2) Owner-Operators under Pressure
The number of available, working owner-operators running independent truck-based hauling businesses has been fluctuating over the past few years. And while trucking industry opinion leaders are currently both bullish and bearish on the future prospects for owner operators in the business, most point to a significant decrease in the ranks during the past recession as a harbinger of things to come.
The recession, according to industry observers, put significant downward pressure on freight rates which in turn, significantly cut owner-operator revenues and profitability. The economic environment prompted the industry to shed itself of nearly 25% of independent Authority holders according to OOIDA.