The transportation industry in theUnited Stateshas been used over the years as a measuring tool to gauge our economy. There are over 750,000 interstate motor carriers & 3.5 million truck drivers inAmerica. Trucks & trailers are used to haul virtually everything we use in our lives. 80% of all goods consumed by Americans are hauled exclusively by freight trucks. It takes 9 million people to move roughly 11 billion tons of freight everyear, representing 5% of gross domestic product.
Freight has been on the rise for several years now. In just over the next decade, the demand for transportation services will increase by around 30%, which means the industry will transport more than 300 billion additional tons of freight. To accommodate this rise in demand there will need to be an additional 600,000 trucks produced over that span. One problem the industry currently faces is the need for more truck drivers. There is a combination of an aging workforce & a decline in the primary demographic group that makes up the bulk of the driver pool. The long-haul trucking sector is short by an estimate of 20,000 drivers. Transportation companies are trying to find ways to entice new drivers with profitable & rewarding driving opportunities.
Financing as been an ever changing piece of the truck sales industry since its inception. First time truck buyers have had little to no options in the previous few years when it comes to being approved for financing. Many banks & lending institutions do not approve first time buyers as they see the loan being too risky. Due to the rising demand in trucking thanks to increased consumer spending, we at Harbour Capital have come up with several options for truck buyers. Whether you are a first time owner/operator with mediocre credit or a large fleet company, Harbour Capital can approve a truck and/or trailer purchase that fits your cash flow requirements.