Trucking Business 101: Can I Get My Operating Authority with a Rental or Lease Truck?
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- Опубліковано 28 вер 2024
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You can use your personal car (or any car) to start your authority. Insurance will be cheap so that you can age your authority before you buy/lease/rent a truck
That’s a good idea. Wish I knew that before.
So if i use my cargo van to help age my authority am i adding commercial insurance on it or regular auto insurance?? Are u adding the car just for aging the authority. What about inspections etc??
@@dameli1010 any more info on this I was thinking the same thing?
So is this possible I was having this idea with my cargo van?
@@jjjr243 I added commercial insurance to my cargo van and letting it age 3 months. Do the minimum insurance needed while aging. I'm about to start cdl training so I'm letting it age until I complete them I will launch my trucking physically
Great to see you back. Please keep the videos coming.
Shout out to ALL the truck drivers that kept commodities moving during the pandemic! Truckers are truly the backbone of America! Thank you All And God bless!
Good to see you after long time 😁
What are good loadboards in the West for box trucks?
Thank you
Can I have a person who wants to lease under me with a leased truck get a DBA as my company name so when they get truck lease they can use my insurance policy as proof of insurace?
Ryder you to lease from them you have to be in buessniess for 5 years or more
And I was informed that you have to be in business for two years in order to be able to rent a semi for your business.
I just watched your video on getting your authority with a rental or lease. Would it be profitable to operate your business with all leased trucks? Not a short term but a continual lease? Thanks
Hi David this is Gyna I subscribed to your channel and I have questions about loading the goods. Do you have to load the goods and unload by yourself?
Hey how do I get a hold of you David?
Contact link is in the description
Can you just operate with your ddot until you get the authority
Can you tell me some company that I could lease a truck from just trying to get started
How do you calculate cpm when rent a box truck or sprinter van
Budget (and other rental companies) dont want to rent me a truck if i plan doing more than 100 miles a day. Well, I want to do over 2 thousand miles a week. Can anyone advise me on this? I'd greatly appreciate it. thank you.
Slowly realizing a lot of Trucking incidents are stress induced. Not enough pay and hunger.
How do you attract drivers?
Can’t you just rent for a week, get authorized then get your truck?
Could you rent a truck and run under someone else authority and be profitable? say I want to run under my boys dot but I don't have a truck could I rent one and profit say if I cut him 15% of my earnings a month. Plus rent on the truck.
Great info....
When renting do i have to including the collision and comp deductibles on my insurance for who I'm renting from?
Lol
Can I get my operating without having or renting a truck
Please do a MC authority reinstatement process video!
Good to see you back bro. Penske/Ryde are expensive leasing companies. But you can find other leasing companies that are not as expensive. I'm currently leasing for 2k per month not including maintenance.
What’s the name of the company bro
Would you be so kind to share that company's name? Would like to look them up.
Yes they are... Rental rates up here in the northeast have been going up
Read the fine print on leases. They’re not all the same.
New video 🙏🏾
How does a person get in contact with you.... I have a bunch of questions ...
davidmcgill.as.me
I saw in one of your videos that you do taxes for trucking company. How can I get you to do my trucking business Taxes?
You email him.
Possible but not profitable. Well put✌🏿
David, are you still doing consultations? I need some help.
I just updated my calendar. Link in the description.
@@TruckingFromScratch Thanks!
Is it profitable is you make 29k a month? No trailer rent cost
LOL
@david. Hey man I've been following all your videos and was just curious who do you recommend for an insurance company for beginning trucking companies and what is a rough estimate for that payment.
Can you get authority without a truck?
No, you can't. Have to have insurance. Can't have insurance without anything to put insurance on...
Yes you can get your authority without owning a truck, I just got mine and I don't own a truck. As David said if you have a VIN# and know the cost of the truck that you used the Vin for you can provide that to your insurance company. You will have to pay your insurance deposit for insurance though, that's the catch. My authority went active exactly 21 days from filing my DOT. When I rent a truck I will give that Vin to my insurance company and they will update my insurance policy. Hope this helps.
Yes this was very helpful
@@darrenhollins10 I have a similar question can you get your own authority first before having a truck just to get that part out the way to be ready for when you do purchase a truck? and also do you need your LLC before all that?
@@twotimemark the LLC is the first thing you do. Then get your EIN and setup your bank account and FMCSA filings. To answer your question you absolutely can get your authority without having a truck. There's a lot of videos on UA-cam about the process in addition to this one by David. Just do your homework and you'll be fine.
Man what. You do math in all your videos why not include some load math in this one?
I don’t do math in all my videos. Hopefully you found some value in it still. Thanks for the feedback
Hey David, do you have an email that I can contact you on?
Thoughts on this: 1.) I found I couldn't rent a trailer without 5 trucks or more in my fleet and 3 years active Authority; 2.) The authority needed to be active to get a truck; 3.) I realized that [renting/leasing (getting the truck)] could be done with [leasing (signing the truck operate under someone else's active Authority)] to a carrier since they would have the trailer is a much better option when starting-Landstar, Mercer, Fedex, Ups, or prime; 4.) Mirror what other successful people have done repeat that exactly; 5.) Become a dispatcher because it will show you how to get loads; 6.) Become a broker or agent with an owner operator company; 7.) Treat people well. Pay them accordingly.
Can you elaborate on 1) and 2)
Pretty cut and dry he laid it all out there . 1 They require you to have your company set up for 3+ years to lease a truck . 2 they won’t let you rent a trailer if you only have 1 truck
All those power only you listed don't do new authorities. Ryder lease and rent don't do trailers for solo; like you said... Amazon supposedly does power only sooner than the rest
It's the same even if you have a clear title on a truck... You gotta know someone or have a trailer. I had to save 16k and get a trailer, then went to mercer when CSA built up
My business partner and I are new to dispatching and trucking we recently started the process but felt stuck. After finding David on UA-cam and all his valuable information I decided to book his 1:1 consultation call and it was the best decision ever. He was punctual, informative, thorough, transparent, and most of all knowledgeable. David I wish you continued success with all your current and future endeavors! Keep up the great work and thanks again for your guidance!
Maintenance and road side assistance is included in most rentals. That’s a upside of renting
Agreed, and for any reason, you need to exit the trucking business. You can because you don't have a financed truck. You can return the rental truck and walk away.
@@j-power6061 Exactly!
I feel like your video did not answer the intended question. I’ve ran the numbers for the past two months on renting a sprinter van charging approximately $2.50 per mile per DAT national average. It is hard to obtain profitability yes, but how do you activate your authority on a rental?
Exactly how do you do it?
It’s about insurance, you have to have your insurance or a insurance to use for the van. So find the company you are gonna lease on to or get your own insurance. Then get whatever else is necessary if needed if running on your own, llc, mc, dot etc
Have you figured it out? In most cases when renting sprinter vans or box trucks insurance is already attached by the leasing company. Please help!!a
@@Suziee_Suee when renting you need your own insurance $$$
I activated my ins with a truck vin I got online. Then u modify the rental truck vin once ur in the actual rental.
Welcome back david. Thank you so much for all you do for us. I have a suggestion. Write all your major bullet points on the whiteboard ahead of time. That way you can just point to them and it'll save you some time. Thanks
You know it's learning time when David starts teaching.😀
I'm 58, Debt free, have 10k left on my house, I have no family..... and an introvert... I start Trucking School August 30th, plus reply if you are looking to rent or buy trucks..
the commercial rental department at penske says to call the office in my city which is little rock arkansas. Little rock says I have to have been in business for 2 years to rent a 26 foot box truck. That leaves me out. Im brand new.. I called memphis and they wanted a 5,000 deposit and 1100 a week plus 39 cents a mile. I would lose money if I took that deal, Say I drove 1,000 miles a week, 39 cents times 1000 miles is 390 plus the 1100 is 1490, divided by 1000 miles is 1.49 cents a mile in cost. Many runs dont even pay 1.49 a mile, then you add insurance of 400 a week thats 1890 a week in expenses divided by 1000 miles is 1.89 cents a mile in cost, now we add gas at 5.50 a gallon at 7 miles to the gallon , 1000 miles divided by 7 is 143 gallons times 5.50 is 787 dollars in gas added to 1890, brings cost per mile to 2.68 cost to drive a truck, 2677 a week in cost. Now if we add two nights a week in a hotel of 200 plus 2677 is 2877 a week in cost. that brings the cost per mile to 2.87 a mile just to break even. Based on that people should not get in the box truck rental.business. If you want to make 1,000 dollars profit per week you need all your runs to be 3.87 per mile. I have not added the cost of truck deposit and insurance deposit. If I add that your cost per mile could be over 5.00 a mile.
Thanks for the info you definitely helped me make a smart decision!
I'm not sure where you got the $1,000 per week rental rate, but I got written offers for $490 per week (maintenance included) + $0.15 per mile
so your numbers for rental are over inflated.
If you drive 2500 miles per week (which is very realistic) at your current written offer, that’ll be $375 plus your $490 equals $865/week so it’s not as far off as you may think.
It’s actually not inflated if u do some research
Who are you renting from?
It would have been more helpful to actually explain what that would look like. You didn't give any actual information
i want to rent out a flatbed 53' can anyone please tell me the any website from where i can rent out the trailer ?
David I also like your offices contact information. Interested in some services
The contact link is the description
I can’t imagine how many folks from the comments will try this anyways lol
is their any way i can talk to you please let me know i have few questions to ask.
Any loopholes for businesses under 2 years for leasing straight trucks?? Thanks.
Yea, I was thinking on this same subject. But, I don’t see it as profitable. Due to the issues of a “new company. “ plus, why pay a 6k on a rental. when that 6k can be added to a down payment on ur own truck.. I’m still waiting, myself.. but all information is great even just to play it out in ur own head. Thanks McG..
some people do not want the headache. they lease the truck
No shyt lol
Anyone knows of a company that will allow you to rent a semi-truck with new authority?
I tried COOP but the DOT must be active for at least a year. Penske and Ryder will with new authority but much more expensive deposit
Good question that is the Question that brought me to this video. Looking for info on different companies down payment and and weekly charge for a rental semi
CTI INSURANCE
Fun fact: The owners of swift lease all their trucks
Doesnt insurance help or pays for a rental ?
Hey i ran into a problem with progressive commercial insurance when trying to get blanket coverage, what insurance companies would you recommend for blanket coverage?
Please keep making videos
Very informative video! Keep the hood contact
Coming ✊🏾✊🏾✊🏾
The answer is Finance your Truck
Great content....my Uthority went active...penske has me at 675 week 11 cent mile......can you get brokerage n book.yiur own loads??
You're very savvy and sharp Sir 💯
Most oppressive & illegal operation of Penske is in Reading, Pa. Labor & Industry would have a Field Day with these criminals.
David, Awesome information like always! Please make a video about renting vs buying trailers when starting.
I was thinking this same thing
Why do you need insurance if you're renting a truck? They already have a loss damage waiver (LDW) offered when you rent. I know there cargo insurance, but why commercial vehicle insurance?
Which information??
what about uHaul trucks
Instead of paying that $1700 for insurance.. can’t you just put whoever you got driving the rental on your insurance policy?
Is that truck rental include maintenance?
Yea
What do you think is this best way to go.. ready to expand from one truck to 4 trucks. Should I buy used trucks or new trucks or should I lease new trucks.. want to attract drivers
Yeah but how?
I know what a vin is but how u know the value? As in the price of the truck?
Call rental company and ask
@@benayahisrael2118 shalom ach...that's all I wanted to know when they said value if they meant the price
@@TayG_9Deuce shalom ahch. I just went thru all that today. They want to know the value of the truck if it was sold today. If you’re renting from budget it’s prolly around 40k
1000 a week for a box truck? That's bs
I’m not sure where you heard “box truck”, but it wasn’t in any of my videos lol
💙
Hey David! Whats the best Chicago based company to lease under to build capital for your business
Question: Can I use my small suv to start a delivery business?
Hey David, Love your content Sir. I have a Truck Finance and Insurance company. Would love to schedule a call with you for collaboration purposes. A lot of my clients need a knowledgeable Accountant on their team.
What’s a good email address to reach you?
@@TruckingFromScratch jay@tcinsurancegroup.net
I use roetells for my truck and my motorcycles, awesome product!
Good afternoon, my name is Morris. I've been in the industry as a company driver for a little over 4 years and I'm doing my research before starting my own company.. I found your UA-cam channel to be very informative. I wanted to reach out and see if you do consultations. Please reach out when you can. Thanks.
You can tell this guy smart just from the pamp bar on his neck
Hi trying to get into the semi rental business , do you have any advice on how to get started ?
Yes very helpful answered just what I needed to know .
How much you pay for insurance a month and who are you insured with brother?
Do you think it's profitable to run box truck out of Indianapolis and to be home daily ?
David best place to get a truck from and since you don’t have your cdl license how do you find your driver
Thanks Mr McGill jus wanted you to know we have been watching since we started our business since last January it is growing already...also I have also started a consulting/ backoffice company to service motor carriers... I really learned a lot from you... thank so very much
What’s your email address? I would like to reach out
@@TruckingFromScratch trucknoffice@gmail.com
Can you get authorization using a pickup with a trailer?
Yes it was thanks my brother appreciate it 💪🏽🙏🏽👍🏽💯
Good Morning Bro 🙏.. Good To See You Again.. As Always Good Info. I Have A Question , Is There A Way I Can Contact You I Am Getting Ready To Start This Trucking Business So I Can Get A Little More Info.. Thanks 😊🙏
Yes, the contact link is in the description
David, thanks man. What would the cost be to finance a truck? Also could you do a video on understanding the market? You mentioned it in this video. Thanks again!!
Need you as mentor family how we make that happen also invite you to the community in our city of CEOs and earners bro .. it’s me Robb from port o call good to see you doing your thing .. link up
Skee?
David, can you send a employee to a job that is asking for owner operators???
Actually very useful info.
This is an EXCELLENT video
What’s a good place to get IRP started here in Indiana?
Hey David what compliance company do you use thanks for the info!!!
You do broker consultations?
I like your explanation bro
Can you get authority without truck?
Can I use my DOT from my old job to drive my own company truck??
Use the DOT # that belongs to your old boss?
Noooooo. You have to get your own.