Episode 15: Electronic Logs Are NOT The Problem

MARCH 9, 2017

I'm back with an all new episode. It's time to address the real issue around our Hours of Service.

I think we've lost our minds. People seem to have lost all their good sense and ability to reason over this electronic log mandate. In this episode, I will tell you that we NEED the electronic log if we're going to be forced to operate under such an inefficient and archaic system. I've been using one for five years and you won't get it away from me.

Posted on March 9, 2017 .

Episode 14: Understanding Fuel Taxes

Fuel taxes are an important element of your profitability. It is very important to understand this issue so you won't end up losing money by buying fuel in the wrong states.

IFTA Website with State Fuel Tax Rates

An overview:

Before IFTA-

 

Fuel taxes were collected by individual states. Trucks had to have fuel tax permits in each state, many having to display plates on their trucks for each state. Fuel had to be purchased in each state to cover the amount owed for traveling through that state.

 

After IFTA-

 

When a truck purchases fuel in a state, the amount of tax charged per gallon is credited to other licensee’s account. When the IFTA return is prepared quarterly, the number of miles driven in the period is divided by the number of gallons purchased. This establishes the truck’s fuel mileage for the time period and is used to factor the tax owed based on the number of gallons burned in each state it was operated in.

 

It's about gallons, not miles.

 

Fuel taxes are one of the most misunderstood elements of operating a truck in North America. It is a rather simple formula, but can be confusing because all the states have different rates, which affects the pump price. The truck operator that correctly understands how to buy fuel in the most efficient way will see a significant difference in their operating costs.

 

Wholesale Cost-

 

It is most important to understand that the WHOLESALE cost is the only factor consider when buying fuel. The pump price is completely irrelevant. What is the wholesale cost and how is it determined? The wholesale cost is the price of the fuel minus the IFTA fuel tax rate for that state. If the price paid for the fuel is $2.00 per gallon, and the IFTA rate is $0.30, then the wholesale cost is $1.70. There are states with rates as low as $0.175 per gallon (New Jersey) and others with a rate as high as $0.64 (Pennsylvania). This means that if the pump price of fuel in NJ and PA is the same, then there will be a difference of $0.465 per gallon!

Posted on June 18, 2016 .

Episode 13: All About Landstar

With co-host Dan Babbit. I get a lot of questions about Landstar. Now that I've been here two years, I feel a lot more confident about answering them. There's also a lot of misinformation out there about Landstar that needs to addressed. Whether or not you lease to Landstar is your own decision. I just want to provide ACCURATE information so that you can make your best decision.

We discuss and describe the freight network at Landstar, how the billing and payment works, and the pro and cons (in our opinion) of being leased to Landstar versus another company or having your own authority.

One thing I always tell people is, "If you succeed at Landstar, it's your fault. If you fail at Landstar, it's your fault."

Episode 12: What You Need to Know About Buying a Truck

In this episode I talk about the most important things you need to know about buying a truck and becoming an owner/operator.

It's all about attitude. In order to succeed, you have to first have an attitude of service. You put others' needs ahead of your own. 

The Steve Harvey video I talked about where he says you need to jump in order to be successful.

Posted on February 11, 2016 and filed under trucking.

Episode 11: The Ups and Downs of Being an Owner Operator

With Co-host Dan Babbit

In this episode we discuss the last month of my life and why I haven't posted a new episode lately. I suffered a catastrophic engine failure 4 days before Christmas. We discuss the financial and mechanical details involved in dealing with an event like this. I also tell the amazing story of how we were able to obtain the funding to cover the cost of a $24,000 engine.

Episode 10: Big Trucks Cooking

Today I had the pleasure of interviewing Zola Sawdy, founder of the Facebook Group: Big Trucks Cooking. I've been wanting to do an episode on the lifestyle in the trucking industry and found Zola's group to be a perfect example of how drivers and their spouses are finding creative ways to save money and eat healthier inside their trucks. 

You can find the group here

Posted on October 28, 2015 .