Forward Air Announces Largest Ever Rate Increase for Leased Capacity Providers
March 26 2021 - 5:00PM
Business Wire
Forward Air Corporation (NASDAQ: FWRD) (the “Company” or
“Forward”) is executing a growth strategy that involves organic
infrastructure investments, such as its ongoing LTL network
expansion, as well as inorganic investments, including acquisitions
of complementary businesses. Forward today announced the largest
ever rate-per-mile increase to its independent contractor fleet
within its LTL and Truckload divisions.
Today’s announcement of an eleven cent per mile increase for
team owner operators, and a five cent per mile increase for
individual owner operators, is an example of Forward’s commitment
to grow our business in stride with the businesses of our leased
capacity providers that consist of independent contractor fleets
and owner operators.
“Our business is currently experiencing solid volume growth and
we are focused on our commitment to delivering our customers’
freight with precision execution. To accomplish this, we understand
that we must retain our existing fleet and attract new independent
contractors and fleet owners to become business partners with the
Forward team.” said Tom Schmitt - Chairman, President and CEO.
“This increase is a strong symbol of our commitment to our fleet.
We will continue to make investments that strengthen our customer
and fleet partnerships, while making Forward the best professional
home it can be for our leased capacity providers and their
drivers.”
In addition to the rate per mile increase, Forward announced a
lucrative sign-on bonus program to help drive first year
profitability for transitioning owner operators or fleet owners.
The bonus consists of $10,000 per team truck and $4,000 per solo
truck added to the Forward fleet – all paid out in the first year
of service.
Kyle Mitchin, Chief People Officer said, “We are excited to see
the significant impact today’s announcement will have on our fleet
partners’ profitability. We hold firm to our commitment to grow
their business as we grow ours – and this is the fourth significant
rate increase we’ve rolled out in the last four years. If you also
consider our Fleet Forward program that pays an additional rate per
mile to fleet owners, based on the number of seated trucks
currently signed on with Forward, we believe we have the right
ingredients to attract and retain the best independent contractors
and fleet owners in the industry. The drivers of our owner
operators and fleet owners are the backbone of our business. At
Forward, every day is Driver Appreciation Day.”
Forward’s LTL and Truckload fleet opportunities consist of
running its national LTL network (terminal to terminal – drop and
hook), dedicated lanes and open board opportunities. Fleet owners
and owner operators can expect consistent miles, revenue and mobile
app technology to assist in the management of their business.
Additionally, any drivers interested in connecting to one of our
five-star fleet owners are encouraged to apply.
For more information, visit www.DriveForwardAir.com or email
Recruiting@ForwardAir.com.
About Forward Air Corporation
Forward Air Corporation (NASDAQ: FWRD) is a leading asset-light
freight and logistics company. We provide LTL, final mile,
truckload and intermodal drayage services across the United States
and in Canada. Headquartered in Greeneville, Tennessee, Forward
operates approximately 200 facilities across the country and
employs more than 5,200 people nationwide. We are more than a
transportation company. As a single resource for your shipping
needs, Forward is your supply chain partner. For more information,
visit our website at www.forwardaircorp.com.
This press release may contain statements that might be
considered as forward-looking statements or predictions of future
operations including with respect to the expected volume growth and
future performance of the Company and the ability of the Company to
strengthen its customer and fleet partnerships, attract and retain
the best independent contractors and fleet owners in the industry
and make necessary adjustments that will allow it to continue
providing world-class service to its customers. Such statements are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and are based on
management’s belief or interpretation of information currently
available. These statements and assumptions involve certain risks
and uncertainties. Actual events may also differ from these
expectations as a result of the risks identified from time to time
in our filings with the Securities and Exchange Commission. You
should consider the forward-looking statement contained herein in
light of such risks. We assume no duty to update these statements
as of any future date.
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version on businesswire.com: https://www.businesswire.com/news/home/20210326005464/en/
Justin Moss jmoss@forwardair.com 404-362-2472
Forward Air (NASDAQ:FWRD)
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