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11-14-2015, 09:11 AM #1
Reputation points: 4530
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- Mar 2014
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Why do lenders hate trucking companies?
Dan, freight is too complex to generalize about and must be looked at on a case by case basis.
However there was a post last evening that was a pretty good guide.
I've never had good luck with brokers unless they generated all the invoices. There are a number of cases I'm aware of where brokers have shut down and reopened under a new name. On the other hand I've had good luck with long term haulers.
You might want to develope a relationship with one of a number of factors who specialize in this market. The costs are low and many offer additional services such a fuel cards.
Bob
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11-14-2015, 12:11 PM #2
Reputation points: 13031
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- Jun 2014
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Trucking is tricky, but it remains a favorite vertical for Cooper. VFG's comments are spot on! More of us need to take the time to understand the sub-industries our merchants make their living within. Analyzing the difference between a 4 truck general freight hauler and a dedicated industry specific rigger/hauler is equivalent to saying body shops tend to default at different rates than nail salons. If you take the time to peel the onion, there's plenty of opportunity in trucking-
Robert S Bloink
EVP of ISO Partnerships
Direct: 313-218-4663
Email: bb@cooperasset.com
Web: www.cooperasset.com
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