Trucking news and briefs for Monday, Sept. 13, 2021:
Top 250 carrier raises independent contractor pay
Independent contractors joining the fleet will now receive between $1.40 and $2 for loaded miles, plus fuel surcharges. Additionally, after a 90-day review, qualifying drivers will have the opportunity to change to a 70% linehaul option.
“We continue to set new industry standards at Bay and Bay because we want to build strong and lasting relationships with our drivers,” said Michael Blair, director of driver recruitment at Bay & Bay.
Drivers interested in taking advantage of Bay & Bay’s pay for the lease-purchase opportunities are encouraged to reach out quickly. New and late model Freightliner Cascadias and Kenworth T680s are available and are in high demand, the company said. Current deals include $0 down with a sign-and-drive option.
TMS provider Echo Global Logistics acquired by private equity firm
Echo Global Logistics has entered into an agreement to be acquired by funds managed by The Jordan Company, a global private equity firm, for an equity value of approximately $1.3 billion.
Through the transaction, Echo will become a private company, which it expects will provide additional resources and greater flexibility to continue to build its technology and data science platform and enhance its value proposition to shippers and carriers. Additionally, the transaction will allow Echo to benefit from the operating capabilities, capital support and sector expertise of The Jordan Company.
Under the terms of the agreement, Echo stockholders will receive $48.25 per share in cash, which represents a premium of approximately 54% over Echo's closing share price on Sept. 9, 2021, and a premium of approximately 32% over Echo's all time high closing share price on Sept. 10, 2018.
The transaction is expected to be completed in the fourth quarter of 2021.
California Truck Centers upgrades Santa Maria dealership
California Truck Centers has upgraded its Central Coast Truck Center dealership in Santa Maria, California from a small storefront to a 40,000 sq. ft. full-service Freightliner and Western Star dealership on West Stowell Road.
With the rising demand for trucking on California’s Central Coast, the full-size dealership comes at an opportune time for local businesses looking to expand their fleets and services.
With 14 service bays, a state-of-the-art chassis dynamometer, and nearly $1 million in OEM parts inventory, the Central Coast Truck Center dealership in Santa Maria is ready for any truck emergency.
First Canadian fleet orders battery-electric Kenworth
Camionnage CP, a leading transport, storage, distribution and fulfillment company serving the greater Montreal area, is the first company in Canada to order the zero emissions Kenworth T680E battery-electric truck, Kenworth announced.
The Baie-D’Urfe, Quebec-based fleet will use the Kenworth T680E model in drayage operations to transfer goods from the Port of Montreal to area warehouses.
“Camionnage CP is committed to reducing our emissions and creating a more sustainable future for generations to come,” said Martin Moisan, Camionnage CP co-owner. “We’re proud to be an early adopter of the Kenworth T680E and look forward to operating battery electric vehicles that will help cut our carbon footprint.” The initial order is for one T680E.