Trucking costs you can control

Not all costs are created equal. Today, we’re digging into the costs you can control—because while fuel prices may be out of your hands, there are real ways to make a financial impact elsewhere.

We’re also looking at the aging trucking workforce and why slow driver pay is becoming a bigger problem, especially with Gen Z barely in the cab.

Plus, what can trucking leaders learn from tech? (Spoiler alert: more than you might think.) Let’s roll into it.

But first, check out a day in the life of the ultimate passenger princess who lives in the truck with her driver husband.

What we're reading. A heartbreaking story of an owner-operator who was severely injured on the job. It could be months before he's back in the truck and on the road. 

Can trucking recover? A supply chain management professor discusses inflation, supply, demand and other freight market and economic indicators on this podcast.

On our bookmarks list. This guide to the best commercial truck insurance, plus the pros and cons of each one. 

The best view ⚡Watching mother nature through the windshield is one of this trucker's favorite parts of driving.

7.5%

The percent of the truck driving workforce made up of Generation Z. By contrast, Boomers and Gen X make up more than 60%.

Source: CCJ Digital

Fleets can take control of fixed costs with strategic choices

There's not much a fleet owner can do about the volatility of the freight market and the ups and downs of fuel costs. But costs within a trucking owner's purview? That's where strategic choices around leasing equipment or fleet utilization can make a big difference, writes Frank Bussone, VP of technology and data analytics at Corcentric Fleet Solutions.

The result of zeroing in on these fixed costs: "You can turn today’s financial pressures into tomorrow’s opportunities."

Why this matters: Margins are razor-thin in trucking, and small businesses may not have the same pricing power to negotiate with shippers like larger fleets do. It all makes cost control paramount. If trucking owners can make a decision within their control that reduces fixed costs, that may lead to greater profitability once the market improves. 

Get more details at Fleet Owner.

10 QUESTIONS: DOT calls for public input on National Freight Strategic Plan

TRUCK vs. RAIL: Transport modes at odds over grade-crossing rules

GREEN FLEETS: Trucks aren't the only way to make fleets more sustainable

JAIL TIME: Trucking owner goes to prison for $1.5M bribery scheme

Trucking fleets lag on timely payments to drivers

More than half of trucking companies don't view driver payments as urgent, according to a recent study. But there's a big disconnect. More than 90% of surveyed truck drivers say they would pick instant payments if provided that option, and truckers who get instant pay report higher job satisfaction than their peers who don't receive instant pay. 

Why this matters: It's no surprise that truck drivers want and are more satisfied when they receive speedy payments. For the fleets that aren't providing quick pay, this may be a wake-up call to better align themselves with drivers. The change could help with driver retention, not to mention it's simply a good thing to do for the people who literally keep the wheels turning. (PYMNTS)

What trucking execs can learn from the tech world

A 50-year-old logistics company and a scrappy tech startup may not appear to have much in common on the surface. But trucking leaders can take a few pages from the tech playbook when it comes to management and running their business. Make space and time to think, not just do, and instead of flashy upgrades, focus on fixing repeat frustrations, like long loading times. 

Why this matters: Across industries, leaders have more in common than it might seem. Taking a moment to step back and see how other sectors approach management could offer a fresh perspective or a new breakthrough for your own business. (American Journal of Transportation)

How ArcBest taps AI for its operations

Logistics and trucking firm ArcBest is using AI and predictive analytics for various tasks. For example, it's using predictive AI to forecast which locations will need the most drivers, plus it's using the tech for delivery routing and real-time dock operations. The company's CEO said the tech tools are cutting costs and improving service. 

Why this matters: With the tight margins in trucking, technology and AI can have a real impact on improving efficiency and reducing costs. ArcBest is just one example of the many trucking fleets finding real-world, practical applications for AI in their operations. (Trucking Dive)

Thanks for reading today's edition! You can reach the newsletter team at editor@theinsidelane.co. We enjoy hearing from you.

Interested in advertising? Email us at newslettersales@mvfglobal.com

Was this email forwarded to you? Sign up here to get this newsletter twice a week. Be safe out there!

The Inside Lane is curated and written by Shefali Kapadia and edited by Bianca Prieto.