Forward Air is now pursuing a growth strategy including both organic and inorganic infrastructure expenditures. This includes its ongoing LTL network development and additions of adjacent firms. Within its LTL and Truckload businesses, Forward Air Inc. announced a new destination-based compensation increase for its fleet partners.
Forward Air Corporation is a well-known asset-light freight and logistics organization. Across the United States and Canada, they provide LTL, final mile, truckload, and intermodal drayage services. Forward Air, based in Greeneville, Tennessee, employs more than 5,200 employees across the country and manages nearly 200 locations. They are more than just a transportation service. As a one-stop shop for all shipping needs, Forward is a strong supply chain partner.
The destination-based model pays team and solo owner operators more depending on the final destination of their load. Today's announcement demonstrates Forward's commitment to expanding the business and ensuring the profitability and success of fleet partners. Forward Air’s OTR fleets have seen five rate increases in the last four years.
"We are excited to make this adjustment, as it helps level-set supply and demand,” Tim Parker, Senior Vice President, Linehaul Logistics told Rutherford’s County local newspaper Murfreesboro Post. “Some areas of the country are less attractive for drivers due to factors such as urban road congestion, crowded fuel stops, limited parking or frequent road construction.
“These factors can lead to reduced utilization and higher equipment maintenance costs. The destination-based compensation increase will help offset those additional costs."
The company executed its largest-ever price rise for leased capacity suppliers in March, prompting the destination-based compensation increase. Forward also offers a generous sign-on bonus program to help migrating owner operators or fleet owners achieve first-year profitability. The bonus is $10,000 per team truck and $4,000 per solo vehicle added to the Forward fleet, paid out in the first year of service.
The national LTL network, dedicated lanes, and open board opportunities are all available through Forward's LTL and Truckload fleet. Owner operators and fleet owners can count on reliable miles, revenue, and mobile app technology to help them manage their businesses. Drivers who want to connect with one of the five-star fleet owners are welcome to apply.