New to Factoring?

For those who aren't familiar with factoring, it is basically a fast way to get cash to run your business.

Factoring is Not a Loan

When you send your customers an invoice, they usually have 30 days to pay you back. Factoring companies will give you the bulk of the cash up front, sometimes within 24 hours, and collect the payments from your customers themselves. Once the invoices are paid in full, you’ll get the balance left over, minus a small fee.


Factoring Doesn't Require Debt

Sounds simple enough – fast cash for your business – no loans, no debt.

So how do you go about choosing the best factoring company?

Not all of them are created equal. Not all of them will give you the same level of service you need to help grow your business.

Everyone claims they have the simplest rate structure in the industry, no long-term contracts, same day funding, no up-front fees, no monthly minimums or maximums, fuel partnership programs for truckers, instant credit checks, etc., etc., etc.

We also offer these same benefits, but we GO THE EXTRA MILE FOR YOU that other factoring companies don’t.

Here’s Why We Are The Factoring Company You Need For Your Business

No other factoring company matches our level of superior service and offerings.


As you can see, we simply have more to offer you.

Other factoring companies don’t even compare.
Raleigh

And Not All Factoring Companies Can Say This:

More than half of our new business comes through client referrals.

So, Can Your Company Use Factoring?

Of Course! Companies of all sizes, from small privately-owned companies to large multi-national corporations, use factoring as a way to increase their cash flow. Factoring spans all industries, including trucking, transportation, manufacturing and distribution, textiles, oil and gas, staffing agencies and more.

Companies use the cash generated from factoring to pay for inventory, buy new equipment, add employees, expand operations—basically any expenses related to their business. Factoring allows a company to make quicker decisions and expand at a faster pace.

Unlike a bank loan, factoring has…

  • No principle or interest to pay over time
  • No debt to repay
  • Unlimited funding potential – no caps
  • Fast funding – no waiting months like at a bank
  • Approval is based on the strength of your clients, not your credit
  • Startups are welcome in using funding services

Some of the benefits you receive with factoring are:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Information for the city of Raleigh

"

Raleigh's industrial base includes banking/financial services; electrical, medical, electronic and telecommunications equipment; clothing and apparel; food processing; paper products; and pharmaceuticals. Raleigh is part of North Carolina's Research Triangle, one of the country's largest and most successful research parks, and a major center in the United States for high tech and biotech research, as well as advanced textile development. The city is a major retail shipping point for eastern North Carolina and a wholesale distributing point for the grocery industry.Raleigh, NC is number three on the 2013 List for being the best place for businesses and careers. Companies based in Raleigh include , In April referred to Raleigh as ""a real concentration of brain power. You have a lot of smart people living in the same place.

 

That will drive the economyRaleigh is the capital of the state of North Carolina as well as the seat of Wake County. Raleigh is known as the ""City of Oaks"" for its many oak trees, which line the streets in the heart of the city. The city covers a land area of 142.8 square miles (370 km2). According to the U.S. Census Bureau, the city's 2012 estimated population was 423,179, making Raleigh the 42nd most populous city in the United States. It is also one of the fastest growing cities in the country. The city of Raleigh is named after Sir Walter Raleigh, who established the lost Roanoke Colony in present day Dare County.Raleigh is home to North Carolina State University and is part of the Research Triangle area, together with Durham (home of Duke University) and Chapel Hill (home of University of North Carolina at Chapel Hill). The ""Triangle"" nickname originated after the 1959 creation of the Research Triangle Park, located in Durham & Wake Counties partway between the three cities and their universities.

 

The Research Triangle region encompasses the U.S. Census Bureau's Raleigh Durham Chapel Hill Combined Statistical Area (CSA), which had an estimated population of 2,037,430 in 2013. The Raleigh Metropolitan Statistical Area (MSA) had an estimated population of 1,214,516 in 2013.Most of Raleigh is located within Wake County, with a very small portion extending into Durham County. The towns of Cary, Morrisville, Garner, Auburn, Clayton, Wake Forest, Apex, Holly Springs, Fuquay Varina, Willow Springs, Knightdale, Wendell, Zebulon, and Rolesville are some of Raleigh's primary nearby suburbs and satellite towns.Raleigh is an early example in the United States of a planned city, chosen as the site of the state capital in 1788 and incorporated in 1792 as such. The city was originally laid out in a grid pattern with the North Carolina State Capitol in Union Square at the center.

 

In the United States Civil War the city was spared from any significant battle, only falling in the closing days of the war, though it did not escape the economic hardships that plagued the rest of the American South during the Reconstruction Era. The twentieth century saw the opening of the Research Triangle Park in 1959, and with the jobs it created the region and city saw a large iux of population, making it one of the fastest growing communities in the United States by the early 21st century.Raleigh is home to numerous cultural, educational, and historic sites. The Progress Energy Center for the Performing Arts in Downtown Raleigh features three theater venues and serves as the home for the North Carolina Symphony. Walnut Creek Amphitheatre is a large music amphitheater located in Southeast Raleigh. Museums in Raleigh include the North Carolina Museum of Art in West Raleigh, as well as the North Carolina Museum of History and North Carolina Museum of Natural Sciences located next to each other near the State Capitol in Downtown Raleigh. Several major universities and colleges call Raleigh home, including North Carolina State University, the largest public university in the state, and Shaw University, the first historically black university in the American South and site of the foundation of the Student Nonviolent Coordinating Committee, an important civil rights organization of the 1960s. One U.S. president, Andrew Johnson, was born in Raleigh.

 

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Information for the state of North Carolina

North Carolina leads the nation in the production of tobacco and is a major producer of textiles and furniture. It grows 40% of all U.S. tobacco, but the continuing trend is toward diversification. Broilers, hogs, turkeys, greenhouse products, sweet potatoes, corn, soybeans, peanuts, and eggs are important. Plentiful forests supply the thriving furniture and lumber industries. The state has long been a major textile manufacturer, producing cotton, synthetic, and silk goods as well as various kinds of knit items.

 

Other leading manufactures are electrical machinery, computers, and chemicals; the Research Triangle complex near Chapel Hill has spurred high-tech manufacturing, as well as bringing federal jobs into the state. The state also has mineral resources: It leads the nation in the production of feldspar, mica, and lithium materials and produces substantial quantities of olivine, crushed granite, talc, clays, and phosphate rock. There are valuable coastal fisheries, with shrimp, menhaden, and crabs the principal catches. Charlotte developed in the 1980s into a major U.S. banking center, and related businesses have flourished in the area.

 

NO DEBT - JUST CASH  

Companies of all different sizes, including start ups, use Trucking Factoring; and today Trucking Factoring has become common business practice across many industries. -Trucking Factoring Companies

 

 

CASH FLOW SATISFACTION OR ELSE!  

Trucking Factoring Companies Articles

Factoring: An Overview

 

What Is Factoring?

 

‘Factoring’ is when a third party commercial finance company purchases the Invoices or Accounts Receivable from a business. The finance company concerned is called a ‘Factor’ and the transaction is known as ‘Factoring’. Factoring is also known as ‘Accounts Receivable Financing’ because factoring occurs when a business needs to access cash quickly, quicker than if it had to wait the 30 to 60 days (or longer) to receive payment from a customer.

 

The majority of factoring companies purchase invoices and advance cash within 24 hours, although the terms and nature of factoring can differ between industries and different financial service providers. Depending on the industry, the customers’ credit histories, and various other criteria, the advance rate can range from between 80% and 95%. The business also receives back office support from the factor. Once the factor has collected from the business’s customers, the business will be paid the reserve balance of the invoices, less a nominated fee for assuming the collection risk.

 

The main benefit of factoring is that a business is not required to wait one or two months (sometimes more) for payment by a customer – the business will receive cash in hand to operate and grow their business. It’s important to note that factoring is not a loan: there’s no debt with factoring. Funding is unrestricted, which means that a business has more flexibility than borrowing from a bank.

 

The Five Simple Steps of Factoring

 

1. As a business, you provide a service to your customer;
2. The invoice for this service is sent to a factoring company;
3. On this invoice, you’ll receive a cash advance from the factoring company;
4. It’s now up to the factoring company to collect full payment from your customer;
5. Once payment has been received, you’ll receive the balance of your invoice account from the factoring company – minus their fee.
The Advantages of Factoring

 

There are many reasons why factoring has become a popular and valuable financial tool for businesses today. The key benefit of factoring is that a business receives a quick boost to its cash flow: in fact, many factoring companies offer cash on their Accounts Receivable within 24 hours! The factoring company takes responsibility for collecting customer payments, and may also evaluate the payment and credit histories of a business’s customers.

 

Other Benefits Include:

 

• When a business needs access to cash, factoring can be customized and managed in order to provide the necessary capital;
• The business balance sheet will not show this financing as a debt;
• Factoring is not based on the company’s credit or business history: it’s based on the quality of its customers’ credit;
• Factoring is not determined by the company’s net worth: it provides a Line of Credit based on sales;
• There’s no limit to the amount of financing through factoring, unlike a conventional loan;
• Factoring is an ideal solution for start up businesses that often require immediate cash flow.

 

Is the Concept of Factoring New?

 

No, it’s not! In fact, the origin of factoring comes from overseas trade among nations and dates back several centuries to the 1400s when it became part of doing business in England. In the year 1620 it arrived in America with the Pilgrims. Like other financial tools, factoring has improved and evolved over the years. It became an effective way of creating cash flow in the United States at a timewhen companies faced strict limitations when trying to secure loans in the country’s damaged banking system.

 

Who Uses Factoring?

 

Factoring is available for companies of all sizes, ranging from a one person business to Fortune 500 companies. Every business can use factoring as an effective way of increasing their cash flow. In addition, factoring spans all types of industries, from transportation, trucking, textiles, manufacturing and distribution, staffing agencies, and oil and gas.

 

The cash generated from factoring is used by companies to purchase new equipment, pay for inventory, expand operations, add employees, and basically cover any expenses related to the running of their business. The beauty of factoring is that it allows companies to make quick decisions and to expand at a faster pace.

 

How Does Factoring Work?

 

For the purpose of this post, we’ll describe a fictional example as a way of illustrating a common factoring situation.

 

XYZ Transport is a trucking company: their intention is to double their fleet size over the next two years in order to service more clients in the West. The company has just successfully won a new customer on the West Coast who requires freight to be shipped from Oklahoma to Los Angeles. This new customer is more than happy to pay for the service within 30 days; however, that won’t cover all the immediate costs involved, like payroll, fuel, and maintenance costs of running the route.

 

This is a familiar situation for the owners of XYZ Transport: the lack of available cash flow in the past has prevented the company from accepting new business. So now XYZ Transport has turned to a factoring company: they have agreed to sell the West Coast customer’s invoice to the factoring company in exchange for a 90% advance on the total amount – within 24 hours! This much needed influx of cash will replenish the trucking company’s reserves and allow it to continue running the Oklahoma – Los Angeles route. In addition, XYZ Transport now has the added flexibility of taking on new customers.

 

How Much Do Companies Factor?

 

Each company has its own unique business needs, so somecompanies only factor invoices for customers that are slow in paying, whilst other companies factor all of their invoices. Companies can factor receivables ranging from a few thousand dollars right through to millions of dollars each month.

 

What’s the Difference between Factoring and a Traditional Bank Loan?

 

Factoring, also known as Accounts Receivable Financing, is a quick, flexible and effective way for businesses to create a steady cash flow stream. See below for how factoring is different to a Line of Credit at a bank or a traditional business loan

 

 

 

NO DEBT - JUST CASH

 

 

Trucking Factoring Companies Articles

Healthcare Staffing Factoring

 

The healthcare field is arguably one of the most rapidly growing industries in the United States. With the baby boomers, the largest section of our population, reaching retirement age the need for expanding healthcare services has never been more pronounced.

 

At the center of this growth are healthcare staffing agencies that hire for hospitals, clinics, doctor’s offices and a wide range of medical facilities. However, while business is booming the ability for these staffing agencies to expand is inhibited by the customer invoice system. Fortunately, there are healthcare staffing factoring companies around to help them in their time of need.

 

We asked the owner of a local healthcare staffing agency, Joy Reed, to talk to us about how factoring companies helped expand her business and provide a much needed boost at a critical time for her company.

 

“Hello Joy and welcome. I was hoping you would tell us a little about how healthcare staffing factoring companies helped your business, but I suppose we should begin by how you got started in this business?”

 

Joy Reed (JR), “Thanks for having me. I actually have been a part of several start-up businesses in my recent career and was looking for a field that would show a lot of promise. It was pretty clear to me that medical staffing was a big need in the healthcare field so I set about to start my own business. I had experience in starting up businesses before, so I drew up a business plan, took out a loan, rented the offices and hired a staff to get started.”

 

“So, you did what most people do in starting up a business. How did it do?”JR: “I actually got off to a pretty good start. I had made a few contacts and managed to get some business right away. This was really helpful because as you might know our clients use invoices for payments and it can take up to 90 days before we actually get the cash in hand. Around four months in we were facing a real crossroads as new opportunities opened up for our business, but we didn’t have the cash on hand to take advantage.”

 

“I’m a little confused. You say you were doing well, but you didn’t have the ability to expand your business?”

 

JR: “That’s right. The problem was back to the invoices that were making up wait up to 3 months before we had the cash. I really wanted to expand my staffing business to handle the new opportunities I was being presented, but I couldn’t because I was still waiting on the invoices to finally turn to cash. So I was asking my accountant about what could be done when the suggestion of a healthcare staffing factoring company was introduced.”

 

“Tell us a bit more about factoring companies.”

 

JR: “Basically, factoring companies purchase the invoices right on the spot so you can have cash on hand immediately instead of waiting up to three months. For healthcare staffing factoring companies, they will then collect the money from the business when the invoice is read to be fully paid. It really worked out for me because I was able to get cash quickly to add new personnel and even expand my offices to include another section of the building I was renting in.”

 

“I understand that factoring companies are there for many different kinds of businesses, including medical staffing. Was it difficult to get set up with a factoring company?”

 

JR: Actually, it was pretty easy once we found a company that met our needs. I just filled out a short form and they looked over a few of the invoices I had to see what companies that I worked with. It really didn’t take long at all before they agreed to cash some of the invoices and I got the money I needed to expand.”

 

“Could you tell me a little more about the advantages of using a factoring company like this?”

 

JR: “Sure, I was not only able to hire a couple of new people and rent additional space, I’ve been able to cash my invoices when unexpected bills come up or if I need to make a purchase quickly for a new piece of equipment. This has come in really handy recently when I decided to move to a new location and needed some cash on hand to make the transition. The factoring services are really quite good with reasonable rates and fast service.”

 

“What’s the differences in using factoring companies over getting a new loan?”

 

JR: “It is frankly much better than getting a loan because with factoring there is nothing to pay back. We are basically getting our own money from the invoices we’ve earned up front and paying only a small fee. With a loan, I would not only have to pay it back but with interest as well. Factoring for us has really been a godsend when it comes to making decisions about how to expand my business. I’m no longer tied down to waiting 2 to 3 months to get paid when I can take what my business has earned and get cash immediately.”

 

“I take it that you are happy with how healthcare staffing factoring has worked out for you?”

 

JR: “You would be correct. I cannot imagine how my business would have expanded at that critical time without factoring companies to buy my invoices. This is a great service that has helped me in my time of need and now my medical staffing business is bigger than ever. I’d recommend factoring companies to anyone running a business that relies on invoices if they need to get cash quickly.”

 

There is little doubt that Joy Reed has been quite happy about the services she received working with a factoring company. Perhaps factoring is right for you and your needs, be sure to search for the type of factoring business that works in your field so that you can get the right services in helping your company to succeed.

 

 

 

 

Trucking Factoring Companies Articles

How Factoring Saved A Staffing Agency

 

The Bellosa Temporary & Permanent Hiring Agency has been experiencing a major uptick in business since the unemployment crisis began. The unemployed and underemployed workers have been keeping the phones ringing. The staffing agency is also fielding a lot of calls from employers too, looking for just the right hire. Company President and Vice President, Laurie Bell and Ted Stevens, have not experienced a boom in business since they first opened the doors in 2009, during the recession. They had an idea then that this would be a profitable venture.

 

The mantra that Laurie and Ted live by is that there’s always going to be people searching for work and of course employers will always be on the lookout for good workers. This is especially true in healthcare staffing, the industry they specialize in. This seemed to be a safe bet for them as they embarked on this venture, but with any small business, the only way to keep the doors open is to keep pressing forward and out perform the competition.

 

In a relatively short period of time Laurie and Ted had built a nice sized business, they were able to hit the ground running with some brilliant marketing programs and a number of contracts from insiders. They grew rapidly, the timing couldn’t have been better and they were very lucky in this aspect. By the fall of 2011 Laurie and Ted had weathered some ups and downs but they did have some solid clients like a few big insurance companies and a university hospital close by. These clients always paid their invoices on time. But they did start to notice a decrease in accounts receivables from some smaller clients such as rehab centers and private practices.

 

As winter approached they recalled previous winters and holiday seasons and realized that accounts receivables usually did slow down during this time. Laurie and Ted made the decision to delay their late payments until after the New Year. This plan didn’t really appeal to them as it’s no way to start a New Year, but they seemed to have no other options.

 

When New Year’s had come and gone they realized that their Accounts Receivables had gone from 30 days past due to 60 days past due. Before meeting with their accountant Scott, they’d decided something had to be done, but they didn’t know what.

 

Sitting in the conference room with Scott they listened as pulled all the figures up on his iPad saying,“Okay you two, I’ve been looking over the files you sent over and I can certainly see why you’re worried about your late A/Rs but there may be a way to fix this. Do either of you know what factoring is?” Scott inquired.

 

Laurie and Ted looked at each other quizzically, and then Laurie said “I think it rings a bell, but I’m not really sure. Can you explain it?”

 

Scott began laying out the details, “You are sitting on a pile of invoices that are past due. The more time that goes by without them being paid, the bigger the bind this puts your business in. It makes it very difficult for you to grow, much less hire anyone new. If you don’t have enough cash coming in . ”

 

Ted interrupted with, “Then it could make it difficult to take on any new business because we wouldn’t be able to hire the additional personnel we need and meet our weekly payroll. We need an inflow of cash and we really can’t wait. If we have to wait any longer on these invoices we’ll be in trouble.”

 

Scott jumped in saying, “And this is precisely why I wanted to discuss factoring with you. The factoring company will purchase the invoices you are sitting on that are up to 3 months late, which gives you the cash you need now.” He then showed him a chart on a piece of paper he placed in front of them.

 

Laurie began to carefully scrutinize it asking, “Is this the fee schedule?”

 

Scott answered, “Yes it’s all right there. The factoring company makes 1% to 3% of the total amount of each invoice they purchase.”

 

“That’s sounds like a good deal to me”, Ted said.

 

The three of them sat there and talked this over for a while and then Laurie and Ted made the decision to go forward realizing this was the best way to keep them afloat. They knew if they couldn’t accommodate all the new clients they were acquiring the competition would get them and they would go down, they could just not afford to turn any business away.

 

They now needed to fill out an application and submit it to the factoring company and they also needed to show them a few back invoices, undergo a credit check for their company. Credit checks would also need to be done on the companies owing the debts that the factoring company would be purchasing.

 

It didn’t take long for Bellosa’s credit to be approved and the creditors’ as well. Before long the factoring company purchased the overdue invoices and Laurie and Ted got the influx of cash they needed to cover things and allow them to continue growing their business.

 

The next time Laurie and Ted met with their accountant Scott, there were smiles all around.Scott said, “I’ve taken a look at your books so I know that factoring was the right solution for you.”

 

“It worked perfectly”, Laurie stated and went on to say, “The tiny amount we paid out for this influx of cash was certainly worth it.”

 

Ted chimed in with, “Without a doubt! Whatever the fees were we made back and more since we were now able to hire more personnel so we could take on more business. It worked out for us and for them I would say!”

 

“That’s what’s great about factoring!” Scott exclaimed with a look of satisfaction on his face.

 

 

You Can Find More Information at  http://www.usloadsource.com/
and at financialfactoring.org/

Call Us Today at: 1-888-266-0197

 

Watch our Factoring Company Video below to see how we work for you.

 

 


 

Get CASH NOW for your outstanding receivables.

 

 

Some history on the Freight Broker Industry

 

The Logistics and Transportation Industry in the United States

The logistics and transportation industry in the United States is highly competitive. By investing in this sector, multinational firms position themselves to better facilitate the flow of goods throughout the largest consumer market in the world.. International and domestic companies in this industry benefit from a highly skilled workforce and relatively low costs and regulatory burdens.

 

Shipping Port

 

Spending in the U.S. logistics and transportation industry totaled $1.33 trillion in 2012, and represented 8.5 percent of annual gross domestic product (GDP). Analysts expect industry investment to correlate with growth in the U.S. economy.

 

A highly integrated supply chain network in the United States links producers and consumers through multiple transportation modes, including air and express delivery services, freight rail, maritime transport, and truck transport. To serve customers efficiently, multinational and domestic firms provide tailored logistics and transportation solutions that ensure coordinated goods movement from origin to end user through each supply chain network segment. Industry Subsectors

 

Logistics services: This subsector includes inbound and outbound transportation management, fleet management, warehousing, materials handling, order fulfillment, logistics network design, inventory management, supply and demand planning, third-party logistics management, and other support services. Logistics services are involved at all levels in the planning and execution of the movement of goods.

 

Air and express delivery services (EDS): Firms offer expedited, time-sensitive, and end-to-end services for documents, small parcels, and high-value items. EDS firms also provide the export infrastructure for many exporters, particularly small and medium-sized businesses that cannot afford to operate their own supply chain.

 

Freight rail: High volumes of heavy cargo and products are transported long distances via the U.S. rail tracking network. Freight rail moves more than 70 percent of the coal, 58 percent of its raw metal ores, and more than 30 percent of its grain for the nation. This subsector accounted for approximately one third of all U.S. exports.

 

Maritime: This subsector includes carriers, seaports, terminals, and labor involved in the movement of cargo and passengers by water. Water transportation carries about 78 percent of U.S. exports by tonnage, via both foreign-flag and U.S.-flag carriers.

 

Trucking: Over-the-road transportation of cargo is provided by motor vehicles over short and medium distances. The American Trucking Associations reports that in 2012, trucks moved 9.4 billion tons of freight, or about 68.5 percent of all freight tonnage transported domestically. Motor carriers collected $642 billion in revenues, or about 81 percent of total revenue earned by all domestic transport modes.

 

Industry Associations:

 

American Association of Port Authorities
American Society of Transportation and Logistics
American Trucking Associations
Association of American Railroads
Council of Supply Chain Management Professionals
Express Delivery and Logistics Association
Industry Publications:

 

American Shipper
Journal of Commerce
Material Handling & Logistics
Transport Intelligence
Transport Topics

 

North American Industry Classification System For Transportation

 

The Transportation and Warehousing sector includes industries providing transportation of passengers and cargo, warehousing and storage for goods, scenic and sightseeing transportation, and support activities related to modes of transportation. Establishments in these industries use transportation equipment or transportation related facilities as a productive asset. The type of equipment depends on the mode of transportation. The modes of transportation are air, rail, water, road, and pipeline.

 

The Transportation and Warehousing sector distinguishes three basic types of activities: subsectors for each mode of transportation, a subsector for warehousing and storage, and a subsector for establishments providing support activities for transportation. In addition, there are subsectors for establishments that provide passenger transportation for scenic and sightseeing purposes, postal services, and courier services.

 

A separate subsector for support activities is established in the sector because, first, support activities for transportation are inherently multimodal, such as freight transportation arrangement, or have multimodal aspects. Secondly, there are production process similarities among the support activity industries.

 

One of the support activities identified in the support activity subsector is the routine repair and maintenance of transportation equipment (e.g., aircraft at an airport, railroad rolling stock at a railroad terminal, or ships at a harbor or port facility). Such establishments do not perform complete overhauling or rebuilding of transportation equipment (i.e., periodic restoration of transportation equipment to original design specifications) or transportation equipment conversion (i.e., major modification to systems). An establishment that primarily performs factory (or shipyard) overhauls, rebuilding, or conversions of aircraft, railroad rolling stock, or a ship is classified in Subsector 336, Transportation Equipment Manufacturing according to the type of equipment.

 

Many of the establishments in this sector often operate on networks, with physical facilities, labor forces, and equipment spread over an extensive geographic area.

 

Truck Transportation

 

Industries in the Truck Transportation subsector provide over-the-road transportation of cargo using motor vehicles, such as trucks and tractor trailers. The subsector is subdivided into general freight trucking and specialized freight trucking. This distinction reflects differences in equipment used, type of load carried, scheduling, terminal, and other networking services. General freight transportation establishments handle a wide variety of general commodities, generally palletized, and transported in a container or van trailer. Specialized freight transportation is the transportation of cargo that, because of size, weight, shape, or other inherent characteristics require specialized equipment for transportation.

 

Each of these industry groups is further subdivided based on distance traveled. Local trucking establishments primarily carry goods within a single metropolitan area and its adjacent nonurban areas. Long distance trucking establishments carry goods between metropolitan areas.

 

The Specialized Freight Trucking industry group includes a separate industry for Used Household and Office Goods Moving. The household and office goods movers are separated because of the substantial network of establishments that has developed to deal with local and long-distance moving and the associated storage. In this area, the same establishment provides both local and long-distance services, while other specialized freight establishments generally limit their services to either local or long-distance hauling.

 

General Freight Trucking

 

This industry group comprises establishments primarily engaged in providing general freight trucking. General freight establishments handle a wide variety of commodities, generally palletized, and transported in a container or van trailer. The establishments of this industry group provide a combination of the following network activities: local pickup, local sorting and terminal operations, line-haul, destination sorting and terminal operations, and local delivery.

 

General Freight Trucking, Local

 

This industry comprises establishments primarily engaged in providing local general freight trucking. General freight establishments handle a wide variety of commodities, generally palletized and transported in a container or van trailer. Local general freight trucking establishments usually provide trucking within a metropolitan area which may cross state lines. Generally the trips are same-day return.

 

General Freight Trucking, Long-Distance

 

This industry comprises establishments primarily engaged in providing long-distance general freight trucking. General freight establishments handle a wide variety of commodities, generally palletized and transported in a container or van trailer. Long-distance general freight trucking establishments usually provide trucking between metropolitan areas which may cross North American country borders. Included in this industry are establishments operating as truckload (TL) or less than truckload (LTL) carriers.

 

General Freight Trucking, Long-Distance, Truckload

 

This U.S. industry comprises establishments primarily engaged in providing long-distance general freight truckload (TL) trucking. These long-distance general freight truckload carrier establishments provide full truck movement of freight from origin to destination. The shipment of freight on a truck is characterized as a full single load not combined with other shipments.

 

General Freight Trucking, Long-Distance, Less Than Truckload

 

This U.S. industry comprises establishments primarily engaged in providing long-distance, general freight, less than truckload (LTL) trucking. LTL carriage is characterized as multiple shipments combined onto a single truck for multiple deliveries within a network. These establishments are generally characterized by the following network activities: local pickup, local sorting and terminal operations, line-haul, destination sorting and terminal operations, and local delivery.

 

Specialized Freight Trucking

 

This industry group comprises establishments primarily engaged in providing local or long-distance specialized freight trucking. The establishments of this industry are primarily engaged in the transportation of freight which, because of size, weight, shape, or other inherent characteristics, requires specialized equipment, such as flatbeds, tankers, or refrigerated trailers. This industry includes the transportation of used household, institutional, and commercial furniture and equipment.

 

Used Household and Office Goods Moving

 

This industry comprises establishments primarily engaged in providing local or long-distance trucking of used household, used institutional, or used commercial furniture and equipment. Incidental packing and storage activities are often provided by these establishments. Specialized Freight (except Used Goods) Trucking, Local

 

Specialized Freight (except Used Goods) Trucking, Long-Distance

 

This industry comprises establishments primarily engaged in providing long-distance specialized trucking. These establishments provide trucking between metropolitan areas that may cross North American country borders.

 

Freight Broker

 

A freight broker is an individual or company that serves as a liaison between another individual or company that needs shipping services and an authorized motor carrier. Though a freight broker plays an important role in the movement of cargo, the broker doesn't function as a shipper or a carrier. To operate as a freight broker, a business or individual must obtain a license from the Federal Motor Carrier Safety Administration (FMCSA). Freight brokers are required to carry surety bonds as well.

 

Freight broker services are valuable to both shippers and motor carriers. Freight brokers help shippers find reliable carriers that might otherwise be difficult to locate. They assist motor carriers in filling their trucks and earning money for transporting a wide variety of items. For their efforts, freight brokers earn commissions.

 

Freight brokers use their knowledge of the shipping industry and technological resources to help shippers and carriers accomplish their goals. Many companies find the services provided by freight brokers indispensable. In fact, some companies hire brokers to coordinate all of their shipping needs.

 

Often, freight brokers are confused with forwarders. Though a freight forwarder performs some of the same tasks as a freight broker, the two are not the same. A forwarder takes possession of the items being shipped, consolidates smaller shipments, and arranges for the transportation of the consolidated shipments. By contrast, a freight broker never takes possession of items being shipped thus in the absence of negligent entrustment, a freight broker is not normally involved as a party litigant in a cargo claim dispute, although as an accommodation, the freight broker may assist the shipper at their request and expense with filing freight claims.

 

NAICS Index Description

 

484110 Bulk mail truck transportation, contract, local
484110 Container trucking services, local
484110 General freight trucking, local
484110 Motor freight carrier, general, local
484110 Transfer (trucking) services, general freight, local
484110 Trucking, general freight, local
484121 Bulk mail truck transportation, contract, long-distance (TL)
484121 Container trucking services, long-distance (TL)
484121 General freight trucking, long-distance, truckload (TL)
484121 Motor freight carrier, general, long-distance, truckload (TL)
484121 Trucking, general freight, long-distance, truckload (TL)
484122 General freight trucking, long-distance, less-than-truckload (LTL)
484122 LTL (less-than-truckload) long-distance freight trucking
484122 Motor freight carrier, general, long-distance, less-than-truckload (LTL)
484122 Trucking, general freight, long-distance, less-than-truckload (LTL)
484210 Furniture moving, used
484210 Motor freight carrier, used household goods
484210 Trucking used household, office, or institutional furniture and equipment
484210 Used household and office goods moving
484210 Van lines, moving and storage services
484220 Agricultural products trucking, local
484220 Automobile carrier trucking, local
484220 Boat hauling, truck, local
484220 Bulk liquids trucking, local
484220 Coal hauling, truck, local
484220 Dry bulk trucking (except garbage collection, garbage hauling), local
484220 Dump trucking (e.g., gravel, sand, top soil)
484220 Farm products hauling, local
484220 Flatbed trucking, local
484220 Grain hauling, local
484220 Gravel hauling, local
484220 Livestock trucking, local
484220 Log hauling, local
484220 Milk hauling, local
484220 Mobile home towing services, local
484220 Refrigerated products trucking, local
484220 Rubbish hauling without collection or disposal, truck, local
484220 Sand hauling, local
484220 Tanker trucking (e.g., chemical, juice, milk, petroleum), local
484220 Top-soil hauling, local
484220 Tracked vehicle freight transportation, local
484220 Trucking, specialized freight (except used goods), local
484230 Automobile carrier trucking, long-distance
484230 Boat hauling, truck, long-distance
484230 Bulk liquids trucking, long-distance
484230 Dry bulk carrier, truck, long-distance
484230 Farm products trucking, long-distance
484230 Flatbed trucking, long-distance
484230 Forest products trucking, long-distance
484230 Grain hauling, long-distance
484230 Gravel hauling, long-distance
484230 Livestock trucking, long-distance
484230 Log hauling, long-distance
484230 Mobile home towing services, long-distance
484230 Radioactive waste hauling, long-distance
484230 Recyclable material hauling, long-distance
484230 Refrigerated products trucking, long-distance
484230 Refuse hauling, long-distance
484230 Rubbish hauling without collection or disposal, truck, long-distance
484230 Sand hauling, long-distance
484230 Tanker trucking (e.g., chemical, juice, milk, petroleum), long-distance
484230 Tracked vehicle freight transportation, long-distance
484230 Trash hauling, long-distance
484230 Trucking, specialized freight (except used goods), long-distance
484230 Waste hauling, hazardous, long-distance
484230 Waste hauling, nonhazardous, long-distance

 

Economic Impact of Trucking

 

The importance of trucking can summed up by an old industry addage: "If you bought it, a truck brought it." Retail stores, hospitals, gas stations, garbage disposal, construction sites, banks, and even a clean water supply depends entirely upon trucks to distribute vital cargo. Even before a product reaches store shelves, the raw materials and other stages of production materials that go into manufacturing any given product are moved by trucks.

 

Trucking is vitally important to U.S. industry, however, measuring the impact of trucking on the economy is more difficult, because trucking services are so intertwined with all sectors of the economy. According to the measurable share of the economy that trucking represents, the industry directly contributes about 5 percent to the gross domestic product annually. In addition, the industry plays a critical support role for other transportation modes and for other sectors of the economy such as the resource, manufacturing, construction, and wholesale and retail trade industries

Third Party Logistics-Freight Brokers 

Freight Brokers

 

Freight brokers are federally regulated and bonded companies. Most commonly they have a vast network and access to a library of freight carriers and search for the right availability based on customer specifications. These brokers also offer various value-added services that encompass transportation, logistics, and distribution. Typically, freight brokers do not touch the freight. They engage in helping shippers find the best price with the best carrier for any given load.

 

The proliferation of freight brokers called for an increase in financial integrity and liability of these companies, which has led to the passing of the Moving Ahead for Progress in the 21st Century Act. In order to obtain a license to broker freight, a freight brokerage must purchase a surety bond or trust agreement with the Federal Motor Carrier Safety Administration. Prior to June 2012 when the bill was signed by President Obama, the surety bond coverage required to hold a broker license was $10,000. Effective October 1, 2013, the surety bond requirement increased to $75,000.

 

Other logistics companies include 3rd-Party Logistics Providers. They offer a variety of supply chain and distribution-related practices and techniques in order to improve in-house logistics. The main difference between a traditional freight broker and most 3rd-Party Logistics Providers is that freight brokers do not actually touch the freight, whereas 3rd-Party Logistics providers often do.

 

 

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