With various states having their stay-at-home orders end soon (with some already reopening), it may soon be time to get back into the normal rhythm of everyday life. For some truckers, the end of the pandemic may be bad for the bottom line due to fewer driving hours once HOS regulations kick back in, but for most trucking companies, as the demand for nonessential goods such as televisions rise, truckers will feel less competition and be able to breathe. Here are our tips for surviving and thriving when COVID-19 is nothing more than a memory.
2019 was a difficult year for numerous trucking companies, and the coronavirus pandemic only made the situation worse. With competitors exiting the business, there is a surplus of used vehicles that need to be sold and put on the road. If you ever wanted to expand your fleet, or if you just want to upgrade to a newer model number than the one you currently have, now is an opportune time to do it. The increased supply compared to demand almost assures a lower price. Now is the time to buy!
International Roadcheck 2020 (or 2021)
The International Roadcheck this year was delayed, not canceled. No doubt once the nation returns to the status quo, the Commercial Vehicle Safety Alliance (CVSA) will start planning to do its event once more. When you get the time, make sure to inspect your vehicle for any safety-critical issues that need addressing. Better to resolve it now than to have to deal with it in front of an inspector.
Even if you are an owner-operator, you can take steps now to better prepare if you ever plan to transition to fleet owner.
When people look for new companies for which to work, one question that is bound to come up repeatedly is what you did to protect you and your ilk so they could safely perform their duties during the coronavirus pandemic.
If you have not been using gloves when you go outside to handle the diesel pump, it is a good idea to get started so that you can effectively prove to other people that your business takes safety seriously in all of its forms.
Prepare for the Next Pandemic
COVID-19 sideswiped the world with how quickly it spread. Businesses across the nation and world had to shut down to minimize exposure. Many of these businesses may not reopen their doors.
You can take steps to prepare for the next pandemic today. Keep hand sanitizer on hand in each truck you have, even if it is just one truck. Start putting any additional money you can spare into an “emergency fund”, or, if you have one, increase your contribution.
In the last one hundred years, we have had four pandemics. Be prepared.
Fleet Advantage CEO John Flynn states, “that pent-up demand will eventually be realized and further stimulated by additional government stimulus packages.” This sharp increase in demand for nonessential goods may be comparable to the run people had on toilet paper in the early stages of the epidemic.
This also could not happen. Most people are staying quarantined in their houses during the pandemic, which means they are not working and generating income, meaning they will not possess the means to purchase new goods and services as they did in 2019. As Flynn stated, government stimulus packages could help mitigate this to an extent, provided people have additional money left over after buying essentials such as food, electricity, and heating.
Based on the CDC’s data, the infection rate for COVID-19 in the United States is starting to level out, meaning that the curve may be on its way downhill. If this is the case, the pandemic will be over soon.
The pandemic has been both a blessing and a curse for the trucking industry, as you can tell if you have been following our blog posts covering the epidemic. In some cases, it has helped truckers ship more toilet paper, but on the other hand, some entities that help truckers closed down.
If you are ever in the market to expand your business, consider TopMark Funding. Whether buy or lease, new or used, truck or trailer, we work with many funding sources to help you get what you need to drive up your revenue and increase your bottom line. Of course, we are open during the pandemic.
CORONAVIRUS [COVID-19] UPDATES AND ARTICLES
- Trucker’s Guide to When Every State is Reopening
- FMSCA Extends Hours of Service Relief Declaration
- How Truck Drivers Can Keep Their Cabs Clean During COVID-19
- International Roadcheck Delayed Over COVID-19 Fears
- Pennsylvania Reopens (Some) Rest Stops
- Truck Dealers Seek “Essential Status”
- Navistar And Paccar Halt Production
- Mack And Volvo Suspend Truck Production
- Fmcsa Expands Its COVID-19 Response
ABOUT TOPMARK FUNDING
TopMark Funding is a top-rated semi-truck financing and equipment financing company located in Roseville, CA. We specialize in commercial trucking and heavy equipment. Our mission is to become your long-term financial partner by helping you grow your trucking business and fleet.
We’re not here for the short-term, we’re on the long-haul with you!
Learn more about Semi-Truck Financing
Fill out the contact form or give us a call at (866) 627-6644. One of our truck financing specialists will contact you as soon as possible to go over your truck lease needs and learn more about you and your business financing goals.