UPS Freight Sold

Topic 29488 | Page 1

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Auggie69's Comment
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Https://www.freightwaves.com/news/breaking-tfi-to-acquire-ups-freight-for-800m?utm_content=152312791&utm_medium=social&utm_source=facebook&hss_channel=fbp-179175252108775

Had no idea UPS Freight lost so much money

Auggie69's Comment
member avatar

UPS ,,,,,,,,Https://www.freightwaves.com/news/breaking-tfi-to-acquire-ups-freight-for-800m?utm_content=152312791&utm_medium=social&utm_source=facebook&hss_channel=fbp-179175252108775

Had no idea UPS Freight lost so much money

C T.'s Comment
member avatar

Woah this is big news. I wasn't even aware that they were in that kind of trouble. I'm still amazed that YRC and Holland havent gone belly up. It will be interesting to see how this all plays out.

Delco Dave's Comment
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Just saw an ad on Zip recruiter last for YRC. They listed multiple openings(Philly area) for experienced drivers and their CDL training program

CDL:

Commercial Driver's License (CDL)

A CDL is required to drive any of the following vehicles:

  • Any combination of vehicles with a gross combined weight rating (GCWR) of 26,001 or more pounds, providing the gross vehicle weight rating (GVWR) of the vehicle being towed is in excess of 10,000 pounds.
  • Any single vehicle with a GVWR of 26,001 or more pounds, or any such vehicle towing another not in excess of 10,000 pounds.
  • Any vehicle, regardless of size, designed to transport 16 or more persons, including the driver.
  • Any vehicle required by federal regulations to be placarded while transporting hazardous materials.
Mikey B.'s Comment
member avatar

Woah this is big news. I wasn't even aware that they were in that kind of trouble. I'm still amazed that YRC and Holland havent gone belly up. It will be interesting to see how this all plays out.

YRC just got a $700 million dollar "loan" bailout from the US Government for which the government got a 30% stake in YRC. Pretty good for a company with a total value of $70 million. They are not expected to survive however. They have only been profitable in 3 of the last 14 years.

Bobcat_Bob's Comment
member avatar

This is surprising news to say the least, 800 million is shockingly low to what I would have expected.

I'm still amazed that YRC and Holland havent gone belly up. It will be interesting to see how this all plays out

YRC has probably run out of hail Mary's at this point, but I have thought they where dead before and they some how they get last minute loans.

Old School's Comment
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Most of the time when we have new people come in here wanting to be owner/operators they just think I'm off my rocker when I try to explain how tough this business is. I do my best to keep up with the financial markets, and if there's one thing you will never see, it is a trucking business making headlines for profit margins taken. Not all of the big players are propped up with debt, but it is pretty common for many of them to be in huge amounts of debt. I remember the fall of Celadon. They had just done all kinds of expansion into driver training and built some really nice facilities. It was all leveraged. They had a house of cards. It proved to be a paper thin facade.

I don't ever allow the financial dealings of the company I'm working for to consume my thoughts. I'm a driver, and that is what I concern myself with. I know what they want me doing and I do my best to do a great job at it. I take the steps to maximize my pay and be the most efficient driver I can. That's really what a great driver needs to focus on. I have a gut feeling we are going to see quite a few mergers in the next two or three years. That's just a guess based on what I see happening in the industry.

Driver pay will stay up and probably climb a little, but other factors that affect the freight rates are in play all the time. If you have a good driving job, I'd recommend sticking with it. Don't let buyouts and mergers send you packing. I have watched these things take place for several years. I remember a former member who would panic and quit every time his company got sold. I'm not even sure if he is still driving because we haven't heard from him in a long time. He could have stayed right where he was the whole time and done very well. Instead he thought each transaction was foretelling something bad on the horizon. I don't read much into these mergers other than someone had some misfortune while someone else saw an opportunity in it. There is big money in some of these pockets, and big money is always looking for something to do with itself.

Robert B. (The Dragon) ye's Comment
member avatar

In case folks didn’t know, UPS Freight is a separate division. It used to be Overnight before UPS picked it up. YRC I’m honestly not surprised about one bit and the world can thank the Teamsters for running it into the ground.

PackRat's Comment
member avatar

In case folks didn’t know, UPS Freight is a separate division. It used to be Overnight before UPS picked it up. YRC I’m honestly not surprised about one bit and the world can thank the Teamsters for running it into the ground.

BULLSEYE! The reason YRC is in the red forever (and there is no way out) is the union pension fund. The only way out would be a 40% profit margin, and that ain't happening in trucking. This is the same direction Social Security and Medicare have been heading for decades.

Chris V.'s Comment
member avatar

Silly nubie question but who is yrc?

Woah this is big news. I wasn't even aware that they were in that kind of trouble. I'm still amazed that YRC and Holland havent gone belly up. It will be interesting to see how this all plays out.

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