COVID, oil glut behind many small trucking companies’ bankruptcies in 2020
As the demand for essential goods soared amid the COVID-19 pandemic, larger trucking companies were able to pivot faster than smaller fleets that didn’t have the necessary equipment, finances or drivers. 3,485 10 minutes read The COVID-19 pandemic, an oil glut and legal issues forced small-business carriers to cease operations or file for bankruptcy protection in 2020. Photo: Jim Allen/FreightWaves
In 2020, the U.S. trucking industry was turned on its head by a pandemic and an oil glut that forced many small fleets and owner-operators to file for bankruptcy protection.
According to the American Trucking Associations, 97% of U.S. trucking companies operate fewer than 20 trucks, and 91% have six or fewer.