Trucking news and briefs for Tuesday, Sept. 17, 2024:
Lease-purchase task force sets next two meetings
The Federal Motor Carrier Safety Administration’s Truck Leasing Task Force (TLTF) has planned its next two meetings, the agency announced in a Federal Register notice publishing Tuesday.
The TLTF was established to explore and evaluate predatory lease-purchase agreements in trucking, among other tasks related to lease-purchases.
The two upcoming meetings will be held Wednesday, Oct. 30, and Wednesday, Nov. 20.
During both meetings, the task force will work on its next task -- drafting a committee report on the equitability of truck leasing agreements and their terms and identifying best practices to assist commercial motor vehicle drivers in assessing lease agreement impacts before entering into them.
A public comment period will also be held during each meeting to allow drivers and lessees to share their personal experiences with leases and present any supporting information they would like to share to assist TLTF in making recommendations on such agreements.
Both meetings will be open to the public in a virtual format. Advance registration through TLTF’s website is required by Wednesday, October 23 for the first meeting and Wednesday, November 13, 2024, for the second meeting. Registration links for the meetings are not yet available but will be in advance of each meeting.
[Related: Truck Leasing Task Force explores path forward]
RXO completes Coyote acquisition
RXO on Monday announced it has completed its acquisition of Coyote Logistics from UPS for a purchase price of $1.025 billion, making RXO the third-largest provider of brokered transportation in North America.
This acquisition enhances RXO’s market position, diversifies and expands its customer base, and broadens its carrier network, the company said.
For carriers, RXO offers access to more customers with opportunities to reduce deadhead miles. For customers, RXO now offers increased network density and additional power lanes.
“We’re thrilled to welcome Coyote’s employees, customers and carriers to RXO,” said Drew Wilkerson, chief executive officer of RXO. “This acquisition enables us to provide customers with even more capacity. Our larger scale will provide carriers with access to more freight. As we work to integrate Coyote’s people and technology into our business, we remain focused on providing the best service, most comprehensive set of solutions, continuous innovation and deep relationships for our customers.”
Coyote Logistics was founded in 2006 and acquired by UPS in 2015. RXO was established in 2022 when XPO (CCJ Top 250, No. 8) spun off its brokerage business.
[Related: RXO acquiring Coyote Logistics from UPS]
Mack Trucks inks partnership with storied NASCAR racing team
Mack Trucks is now the “Official Long-Haul Truck of Richard Childress Racing.”Mack Trucks
Mack Trucks and NASCAR racing team Richard Childress Racing (RCR) announced a long-term partnership under which Mack will be designated as the “Official Long-Haul Truck of Richard Childress Racing.”
As part of the agreement, Mack will provide a fleet of customized Mack Anthem 70-inch Stand-Up Sleeper models dedicated to meeting the needs of RCR during the grueling NASCAR season.
“The Mack Anthem has repeatedly proven its dependability and quality for the last eight years serving as the Official Hauler of NASCAR,” said David Galbraith, vice president of marketing and global brand for Mack Trucks. “With superior uptime performance coupled with excellent efficiency, it only makes sense that RCR has entrusted Mack to haul its critical technology and equipment.”
RCR is one of the largest and most storied organizations in NASCAR competition, accumulating 16 championships and more than 200 victories across NASCAR’s top three series.
During the NASCAR season, Mack Anthem models will haul RCR race cars, including those driven by current team drivers Austin Dillon, Kyle Busch, Jesse Love and Austin Hill.
In addition to providing transportation solutions, the partnership allows Mack to offer customers memorable experiences at various race events across the United States during the NASCAR season. Customers will have the opportunity to meet NASCAR Cup Series drivers, tour customized Anthem trucks and join RCR victory lane celebrations.
