Staffing Automotive Detroit
Small Fleet Trucking Company
Many trucking company owners and owner-operators lack the working capital to invest in technology that would make their jobs safer and more profitable. As a result, they are forced to drive older trucks and get by with older technology until their outstanding accounts receivables are paid. In many cases, this can be two to three months or even longer. That is why freight bill factoring has become so popular in the trucking industry. It provides immediate cash to invest in technology that can make a big difference in truckers' lives.
There are many expenses that the owner of a trucking company must pay, such as trucker salaries, taxes, fuel costs, utilities and more. When cash flow is limited, investing in new technology suddenly becomes a low priority. This is unfortunate, since the technology can ultimately decrease costs and increase profit.
1st Commercial Credit understands all too well the conflicting priorities that trucking company owners and owner-operators must juggle every day. That is why we offer a freight factoring program to eligible customers. Invoice factoring, which is also known as an accounts receivable line of credit, is a simple way for owners of trucking businesses to obtain the cash they need to invest in the latest technology, including the items described below.
How to Obtain Instant Working Capital
Business owners who are interested in obtaining fast working capital can complete a short application on our website and fax or email the supporting documentation. We require very little beyond the invoices to factor, information about your customer and your business registration details. This means that our customers don't have to waste time gathering tax returns, profitability statements, references, collateral statements and more.
The amount of the accounts receivable line of credit is directly related to the value of the trucking company's invoices or freight bills. We will approve the trucking company's request as soon as we determine that its customer is a good credit risk. Many business owners and owner-operators find the process so easy that they keep an ongoing factoring credit line with us by continually submitting new unpaid invoices.
Wireless Roadside Inspection
The Federal Motor Carrier Safety Association (FMCSA) has endorsed Wireless Roadside Inspection (WRI) as the ideal way to significantly increase the number of driver roadside inspections conducted each year on commercial trucking vehicles. The FMCSA states that the goal of WRI is to improve safety on America's highways by deterring unsafe operations and improved targeting of enforcement measures. Having the cash flow to invest in this product will save truckers the time and expense of setting up a separate appointment for an inspection
Commercial Vehicle Infrastructure Integration
Single owner-operators and owners of smaller trucking companies often don't have liquid assets available to them to purchase technology such as the Commercial Vehicle Infrastructure Integration, which is also known as C-VII. This system is based on passenger car technology that is already in place in numerous vehicles used for private transportation. It incorporates several technologies into one system, including the following:
By converting unpaid freight bills into instant working capital, it levels the playing field between larger trucking companies and those with smaller fleets. This access to financing allows even single owner-operators to afford technology that keeps their trucks on track towards with up-to-the-minute directions and communication capabilities.
Truck Parking Technology
In order to comply with restrictions on their hours of service, drivers must find safe locations to temporarily park their commercial trucks. This is an important aspect of preventing driver fatigue and reducing the number of accidents on the road. Unfortunately, commercial truck drivers are often forced to park on exit ramps and road shoulders due to the lack of safe parking spaces available.
The FMCSA is currently developing SmartPark technology that providers commercial truck drivers with real-time information regarding the availability of safe parking spots. The SmartPark technology offers drivers information about both public and private sector locations to temporarily park their commercial trucks. Instead of letting unpaid freight bills pile up, wise business owners are bypassing the typical long wait time and working with 1st Commercial Credit to get the money they need to install SmartPark technology in all of their commercial vehicles.
Integrated Vehicle Based Safety System
The purpose of the Integrated Vehicle Based Safety System (IVBSS) is to prevent the most common types of fatal crashes by deploying an advanced integrated system for drivers. There are already several stand-alone onboard safety systems available in the private sector that alert drivers to the following:
The IVBSS integrates all of these technologies together in one device to provide the highest level of safety available to commercial truck drivers.
The safety of drivers is a primary concern of most trucking company owners, but so is the safety of the general public. Owners who lack the funding to install the most technologically advanced safety equipment may be putting others at risk unnecessarily. In the unfortunate event of an accident, a trucking company could be sued for millions. It makes much more sense to apply for cash advance funding than take risks with public safety.
Smart Roadside Initiative
This technology was developed through a joint venture between the FMCSA and the Federal Highway Administration (FHWA). The primary goal of the Smart Roadside Initiative (SRI) is to target carriers that have a reputation for being not as safe, thereby rewarding trucking companies that do follow the rules. It combines several technologies in order to accomplish this, including the following:
Trucking company owners must answer to many people, including public, the DOT, insurance carriers, and other government bodies. By having access to the latest technology, drivers can ensure that they are meeting all required regulations and driving as safely as possible. 1st Commercial Credit helps this happen.