The eTrucker.com Money for Miles program’s most recent winner was Margie Brady of Richton, Miss. For more information on the sweepstakes, visit www.eTrucker.com.
Overnite to Sell
Union Pacific, the largest U.S. freight railroad operator, plans to sell trucking subsidiary, Virginia-based Overnite, through an initial public stock offering. On July 24, Standard & Poor’s Ratings Services said Overnite’s trucking operations’ second quarter generated $372 million in revenue, 10 percent more than a year ago. Overnite, through its subsidiaries Overnite Transportation Co. and Motor Cargo Industries, has more than 208 U.S. service centers, a 6,000-truck fleet and a mostly non-union work force of more than 14,400 employees.
Nevada’s new law addressing engine brake use and allowing Nevada to conform with federal definitions of longer tractor-trailer combinations will take effect Oct. 1.
The new law allows truckers to use engine brakes as long as the truck is equipped with a muffler or if there is immediate threat to a person or property.
The bill also strikes down the 105-foot length limit for longer tractor-trailers permits. It also deletes the $2,940 annual permit fee maximum charged for longer tractor-trailers with a gross weight exceeding 80,000 pounds.
Wabash Sells Business Units
Wabash National and Jefferies Capital Partners plan to sell nearly all of the assets of Wabash National’s trailer leasing and rental and wholesale aftermarket parts distribution businesses to Aurora Trailer Holdings. Under a long-term agreement, Aurora will supply parts to Wabash factory branches and Wabash will provide new and used trailers and maintenance to Aurora. Wabash National estimates the total consideration from the sale to be $65 million to $70 million, of which $55 million will be paid in cash upon closing. All proceeds from the sale will go toward debt retirement.
Teamsters ratified a new contract with major car-haul carriers that increases wages and benefits 13 percent over five years. The previous National Master Automobile Transporters Agreement (NMATA) expired May 31. The Teamsters and carriers reached a tentative agreement May 21 after members voted to strike if employers did not remove proposals that included a two-tier wage for new hires. The contract includes the largest health and pension increase in the car-haul contract history and a better cost-of-living adjustment than before.
Diesel Prices Hit 3-Month High
After weeks of relatively little change, the retail price of a gallon of diesel rose 1.5 cents for the week ending Aug. 4, to $1.453. It was the highest national average price since May 5, leaving truckers paying nearly 15 cents more per gallon than the same week last year.