Trucking Software Startup Gets Big Windfall of Venture Capital

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Trucking Software Company Gets Million in Venture Capital from Big Names

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One tech startup got a big financial boost this week when it received a $16 million windfall from investors. The Seattle-based trucking software startup Convoy makes a big splash with big-name tech investors. Investors include Jeff Bezos of Amazon, who likes what Convoy peddles.

Overall, Convoy’s software matches trucking companies to firms that need products transported.

Transport Topics magazine said word of the $16 million in new venture capital for Convoy. This comes only months after Convoy made a foray into Washington state’s technology scene. In addition, they raised $2.5 million in seed money from Salesforce CEO Marc Benioff and Expedia CEO Dara Khosrowshahi, among others.

“The new round, led by Menlo Park, California-based Greylock Partners, with participation from high-ranking Amazon.com executive Jeff Wilke, Instagram CEO Kevin Systrom, Acosta Executive Chairman Gary Chartrand and LinkedIn executive Mike Gamson,” Transport Topics wrote.

Convoy creates software that connects truck drivers with freight that needs hauling. The startup developed a website and app into which freight companies enter information about what they need moved. It includes the equipment required. Next, Trucking companies then swoop in and claim the job. The traditional model involves companies working with third-party brokers to find truckers. Convoy lowers transport costs by cutting out the middle man and automating part of the process.

Convoy raised this second round of funding thanks to its rapid growth and increasing demand from trucking companies.

The company now stands at 31 employees

They preppe to relocate to a larger, 6,000-square-foot office space. It also announced this week that it will expand into Oregon. It plans to use its new funding to continue its expansion throughout the year.

“One of the only limits to our growth is how fast we can hire the people that we need,” Forecki said.

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Trucking Company XPO Expands Its Healthcare Presence

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XPO Broadens Its Reach in HealthcareWhile CDL trucking jobs may be the first thing that comes to your mind when you hear XPO Logistics, this article about the company’s latest news centers on its further expansion in the healthcare sector.

XPO Logistics landed a contract as the third-party logistics provider for Trinity Health. The two companies stated this in a release March 9.

In a news article about the agreement, Transport Topics said Trinity manages 90 hospitals and 124 continuing-care facilities in 21 states. Now, they construct a $26 million supply distribution center in Fort Wayne, Ind.

“The facility services the Great Lakes region of the Midwest. In addition, they serve as the first of four such centers planned,” Transport Topics wrote. “XPO signed on to ‘manage and operate’ the new facility as Trinity’s ‘contract logistics manager’.

“This initiative represents an enormous change in the way we stage and move supplies to our hospitals,” said Lou Fierens, a Trinity senior vice president. Also, Ashfaque Chowdhury, XPO’s president of supply chain in the Americas and Asia-Pacific commented. The facility “boosts the local economy and deliver on our promise to Trinity Health of consistent, efficient, high-quality service.”

XPO spokesperson Gary Frantz said XPO Logistics stays active in the healthcare sector. In fact, they remain active for nearly 10 years. Furthermore, its clients include health systems such as Trinity and medical supply manufacturers.

 “Now, combined with the larger resources of XPO’s supply chain group, and our experience helping major brands in other verticals pursue supply chain-led business transformations, we have a tremendous solution set to offer to the health care community,” Frantz said.

Site preparation begins before the end of March, and construction takes about a year.

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Jeff Clark’s 5 top tips for those with owner operator trucking jobs

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owner operator trucking

Editor’s note: This is Part 2 of a multi-part series about how owner operators can get the most from their business.

5 top tips for people with owner operator trucking jobsJeff Clark is the owner of Clark Trucking, based in Kewaunee, Wis. He has had a CDL trucking job since 1988 and has been an owner operator for the last 15 years. A member of the owner operator group Team Run Smart, Clark talks with Drive My Way about how people with owner operator trucking jobs can maximize their profits. Here are his top five tips for how to get the most from your business.

1. Be business smart

Run your business like a business. A lot of times it’s about picking your routes wisely. Think about which routes pay something. Truck drivers like to drive, and they like scenic routes. Sometimes you gotta bite the bullet and take a route that’s not as scenic but will pay more. Drive for maximum profitability, for whatever’s going to help you keep more in your own pocket and net the most for you. We concentrate too much on the gross. We need to focus more on the net. How much money you have in the bank matters.

2. Be truck smart

It’s important to get the right truck for your operation. That includes the drive train and the aerodynamics. It’s also important to have a good relationship with your mechanic. It’s better to over-maintain than under-maintain. I don’t want my fuel filters to get clogged up, otherwise I’m going to be sitting on the side of the road. Anytime you’re sitting on the side of the road, you’re not only not making money, you’re also going to have to get a hotel, so you’ll be spending money, too.

3. Be fuel smart

The cost of fuel is coming down, but fuel is still your biggest expense next to paying yourself. Do what you can to conserve fuel. Why drive faster when you can drive slower?

4. Be health smart

Nothing can tank an owner operator faster than a health problem that comes up. I try to hit the gym twice a week, and I run or walk every day. I try to do a minimum of two miles a day.

5. Do the math

I see a lot of people go out of business because they don’t put money aside for their taxes. You have to plan your cash flow. Budget for tires, budget for repairs. You’ll get somebody with a $10,000 repair bill, but they only got $2,000. Use spreadsheets. I don’t like the business end so much, but it’s a necessity. By using spreadsheets, I can see which lanes are paying well and which aren’t. I can see where I’m making money and where I’m not, and it helps me become more fiscally responsible in the long run.

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5 tips for running your business more profitably as an owner operator

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5 top tips for owner operators | Owner operator truck driving jobsEditor’s note: This is Part 1 of a multi-part feature to help owner operators get the most from their business.

Terry Martin of Oakley Trucking, Little Rock, Ark., has held an owner operator trucking job for the last 20 years. He knows a thing or two about what it takes to thrive in owner operator trucking jobs long-term.

It’s not easy, he says, but with the right business practices, it can be done. Here are Martin’s top 5 tips for running your business more profitably as an owner operator, in his own words.

1. First thing, you gotta want to work.

If you’re not running, you’re not making any money. Chances are, you bought a big truck and you have a big truck payment. If that truck ain’t running, you ain’t making any money. You’ve got to want to work. I grew up on a farm. We worked from sunup to sundown. That’s just what I know, from being out here on the road, too.

2. Establish a strong preventative maintenance program.

Doing the little things, like making sure your truck’s greased and your tires have adequate air pressure, will make or break you. Preventative maintenance is crucial. Put some money aside for it. Because if you break down on the road, it’s going to cost you and it’s going to cost you big. There are a lot of little things an owner operator can catch before things start going wrong. Your batteries start aging, change them. Check the tire pressure and tread depth. If you have good air pressure, that will save you on fuel.

3. Find a good company that’s a good company for you.

They’re out there. Talk to other owner operators on the road and ask their opinions. Talk to the company and see how long owner operators typically stay there. If they have a high turnover ratio, that’s not too promising. Different companies do different things. Find a company that’s going to take care of you and keep you running.

4. Drive responsibly so you’ll get decent fuel mileage.

Try to maximize your fuel mileage as much as you can, because that’s where you’ll make a lot of your money. You can save a lot of money just by saving on fuel. The more you can cut down on your fuel costs, the more money you’ll put in your pocket.

5. Last thing, keep yourself healthy.

If you’re getting sick and not passing your physical, you can’t afford to be down. Eat right and try to get some exercise. When you’re not healthy and you’re not allowed to drive, you’re not going to be making a living.

Find the best owner operator job for you with Drive My Way! Registration is free! Watch our new overview video to learn more about how we can help you.

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How technology is making CDL driver jobs safer

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The very devices that distract drivers on the job could also make CDL driver jobs safer, said a panel of tech experts recently.

In an article for Fleet Owner, Cristina Commendatore reported on the Vision Zero Fleet Safety Forum, where a panel of technology pros explored how new technologies can eliminate vehicle-related fatalities and injuries.

The panel featured Jon Coleman, fleet sustainability and technology manager at Ford Motor Co.

Michael Backman, vice president and general manager of U.S. operations at Mobileye; and others who are striving to make CDL driver jobs safer by creating new cutting-edge technology.

Backman’s company develops collision avoidance systems. Overall, he noted that every year in the U.S. around 33,000 people die in preventable crashes. Also, he added that 93% of all accidents occur due to human error. Overall, driver inattention being the primary cause.

Mobileye’s technology involves a vision sensor, a valuable asset to truckers.

According to Fleet Owner, it’s situated on the windshield and looks out at the road “in real-time, artificial vision.”

The system identifies potential threats, pedestrians, and unintentional lane departures. Also, it identifies speeding and tailgating, alerting the driver of risky events or behaviors.

Panelists touched on other tech breakthroughs, too.

Ben Englander of Rosco Vision Systems discussed the Shield+ system. It alerts drivers when pedestrians are present and highlights trouble spots along driving routes. In addition, it uses 360-degree cameras to give drivers full visibility.

“A lot of the issues that relate to safety have to do with congestion and people not knowing what the traffic is going to do,” [Ford’s] Coleman said. “Do we design vehicles for the occupants, operators, or the asset owner? How the vehicle integrates with the environment becomes very important.”

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5 traits that make true leaders shine

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In a recent Forbes.com article, writer Bill Georgemphasizes that “authenticity has become the gold standard of leadership.”

But he maintains that many business owners misunderstand what it means to lead authentically. That applies to trucking company executives as well. In a November 10 article, George sought to clarify the definition of an authentic leader and reiterate why you should strive to be one in today’s business climate, no matter what your industry may be.

George writes:

Authentic leadership is built on your character, not your style. My mentor Warren Bennis said, “Leadership is character. It is not just a superficial question of style. It has to do with who we are as human beings and the forces that shaped us.

Authentic leaders are real and genuine. You cannot “fake it till you make it” by putting on a show as a leader or being a chameleon in your style. People sense very quickly who is authentic and who is not. Some leaders may pull it off for a while, but ultimately they will not gain the trust of their teammates, especially when dealing with difficult situations.

Authentic leaders are constantly growing. They do not have a rigid view of themselves and their leadership. Becoming authentic is a developmental state that enables leaders to progress through multiple roles, as they learn and grow from their experiences.

Authentic leaders match their behavior to their context, an essential part of emotional intelligence (EQ). They do not burst out with whatever they may be thinking or feeling. Rather, they exhibit self-monitoring, understand how they are being perceived, and use emotional intelligence (EQ) to communicate effectively.

Authentic leaders are not perfect, nor do they try to be. They make mistakes, but they are willing to admit their errors and learn from them.

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Featured image from Google.com