Also in this playlist...
This transcript is automatically generated
Welcome this initiative conference room I'm Jeff Flock with -- Fox Business Network thanks for watching talking about the impact potentially.
Of unrest in the Middle East on oil prices and more specifically on the trucking industry we've got to.
Experts in the trucking industry.
First of all mr.
Wagner you run at -- global logistics tell me the company.
This echo global justice.
An answer based transportation management company that means we don't own trucks planes.
Railroads ships but we use instead the assets and capacity of transportation companies like Monroe transportation services and that's where -- where anger comes in now.
How many years and trucking business this is -- my 35 year.
Nice -- -- company.
Nice job I thought I got to ask you about the impact of oil price spikes on the trucking industry.
That's largely passed through to the companies that you -- hire you correct.
Wrecked each week we look at the Department of Energy -- fuel index and that various obviously on a weekly even a daily basis.
And most transportation companies have it.
Fuel surcharge -- indexed to the weekly half decent fuel and that just gets passed -- yes it's a -- was an add on to the normal level charges.
But that has any impact though because the companies that -- contract with you.
There's been -- more to do what they gotta do.
Surest fuel goes up or down vote goes right through to the client -- -- And that customer has to pass it through and you know if they can in the price of their goods and services.
Jack -- having kind of a chilling impact on the amount of business you get.
I know I like Doug mentioned with the fuel surcharge we we look at that weekly -- pass that through to our customers and adjusted accordingly it's just necessary.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- In terms of the trucking business it is changed a lot in those years since you started out as a young man.
Yes that Jeff this is -- 85 here in business and seen a lot of changes over the years.
We haven't remove a lot of freight through this at dot he right about thousand shipments in the right through here.
About two million pounds -- night.
Go through this -- -- -- nights that's pretty busy place it's quiet right now but it's very busy during the evening hours.
And nothing has changed more than technology piece in the trucking industry and the transportation industry.
Dog is one of those that.
Championed a lot of those changes in terms of the technology.
You started out trucking along time ago.
What would you say the biggest changes.
Let's right I mean I started on the business with truck drivers and dock workers just like Jack does for us today and it's it's our job -- hard work got to.
-- network -- trucks full.
In an echo what we do is we use technology to move about 8000 shipments today using other people's trucks.
And so it takes a lot of coordination.
And we try not only provide -- great service for our clients the shippers but we also tried to be a really good customer.
For -- providers like Jackman road transportation.
Technology is really changes echo founded by -- one of the folks that.
Found -- Groupon.
Bringing that technology piece into the trucking business Jack is it possible -- -- function.
Without being part of the sophisticated.
Online networks now.
I don't see how I can do it today without -- technology and I can't emphasize enough is really.
That has really given us the commanding advantage that we've needed that we've invested heavily in technology since 2005.
Working with folks like -- probably just -- is really helped us.
Give them visibility that through their shipments in real time.
And as all of our customers as well and -- tough to -- manager business much better speaking of the business can't get away without asking your take on the economy.
You've seen it seems pretty flat right now you had growth but that's not as a result of a growing economy has been as a result taken market share.
Right in the second quarter we reported year over your growth of about 21%.
And on our Q2 earnings call we reported through that point about point 4% in the quarter however.
The underlying economic activity -- still pretty -- you know him.
-- -- -- night at the depths of the recession we saw pretty nice bounce back in the first half of 2010.
And since that time it's just kind of been slowly.
Steadily improving bit but nothing too impressive.
And what he attributed to.
I don't know I think companies are trying to be more efficient they're trying to get their profits up their -- to hire people back.
It's just you know trying to do more with us.
-- you guys we're talking with talk about this or -- I have your finger on the pulse of the economy in a way that.
The stock market doesn't you got your own index here that you probably on the compute how do you feel right.
I feel very good that there's some there's always opportunities.
Despite the economy and we just found ways to survive we always have we've always adapted to changes in the economic environment.
We've expanded our territory and our coverage in the midwest the last few years during the recession we've done that by aligning ourselves with other like.
I similar carriers to ourselves.
And -- own -- there answered -- rather carriers.
That we work with as part of a network and that's really helped bring freight into our system and that in turn helped us to market they are there areas well.
It's always hard work and innovation.
Carries today gentlemen appreciate the perspective on the logistics industry.
The Fox Business -- -- --
Filter by section