163,318 truckers risk losing their CDLs when the FMCSA's new Clearinghouse rule takes effect in November. Here's what it means and how it impacts the industry.
Triumph Financial, a key player in the trucking finance sector, continues to demonstrate financial resilience amidst industry challenges. With a focus on factoring services, Triumph Financial Services has been a reliable barometer of the state of trucking, evidenced by quarterly data on average invoice sizes. Key highlights include:
Net Income: Triumph Financial reported a notable net income of $8.8 million in the fourth quarter of 2023.
Invoice Trends: There's been a slight sequential increase in the average invoice factored, rising to $1,781.
TriumphPay's Leap to Profitability TriumphPay, a division of Triumph Financial, stands out for achieving its EBITDA margin goal ahead of schedule, marking a significant milestone by becoming EBITDA-positive for the first time. This accomplishment is particularly impressive given the backdrop of a challenging freight recession. Key aspects of TriumphPay's success include:
EBITDA Margin: TriumphPay achieved a positive EBITDA margin, turning around from a negative 15% in the third quarter of 2023 to a rounded figure of zero in the fourth quarter.
Revenue Growth: A substantial 40.6% increase in revenue for 2023, with the fourth quarter alone witnessing a 60.8% gain.
Strategic Expansion: Integration of major clients like Coyote Logistics, contributing to a 16.7% rise in total payment volume to $24.9 billion.
The division's focus on bridging the payment process between shipper and carrier has resulted in expanded revenue, enhanced relationships, and an improved network, even during difficult market conditions.
Innovative Outlook with LoadPay Looking ahead, TriumphPay is set to expand its offerings with the introduction of LoadPay, a new wallet application developed for truckers. Slated for a mid-2024 launch, LoadPay aims to provide a digital solution to working capital challenges faced by smaller carriers.
Hi! I'm Adriana and I've been working for FreightCaviar as Head Writer for a little over a year now. Some of my favorite topics to cover are FreightTech, Green Freight, and nearshoring/reshoring.
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