- Six trucking companies have folded in 2019.
- That's left more than 2,500 truck drivers unemployed.
- After a hugely profitable year in 2018, this year has seen retailers and manufacturers moving less, according to the Cass Freight Index.
- Visit Business Insider's homepage for more stories.
Truck drivers are suffering in 2019 especially those who own or work at small businesses.
Rates in the spot market, where retailers and manufacturers buy trucking capacity as they need it, rather than through a contract, sank by around 18% year-over-year . That's caused truckers likeDemetrius Wilburn, a Georgia-based driver, to find themselves unemployed.
Wilburn bought his semi-truck four years ago after years of working as a company truck driver. But, due to rock-bottom rates, Wilburn wasn't able to make a payment one month and they repossessed his truck.
"I was only 6 months away from paying it off," Wilburn told Business Insider. "I'm trying to transition back into law enforcement now don't want to ever drive trucks again. Definitely not worth it."
Lexington, Kentucky-based owner-operator Chad Boblett told Business Insider that some truck drivers are seeing a "bloodbath" in just how low rates are.
Here are the trucking companies that have gone bankrupt in 2019, and how many truckers who are now out of a job. We used the Federal Motor Carrier Safety Administration's company snapshot tool to measure how many truck drivers worked at each company.
Are you a truck driver who has been suffering in 2019 from low rates? Contact the reporter at email@example.com .
- Free shipping is horrible for the environment but one of fast fashion's rising stars is showing the industry that convenience doesn't have to destroy the planet
- I drove a $112,000 Mercedes AMG CLS53 Coup to see if the four-door could combine luxury and power here's the verdict
- The 10 best-selling electric vehicles in the US this year so far