Why do we find this particular story interesting?
Our first impression when we saw this was “How else can a company dip further into the pockets of owner-operators?”
A partner, who worked for years on alliances and partnerships, laughed thinking this is an incomplete deal, but simply an announcement because there appears to be no solid framework in place to support this. He believes it will never hit the ground.
However, we are more concerned with the idea being born by the money people who manipulate this industry.
If they are thinking this idea, is a good for their companies, then it’s a bad idea for owner operators and small fleets.
Buying fuel, food, and necessities on the come. That is where our concern lies.
Can you imagine your factoring company, (and don’t get us started on these organizations) approving a line of credit for you at your local Pilot truckstop?
“Sure, let’s load up on fuel, and anything you need pal” says the enthusiastic clerk, “You have a line of credit based on your future receivables and your factoring company is covering the line.”
We can’t think of a more regressive program designed to keep drivers in debt to their factoring company.
If this scheme ever becomes operational, run!