truck brokers

FitzMark sells majority interest to private equity firm

FitzMark recapitalization allows 3PL to focus on growth

FitzMark announced the completion of a majority recapitalization with Calera Capital, in which the private equity firm has acquired a majority interest.

Terms of the deal were not disclosed.

The Indianapolis-based third-party logistics provider has been very active acquiring brokerage shops in recent months, suggesting the proceeds from the recapitalization will likely be earmarked for future acquisitions.

Earlier this month, FirstMark announced the acquisition of Fetch Logistics, its third...

https://www.freightwaves.com/news/fitzmark-sells-majority-interest-to-private-equity-firm

Landstar CFO steps down

Landstar truck on highway

After the market closed Monday, Landstar System Inc. (NASDAQ: LSTR) announced the resignation of CFO Kevin Stout, effective immediately. The filing with the Securities and Exchange Commission stated that Stout would transition into the role of special adviser to President and CEO Jim Gattoni.

Gattoni, previously CFO from 2007 to 2014, will serve as the company’s principal financial officer until a replacement is found.

A spokesperson with Landstar said Stout “made a personal decision to...

https://s29755.pcdn.co/news/landstar-cfo-steps-down

Landstar opens I-85 driver center near Atlanta

Landstar's new driver facility located on I-85 between Atlanta and Greenville, South Carolina

Freight broker Landstar System Inc. (NASDAQ: LSTR) announced the opening of a new driver-focused facility located on Interstate 85 between Atlanta and Greenville, South Carolina.

The Carnesville, Georgia, property boasts 8,000 square feet of classrooms, a conference room and several amenities for the company’s 10,000 independent owner-operators. Landstar’s owner-operators will have access to a business center, free Wi-Fi, laundry, showers and break rooms. The 20-acre property also provides...

https://www.freightwaves.com/news/landstar-opens-i-85-driver-center-near-atlanta

Credit is everything: Eliminating risk without leaving money on the table

Whether you are a new company or an established one entering an aggressive growth phase, credit is everything. Potential partners want to know that a company has what it takes to stay the course, so working with a customer with subpar credit may be unsavory or even unacceptable for some.

“As our economy enters into an unprecedented period, having good credit has become more important than ever,” said ComFreight CEO Steve Kochan. “A couple of bad customers can essentially put you out of business.”

https://www.freightwaves.com/news/credit-is-everything-eliminating-risk-without-leaving-money-on-the-table

ArcBest: Broker costs increase to $500,000/year if owner-operators have their way

Truck brokers will see a huge upswing in costs if federal regulators make a broker transparency change requested by owner-operators, according to logistics company ArcBest [NASDAQ: ARCB].

Barney Long, deputy general counsel for the Fort Smith, Arkansas-based company, told the Federal Motor Carrier Safety Administration (FMCSA) that the revisions being sought by the Owner-Operator Independent Drivers Association (OOIDA) will increase equipment, software programming and personnel costs to at least...

https://s29755.pcdn.co/news/arcbest-broker-costs-increase-to-500000year-if-owner-operators-have-their-way

Brokers cannot afford to put technology on back burner during pandemic

The logistics industry has always been colored by both seasonal volume shifts and whiplash capacity changes due to natural disasters and trade squabbles. Still, the coronavirus pandemic caught the world off guard, and it has ratcheted up the pressure on 3PLs and brokers to quickly adapt and employ new technologies as shippers demand even faster responses and more accurate information. 

Demands for real-time information and constant visibility are more frequent and complex than ever before. To...

https://s29755.pcdn.co/news/brokers-cannot-afford-to-put-technology-on-back-burner-during-pandemic

Trucker rally for fair rates gets White House attention

A weekend “May Day” rally in Washington by small-business truckers claiming they are being mistreated in the freight market during the coronavirus pandemic ended with a positive message from President Donald Trump.

Trump, who spent the weekend at the president’s retreat in Camp David, Maryland, acknowledged the demonstrators parked in their trucks directly south of the White House along Constitution Avenue.

“Thanks for the meeting at the White House with my representatives from the...

https://s29755.pcdn.co/news/trucker-rally-for-fair-rates-gets-white-house-attention

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