I know of someone considering getting his authority and has a couple OO's wanting to run under his authority for 75% of what the load pays the first year and 20% the second if no lates, violations, etc.. They can plan/dispatch themselves or be dispatched. If their good record gets his insurance lower and in good graces with DOT is why the first year is 75% then 80%. He has it more detailed but essentially this is the meat it. He provides the trailer but if they get their own then 80%.

Is this something to consider being a part of personally or get my own authority and run run run?

I am an OO leased onto a company earning $1.32/mile for all miles currently.

I have read loads here and need opinions on this unique situation.

 

I started 2 years ago and ran my first year under similar conditions with two carriers. After the first year, I got my own authority. Best thing I ever did.

I don't know how you can survive on 1.32 a mile.

 

Good to hear that being stuck on the fence with this. OO since 10/13 so don't want to waste time now age 58.

When you started under your own authority how did you get your loads and progressed to....?

 

I got my loads off of Internet Truckstop when I was leased to my first two carriers.

My first 6 months with my own authority, I was using Member's Edge from OOIDA. Around Jan this year, I looked at what I did and compared them to when I was at ITS. I had better income from ITS. Comparing the 6 months from 7-13 to 1-14 and the same period 12 months prior. (All of my finances are in Quicken Home & Business so that's an easy report to run) Since then, I have gone BACK to Internet truck stop and run off the load boards. I have some other stuff I am looking to do now and things are going to improve.

For the year so far to date, I am averaging $2.11 per mile on 22,500 miles so far for 1Q2014. 2013 I was $2.11 per mile on 74,000 miles for the year.

I took about 12 weeks off in 2013 and stayed home. Some because of the truck breaking down and needing to be in the shop, others because I just wanted the time off for personal reasons, others just for the holidays and I was home with my daughters.

 

[QUOTE=mndriver;529932]For the year so far to date, I am averaging $2.11 per mile on 22,500 miles so far for 1Q2014. 2013 I was $2.11 per mile on 74,000 miles for the year.=QUOTE]

Does this include deadhead miles or just loaded miles?

 

ALL miles. loaded AND empty. They have to be paid for one way or the other. So I go off TOTAL miles.

 

Thanks MN... Did you use the factoring ITS provides and no problems settling after delivery? Average time to collect?

How about fuel+maintenance discounts? NASTC offers fuel card upon attending seminar I know but maint discounts? OOIDA? Or WGAF if I am getting $2.11 vs $1.32?

OOIDA will set up my authority since NASTC does not do everything but I'll try to attend NASTC seminar for info....

 

I do NOT factor. I can't even recommend that. I do use quickpay from the brokers though and payments can be as fast as next day. Brokers offer quickpay at a 1-5% discount from the load and pay as quick as next day. I have a scanner in the truck and can scan the bills in and invoice from the loading dock. As soon as I email them the POD, INV and BOL, the clock is ticking. Just this week, I delivered on Weds, got the check on Friday. How's THAT for turn around on pay. Quickpay discount? 1%. I enrolled in one carriers "preferred carrier program". Cost was nothing. Pay is 5 days. No discount.

I get my fuel on the OOIDA Trucker's Advantage FleetOne card. Because you are a one-truck operation, best discount you'll see is 6-8 cpg. I called and talked to FleetOne about that. I have had a carrier offer me a ComData card so they could pay me off that and so I could also get their company discount on fuel. I asked what their rate was. 7-9 cpg. uh, ok. But there was a $15 processing fee for every payment they made to me plus the quickpay discount of 5%. Thanks, just send me the check. 5% discount in 5 days.

Sometimes I take the quickpay, other times I don't. Depends on how bad I need the cashflow.

I should note, that $2.11 also reflects AFTER the discount is paid too.

Pretty much in the order I found you need to complete them in to get your authority.

1. File for an EIN number.
2. File with your states Secretary of State you DBA name or paperwork. It cost me all of $50 to file my DBA and used the form from the state. An attorney wanted $500 to do the same thing using the same form. It was another $25 fee to file the public notification with the local paper as required by law. The want ads folks KNOW what is needed so just talk to them.
3. You have to belong to a drug testing consortium. Find that locally or you can pay OOIDA $100 annually.
4. Download and USE the ETA manual from the FMCSA web. I had the local print shop print and bind for $20. It's FREE and it's the same silly thing that JJ Keller will charge you $250 for. It has ALL the forms and items you need to comply with to PASS your new carrier audit.
5. Get an insurance quote and have them ready to bind it. You can't bind it until you get an MC # after you file your MC-150.
   
   These next steps happen QUICKLY. Like one phone call right after another. I am providing the links where I can.
   
   
6. File your MC-150. This will get you a DOT and an MC#. The DOT number is free. The MC# will cost $300. You get these numbers instantly. There is a 10-day mandatory comment period after your application is filed that you must wait for your authority to go active. Once it goes active, you will receive a letter in the mail saying your authority is active. You can use ICCASAP Welcome and get your letter NOW. They cost like $25. I never did figure out where it is that they get it from on the FMCSA website. It's a public download. I think it's here.
   
   (NOTE: the website WILL ask for a credit card up front. This is purely for identification at first)
   
   
   Quote:

   Licensing Documents:
   For copies of documents pertaining to Licensing matters (i.e., FMCSA Register; Certificates, Permits, or Licenses; or Decisions concerning name changes, grants of operating authority or dismissals of operating authority) you may call 202-366-9805 during regular business hours (EST), fax a request to 202-366-3477 or mail a request to FMCSA, Licensing Team, 1200 New Jersey Ave., S.E., Washington, D.C. 20590.
7. File your BOC-3 state agent. I used OOIDA for this since I am also a member. It was free. I no sooner clicked on my "File electronically" and I was receiving phone calls from people to file my BOC-3. From $40 to $150. The first phone call come 30 seconds after I filed the payment. This WILL make a public notification so be forewarned.
8. Have your insurance company bind and file the insurance with FMCSA. They have all the forms and stuff. once you bind, plan on having 20% of your annual bill handy. Lately, new carrier insurance has been north of $9000 annually.
9. File with your state for an apportion account. This will get you set up for doing licensing stuff. I know where Minnesota is, I'd have to dig around for any other states process. This gets me in to do my IFTA filing as well as filing for my IRP plates. Plan on needing about $1500+ to get your first year plates. IFTA sticker is $30. You may want to research this out BEFORE you actually file your MC-150. This is where you ID what states you will drive in.
10. File your UCR. $80 for 1-2 trucks for the year. UCR Application
11. Get your truck lettered. You have to have your DBA name, your DOT number and that's it. If you go into CO, put the last 8 of your VIN on too.
12. File for weight/distance accounts in: KY, NM, NY and OR if you are planning to go there. File for the ad velorum tax in AR too if you are going to go there as well.
13. I use Internet Truckstop for my load board. You can use OOIDA's Members Edge or Getloaded or any other load board if you care. It's just time to go truckin is all.

I use Quicken Home & Business for all my invoicing and financial process. Don't need anything fancier.

I have spreadsheets that I use for tracking my IFTA miles/fuel and it takes me all of 15 minutes at the end of the quarter to file my IFTA. I have another spreadsheet set-up for tracking the loads I do and how much I make and the miles driven to do those loads. When I find my actual "$2.11 per mile" though, that comes from the miles off the IFTA sheet for the month/quarter/year and from the Profit and Loss statement showing my income for the same period.

 

Thanks MN,

Progressive-$18k complete, truck and reefer with $250k cargo. That is $350/week vs my leased on $65/week. Got some weighing to do and more quoting....

 

Holy cow....what happened to new carrier rates....

Check with lancer. That's double my rate.

Welcome to Lancer Insurance Company!