COVID-19 has hit the trucking industry hard and there’s no doubt about it, especially when you look at those freight rates.
There’s also no doubt about the freight brokerage industry having some problems too and being in the hot seat with all the national protests from the driver community calling on others to just say no to cheap freight.
But it’s been no picnic for these freight brokers either, as Business Insider has recently published a list of top brokerages who have either had to furlough or let go of staff in light of the current COVID-19 crisis and lower rates.
According to BI, they are, Coyote Logistics letting go of 27 employees, Flexport, 50 employees. Next Trucking, 70 employees. Arrive Logistics, 110 employees.
And as far as TQL, the brokerage really in the crosshairs of some recent videos posted by a trucking group, their numbers are unknown but freight waves recently reported it was in the hundreds.
The Trucker News Staff produces engaging content for not only TheTrucker.com, but also The Trucker Newspaper, which has been serving the trucking industry for more than 30 years. With a focus on drivers, the Trucker News Staff aims to provide relevant, objective content pertaining to the trucking segment of the transportation industry. The Trucker News Staff is based in Little Rock, Arkansas.
Freight broker woesComment
Drivers blame brokers for rates and they are wrong. Brokers are having to lose money due to drivers demanding over 3 dollars a mile. They just don’t have that kind of money in the loads. Drivers need to start blaming the right people. It’s the dedicated driver companies bidding out lanes for stupid cheap rates from companies since they have low overhead so brokerage company have to bid cheap to gain lanes to keep independent drivers on the road. Want to point fingers then get the right people.