teamgreen02 Posted July 31, 2023 Share Posted July 31, 2023 Quote Yellow, one of the oldest and biggest U.S. trucking businesses, shut down on Sunday, wrecked by a string of mergers that left it saddled with debt and stalled by a standoff with the Teamsters union. The 99-year-old company is known for its cut-rate prices and has more than 12,000 trucks moving freight across the country for Walmart, Home Depot and many other smaller businesses. What Yellow couldn’t deliver—despite swallowing rivals, getting union concessions and securing a government bailout—was consistent service for customers or profits for investors. The Nashville, Tenn., company sent out notices to customers and employees saying it was ceasing all operations at midday Sunday. The Teamsters said the company notified the union it intends to file for bankruptcy. Be interesting to see what this does for freight prices. There have been alot of trucking companies close their doors this year. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted July 31, 2023 Platinum Contributing Member Share Posted July 31, 2023 Just now, teamgreen02 said: Be interesting to see what this does for freight prices. There have been alot of trucking companies close their doors this year. yep, between fuel costs and not being able to find drivers, it's a tough buss 1 Quote Link to comment Share on other sites More sharing options...
Rod Posted July 31, 2023 Share Posted July 31, 2023 The trucking business is shit. And the big companies lobby hard for regulations that kill off owner operators 1 Quote Link to comment Share on other sites More sharing options...
Mainecat Posted July 31, 2023 Share Posted July 31, 2023 (edited) Roadway/Yellow, YRC was one of our big accounts. They have been in financial trouble for over 10 years. Edited July 31, 2023 by Mainecat Quote Link to comment Share on other sites More sharing options...
teamgreen02 Posted July 31, 2023 Author Share Posted July 31, 2023 10 minutes ago, ACE said: The trucking business is shit. And the big companies lobby hard for regulations that kill off owner operators Yes, that is true, I have seen it first hand. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted July 31, 2023 Share Posted July 31, 2023 18 minutes ago, ACE said: The trucking business is shit. And the big companies lobby hard for regulations that kill off owner operators Not just the trucking companies unfortunately. Quote Link to comment Share on other sites More sharing options...
racer254 Posted July 31, 2023 Share Posted July 31, 2023 (edited) They got a 700 million dollar bailout. the Treasury Department granted the company a $700 million pandemic-era loan on national security grounds. Last month, a congressional probe concluded that the Treasury and Defense Departments “made missteps” in this decision — and noted that Yellow’s “precarious financial position at the time of the loan, and continued struggles, expose taxpayers to a significant risk of loss.” Edited July 31, 2023 by racer254 Quote Link to comment Share on other sites More sharing options...
Not greg b Posted July 31, 2023 Share Posted July 31, 2023 UPS will take a big hike. Herd $49 an hour base pay for the drivers under the new contract Quote Link to comment Share on other sites More sharing options...
old indy Posted July 31, 2023 Share Posted July 31, 2023 (edited) 1 hour ago, teamgreen02 said: Be interesting to see what this does for freight prices. There have been alot of trucking companies close their doors this year. The dispatchers/brokers ive spoken with this year are screwwed. and we get to the thank government regulations for just about all of it. i do some dispatching for the teamsters and on the typical small show, say at the Hynes Auditorium, a smallish venue with a remote marshalling yard. i will have about 15-30 trucks doing the delivery and pick up of the show freight. each usually dedicated loads for each truck, usually, not any more. dispatchers are listing identical cargo pick ups on multiple drivers loads to cover their asses. they cant count on these drivers to get it right. and ive had more asshole drivers just up and leave without picking up their load because they got sick of waiting.. (the cost increase to the owner THAT incurs is crazy) the "drivers" today dont care AT ALL and havent the slightest idea what they are doing. they cant even understand their own work orders. i ask them simple questions and they want to hand me a phone to talk to there brokers. its nuts. Edited July 31, 2023 by old indy Quote Link to comment Share on other sites More sharing options...
teamgreen02 Posted July 31, 2023 Author Share Posted July 31, 2023 16 minutes ago, old indy said: The dispatchers/brokers ive spoken with this year are screwwed. and we get to the thank government regulations for just about all of it. i do some dispatching for the teamsters and on the typical small show, say at the Hynes Auditorium, a smallish venue with a remote marshalling yard. i will have about 15-30 trucks doing the delivery and pick up of the show freight. each usually dedicated loads for each truck, usually, not any more. dispatchers are listing identical cargo pick ups on multiple drivers loads to cover their asses. they cant count on these drivers to get it right. and ive had more asshole drivers just up and leave without picking up their load because they got sick of waiting.. (the cost increase to the owner THAT incurs is crazy) the "drivers" today dont care AT ALL and havent the slightest idea what they are doing. they cant even understand their own work orders. i ask them simple questions and they want to hand me a phone to talk to there brokers. its nuts. How are freight prices year over year? Commodities have come down but they have been offset by freight and labor costs. Nothing has gone down in price and wages haven't kept pace with inflation. Quote Link to comment Share on other sites More sharing options...
old indy Posted July 31, 2023 Share Posted July 31, 2023 (edited) Insane. what was a buck a pound three or four years ago is over $2.40 today. we had a "special handling charge" on loose items/ un skided TVs, rugs, rolls of pad ect.. that was $1.25 lb i believe its $2.80 today. THESE are our handling prices on the dock........ not shipping rates obviously, thats out of my perview. i just control the trucks in and out of the docks. i cannot complain about my wages. A good DEPENDABLE union driver here in Boston can bring in 100k + and be home most every night. i know many that exceed that. Edited July 31, 2023 by old indy 1 Quote Link to comment Share on other sites More sharing options...
Snake Posted July 31, 2023 Share Posted July 31, 2023 (edited) 43 minutes ago, Not greg b said: UPS will take a big hike. Herd $49 an hour base pay for the drivers under the new contract After 5 years into the contract. Regardless, they still can't get enough people to work. $40 an hour now once you hit top rate, all insurances paid with no deductible, 5 optional 3 sick days to start, 2 weeks vaca to start (up to 6 weeks at the top level), 401k and a pension that renders the 401k to play around money. Hard work is a thing of the past..... Edited July 31, 2023 by Snake Quote Link to comment Share on other sites More sharing options...
Rod Posted July 31, 2023 Share Posted July 31, 2023 Imo the excessive regulation has made things worse. It’s caused less owner operators and more bumjab drivers from over seas. They don’t know a damn thing about handling a truck and are the worst drivers on the planet. Yet again government ruins everything they touch 1 Quote Link to comment Share on other sites More sharing options...
old indy Posted July 31, 2023 Share Posted July 31, 2023 17 minutes ago, Snake said: After 5 years into the contract. Regardless, they still can't get enough people to work. $40 an hour now once you hit top rate, all insurances paid with no deductible, 5 optional 3 sick days to start, 2 weeks vaca to start (up to 6 weeks at the top level), 401k and a pension that renders the 401k to play around money. Hard work is a thing of the past..... The trade show rate is even higher and were facing the same thing. those that are taking the work have zero skills and even less drive. Quote Link to comment Share on other sites More sharing options...
old indy Posted July 31, 2023 Share Posted July 31, 2023 6 minutes ago, ACE said: Imo the excessive regulation has made things worse. It’s caused less owner operators and more bumjab drivers from over seas. They don’t know a damn thing about handling a truck and are the worst drivers on the planet. Yet again government ruins everything they touch 100% look at the cockameme self certification regulation they added. if you dont update that information regularly, they will automatically downgrade your CDL to a D. THis information that doesnt regularly change for most so whats this all about..? nothing but a way to reduce the number of CDLs. ANOTHER manufactured shortage thanks to our governments. Quote Link to comment Share on other sites More sharing options...
old indy Posted July 31, 2023 Share Posted July 31, 2023 1 hour ago, old indy said: Insane. what was a buck a pound three or four years ago is over $2.40 today. we had a "special handling charge" on loose items/ un skided TVs, rugs, rolls of pad ect.. that was $1.25 lb i believe its $2.80 today. THESE are our handling prices on the dock........ not shipping rates obviously, thats out of my perview. i just control the trucks in and out of the docks. i cannot complain about my wages. A good DEPENDABLE union driver here in Boston can bring in 100k + and be home most every night. i know many that exceed that. Quote Link to comment Share on other sites More sharing options...
hayward Posted July 31, 2023 Share Posted July 31, 2023 A few young local boys raised up here just got their cdl’s within the last two years. All 4 of em have been driving farm trucks and semis on the local roads here since they were 14 years old. It cost them nearly 5 grand each and a month of schooling. They said the class had women and foreigners that couldn’t back up a car with nothing hooked to it let alone drive a truck. Sure enough after 4 weeks, they got their license and out the door they went whether they were ready or not. Most couldn’t speak a lick of English either. Wonder where they got the 5g’s? Quote Link to comment Share on other sites More sharing options...
Rod Posted July 31, 2023 Share Posted July 31, 2023 17 minutes ago, hayward said: A few young local boys raised up here just got their cdl’s within the last two years. All 4 of em have been driving farm trucks and semis on the local roads here since they were 14 years old. It cost them nearly 5 grand each and a month of schooling. They said the class had women and foreigners that couldn’t back up a car with nothing hooked to it let alone drive a truck. Sure enough after 4 weeks, they got their license and out the door they went whether they were ready or not. Most couldn’t speak a lick of English either. Wonder where they got the 5g’s? Yup. That’s what’s happening here. And the guys you’d actually want on the road are getting pushed out of the industry 1 Quote Link to comment Share on other sites More sharing options...
Mainecat Posted July 31, 2023 Share Posted July 31, 2023 3 hours ago, racer254 said: They got a 700 million dollar bailout. the Treasury Department granted the company a $700 million pandemic-era loan on national security grounds. Last month, a congressional probe concluded that the Treasury and Defense Departments “made missteps” in this decision — and noted that Yellow’s “precarious financial position at the time of the loan, and continued struggles, expose taxpayers to a significant risk of loss.” Yellow had many government contracts most were military so yeah some $$ was necessary. Quote Link to comment Share on other sites More sharing options...
Mainecat Posted July 31, 2023 Share Posted July 31, 2023 C.H. Robinson has been pimping for low bids the longest if I remember. Quote Link to comment Share on other sites More sharing options...
Mainecat Posted August 1, 2023 Share Posted August 1, 2023 Looks like Trump pushed for the 700 million despite objections from his advisors. Trump turn to shit event # 643 Quote Link to comment Share on other sites More sharing options...
racer254 Posted August 1, 2023 Share Posted August 1, 2023 1 hour ago, Mainecat said: Looks like Trump pushed for the 700 million despite objections from his advisors. Trump turn to shit event # 643 Sure, trump personally signed the check. Better look again, you are being led around by the nose. Quote Link to comment Share on other sites More sharing options...
Mainecat Posted August 1, 2023 Share Posted August 1, 2023 2 hours ago, racer254 said: Sure, trump personally signed the check. Better look again, you are being led around by the nose. It’s all here. Read and learn. Trump administration overruled Pentagon officials to approve $700M COVID loan https://www.usatoday.com/story/news/politics/2022/04/27/trump-administration-yellow-covid-loan/9553614002/ Quote Link to comment Share on other sites More sharing options...
racinfarmer Posted August 1, 2023 Share Posted August 1, 2023 We probably need to be more like Germany on who gets to drive and who does not. Quote Link to comment Share on other sites More sharing options...
Sled_Hed Posted August 1, 2023 Share Posted August 1, 2023 https://fb.watch/m9jpXkI5y4/?mibextid=ZbWKwL Quote Link to comment Share on other sites More sharing options...
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