Haulin Assets

#177. March 2025 Financials

March 2025 was a good financial month, but before we get into that, Craig and I talk about one of our trailers being rejected. It was because of some minor damage that had happened a while ago and hadn't been an issue, so why the rejection all of the sudden? Who knows. I'm also back in the dispatching saddle again. It has been while since I have done that job full time and let's just say, I'm a little rusty.

What To Expect From Episode 177

Last month I said February was a pleasant surprise, March was an even more pleasant surprise. Let's take a look at the numbers:

• Total miles ran– 115,070
• Deadhead miles– 7,746 (6.7%)
• Total revenue- $246,412.65
• All-in rate-per-mile- $2.14

Haulin Assets had a profit of $49,849.00. The best month in over a year and the second best month since March of 2022. I hope it's a sign of things to come. The P&L was pretty normal, but here are the things we talk about.

• Revenue was strong
• Manageable fuel, 27.1%
• No insurance payment

#176. What You Need To Know About Trucking Insurance

Trucking Insurance is tricky! It is also typically in the top 5 expenses for a trucking company. For Haulin Assets it is the 4th biggest expense. There are a lot of factors that go into getting the best policy and the best pricing. In this episode we go over what you need to know as an Owner Operator or a Fleet Owner to make sure you are keeping that insurance expense as low as possible. 

What to Expect in Episode 174

We just completed our insurance renewal so insurance is fresh on my mind and now is a great time to talk about it. Here are some of the topics we discuss.

The Biggest Contributors To The Cost Of Your Policy

1. Your loss run report
2. Your CAB (Central Analysis Bureau) Report
3. Drivers

Who Are The Key Players

1. Insurance Carriers
2. Underwriter
3. Insurance Agencies/Agent

We spend the bulk of the episode in this section and go into some pretty extensive detail about who each one is, what their role is and we give some best practices for how you should interact with them.

What You Will Need To Provide For A Quote

Get everything to your agents 45 days before your policy expires. Here is what they will typically need.

1. 4 Quarters of IFTA Returns
2. Loss Runs for the last 3 years
3. Updated Equipment List
4. Updated Driver List
5. Your Current COI (Certificate of Insurance)

The timing of when you sign on the bottom line and bind your policy is critical. Make sure you listed to the episode to know when you should do this and what you will need to do it. 

Getting the best price on your insurance is something that does not happen overnight. It takes you being intentional about several things. You have to work on the things we talk about throughout the episode all year long to make sure to get the best price possible and are able to control your costs. Remember, trucking is a low margin business and profits are earned by the penny. A dollar you save in expense is a dollar that hits your profit line.

#175. February 2025 Financials

February 2025 was a pretty eventful and interesting month. We had a truck get in a little skirmish with a BMW. No one was hurt and the vehicles weren't too bad off either, but it was one of those incidents that really make you scratch your head. We'll share some video on social media, I'd love to hear your opinions. I'll just ask the questions, when merging onto the freeway, how many vehicles can squeeze in front of a truck?

What To Expect From Episode 175

February was a pleasant surprise. I really hope it's an indication of things to come, because I am really getting tired of low profits. Let's take a look at the numbers:

• Total miles ran– 103,728
• Deadhead miles– 6,730 (6.5%)
• Total revenue- $227,885.97
• All-in rate-per-mile- $2.20

Haulin Assets had a profit of $30,707.01. The best month of profits we have had in a very long time and really knocking on the door of being cashflow positive. The P&L is pretty bland, but here are a few things Craig and I talk about

P&L

• Revenue
• Fuel
• Maintenance and repairs

#174. How Truckers Make Money: A Guide to Driver Compensation

Get the full show notes at haulinassetsllc.com

Check out MotorcarrierHQ.com 

Find our courses at haulinassetsacademy.com

 

Before we get into talking about truck driver pay, I talk about a recent incident where one of our trucks had its hood damaged by a driver who decided to make a left hand turn where he shouldn't have. His trailer didn't even come close to making the corner and caused some pretty good damage to the front of our parked truck. There is always something exciting going on in a trucking company.

What To Expect From Episode 174

Truck driver pay is a complicated subject. There are a lot of different factors, probably the biggest being if you operate locally or over-the-road. Most local drivers are paid hourly and most over-the-road drivers are paid by the mile. Hourly paid is pretty straightforward, over-the-road, not so much. We spend most of our time talking about that. Here are some of the areas we touch on:

• Deadhead miles
• Bonuses (There is a lot that goes into this one.)
• Why I feel torn about incentive type pay

We finish off by discussing how to figure out how much to pay and what are some of the things you should think about in that regard are.

#173. January 2025 Financials

Rinse and repeat is a good thing when times are good, not so much when you're in a freight market like we are in right now. January seems almost like a carbon copy of December. Most of the numbers are very similar. Before Craig and I dive into the numbers I talk about a couple of recent instances that happened to a couple of our trucks over the last week. Hopefully you find them entertaining.

What To Expect From Episode 173

Let's take a look at the numbers:

• Total miles ran– 119,570
• Deadhead miles– 8,559 (7.16%)
• Total revenue- $247,795.86
• All-in rate-per-mile- $2.07

Haulin Assets had a profit of $15,862.03.

P&L

• Damages
• Fuel
• Worker's Compensation
• Maintenance and Repairs
• Parking
• Fuel Taxes

#172. You've Been In an Accident, Now What?

This is a super important episode. If you own a truck, are a truck driver or run a trucking company, chances are you are going to deal with an accident at some point in your career. When it happens, you want things to go as well as possible. During this episode, Craig and I are going to help you know how you can be prepared and we will help arm you with some tips to protect you against those who want to take advantage of the situation.

What To Expect From Episode 172

We have all been driving down the interstate and seen a billboard that says something along the lines of, “Have you been hit by a semi, give us a call and we’ll make sure you get what you deserve.” Basically, that just means they know there is big insurance money behind trucking companies and they will try to sue the pants off them. Sometimes even if the accident wasn’t the trucking company's fault. We talk about some things you can do to help you get the best possible outcome.

Prevention (Before the Accident)

• Follow the FMCSA rules
  • Make sure you are hiring qualified, safe drivers
  • Maintain up-to-date driver qualification files
  • Keep your vehicles well maintained
  • Don't break Hours of Service rules
• Install forward facing cameras on your trucks

When An Accident Happens

• Turn on your hazards
• If physically able, place warning triangles, flairs, etc. (make sure you know how to do this correctly)
• Take lots of pictures, from multiple angles, including some from far enough away to capture the entire scene
• Once things have calmed down, call your insurance company ASAP, ideally before you leave the scene, for sure within 24 hours
  • I can't emphasize this enough, I explain why this is so important in the episode

Post Accident

There are lots of things that need to happen. We aren't going to cover them in this episode, but make sure you do them. If you don't know what to do, contact your insurance company. They should be able to help.

#171. December 2024 Financials

Before we get into the December 2024 financials, I go on a bit of a rant about truck parking. It is such a HUGE Problem! It causes drivers frustration and costs everyone time and money. I talk about an incident that recently happened to us that cost us a lot of money because of the parking problem. And it is a completely ridiculous situation that happened just north of Charlotte, NC at a Shell truck stop called Charlotte Travel Plaza. Beware of this place. You have to check in to park, if you don't, the parking fine they charge you is beyond RIDICULOUS, it really is a scam and it's legal because of the North Carolina laws. Listen to the episode to hear how much we had to pay to get a boot removed, it's not going to help out our January Financials. Shame on North Carolina for allowing this kind of extortion to happen, it's worse that usury interest on check cashing loans.

What To Expect From Episode 171

The numbers this month were good, not great. I am however starting to feel a little bit of optimism that this year is going to see some improvement in the market. I have my fingers and toes crossed that things do get better. Let's take a look at the numbers:

• Total miles ran– 121,021
• Deadhead miles– 7,282 (6%)
• Total revenue- $253,288.09
• All-in rate-per-mile- $2.09

Haulin Assets had a profit of $12,042.27.

P&L Items

• Payroll
• Fuel
• Maintenance and Repairs

#170. Building a Culture of Safety

As I mentioned recently, Brad, our operations manager left us the end of last year and Nate and I have had to divvy out his responsibilities. One of them that I have taken on is safety and compliance, so those topics have been pretty heavy on my mind lately. I feel like as a company, we have a pretty good safety culture, but we aren't perfect, and I want to step it up a notch. Improving safety within Haulin Assets is one of my personal goals for 2025. In this episode we cover some of the things that have been on my mind.

What To Expect From Episode 170

I know this is not the most sexy topic in the world, it doesn’t bring in revenue, it’s not a task that requires your immediate attention like a broken down truck, but it will have an impact on your bottom line and can have catastrophic consequences if ignored. Here are the things we cover in this episode:

1. Why does safety matter
2. How do you build a safety culture
3. Where can I find resources to help

Why Does Safety Matter

There is a lot that goes into this and we cover a lot in the episode, but it all boils down to a few things. We have a moral obligation to the public to do what we can to keep roads safe and the financial health of our companies depends on it. In trucking, profit margins are thin and we can't afford unnecessary expenses. Damage to equipment and injuries are often preventable and are big expenses we can largely avoid.

How Do You Build A Safety Culture

It starts at the top. Here are some of the topics we cover:

1. Make safety a priority and ensure your drivers know it
2. Show your drivers safety is more important that on-time deliveries
3. Have regular safety meetings/talks

Resources

• Your insurance company
• YouTube
• Haulin Assets Academy (Coming Soon)
• The FMCSA
  • Resources for Drivers
  • Resources for Carriers

#169. November 2024 Financials

It's the end of 2024, in fact, this episode with the November 2024 Financials is getting recorded on the last day of the year, but will post on the first day of the new year. 2024 was a tough year, proceeded by another tough year, that honestly was preceded by the start of the drop in the freight market. With three tough years in a row, we deserve some relief. With dropping interest rates, an economy that appears to be decently healthy, and what is likely to be a more trucking friendly presidency coming into office, there is a lot to look forward to.

What To Expect From Episode 169

Sorry there has been a bit of a break since the last episode, with me taking a trip in a truck and the Holidays, I just couldn't get an episode out. November was an interesting month in a few ways, mileage dropped, but revenue increased. That makes for some pretty good talking points. Let's take a look at the numbers:

• Total miles ran– 109,155 (One of the lowest mileage months of the year)
• Deadhead miles– 7,147 (7.1%)
• Total revenue- $236,053.07 (With the holiday, ran fewer miles, but more profitable miles)
• All-in rate-per-mile- $2.16 (Best in several months, third best of the year)

Haulin Assets had a profit of $16,837.14. With as low as our mileage was, profit could have been a lot worse, our saving grace was definitely the better rate per mile.

P&L Items

• Maintenance and Repairs
• IFTA Payments
• Fuel, 26.4% of revenue
• We sold a piece of equipment

#168. October 2024 Financials

Happy Thanksgiving! Some of you will be home for Thanksgiving, some of you won’t, I know what that is like. I want you all to know I am thankful for you. Both that you are listeners and fans of the podcast and that you keep America moving. I am thankful that there is food on my table and a roof over my family's head, both of which would not be possible without what you do everyday. THANK YOU.

What To Expect From Episode 168

Revenue dropped a bit last month. I wish I know what caused it. I think there are several factors, one of them just being that the market is still bad and it is volatile.

• Total miles ran– 119,607 (Higher than last month)
• Deadhead miles– 8,542 (7.1%)
• Total revenue- $227,931.30 (Lower than expected, I think partly due to lower fuel prices, brokers are being more stingy on rate)
• All-in rate-per-mile- $1.96 (Our worst rate per mile all year)

Haulin Assets had a profit of $5,062.43. With as low as our revenue was and as bad as the rate per mile was, I am kind of surprised we turned a profit.

P&L Items

• Work Comp
• Maintenance and Repairs
• Fuel