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“Zombie Truckers” * USA - The curse of
Refers to truck operators who are not making their monthly equipment payments and thus should be bankrupt or shut down
New York,NY,USA -Fleet Owner -Mar 5, 2010: ... “Zombie Truckers” are still afflicting motor carriers both large and small by keeping capacity in play that technically shouldn’t be there. The term – coined by Larry Gross, president of Gross Transportation Consulting and senior consultant with FTR Consulting Group – refers to truck operators who are not making their monthly equipment payments and thus should be bankrupt or shut down, yet remain in operation because the banks do not want to repossess their equipment as its value remains minimal... The irony is that such carriers, with no equity in their equipment and little if any cash in the bank, are driving down freight rates as they keep capacity levels high within the industry and undercut fellow truckers in the marketplace. The issue was addressed head on by G. Tommy Hodges, chairman of the American Trucking Assns. (ATA) and chairman of Tennessee-based Titan Transfer earlier this year... (Photo from bryanbeller.com: PhantomTruck)
Labels: trucking bankruptcy
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