Truckers spend an average of 56 minutes a day looking for parking because of the trucker parking crisis. That’s nearly an hour of unpaid, fuel-burning, frustrating hunting.
Not only is finding parking time-consuming, but it can also be economically destructive for carriers.
The average trucker will spend $4,600 annually in fuel costs and lost wages to find a parking spot.
As the industry slowly works its way through the parking epidemic, here are some ways to cope with the costs.
Why is Finding Parking So Difficult?
The statistics surrounding trucker parking are mind-boggling. Here are the numbers.
- There are approximately 313,000 total parking spots nationwide. There are 3.4 million trucks on the road.
- That means there is one spot for every 11 truckers.
- As if that wasn’t debilitating enough, 273,000 of those 313,000 spots are private. Only 40,000 spots are public.
Frustratingly, as carriers seek out parking, they are also battling the Hours-of-Service requirements, potentially putting them in danger of facing fines for exceeding their allotted time.
How to Gain Back the Costs from the Parking Epidemic
Many solutions to the parking epidemic are helpful, but often impractical. You can make reservations for parking spots, but those are usually filled. The Truck Parking Safety Improvement Act may eventually allow for $755 million to be invested in new infrastructure for trucker parking, but legislation can be slow.
The solution requires additional cash flow to resolve the costs incurred by the lack of parking.
Freight factoring allows truckers to be paid for their loads faster, often within a day, for the loads they deliver. This will enable carriers to quickly cover expenses without dipping into reserve funds.
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The truck parking epidemic is costing carriers weeks of productivity and thousands of dollars in costs. Despite the difficulty, truckers can feel stretched for meaningful solutions.
By using a freight factoring service, carriers can get paid for their loads more quickly and cover the costs incurred by the truck parking epidemic.
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The England Carrier Services (ECS) division offers various services for carriers ranging from maintenance to support. As ECS members, carriers have access to nationwide discounts on fuel and tires from dedicated team members committed to finding the best price. ECS also provides factoring services with benefits such as same-day funding to a bank account or fuel card. These options allow carriers the freedom to focus on growing their business while saving time and money.