B2B credit management has evolved since 2019. Here’s how to ensure your credit department succeeds. 

The COVID-19 pandemic drastically changed the world, businesses, and their credit departments. It reshaped our economy. In order to meet the changing business landscape, credit managers have adapted quickly to maintain their companies’ financial stability. 

Let’s briefly review the economy before the pandemic started. This will give us a clearer picture of the changes that have happened and the difficulties B2B credit managers now face. We’ll look at how your sales team can become a credit ally and close with tips on how to decision today’s B2B credit with success.

Pre-Pandemic Stability

Before COVID-19, the economy experienced comparatively stable growth. Companies were generally optimistic about their clients’ creditworthiness. The approval process for B2B credit managers was a relatively simple routine. They usually assessed customer creditworthiness based on financial statements, credit reporting, and industry benchmarks. Once a credit limit was approved, customers were generally given net payment terms.

Pandemic-Induced Shifts

The pandemic triggered a series of economic shifts that profoundly affected B2B credit practices. Government stimulus programs, supply chain disruptions, and inflation surges all contributed to a climate of uncertainty and volatility. 

According to the National Association of Credit Management (NACM), total bankruptcy filings increased 18 percent year-over-year (YoY) in 2023. 

As a result of these changes, businesses became more cautious about extending credit and credit managers had to adopt a more rigorous approach to risk assessment. 

6 Key Changes in B2B Credit Management

In-Depth Credit Risk Assessments

Economic changes caused credit managers to become more reliant on data analysis to assess creditworthiness. This includes using financial modeling tools to assess a company’s ability to meet its debt obligations. Credit bureaus and alternative data sources are also leveraged to achieve a comprehensive view a customer’s financial health.

Tighter Credit Terms

As businesses become more risk-averse, they are tightening their credit terms. This can involve shortening payment terms (e.g., from net 60 to net 30), reducing credit limits for existing customers, and issuing lower initial credit lines for new customers. According to a March 2024 report by HighRadius, 52 percent of companies seek extended terms – quite the opposite view. The same report shows that 17 percent of customers blatantly ignore credit terms while another 48 percent intentionally delay payment. This can make building strong customer relationships difficult.

Increased Use of Credit insurance

The rise in economic uncertainty has led to a surge in demand for credit insurance. Credit insurance protects businesses from monetary loss if a customer defaults on their payments. A 2023 survey by AU Group shows that since the third quarter of 2022, the number of business failures in almost every region of the world has risen. In line with that statistic, credit insurers expect growth in their sales over the next six years.

Growing Use of Digital Credit Tools

The pandemic has accelerated the adoption of digital credit tools and automation. Tasks like processing credit applications, credit checks, and collections are now being completed faster and allowing credit teams to focus on exception management.

Collection Challenges

The pandemic caused many businesses to experience cash flow disruptions. It’s made it more difficult for some companies to meet and/or maintain on time payments.

Cash Flow Management

Businesses are focusing on more effective ways to manage their working capital. This can include reworking their collection processes and closely tracking inventory levels.

Opportunity Emerges

All these changes have significantly affected credit managers and their teams. Now, they carry heavier workloads and face increased pressure to mitigate credit related risks. They also need to be able to adapt to rapid changes that may happen in today’s economy. 

While these changes may have increased the burden on credit managers, they’ve also created opportunities for collaboration with sales teams. By working together, credit managers and sales teams can better service their businesses and customers.

5 Ways B2B Credit Managers Can Seek Help from Sales

In today’s risky and fraud-ridden environment, the sales team support in customer onboarding and credit is vital. Credit and sales teams must collaborate to ensure a positive and seamless customer experience. Here are some tips to foster better collaboration:

Educate for an Improved Understanding

Sales teams are crucial in helping gather customer information to assess creditworthiness. Credit managers can help sales teams understand the importance of collecting this information. Sharing its use and how having it can make the approval process faster helps, too. 

Develop a Standardized Form  

A standardized customer information form ensures sales teams collect all the required information. This can help streamline the credit approval process.

Encourage Proactive Customer Updates  

Credit teams must stay updated on customer developments. Encourage the sales team to proactively share any relevant customer updates with the credit department. Discuss what information is “relevant”, so everyone is on the same page.

Have a Joint Review Process  

Joint sales and credit reviews can ensure both teams understand customer creditworthiness. They can help prevent incidents where a customer is given an okay by sales and later is deemed to be a credit risk. At the same time, joint reviews will strengthen the relationship between sales and credit while improving the customer experience.

Foster Open Communication and Trust 

Open communication and trust are essential for effective collaboration between teams. Credit managers should be available to answer sales teams’ questions and provide guidance on any credit-related matters.

Is This the New Normal for B2B Credit Management?

It appears this “new normal” of post-pandemic business is here to stay, and it’s changed credit management for the foreseeable future. Because of this, we must have a more strategic and data-driven approach to B2B credit management. Those credit teams that adapt to these changes and improve collaboration with sales will be well-positioned to thrive in today’s economy. Furthermore, those who stay flexible and committed to delivering exceptional service will aid their company’s success. Will your credit team be the ones to hold revenue back or help drive it forward?

About the Author 

Tracy Mitchell currently holds the position of Director of Accounts Receivable at Trinity Logistics. She has worked at Trinity for nine years, with over five years of those in credit management. She holds a Credit Business Association (CBA) designation. With a deep understanding of the industry’s dynamics, she has firsthand knowledge and provides the company with invaluable insights into the complexities of credit risk assessment, collections, and sales alignment. 

Stay up to date on the latest information on conditions impacting the freight market, curated by Trinity Logistics through our Freightwaves Sonar subscription.

What to Expect in the Short-Term

Well, so much for a recession. The U.S. is anticipating year-over-year growth of 2.8 percent in 2024 with regards to gross domestic product (GDP). That percentage of growth appears to be trending less in calendar 2025, with moderate growth forecast through the end of 2029 (Figure 1.1).  

Generally, for every one percent of GDP growth, that typically translates into 1.5 percent growth in over-the-road truckload volume. Based on those projections, we expect freight volumes to climb by four to five percent in the coming year.

Conditions are also turning more favorable for a pendulum swing to the side of the carriers. Two reasons for the bullish outlook – dwindling capacity and tariffs (be it threat or real), simple supply and demand.  

INCHING CLOSER TO BALANCE

On the capacity side, the spread between contract and spot rates, which was near $0.80 per mile in the middle of 2022, has now fallen below $0.50 per mile. Keep in mind contract is almost always above spot sans latter 2020 and early 2021. 

The gap has closed primarily due to contract rates receding, from the $2.30 range in early ’24 to now being $0.15 less, as illustrated by. Figure 2.. Figure 2.2 shows the net change in for-hire carriers versus the tender rejection rate. Since mid-2022, carriers have started to shun the market as higher costs to operate & lower rates made sustainability a challenge.  

Where does shrinking capacity first show up? In the tender rejection rates. Carriers will say no to a guaranteed rate load either because they have no equipment in the area or there is a more favorable paying load available.  

Rejection rates cresting the five percent mark may not sound significant, but keep in mind rejection rates were in the two to three percent range as we started this calendar year. Eight to 10 percent is a more balanced market, and we are close to that. Usually, rejection rates in double digits signify more pricing leverage is held by the carrier community.

The other driving factor is around demand. While there are some sectors showing slight gains, the November election could be the spark that drives a glut of freight movement.  

With Republicans poised to control the White House and Congress, impending tariffs will drive a flurry of activity as shippers look to move goods prior to an imposed increase in cost, This is likely a short-term surge as “too much inventory” is a real thing, and once tariffs are imposed, consumers ultimately will feel the brunt of increased costs and could hamper purchasing. However, the next pivot point will be around movement of production to domestic U.S. or near-shore locations.  

After a blah few years, things are about to get interesting.

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In a world so reliant on digital technology, we often expect (and hope) that our software will be stable. Yet even the most reliable technology platforms can falter. Take the recent digital disruption felt by businesses affected by the CrowdStrike global outage for example.

The recent global outage involving CrowdStrike, one of the world’s leading cybersecurity companies, was a stark reminder that no system is entirely immune to disruption. It’s a harsh reality, but one we need to face head-on. Here’s how the recent outage affected businesses and, most importantly, some essential tips to ensure your operations remain resilient. Read on to safeguard your company’s digital future.

Crowdstrike Global Outage Event

On July 19, 2024, CrowdStrike released an update for its Falcon Sensor software. The update caused a significant global IT outage, crashing millions of Windows computers and displaying what you might otherwise know as the “Blue Screen of Death.”

Around 8.5 million systems worldwide were affected. The outage interrupted businesses of all kinds, including airlines, healthcare, banks, and more. Here are a few examples of the disruption the outage caused.

Airlines

At LaGuardia Airport, the outage caused their baggage handling system to fail, causing significant delays and widespread operational disarray. Wait times were extensive, and many passengers missed their flights.

Delta Airlines was the largest airline affected by the outage. The company had to reset over 40,000 servers and manually cancel 5,000 flights, losing over 500 million dollars in revenue.

Healthcare

Hospitals like the Mayo Clinic, Cleveland Clinic, and Mass General Brigham faced system crashes that affected patient care and administrative functions. Electronic health records went offline, delaying medical procedures and patient admissions. The estimated financial impact on the healthcare sector alone was around $1.94 billion.

Banking

Financial institutions like JPMorgan Chase and Bank of America suffered considerable downtime. Transactions, online banking services, and customer support were affected. The inability to process anything led to customer dissatisfaction and financial losses. The estimated impact on the banking sector contributed heavily to the global economic damage totaling at least $10 billion.

Preventing Digital Disruption in Your Business

The CrowdStrike global outage underscored the importance of being prepared for the unexpected. While such events may be rare, businesses should understand that no service is exempt from disruption. But don’t panic. You can use the practices below to reduce any impact should an incident like the CrowdStrike outage ever happen. 

Have a Strong Incident Response Plan

A well-structured Incident Response Plan (IRP) is crucial for navigating outages. For many businesses, the CrowdStrike outage was a wake-up call about the importance of having a detailed IRP. Most organizations now have plans for cyber threats but remain unprepared for a service outage.

Organizations need well-defined and practiced IRPs. An effective IRP ensures faster recovery and coordinated actions during outages.

A proper incident response plan should have the following components:

• The organization’s incident response strategy and how it supports business objectives
• Roles and responsibilities involved in incident response
• Procedures for each phase of the incident response process
• Communication procedures within the incident response team, with the rest of the organization, and external stakeholders
• How to learn from previous incidents to improve the organization’s security posture

Without a solid IRP, chaos can arise when essential tools and services go down. Time is so critical in these kinds of situations. Companies that don’t respond to incidents fast often face increased downtime and direct revenue loss.

According to a SANS report, companies without a proper IRP take 54 percent longer to contain incidents that cause downtime. Additionally, a study from Ponemom Institute found that organizations without an effective IRP team experienced 54 percent more downtime compared to those with one.

Having an IRP in place is crucial, but the second most important aspect is testing it often! This ensures that the plan is effective, team members are familiar with their roles, and potential gaps are identified before an actual incident occurs.

Practicing the IRP should be done annually or after a major change to your process. Planning and organization are the only ways to mitigate significant disruption. It’s always best to be prepared for the worst!

Review Your Software Deployment Practices

Deploying new software can be a very complex process, especially when it is dependent on other applications or systems. The CrowdStrike global outage was caused directly by this issue, as it was dependent on the Windows operating system.

Here are some best practices for establishing an effective deployment process.

Develop a Patch Management Policy

Define a comprehensive policy that details the procedure for managing patches, specifying roles, responsibilities, and schedules.

Inventory Assets

Keep an updated inventory of all hardware and software assets that need patching.

Prioritize Patches

Assess and schedule patches based on the severity of vulnerabilities and the importance of the systems they impact.

Before deploying patches to production environments, test them in a controlled setting. This way, you can be sure they won’t cause any issues.

Automate Patch Deployment

Automated tools are excellent for streamlining the patch deployment process. This can reduce the risk of human error and ensure timely updates.

Monitor and Audit

Continuously track the patching process and audit patch deployments to ensure compliance and effectiveness.

Have a Rollback Plan

Have a rollback plan in place. This allows you to revert to a previous state should a patch cause problems.

Keep a Vendor Patch Schedules

Stay informed about each vendor’s patch release schedule to plan and prepare for upcoming updates.

Document Everything

Keep detailed records of all patching activities, including what was patched, when, and by whom.

Assess Your Vendor Relationships

Periodic assessment of third-party vendors is necessary to ensure resilience.  The CrowdStrike outage has prompted many organizations to reconsider their vendors. Businesses should assess vendor relationships to confirm they meet the organization’s risk tolerance and operational needs.

Scheduling annual assessments can help keep this task from being forgotten. Assessments should include one for vendor risk and a security questionnaire.

Vendor Risk Assessment

This assessment evaluates the potential risks that the vendor may introduce to your organization. This includes understanding the vendor’s operations, data handling practices, and risk profile.

Security Questionnaire

This should be comprehensive and help you understand the vendor’s security policies, practices, and standards. Topics may include encryption, incident response, access controls, and employee security training.

Consider Diversification

Companies may wish to review their diversification processes when relying on critical software to run their operations. As highlighted by the CrowdStrike outage, over-dependence on a single software solution can expose the business to significant risks. This can include operational disruptions due to software failures, security vulnerabilities, or vendor instability.

Software diversification helps you not be reliant on one system. This can provide contingency options and flexibility in the face of unexpected challenges. By incorporating several complementary software tools or services, companies can enhance resilience, maintain business continuity, and mitigate potential risks.

Building Digital Resilience in the Face of Uncertainty

While incidents like the CrowdStrike outage can be rare, their impact can be severe. The unpredictability of such events can be scary, but with these proactive practices, there’s little to fear. Remember, a resilient business is a prepared business. By taking these steps, you can protect your operations and buckle in for a smooth ride in the digital landscape.

ABOUT THE AUTHORS

Willy Rojas

Engineer II, Infrastructure

Willy has been with Trinity Logistics for eight years. He’s held several other IT positions while here, starting as a Service Desk Intern to Senior Service Desk, IT Systems Administrator II, and Infrastructure Engineer II. Willy finds cybersecurity fascinating because it’s often changing and giving him something new to learn. He also finds satisfaction in knowing that the work he does every day is important, from keeping confidential information secure to keeping business operations running smoothly.  

Dustin O’Bier

Manager, Infrastructure

Dustin has been working at Trinity for 21 years. Previous positions he’s held include Help Desk Specialist, System Administrator I, Senior System Administrator, and IT Systems Manager. Dustin enjoys the collaborative aspect of his role. He loves working alongside a team of people to solve complex problems. Dustin’s main focuses as Manager in Infrastructure cover three distinct aspects; the Core Infrastructure of the Regional Service Centers (RSCs), Security, and the company’s Cloud practice. He finds each focus brings a unique set of challenges, making his role dynamic and engaging.

Trinity Logistics, a leading third-party logistics provider (3PL), is thrilled to share that its Technology Team has been recognized as one of the Top 10 Technology Teams by OnConferences. This prestigious award honors organizations that have demonstrated exceptional innovation, technical expertise, and a commitment to delivering leading solutions. 

Trinity’s Technology Team plays a vital role in supporting the company’s operations and delivering exceptional service to its clients. The Team is responsible for developing and implementing cutting-edge technology solutions that enhance efficiency, improve customer service, and drive growth. 

“The Trinity Technology Team continues to deliver innovative solutions driving business outcomes and effectively supporting our Team Members,” said Russ Felker, Chief Technology Officer at Trinity Logistics. “From cybersecurity to integrations to data availability to custom development, they consistently provide exemplary service and support for Team Trinity and its partners.” 

OnConferences is a leading provider of educational conferences and networking opportunities for professionals across many industries. Its Top 10 Technology Teams award is determined through peer and community voting. Voters are instructed to select teams that they have seen make a significant impact on their own organization or within the broader industry, contribute to their professional community through thought leadership, drive innovation, and demonstrate exceptional leadership. 

Trinity’s Technology Team and their dedication to excellence, innovative practices, and leadership have set them apart as a top-performing team. The Team has made remarkable achievements like a full migration to the cloud in only eight months, multiple new customer and vendor integrations, improved and differentiated functionality within Trinity’s custom Transportation Management System (TMS), and increased data availability for Team Members and the company’s Agent partners. These accomplishments helped them stand out from the rest of the submissions, distinguishing them as an outstanding Team.   

Trinity Logistics is committed to investing in purposeful technology and great talent to ensure its respected culture and exceptional service stay at the forefront of its continued success. As the company continues to grow and evolve, this recognition serves as a testament to that ongoing promise. 

About Trinity Logistics

Trinity Logistics is a Burris Logistics Company, offering People-Centric Freight Solutions®. Our mission is to deliver creative logistics solutions through a mix of human ingenuity and innovative technology, enriching the lives of those we serve. 

For the past 45 years, we’ve been arranging freight for businesses of all sizes in truckload, less-than-truckload (LTL), warehousing, intermodal, drayage, expedited, international, and technology solutions.

We are currently recognized as a Top Freight Brokerage by Transport Topics, a Green Supply Chain Partner by Inbound Logistics, and a Top Company for Women to Work for in Transportation by the Women in Trucking Association.

About OnConferences

OnConferences is a leading organization that connects top professionals across various industries, promoting collaboration, innovation, and thought leadership. Through conferences, awards, and networking opportunities, OnConferences provides a platform for executives and organizations to exchange insights, fostering growth and development within their respective fields.  

Trinity Logistics, a leading third-party logistics provider (3PL) offering logistics and supply chain solutions, proudly shares its recognition as a Top Company for Women to Work for in Transportation by the Women in Trucking Association (WIT) for the sixth consecutive year. 

This prestigious honor highlights companies that demonstrate a commitment to gender diversity, inclusivity, and career advancement for women in the transportation industry. Trinity Logistics ranked highly in these areas, and the nomination was validated by an industry-wide vote involving over 31,000 transportation professionals.

“As someone who has spent my career in male-dominated industries and being relatively new to Trinity with just over two years here, I feel an immense sense of pride that Trinity has been recognized for the sixth consecutive year as a Top Company for Women to Work for in Transportation,” said Carlie Crouch, Director of Talent Management at Trinity. “There is a deep sense of understanding and support at Trinity—as mothers, coworkers, and friends. The ability to balance all aspects of my life while feeling seen and heard as a woman is something I truly value. As the Director of Talent Management, I enjoy sharing with future team members the incredible opportunities available at Trinity for women to thrive and succeed. I’m proud to be part of Team Trinity.”

Key features that distinguished Trinity Logistics included its positive and family-friendly culture that supports diversity, competitive pay, quality benefits for employees and their families, ample time off, flexible work arrangements to encourage work-life balance, and extensive professional development opportunities. 

“This achievement reflects our commitment to creating an inclusive environment where every Team Member can thrive,” said Amy Proctor, Senior Vice President of Logistics Solutions at Trinity. “We continue to empower our Team to reach new heights. In my own journey here, I’ve seen firsthand how our culture of collaboration and growth makes a real difference. The opportunities for leadership development, mentorship, and professional growth have shaped my career and allowed me to contribute in meaningful ways. It’s inspiring to see the impact women have across our company and I’m proud to be part of a Team that champions opportunity for all.”

To date, Trinity employs over 400 Team Members across six Regional Service Centers, with more than half of them being women. Notably, 16.7 percent of these women hold management or leadership roles, including the current President, Sarah Ruffcorn, who also serves as co-chair on the Women in Logistics Committee with the Transportation Intermediaries Association (TIA). 

“We’re incredibly honored to receive this award for a 6th year!” said Sarah Ruffcorn, President of Trinity Logistics. “This achievement reflects our amazing Team that continues to live and create a culture in which anyone can thrive. We’re proud of our efforts to continuously offer a supportive environment, ensuring our Team Members have the opportunity to succeed and grow.”

Trinity Logistics thanks WIT for the recognition and wants to congratulate all the companies that made the list.

About Trinity Logistics

Trinity Logistics is a Burris Logistics Company, offering People-Centric Freight Solutions®. Our mission is to deliver creative logistics solutions through a mix of human ingenuity and innovative technology, enriching the lives of those we serve. 

For the past 45 years, we’ve been arranging freight for businesses of all sizes in truckload, less-than-truckload (LTL), warehousing, intermodal, drayage, expedited, international, and technology solutions.

We are currently recognized as a Top Freight Brokerage by Transport Topics, a Green Supply Chain Partner by Inbound Logistics, and holds a bronze sustainability rating by EcoVadis.

Stay up to date on the latest information on conditions impacting the freight market, curated by Trinity Logistics through our Freightwaves Sonar subscription.

Feels like 2022

For the majority of this year, volumes have seen their traditional seasonal patterns and have been trending above 2023 levels. Many have commented that market balance will be driven more by carrier attrition versus an event that spurs freight volumes.  

2022 was a pretty good year from an industry standpoint. Volumes were still elevated (certainly not like we saw in 2021) and capacity was inline. While it may be a blip on the radar, we have now seen the Outbound Tender Volume Index eclipse 2022 levels for the first time in two years as seen in Figure 1.1.

I think it is still too early to pin the volume uptick on the interest rate reduction or the recent hurricanes that severely impacted states in the southeast, but these events, and any potential storms that might still pop up (hurricane season isn’t quite over yet), could impact freight volumes in the coming months. Combined with consumers continuing to spend, volumes could remain consistent through the end of the year versus following their traditional end of year downward movement.

FINE….FOR NOW

While there was a sigh of relief from many with the ILA and USMX reaching a deal on wage increases for dock workers, this does not mean that everything is resolved, and potential port disruptions could occur at the 20-something docks along the East and Gulf coast.  

Union-member wages were the major bargaining chip that was agreed upon last week, with dock workers receiving an immediate pay increase, with yearly pay increases to follow. When all increases have taken effect, dock workers will see a 62 percent increase in pay. One issue that was not finalized was the use of automation at select ports, which the labor union has opposition to full and semi-automation. The two sides will continue their negotiation discussions, with a timetable of three months from now to finalize a deal.  

If these points can’t be resolved, it may be rinse and repeat with the threat of another strike as we get into the start of 2025.  

Speaking of the recent shut down of port activity, it will take a week or so to work through the container backlog. This, along with the disruption in shipping patterns caused by the recent hurricanes, has been impacting tender rejection rates as seen in Figure 2.1.

Rejection rates crested the five percent mark recently. As port activity comes back online, expect the volume for short haul shipments (<250 miles) to remain elevated as also seen in Figure 2.1.

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Trinity Logistics, a leading third-party logistics provider (3PL), is proud to announce the promotions of two dedicated Team Members, Kimberley Pant and Tracy Mitchell.

Pant, who has been with Trinity Logistics for an impressive 18 years, has been promoted to Director of After Hours Operations. Throughout her tenure, Pant has held various positions, such as Carrier Sales Representative, Senior Account Manager, and Operations Team Lead. 

“I am thrilled and truly honored for this new opportunity,” said Pant. “My path has been marked by a steadfast commitment to operational excellence and I’ve been fortunate to work alongside a talented and dedicated Team. My primary focus in this new role will be enhancing the quality and efficiency of our services during non-business hours. I will continue ensuring that we meet and exceed expectations of our customers and stakeholders. I’m incredibly grateful for the trust that’s been placed in me and am eager to embrace the challenges and responsibilities that come with this new role.” 

Mitchell, who is celebrating nine years at Trinity, has progressed through several roles in the Billing Department, now promoted as the new Director of Accounts Receivable. In this new role, Mitchell aims to develop strategies for fraud prevention, enhance operational efficiencies, and strengthen partnerships with relevant organizations, like the National Association of Credit Management (NACM). 

“I am incredibly honored and excited to step into the role of Director of Accounts Receivable,” said Mitchell. “This promotion is a significant milestone in my career growth, and I’m eager to contribute to the continued success of Trinity. I look forward to being challenged by my new goals and responsibilities, with my primary focus being on developing the Accounts Receivable Team to their fullest potential while elevating Trinity’s brand recognition as an exceptional logistics provider.”  

These promotions highlight Trinity Logistics’s commitment to recognizing and rewarding exceptional talent within the organization. Both Pant and Mitchell bring a wealth of experience and expertise to their new roles and will undoubtedly continue to make significant contributions to the company’s success. 

About Trinity Logistics

Trinity Logistics is a Burris Logistics Company, offering People-Centric Freight Solutions®. Our mission is to deliver creative logistics solutions through a mix of human ingenuity and innovative technology, enriching the lives of those we serve. 

For the past 45 years, we’ve been arranging freight for businesses of all sizes in truckload, less-than-truckload (LTL), warehousing, intermodal, drayage, expedited, international, and technology solutions.

We are currently recognized as a Top Freight Brokerage by Transport Topics and as a Top Company for Women to Work for in Transportation by Women in Trucking.

Trinity Logistics, a prominent third-party logistics (3PL) provider, has teamed up with Truck Parking Club to offer discounted parking options for Carriers within its network.  

“We understand that Carriers face several challenges daily, but safe parking shouldn’t be one of them,” said Chad Taylor, Vice President of Carrier Development at Trinity Logistics. “This partnership allows us to ease that burden by offering an additional option for our Carrier relationships when they need safe, secure parking.” 

Carriers must be registered and set up with Trinity Logistics to take advantage of this new benefit. All current Carrier relationships will be sent email communications with instructions on how to receive their discount. Carriers who decide to capitalize on the for discount for Truck Parking Club will be able to: 

• Book a daily parking location. Some locations may also offer hourly, weekly and monthly rates.  

• Search for and book parking using an interactive map that displays all available locations across the U.S. 

• Search for and book parking when planning a route or by finding a parking spot near a specific location.  

• View parking location information, including daily costs and available spaces, as well as amenities such as restrooms, 24/7 access, etc., and contact 27/7/365 customer support (staffed by former drivers) to ask any questions. 

“Truck Parking Club was created to help truckers save time and fuel by finding and instantly reserving truck parking across the US,” said Evan Shelley, CEO at Truck Parking Club. “Our solution brings more truck parking online quickly by enabling owners to list space on their existing yards and properties. Our trucker members, and now Trinity Logistics carriers, are then able to quickly search and reserve available truck parking spaces, allowing them to plan a trip with confidence knowing they have a parking space. We are excited to partner with Trinity Logistics, as we think our solution is a great value add to their carrier partners.” 

For more information about the Truck Parking Club, visit truckparkingclub.com 

About Trinity Logistics

Trinity Logistics is a Burris Logistics Company, offering People-Centric Freight Solutions®. Our mission is to deliver creative logistics solutions through a mix of human ingenuity and innovative technology, enriching the lives of those we serve. 

For the past 45 years, we’ve been arranging freight for businesses of all sizes in truckload, less-than-truckload (LTL), warehousing, intermodal, drayage, expedited, international, and technology solutions.

We are currently recognized as a Top Freight Brokerage by Transport Topics and as a Top Company for Women to Work for in Transportation by Women in Trucking.

About Truck Parking Club  

Truck Parking Club is a network of instantly reservable hourly, daily, weekly and monthly truck parking locations across the US. Truck Parking Club connects truckers to truck parking locations throughout the US via truckparkingclub.com and the Truck Parking Club app. The network is made up of property owners that have locations adequate for truck parking to list on the platform: this includes trucking companies, storage companies, tow truck companies, CDL Schools, trailer leasing companies, real estate investors, truck parking operators and more. For more information, visit truckparkingclub.com. 

Stay up to date on the latest information on conditions impacting the freight market, curated by Trinity Logistics through our Freightwaves Sonar subscription.

YES, IT IS IMPORT-ANT

There has been much buzz in the last month around inbound container volumes to U.S. ports. There are 300+ ports of entry for goods into the country, with much of that volume handled by the top 20. Most of that buzz is around the uptick in volume.  

In figure 1.1, you will see for the port of Los Angeles, the largest in the country, that container volume is up almost 38 percent. That’s certainly impressive, but the neighboring port (Long Beach) was up a staggering 60 percent.

Many would anticipate this similarly impacting the outbound over-the-road volume for that market. And yes, while we see in Figure 1.2 via the blue line, there is a noticeable increase from what it was heading into the Memorial Day holiday, but it is not a direct correlation. The beige line represents the domestic rail volume from that same market, and unlike what we experienced in the “Covid years”, the rails have been a bigger mover of goods versus the bottlenecks we saw back then.  

We should expect to see import volumes continue through the next few months. As goods produced overseas have become cheaper to buy, major retailers have taken advantage of these discounts with the anticipation of robust consumer spending. Remember, almost three-fourths of inbound volume is directly related to consumer purchasing. Good news for consumers as these retailers will want to liquidate this inventory quickly at lower prices.

NOT FAR FROM HEALTHY

While not in balance, the spread between contract and spot rates continues to shrink, now sitting about $0.60 per mile higher on the contract side. Keep in mind this gap was in the $0.75 to $0.90 for much of the past year. Almost in lockstep has been the tender rejection index. It has continued its slow upward movement as seen by the green line in Figure 2.1.  

This can be attributed to capacity continuing to shrink slightly (Figure 2.2) and contract rates moving downward. It’s rare that spot rates will eclipse contract rates, but a spread of $0.40 to $0.50 is indicative of a healthier market, and we are not far from that right now.

I spent a few days traversing the state of Tennessee recently. At one stretch of a major interstate, there was a back-up at least five miles long. Luckily for me, it was on the eastbound side, and I was heading the opposite direction.  

What struck me was the sheer number of trucks that sat idled. By my estimates, almost 80 percent of the volume was truck traffic.  And while you can’t tell if a van is loaded or not, every single flatbed had freight on it. So, ladies and gentlemen, freight is still moving in this country. While it may not feel like it, volumes are trending close to 2022 levels as seen in Figure 3.1 (blue vs. green line). They say the fourth quarter is the time when carriers make hay; so here’s to an optimistic outlook for the next four months.

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