Swift's solvency (insolvency) ?
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Concerned Customer

Waukegan, IL

#1 Mar 26, 2009
A number of carrier representatives with other trucking companies have mentioned that the market is very focused on Swift and whether or not it will remain solvent and survive our hard hit economy. Mentioning that 4000 units are parked. Can anybody provide feedback confirming or disspelling these rumors?
Swift insider

United States

#2 Mar 26, 2009
The reason units are parked has to do with cost per mile to run each said unit, these units are older truck that cost more per mile to run, with this economy no one is purchasing new units everything is put on hold also some of these units are trade trucks and with out new to purchase truck eventually sit. Also including that a big number of units are new Green Technology for the deal made with the port of los angeles but with the slowing economy most of these units are not needed until freight picks back up.
Noneya

United States

#3 Mar 26, 2009
The newer "green" trucks are not more efficient, in fact they have significantly lower fuel economy. The trucks are parked due to the very soft freight market, too much capacity. Swift is not well managed so they do not realize it would be a much better decision to park the newer units and use the old units to the end of their usable life. Then you have a fully utilized fleet, as it is Swift is throwing away tractors with a great deal of life left in them, and moving to much less efficient "green technology."
Swift insider wrote:
The reason units are parked has to do with cost per mile to run each said unit, these units are older truck that cost more per mile to run, with this economy no one is purchasing new units everything is put on hold also some of these units are trade trucks and with out new to purchase truck eventually sit. Also including that a big number of units are new Green Technology for the deal made with the port of los angeles but with the slowing economy most of these units are not needed until freight picks back up.
Duchess

United States

#4 Mar 27, 2009
Swift was placed on a negative credit watch in February and their rating is currently CCC+. The company is actively engaged in terminating or harassing long term lease and/or owner operators into resigning. Operator trucks with a clear or nearly clear title are encumbered upon separation and then sold. It is my belief Swift is in a dire financial situation and is cutting operating expenses by replacing seasoned drivers with lower cost inexperienced drivers and increasing cash flow by selling equitized equipment. Even though Swift claims to have 50M in cash reserves I suspect current financing is likely to have less than favourable terms. With revenues steadily declining and the cost of financing increasing I believe Swift is flailing in a whirlpool trying to escape the drain.

“Life is a Joyful Journey”

Since: Dec 06

Kingman, Kansas

#5 Mar 28, 2009
XZ
Swift insider

United States

#6 Mar 31, 2009
The only reason these truck are less efficient and not by much is due to extra fuel being burnt during the regen process, as we can see you dont understand the difference between gross polluters and less than 3% nox delivered from these two trucks, no doubt older power were producing up tp 10mpg verse the new units at 8.5mpg average but with mass units the carbon foorprint is greatly reduced, and as for managment why would they spend 3 million in lean six sigma and kiasan projects during these tough times, this is to create a better turn in profits and utilize equipment is a more efficient manner, plus keeping down time and open trucks available to seat, as for all freight carriers we all know that freight is soft, but freight is still their and look at the highways plenty of trucks are still running, just now its not supply and demand.
colon

United States

#7 Apr 1, 2009
Swift didn't spend 3mil of their money on those trucks, they spent 3 mil of our money. Per ususal, the biggest welfare recipients are corporations like Swift who use the handout to buy caviar while their paycheck peons subsist on government cheese. Their carbon footprint may have decreased but the number of drivers with a Swift footprint on their behind has certainly increased. Ask any former LA or Long Beach port driver how clean the air has become since Swift came to town and took a big dump on them and their families.
ken

United States

#8 Apr 1, 2009
you are wrong to accuse swift of using those green trucks to take your business. go to mira loma and see that a more than a hundred or so are sitting with plastic still over the seats. yes they got some money for them, not the full price, but they are just sitting, lossing money and taking up space that is needed for otr swift trucks waiting for loads. 2 weeks ago 550 trucks and 45 loads. this dosen't count the green day cabs that are sitting.
colon

Hot Springs Village, AR

#9 Apr 2, 2009
ken wrote:
you are wrong to accuse swift of using those green trucks to take your business. go to mira loma and see that a more than a hundred or so are sitting with plastic still over the seats. yes they got some money for them, not the full price, but they are just sitting, lossing money and taking up space that is needed for otr swift trucks waiting for loads. 2 weeks ago 550 trucks and 45 loads. this dosen't count the green day cabs that are sitting.
Ahhhhhhh......just how many of your two functioning cerebal synapses did you use to formulate that equation? Maybe take a Business 101 course and then come back and explain how your a+b=c hypothesis is true. In the meantime, enjoy your E Ticket ride at Swift.
thecapt

United States

#10 Apr 2, 2009
Ahh, an intellectual, lmao. Just how many of your two functioning cerebral (yeah u dumbass u spelled it wrong) did you use to formulate your argument? He is pretty much correct, Too bad you don't have a clue as to what you are talking about. God bless you.
Swift owner-operator

Goodyear, AZ

#11 Apr 2, 2009
Swift is cutting costs at every corner. Including if you have more than 40% idletime (try running great lakes region and keeping idle down) you will be SUSPENDED for 7 days. Stopped paying for driver showers a couple of weeks ago. Stopped supplying towels to drivers on appril 1. Increased the cost of a comcheck advance from $3 to $5 a couple of months ago. Financial problems?? I say " You Betcha!"
colon

United States

#12 Apr 6, 2009
thecapt wrote:
Ahh, an intellectual, lmao. Just how many of your two functioning cerebral (yeah u dumbass u spelled it wrong) did you use to formulate your argument? He is pretty much correct, Too bad you don't have a clue as to what you are talking about. God bless you.
Hmmmmmm....brilliant. It's obvious you are a Swifty. Best of luck, pal. Oh, and by the way, how are you going to pay for your ruptured disc caused by bending over and grabbing your ankles when Swift cancels your medical insurance as they did with us FORMER bobbleheads? God bless you, my man because you are going to need more than a condom to protect you from the Swift std.
thecapt

United States

#13 Apr 6, 2009
colon wrote:
<quoted text>Hmmmmmm....brilliant. It's obvious you are a Swifty. Best of luck, pal. Oh, and by the way, how are you going to pay for your ruptured disc caused by bending over and grabbing your ankles when Swift cancels your medical insurance as they did with us FORMER bobbleheads? God bless you, my man because you are going to need more than a condom to protect you from the Swift std.
Well first of all I apologize for the attack. I should have worded it very different. Second of all I don't see getting a rupture disc or the so called Swift std. I don't see losing my medical insurance but if it happens then it happens. Just as all carriers are swift is cutting costs to help stay solvent. Schneider claims to be debt free yet has frozen pay, many benefits, quit work on O/O trucks and other cost cutting measures. Swift has not frozen pay and with the exception of cutting some things that alot of other companies don't even offer such as paying for showers (at least those I have talked to such as Roehl, werner, etc...)they haven't cut benefits. I just received my pay increase and my vacation pay (which I really wondered if I would get). Yeah Swift is in some tough times but so is everyone else. I don't see them going down though. Scot
Swift insider

Columbus, OH

#14 Apr 6, 2009
I see how dis-gruntle some people are, the initial topic was about swift'isolvency and was not to be a bashing session, but we see just how smart some people actually are, sounds like ex-employee with issue's that were brought upon themself due to lack of pure job dedication reguardless who you work for, so if someone has justified questions unlike the doehead that does not know how to understand what they read please feel free to ask, by the way that was 3 million of swift money to upgrade shop and terminal functions not to buy green trucks and yes big business will take advantage of tax cuts by buying vehicles or controls that produce less green house gas, get with the new time....
Swift owner-operator

United States

#15 Apr 8, 2009
Hey, Remember that Swift is a BUSINESS. a biz needs to make money for the owner(s) or it is not worth thier effort. I don't begrudge swift for cutting anything. They need to survive. I can purchase insurance from anywhere I like. As long as my settlement goes into my account, I'm satisfied. It would not surprise me if swift goes bk. I hope that does not happen, and I certainly hope my checks continue to go to my account!!
Things are not as good as they were in times past, but not as bad as some other companies. They are still going.....
Matt

Plano, TX

#16 Apr 10, 2009
Yes there are alot of trucks parked. Trucks that were bought due to contractual reasons. These are done years in advance. Yes you are looking at new trucks that were bought in 07, but we did not know the ression hit in 07 till recently. You need to remember too that Swift just through a buy out when the resession hit. Our obligations are different from other carriers. Thats why we laid off, parked trucks, and are telling our employees to take one week off unpaid. And yet we gave bonuses in December and are still matching 401k's. Every trucking company is making adjustments right now. As you choose a carrier, you need to deside who is better for the company or who is better for for the long term. Swift is failing because they thought capacity would save them. They forgot about what they needed most. Safe drivers and outstanding customer service. They are focused on that now, but will it be enough to save them? Customers never forget. All you have to do is look at Ft Worth to see the impact.
thecapt

United States

#17 Apr 11, 2009
Safe drivers and outstanding customer service? I had heard a rumor that they were making the oldtimer solo's either go owner op or be terminated. three days ago I talked to a driver with 11 years with swift. He got a message informing him he was making too much money and had to go owner op or be terminated. Swift has frozen hiring experienced drivers and continues to hire inexperienced driver in the belief (how stupid) that they will save money paying 26cpm to the accident prone as opposed to the safe 41 cpm driver who is proven. Go figure.
The Wevel

Fowler, CA

#18 Apr 12, 2009
Got to agree with thecapt, one accident takes care of any decrease of pay to the fleet. Just can't wrap my mind around that one, but I guess the guys upstairs know what they are doing, just wish they would ride with an experiance driver for a week and then a rookie for a week, maybe they might get the whole picture after that.
ranchrad

United States

#19 Apr 17, 2009
I've been with swift two years, and have no complaints. I have no accidents, no service failures, treat customers with respect, take care of my truck, and sofar sogood!!!!
All companys are in a hard time tring to make it in this tough economy, and I hope that Swift survives. Yes they have made a few cuts to our comfort, but nonething that we can't deal with, and the miles are a little less than last year, but think positive, do a good job and maybe all will work out in the end. God bless us all
ranchrad

United States

#20 Apr 17, 2009
Concerned Customer wrote:
A number of carrier representatives with other trucking companies have mentioned that the market is very focused on Swift and whether or not it will remain solvent and survive our hard hit economy. Mentioning that 4000 units are parked. Can anybody provide feedback confirming or disspelling these rumors?
There are units parked for various reasons, but Swift continues to remain loyal to it's customers, and Swift drivers do as well, hope you continue to use Swift for your truck load needs, Thanks for your concern

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