Pride Group of Canada filing Bankruptcy. The owner of Pride Truck Sales & Leasing NOT doing good!

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Pride Group of Canada filing Bankruptcy. The owner of Pride Truck Sales & Leasing NOT doing good!

Рет қаралды 11,461

4 ай бұрын

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Пікірлер: 102

@CashisKingtrucking 4 ай бұрын

ES Advantage helping truckers save on fuel, tires, and maintenance with the ES Advantage card! - Easy application & NO credit check. apply.rcdl.us/refer/ZOFS7gD5w?s=t

@r.o.b.480 4 ай бұрын

I'm 100% debt free and own my truck outright. As much as I'm feeling the squeeze in this market, lease-ops have gotta be getting absolutely crushed.

@DaveG7920 4 ай бұрын

Borrowing needn't be a bad thing, if you can borrow money at 2% and make 7% on it you do OK. The problem is interest rates have risen and the margins have shrunk catching people out.

@Eddie-Van-Hammerlane 4 ай бұрын

Happy for ya and probably right buddy…And, hopefully YOUR truck is everyday road worthy too…or you’re very mechanically inclined. 👍

@CWS1963 4 ай бұрын

During the boom couole years ago, I actually looked at a new w900, had a huge down, could have gotten almost all my money back I paid for my Columbia Glider, decided it couldn't last, keep my paid for ride. And here we are. Flat deck died, I took the headache rack off and got a position locally hauling sea and rail cans out to store deliveries to weather the storm. Best decision I ever made. 😅

@billymadison1466 4 ай бұрын

It’s tough

@truckin3799 4 ай бұрын

All these dealerships couldn’t keep trucks on the lot til about last summer, now they’re overflowing with inventory and nothings moving, and they’re still asking Covid prices up here in Canada, seems like a recipe for disaster

@michaelkelley1626 4 ай бұрын

They started talking about filling a couple months ago. TPine and pride started selling off their equipment right after. They have already closed several of the Pride truck sales lots.

@ThisTruckingLife 4 ай бұрын

Also their rental and lease rates were absolutely higher than anywhere I've ever tried and huge down too

@HunterPBrown 4 ай бұрын

I read that. There's a Pride Truck Sales in south Dallas where the TA Flying J is at, I see at least 100 brand new looking trucks... And I never see it busy.

@DavidTrucker-lo4bs 4 ай бұрын

They're still on that covid high. With those rates, only a few will pay those crazy prices.

@jz3572 4 ай бұрын

@@DavidTrucker-lo4bs Or they're laundering money lol

@Gtown9011 4 ай бұрын

thats right. Pride group is a huge money laundering operation that brings in Money from India.

@isaacidheileh7575 4 ай бұрын

Same in Springfield Missouri. But they eventually closed

@Wasupup 4 ай бұрын

The whole industry is in trouble.

@kevinpierce4605 4 ай бұрын

They outta bust them for deceptive trade practices. If you look on Truck Paper you see Pride trucks all over the place, but if you look on their website almost none of those trucks are listed and the one that are are nowhere near the price on Truck Paper 😂

@ad-jj3yv 4 ай бұрын

Wow, just left a company that was purchased by pride group last year..."arnold transport"....now, I see why they were not hiring last time I called them! Yikes! Doged a bullet on that one.

@cameronmckenna305 4 ай бұрын

Okay I was there from Sam and Jas beginning and opened montreal , winnipeg , New Jersey. I fed many trucks to toledo , monroe . How many of the people that bought or leased were counting on their income tax refund check to make a substantial final payment only to have the canadian income tax department take that money and claim even more money is owed? The food allowance write off , denied during the essential services 2020 - 2022. I lost the years work, almost, in 2022 ,for being unvacced , the protest knew that the border would be closed to drivers like me. This year they took my income tax money and want over 5000 more as though I am lying , H&R did my taxes perfectly. Sam & Jas don't deserve this , they did good and offered a great idea for owner operators to start up.

@CashisKingtrucking 4 ай бұрын

Thanks for the insight.

@karan0001kang 4 ай бұрын

A buddy of mine has a truck financed/leased through Pride and got a letter from Mitsubishi HC saying they are taking over your loan and he will be paying his loan to Mitsubishi from now on. I’m glad though honestly with these companies going down. They stormed in; reck the whole trucking and now going down. Good for the rest of truckers. Canadian trucking is already in a deep crisis.

@CashisKingtrucking 4 ай бұрын

That's interesting

@nannygirl 4 ай бұрын

Special report! Wow! Thanks Cash❤

@CashisKingtrucking 4 ай бұрын

❤️

@SamC992 4 ай бұрын

Momma said debt is the devil😮

@kelvintorrence5994 4 ай бұрын

and shes right about it

@Countrycashflow 4 ай бұрын

They really need to ban the lease/lease purchase. Somebody needs to start a petition. Those guys do nothing but screw the market up

@shahid55s52 4 ай бұрын

Banks made their money this way

@jonesmorales-tu6kq 4 ай бұрын

He flew too close to the sun on wings of paratha paneer😂

@CashisKingtrucking 4 ай бұрын

Modern day Icarus

@sasktrucker487 4 ай бұрын

I leased a truck from them...to be fair, they were the only company that gave me a chance....all other dealers wanted a 20-30% down payment! I am watching with baited breath!

@jennycraig99 4 ай бұрын

you might be making your payments to tpine but tpine probably didnt pay the lender...... lender might repo your truck

@OTRBandit 4 ай бұрын

Just passed by their location in Springfield Missouri and it was abounded.

@ThisTruckingLife 4 ай бұрын

I got a trailer from them back a few years ago

@Blacktopcowboy 4 ай бұрын

And really I think a lot of this is what’s going on with the commercial real estate market too. Banks and loaners are starting to say hey pay up. Because they see what’s coming in the commercial real estate area. If you aren’t profitable with these business loans, they need a declared bankruptcy, so that bank given say hey, that’s not our fault and we were owed this money. Which I’m guessing will come from the government as a bail out.

@RedRedred-ld4pb 4 ай бұрын

Pride has been on the way out over 2 years.

@mattkay8704 4 ай бұрын

I haul around them in Ontario (Mississauga) they are a HUGE leasing company and logistical company, on the 401 I can guarantee your gunna see at least 3-4 of them daily… the past week not so many… but I drive by they’re yard everyday even today (massive leasing yard) and boy.. let me tell you… it’s FULL of brand new trucks, FULL of brand new trailers. And FULL of parked company trucks. And their Milton yard (20-30 mins down the 401 in Milton) is apparently FULL of brand new reefers/dry vans and flatbeds

@mattkay8704 4 ай бұрын

Also side note my company just leased (2024) brand new international for Quebec (day cab) and for some reason out of ideal lease and pride .. pride was much much cheaper with shorter term.. makes me wonder if they’re doing something else… 🧐

@clintonharris-ot2oq 4 ай бұрын

Can't Play catch up

@infectiousprototype 4 ай бұрын

What's happening with epic trucking fails? Been missing your videos.

@CashisKingtrucking 4 ай бұрын

Should be back in May

@deepakkapila4369 4 ай бұрын

I have leased truck from Pride

@CashisKingtrucking 4 ай бұрын

Have you heard anything from pride about what's happening? I had someone tell me they have a truck from Pride and Mitsubishi Capital is taking over their loan.

@AmericasAnimals 4 ай бұрын

Good. Pride truck group sold me a Lemon truck. Stay far away from them

@josephadams7106 4 ай бұрын

No, you bought a lemon truck from them!

@AmericasAnimals 4 ай бұрын

@@josephadams7106 I knew a goofball would take up for poor business practices. Kick rocks.

@josephadams7106 4 ай бұрын

@AmericasAnimals it would seem the the one who used poor business practice would be the one who purchased a truck that was a lemon. A sensible and prudent person would have checked that truck from one end to the other, and if not able to do so, he would have it done by a reputable mechanic. Did you? If you relied on your own inspection and it turned out to be a lemon, who's fault is that?

@shahid55s52 4 ай бұрын

@@josephadams7106 clearly both their faults.

@rod1798 Ай бұрын

@josephadams7106 that's not true. I also got a bad truck from then and I have a mechanic check the truck all over. But drove it 150 miles and whole dash lit up.

@turnaroundcommunityproject1611 4 ай бұрын

goes to show you, a fico score is not a good indicator

@coreyholmes49ers 4 ай бұрын

Yes they still own Arnold transportation

@CashisKingtrucking 4 ай бұрын

Thank you 🙏🏻

@djbolandTrucking 4 ай бұрын

I drove by there huge lot everyday always thought how do they pay for the huge inventory of trucks I guess they don't when they owe 1 billion

@user-se3hj5hr1q 4 ай бұрын

Bankruptcy is a cake and all when you have a few millions live off of while the credit rebuilds.

@rod1798 Ай бұрын

I have a truck thur pride truck sales

@CashisKingtrucking Ай бұрын

Have they said anything about the bankruptcy?

@rod1798 Ай бұрын

No they haven't. I have a extended warranty that I can't use

@ISACJONNY 4 ай бұрын

I have one here financed.

@CashisKingtrucking 4 ай бұрын

Have they said anything about the bankruptcy?

@ISACJONNY 4 ай бұрын

@@CashisKingtrucking today I asked the sales guy, he said he have no idea yet. Will let me know soon

@Blacktopcowboy 4 ай бұрын

Honestly, I’m like you, I don’t think much will change after the bankruptcy. You can’t fix a broken market. But really, it sounds like they just kept taking on debt after debt. It’s one thing to say hey we need to have this much capital available to pay people because it’ll take us 30 to 90 days to get paid ourselves from a company. And then it’s another to say I need to buy an extra truck or trailer so you add a little on top. But over $600 million? That’s basically like saying we’re trying to become one of the biggest truck carriers in the world or nation. It’s ambitious but stupid. Given how this industry fluctuates, going into debt that you can’t pay off within a year or two is insane. It’s a recipe for disaster. A lot of this can be blamed on our economy, but you can’t fix stupid. If they don’t know how to run a company and remain profitable while their debt is low, or manageable then they might need to shut down. I understand a lot of this is due to drivers defaulting, but that should be irrelevant. If you look at all these mega carriers and their leasing programs, the only way they stay somewhat profitable or at least out of the deep red is by constantly keeping that truck moving even if a driver defaults and leaves. You can say it’s predatory, but it’s also smart. Better to have a walk away lease that you can put somebody in within 3 to 5 days, they may run for 2 to 4 weeks maybe longer, and even if they never go into a profitable state, and that truck goes in the shop or needs repairs, they have still picked up a load and kept that payment going. the problem for these real owner operators that are buying trucks is that most probably didn’t have a big down payment, and they were betting on a good market. Maybe I’m a glass half empty guy, but I always like to anticipate the worst. And if I get the best or better, then it just makes it a little bit easier. But if I assume the highest payment, and having one of the hardest weeks, and I can still stay profitable, then it’s a doable thing. If I’m not at least breaking, even it’s not worth it. And even then you can only breakeven so long.

@patrickbooth2329 4 ай бұрын

Hauling cheap freight is no way to keep on truckin

@deepnijjar5 4 ай бұрын

Another sam bankman fried 😂

@shahid55s52 4 ай бұрын

Naw these guys are degen gamblers

@Notaproudcanadian 4 ай бұрын

How do you spell corruption. And the rest off us end up paying for it .they should be in jailed

@adambennett2176 4 ай бұрын

Frist!!!

@CashisKingtrucking 4 ай бұрын

👍🏻

@EpicTruckingFails 4 ай бұрын

Seems like this case is going to be an Epic Trucking Fail! youtube.com/@EpicTruckingFails?si=B1FJWpayShB3WwfM

@JeffBobUSA 4 ай бұрын

What are you going set aside per mile for maintenance with the new ride?

@manavgeetsingh6424 4 ай бұрын

Their whole business was fraud.. they will tell you you bought the truck.. instead they will lease the truck with ridiculous amount of payments..

@user-uc5np4tl7l 4 ай бұрын

I can that u happy

@adambennett2176 4 ай бұрын

@CashisKingtrucking 4 ай бұрын

❤️

@Stavros1977 4 ай бұрын

Our economy is horrible. FJB

@richardthompson7216 4 ай бұрын

You can thank Trump and the USMCA Trump is a LIAR Trump is a FRAUD Trump is a TRAITOR Trump is DELUSIONAL Trump for PRISON 2024 FDT!

@Gtown9011 4 ай бұрын

Joe Biden has nothing to do with this bankruptcy. I live in Mississauga Canada. They are a bunch of crooks, doing money laundering for their political links back in India. They are onto something big. Bankruptcy is just the face of it. Trucking companies in Canada do bankruptcy often to make money off the banks and creditors. Legalized theft is what it is.

@josephadams7106 4 ай бұрын

Please explain how it's all Biden fault!

@gwalker1652 4 ай бұрын

The overall economy is just fine…..trucking sucks!

@phil42 4 ай бұрын

It collapsed due to trump not taking proper precautions during covid. But if you want to blame someone focus on the mega corporations r*ping the middle class