An international survey of 1,200 trucking industry leaders in the United States, Canada, United Kingdom and France showed 70% felt fuel prices were putting their business at risk. This was closely followed by driver shortages, reported by 69% as threatening business performance.
The study by GE Capital Solutions reflected new methods carriers were exploring to achieve greater efficiency and cost savings. “As business volumes continue to increase as expected, trucking companies will have to seek alternative ways of managing these market pressures to take advantage of future growth opportunities and maintain a healthy balance sheet,” said Dan Clark, general manager for GE Capital Solutions Equipment Finance Group.
Carriers are looking for ways to pass increased costs along to shippers, which will eventually translate into higher consumer costs. In addition, they are looking at tightening supplier management, seeking alternative “green” initiatives and leasing trucks to free cash flow.