FreightWaves attempted to reach someone with the company to confirm its closure, but was unsuccessful.
Ready Trucking’s Google listing shows the entity as “permanently closed.” Corporate Google listings are typically managed by a member of a company at Google My Business.
Ready Trucking has 108 power units, 91 drivers and recorded more than 5.6 million miles in 2018 according to the Federal Motor Carrier Safety Administration’s SAFER database. The family-owned company was established in metro Atlanta in 1968, operating as a local cartage company. The carrier began to offer regional service following industry deregulation in 1980.
News of Ready Trucking’s closure follows another announcement today, August 28, after private equity-held HVH transportation (344 power units) ceased operations abruptly. FreightWaves CEO dove into the financial stress that many carriers are experiencing in 2019.
2019 has been the worst year of profitability in the trucking industry in over five years. Even the downturn of 2016 was not nearly as painful in terms of operating losses.
According to operating ratios across the industry, the average dry-van truckload carrier has teetered on losing money every month in 2019.
Operating Ratios (OR) measure operating costs in relation to revenues. A high operating ratio is considered a bad thing (a 100 is an operating break-even, anything above one-hundred is a loss and anything below represents operating profit). OR will come before any debt servicing, distribution, or taxes.
This data is compiled based on financial reports from over 220 truckload fleet profiles, representing over 70,000 trucks, ranging from mid-sized (75 trucks to enterprise 7000 trucks). The operating KPI data is aggregated in partnership with the Truckload Carrier Association’s Truckload Indexes and available exclusively on SONAR.
Nine mid-size and large carriers have shut their doors in 2019 including HVH, NEMF, Falcon, and LME.
Several carriers have called it quits in 2019 as excess capacity, unfavorable spot rates and cost inflation have weighed on profitability.