Trucking News: 2022 Supply Chains, Factoring Benefits, and TuSimple

Listed: Issues that will shape supply chains in 2022

Happy New Year! It’s early but trucking and logistics writers have been hard at work listing the issues that will shape trucking and logistics in the year ahead:

• The 2017 electronic logging device mandate sparked a technological revolution within the ecommerce industry that will continue in 2022, reports Brian Straight of Freightwaves and Modern Shipper. “This focus on tech—coupled with outside forces ranging from consumer demand to climate change—has fostered an environment of innovation. Companies that are slow to adapt to new expectations are likely to be left behind.”
• Jonathan Eaton, national supply chain practice leader for audit and advisory firm Grant Thornton, recommends that business leaders take these 12 steps to address the impact of the supply chain crisis on their organizations.
• Listing issues that policymakers are focused on in 2022, Transport Topics says the $1 trillion infrastructure law, midterms in the fall and the coronavirus will be front-and-center in 2022.
• Speaking with the Journal of Commerce, Bloomberg transportation analyst Lee Klaskow predicts that truckload contract rates will rise by mid- to high-single digits in 2022, as aggressive spot rate increases, strong demand for trucks and supply chain constraints combine to extend the current freight market.

Need something a little lighter? More optimistic? Fleet Owner published its Top 10 Five Good Things posts of 2021. When it comes to good deeds, truckers are among the best.

Factoring helps owner-operators stay in business

There are more small trucking companies than ever, enticed into the market by high spot rates and plenty of freight. How will they keep it up when the market goes down?

Over a four-year period, owner-operators who factor their invoices are 30% more likely to be in business versus those who do not factor. Invoice factoring can provide access to quick payments and fast cash, explains OTR Capital. The key is knowing what to look for in a factoring partner, including an understanding of invoice factoring fees and the standard process.

The good times won’t last forever. Make sure you have the cash to see you through. This blog post from OTR explains how to get started.

TuSimple completes a driverless run

Last month autonomous trucking startup TuSimple completed its first autonomous truck run on open public roads without human intervention, according to the company.

Looking like any other tractor-trailer, the TuSimple vehicle traveled 80 miles from Tucson to Phoenix, Arizona, in about an hour and 20 minutes. It navigated surface streets, traffic signals, on-ramps, off-ramps and highway lane changes among other motorists.

TuSimple said the trip proved that it achieved Level-4 autonomous technology, which SAE defines as a system that can drive itself completely and will not require a human to take over. The San Diego-based company foresees a network of driverless trucks that shippers can tap into automatically without having to worry about driver availability.

More reading:

• Automated trucks: The good, the bad and the timeline
• Insurance and self-driving vehicles: Who’s at fault vs what’s at fault?