Certainly during this lock down, people have been spending a lot less money. No restaurants, less gas purchases, incidental stuff. Yes, online shopping has probably increased with people doing nothing except sitting in front of a computer, but I think overall, people are actually saving money during this crisis.
Speaking of less gas purchases, I know a couple tanker-yankers that haul fuel that are going to close their doors. They've been pretty much out of work for nearly two months.
They guys that survive are going to need to recover margins so that nice narrow spread we have enjoyed these past few years I expect will disappear fairly quickly.
Still, carriers only have themselves to blame for spoiling brokers like this - this is a free market economy and exploiting stupid is part of the good business plan. Once in a while, they will spill the beans like Brandon as excess leads to carelessness, ignorance and believe that the stupid are too stupid to figure it out. And maybe some are....
By the way, we all know that things will be going back to normal sooner or later, but if you leveraged your operation that you can’t survive a few bad months ( ok terrible) you were playing a roulette with your finances and lost. My big one is extending the credit. 30 days? 60 days? What if they go under? I lost some ‘good’ customers to this - other carriers willing to wait for their money for 60 days!!!! And, cut the rate too!!!