The trucking industry has seen many changes since last December’s ELD implementation, but few went exactly as planned. For example, only 3% of 645 surveyed still plan to quit driving, while previously 30% were predicted to depart.
Full compliance begins in April. Whether the departure numbers rise as a result is uncertain. However, though the industry is mostly compliant with the law, the reduction in productivity is far higher than imagined. Drivers cover 67% fewer miles than the mere 3-5% reduction projected.
While everyone knows the competition for carriage is soaring, the fact that rates have grown 40% in less than six months may be news to some. In addition, the rate increase parallels the fact that there are currently more than 50 loads for every available truck. Thanks to this ultra-tight capacity, rig detentions of more than two hours are growing less common; drivers will simply replace a slow-running shipper with one more likely to run on time.
Finally, it will come as no shock that insurance carriers are watching the ELD changeover closely. Violations will result in rate increases, driving down a driver’s desirability.
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