impact freight rates, with potential upward pressure due to Pride's aggressive bidding practices. However, Jason Miller is skeptical of an increase stating, “...there is no recorded instance of capacity exit causing a sustained increase in pricing.” Pride's downfall stems from a pandemic-induced capacity glut and low freight rates. The company seeks financing to operate through September 8, but asset liquidation seems likely to repay creditors.
🌎 US-Mexico Trade Keeps Surging. Mexico solidifies its position as the United States' top trading partner, with bilateral trade reaching $415.4 billion in the first half of 2024. This marks the sixth consecutive month Mexico has outpaced Canada and China in trade volume. June saw a 2.1% year-over-year increase, with exports to the US rising by 2.8% and imports growing by 1.1%. Computers, passenger vehicles, and commercial vehicles lead Mexican exports. Elliot Brazil projects Mexico will continue gaining import share from China throughout 2024, based on historical patterns and current trends.
🚛 Trucking Owner Pleads Guilty. The owner of Westfield Transport, Dunyadar Gasanov, pleaded guilty to federal charges for falsifying driving logs and lying to investigators after a tragic 2019 crash in New Hampshire that killed seven motorcyclists. Gasanov admitted to manipulating records to evade federal regulations and misleading authorities about his relationship with the truck driver involved in the accident, who was later acquitted of all charges. Gasanov now faces up to 15 years in prison and a $30,000 fine, with sentencing set for November 2024. Westfield Transport ceased operations shortly after the crash.
TOGETHER WITH CTRLCHAIN
CtrlChain is a cost-effective solution that helps carriers secure more contract freight with reliable shipper companies. The company emphasizes stable income for carriers by fostering long-term, mutually beneficial partnerships between carriers and shippers.
CtrlChain system simplifies the day-to-day tasks of fleet owners and operators by digitizing and automating manual tasks such as managing delivery information, updating customers, and providing PODs. It replaces spreadsheets, emails, phone calls, and post-it notes by offering a single platform for planning, executing, and receiving payments for deliveries.
We honed in on sixty-nine of the fastest-growing logistics and transportation companies from the 2024 Inc. 5000 list. These are the companies you'll want to keep your eyes on.
From autonomous trucking tech to 3PL outsourcing solutions, these companies are generating some big revenues in a short amount of time.
The fastest-growing freight brokerage on this year’s Inc. 5000 list is Prestige Worldwide Logistics, based in Utica, Michigan, with an impressive 1,575% growth over the past three years.
Click below to see the full list of logistics companies that made the Inc. 5000 this year.
Adriana Pulley
We've seen celebratory announcements from companies on the list, like Transloop, who marked their third consecutive year.
Meanwhile, Steam Logistics appeared for its eighth year in a row. President Steve Cox shared his reaction on LinkedIn:
8 years running on the Inc. 5000 fastest growing company list with Steam Logistics - a journey we believe is just beginning. Our success is a testament to our dynamic and caring team. Without them, staying on this list for 8 consecutive years wouldn't be possible.
Dynamic Logistix celebrated its fifth year on the list as well.
FreightCaviar extends our congrats to all the companies who've been recognized.
TOGETHER WITH EPAY MANAGER
Epay Manager Powered by OTR Solutions is a back-office automation solution that enables teams to easily collect PODs and process carrier invoices, manage disputes, schedule carrier payments, and bill customers in one centralized platform for AR and AP teams.
Epay's platform is designed to virtually eliminate operational reliance on email and the need to audit carrier invoices for rate and delivery information thanks to its Audit Proof Invoicing feature. Backed by the power of OTR Solutions, Epay Manager now offers integrated AI-driven NLP automation and working capital solutions. See what Epay can do for you:
🌎 AROUND THE FREIGHT WEB
🚢 Port Strike Looms. A potential labor strike at major U.S. ports could cause significant disruptions, just weeks before the presidential election.
🚚 Trucking Company Closes. A&A Express in South Dakota is shutting down, resulting in over 100 layoffs, including 85 truck drivers, due to failed capital and sale efforts.
🚛 GLS Sells US Freight Divisions. GLS Group is selling its US freight divisions to DC Logistics, aiming to enhance focus on parcel services while DC Logistics plans to expand its LTL operations.
🚂 Freight Contractors Watch Heist. Two railroad contractors, Gerald Ditz, and Michael Alaniz, were indicted in federal court for stealing and selling Garmin watches from a New Mexico shipping container.
💰 Trucker's $50,000 Detour. A Texas truck driver won $50,000 in the Powerball lottery during a truck stop in Maryland.
FREIGHT MEME OF THE DAY
Plus: autonomous trucking just raised $113M, California is fighting to keep 20,000 drivers, Arrive's 2026 truckload freight forecast, and more.
Two bills just dropped in the Senate that could reshape trucking faster than anything since deregulation. Plus: Russian hackers targeted your load board, flatbed rejection rates just hit 40%, and a robot is taking the Houston-Dallas overnight run.
This week: The Dalilah Law, a trucking bankruptcy that wiped out thousands overnight, a FreightGuard civil war on Reddit, and the payroll data that's predicting Q4 capacity.
Indiana pulled the trigger on carriers employing illegal CDL holders. Plus: tariff ruling could flood LA with imports, DC finally moves on double brokers, spot rates are outrunning contract, and more.
Join over 14K+ subscribers to get the latest freight news and entertainment directly in your inbox for free. Subscribe & be sure to check your inbox to confirm (and your spam folder just in case).
