Nothing wrong with organic growth. Borrowing $2B for any business (especially transportation) is asinine! At the end of the day, it’s the big banks fault for not doing their due diligence and applying some risk management techniques here.
@NorthAmerican-Trucking-News4 ай бұрын
I agree, but the issue at hand here is that Pride's downfall came for a lot of their drivers
@johnSmith-dz8yr4 ай бұрын
The Canadian freight market is going crazy, just saw today that True North Freight locked the doors and disappeared without paying the drivers or staff this week
@NorthAmerican-Trucking-News4 ай бұрын
We heard about that today!
@victormejia5124 ай бұрын
Thanks for updating us now. That's what I am asking for simple news updates, especially companies well known
@NorthAmerican-Trucking-News3 ай бұрын
You are most welcome!
@ISACJONNY4 ай бұрын
I was on the phone with them right now. Thinking about to return my equipment
@alfonsodejesus52484 ай бұрын
What they told you? Im behind payments already too. And im thinking the same go return the truck. But im not sure if they will affect our credit or suit for debt?
@NorthAmerican-Trucking-News3 ай бұрын
Might be smart... never good to cling to a piece of a sinking ship.
@ctfinneman3 ай бұрын
@@alfonsodejesus5248 Ghost ride into the dealership and report it stolen.
@ISACJONNY3 ай бұрын
@@alfonsodejesus5248 I have someone who wants to buy my truck. Because I made a good down payment they can take the truck and we are good or I will transfer to another buyer . I’m still thinking about it. Not sure if I leave or continue. Times a rough brother. But I don’t have any payment behind me.
@diljotshoker14 ай бұрын
the model is great. bad credit. need 25-35% down payment, charge 10-25% interest. Make payments for a couple months, can't pay anymore, you repo truck, they resell the truck and repeat.
@NorthAmerican-Trucking-News3 ай бұрын
Yeahhhhhh
@Chaa-nal-anda3 ай бұрын
Gigg,Charger, Falcon next Canada looks like
@NorthAmerican-Trucking-News3 ай бұрын
Oh
@jim-zx7gz3 ай бұрын
We had a local corporation here few years back that did the same thing....they offered their investors a real great return on the money they invested....went great for awhile but when it crashed it was ugly....like a pyramid scheme gone bad
@NorthAmerican-Trucking-News3 ай бұрын
Yikessssss
@nicholas87933 ай бұрын
Pride Group is why the trucking industry in Canada is garbage. Glad this is happening and shaking out the industry. Let’s hope it isn’t allowed to happen again.
@philliplinkous63934 ай бұрын
Thanks for the video good information
@NorthAmerican-Trucking-News4 ай бұрын
Thanks for watching!
@ztee1004 ай бұрын
Thanks
@NorthAmerican-Trucking-News4 ай бұрын
Thanks for watching!
@JJohnson-yf2ky4 ай бұрын
They are in a really deep hole, I’d be really surprised if they can get out, the amount of money is too high. This is only the beginning of the end for them.
@NorthAmerican-Trucking-News4 ай бұрын
I think they will actually, just at the cost of the drivers
@agccanada4 ай бұрын
Take a million dollars from the bank and its your problem. Take a billion dollars from the bank and its the banks problem.
@NorthAmerican-Trucking-News4 ай бұрын
Haha
@LovelyFriedEgg-el1sq3 ай бұрын
I like this guy. He makes money on his videos. Plus pulling drivers into his company. I don’t know what he pays his o/o or drivers. But it’s probably less than 65%. That is a really bad deal
@NorthAmerican-Trucking-News3 ай бұрын
Less than 65% would be criminal, no one would willingly work for 65% much less work for less than that
@garfgould17264 ай бұрын
Wow it’s going to be very interesting
@NorthAmerican-Trucking-News3 ай бұрын
Indeed it might be!
@michaelgillespie68503 ай бұрын
Not only was they interested high but there down payment where crazy, my buddy got a new one from them 45k down just greedy business this is what wrong with this country today people are buying things like it’s free. Great videos
@NorthAmerican-Trucking-News3 ай бұрын
Ridiculous downpayment
@roadsideservice24064 ай бұрын
I’m sure there is some shady things going on
@NorthAmerican-Trucking-News3 ай бұрын
Naturally. Will they really just accept an L and move on?
@LovelyFriedEgg-el1sq3 ай бұрын
Even with this guy
@billymackbuilds93483 ай бұрын
Maybe they will start answering calls and paying their warranties they sold to customers. I was told they were great to deal with, and have had nothing but problems dealing with this company.
@NorthAmerican-Trucking-News3 ай бұрын
Haha, I doubt that somehow
@nicholas87933 ай бұрын
You gave poor business sense if you think it was a good idea to buy trucks and warranties from a company like Pride.
@JCaddy0075 күн бұрын
@@nicholas8793back in 2019 when I was shopping around for new truck 1st I went to pride but I got weird vibe so I left and buy my truck at Freightliner Hamilton dealership wit very low interest rate
@user-wk4ec5fn6w4 ай бұрын
I find it interesting that the banks haven’t gotten involved. They no more want all these trucks turned back in than Pride Group. You would think the banks would use their power to push up the freight rates so everyone involved can make money as well as the banks. 0:15
@NorthAmerican-Trucking-News4 ай бұрын
What gave the impression that they want everyone to make money as well?
@brigittebelton20174 ай бұрын
They have a hotel in Illinois. I passed it today crazy.
@NorthAmerican-Trucking-News4 ай бұрын
A hotelllll, wow
@straightedgetrucker16024 ай бұрын
Where is the link to join ? Lol I can’t find it anywhere in the description of the video.
@NorthAmerican-Trucking-News4 ай бұрын
It's right beside our name under the video! A button that says "Join"! 🙂
@rollickplays35794 ай бұрын
They gave trucks out to owner operators just by their id no social nothing.
@NorthAmerican-Trucking-News3 ай бұрын
Oh?? That's disconcerting
@rollickplays35793 ай бұрын
One of my drivers he told me how they did this nefarious practises and he said just a few months ago he just abondaned the truck and nobody has come yet to claim it, he even said that he knew a lot of them who went through the same process of leasing the truck.
@ctfinneman4 ай бұрын
I herd they include a free turbin with a truck purchase.
@joshmitchell52254 ай бұрын
And water bottle
@jaeinnmoon32794 ай бұрын
They get a free yamika if they decide to move into the dispatch department.
@TheSylvesterruelas4 ай бұрын
Turbin and flip flops!!
@phjl19634 ай бұрын
That is the dumbest crap I've heard today
@johnmclean14824 ай бұрын
Learn to spell idiot before you wanna rip on others
@prakashkiran14 ай бұрын
I didn't know there was this much racism in transportation industry in Canada. I knew this was common in the US but noticing in the comment section of your videos how many comments are targeted towards a particular group of people. Is this jealousy or something they do which really pisses off you folks?
@NorthAmerican-Trucking-News4 ай бұрын
It is believed that people of the middle east and Indians and the like are the reason why rates are driven down at fast rates because they are thought to be the ones running all the cheap freight on the market. As a result, many Canadians are open about their dislike towards those groups
@prakashkiran13 ай бұрын
@@NorthAmerican-Trucking-News ohh Ok.
@juliogonzo27183 ай бұрын
@prakashkiran1 I personally have no problem with South Asian drivers. I do have a problem with South Asian owned trucking companies who bring people here who have little experience driving a truck and send them across the country in the winter in conditions they are not prepared for. Also they often pay and treat their drivers poorly and do not follow Canadian labour laws (deducting pay for accidents for example) they are basically abusing their drivers so they can undercut other companies who play by the rules and try to put them out of business. It is basically legal human trafficking in my opinion by some of these employers.
@prakashkiran13 ай бұрын
@@juliogonzo2718 thanks for the explanation!! Appreciated
@wesdowling1340Ай бұрын
Their lack of business sense,,some ,and dishonest behavior are really the problem
@joshthehulk72413 ай бұрын
We need more trucking bankruptcies. Freight rates will never get better if so many trucks are on the road.
@NorthAmerican-Trucking-News3 ай бұрын
We're gonna wait a while if that's the resolution we're looking for
@jimmycagnee654 ай бұрын
Are you hiring now or waiting for markets to stabilize?
@NorthAmerican-Trucking-News3 ай бұрын
We are waitlisting currently, but we are definitely watching the market to see if it will stabilize
@ctfinneman3 ай бұрын
@@NorthAmerican-Trucking-News Can i smoke crack and pull a dry van for ET?
@juliogonzo27183 ай бұрын
I wonder if this will result in lower prices on the used market if thousands of trucks are liquidated?
@NorthAmerican-Trucking-News3 ай бұрын
Yes it will
@DavidTrucker-lo4bs4 ай бұрын
My factoring company won't factor their brokage. They're still posting loads. I don't know how they're doing it, but they post their loads without their MC showing on dat.
@NorthAmerican-Trucking-News4 ай бұрын
Interesting
@JCaddy0075 күн бұрын
I don't buy loads from pride from day 1. Never done any pride loads
@abokaramsalem65974 ай бұрын
I still see their equipments on the road
@BigLisaFan4 ай бұрын
Had 2 of their drivers ask me if my company was hiring. Gave them the info. They are worried about their future.
@NorthAmerican-Trucking-News3 ай бұрын
I'm not sure how long that will be the case for
@abokaramsalem65973 ай бұрын
Not for too long for sure
@lucmarchand6173 ай бұрын
This type systems look good on paper but black cloud show up you got huge storm yup.pride was good but when covid 19 went after slowdown start few crack on them.i saw this before with heavy equip.most are out business sad but true.😮
@victorsuarez29543 ай бұрын
Im leaving this mess before somebody close it's doors with my paycheck inside.
@NorthAmerican-Trucking-News3 ай бұрын
You would be much the wiser to do so, yes
@amandeepdroid3 ай бұрын
I am looking for update of billion dollar heist happen in Canadian airport by Indian immigrants!! if you know you can share!
IF COMPANIES WOULD REFUSE T LOSE MONEY( sub $3.00..) per mile then the industry would be better off. The brokers who accept poverty freight should just NOT broker the freight. What about the fuel surcharge that is supposed to be charged. As a perceptive O/O I could NEVER make the equation work with cheap freight.I understand that you have to serve your customers but groveling on the phone to freight brokers is embarrassing. publish a money making rate and stick to it. as the old movie clip says " it is a poor salesman the cuts his rate"!
@NorthAmerican-Trucking-News4 ай бұрын
Most of the brokers aren't accepting poverty freight. They're the ones making them. They accept a decent load and try to broker it at a 20~40% profit leaving carriers to barely make any on their own
@thomasstewart28214 ай бұрын
I would say let him fail. They was getting rich off back of the truckers 12% interest is crazy. You can't manage your business and balance your books it's time to call it quites
@NorthAmerican-Trucking-News4 ай бұрын
Something tells me he won't fail though
@nite72954 ай бұрын
My taxe dollars at work
@NorthAmerican-Trucking-News4 ай бұрын
Haha
@norbertlakatos65423 ай бұрын
What will happen to somebody that has a truck on payments from them and did not default on it?
@NorthAmerican-Trucking-News3 ай бұрын
Worst case scenario, your truck is reposessed
@norbertlakatos65423 ай бұрын
Do you know if in that case credit scores will be affected ?
@JCaddy0075 күн бұрын
U should have bought from real dealership I asked myself same question why I'm I buying from middle man when I can buy directly from the source
@falltxn74123 ай бұрын
You know who’s at fault ?? TQL that’s who.
@diljotshoker14 ай бұрын
damn clickbate. I thought an actual update
@NorthAmerican-Trucking-News3 ай бұрын
It is
@michaelharton87123 ай бұрын
Overload trucking with cheap driver's in crap trucks. Scam the banks and disappear back to the sand box. Haha brilliant.😂