Last month, the cyber attack on the Colonial Pipeline threw a wench into logistics. Because of this, customers were panic-buying gasoline, and prices at the pump shot up, even though the issue was resolved in a few days. As the economy reopens, the trucking industry is looking for ways to continue delivering and keeping supply chains moving. Still, a vulnerability in fuel security and businesses that were all too eager to raise prices has signaled that steps need to be taken to mitigate high gas prices until viable alternatives become available.
Electric trucks have been the subject of debate for the past few years. While not as divisive as self-driving Class 8 vehicles, electric trucks would allow the industry to cut its dependency on gas, as well as the unpredictable prices at the pump. While truck manufacturers, such as Volvo have committed to rolling out electric vehicles, there are still a couple of obstacles. First, manufacturers have difficulty creating an electric truck engine that can generate the power needed to haul capacity loads. Second, there would need to an overhaul in infrastructure to develop ample charging stations for truckers from coast to coast.
While the trucking industry cannot control prices at the pump, they can plan for unexpected hikes. When gas prices rise, trucking companies and owner-operators end up paying more. The best way to prepare for these situations is to make sure there is ample working capital on hand. To do this, trucking companies and owner-operators turn to freight bill factoring. Freight bill factoring turns unpaid receivables into cash, so trucking companies can make fuel purchases without waiting on customers to pay their invoices.
The third way trucking companies and owner-operators can mitigate high gas prices is by getting discounts on fuel. Finding a comprehensive program that offers discounts at the pump, for wholesale purchases, and more can help trucking companies and owner-operators alike save lots of money and retain more revenue that would otherwise be lost on fuel purchases.
Single Point Capital offers fast and comprehensive freight bill factoring so you can access cash from your invoices within a single day. On top of that, we offer incredible discounts on fuel for trucking companies and owner-operators who take advantage of our factoring program. So contact Single Point Capital today to get a head start and mitigating high gas prices for your operations.