Fleet Management

Bibby Transportation Assists the Trucking Industry

August 17, 2009

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Bibby Transportation Finance, a subsidiary of Bibby Financial Services, has provided $2.7 million in new credit facilities in June and July to help small- and medium-sized trucking companies
that are using accounts receivable financing to buy equipment, start new businesses and cover their costs of doing business.

"With this increased activity, we are seeing trucking stabilize, which suggests that the worse of the recession is over, and the transportation sector may soon begin to recover as consumer confidence and spending increases," said Eric Hunter, executive vice president and managing director of Bibby Transportation Finance. "We think the benefits coming from the effect of reduced capacity in the market are driving higher rates per mile, which is increasing bottom line results. And while it's too early to make a definite call, we are hearing a more upbeat and optimistic outlook from our clients who are seeing increased demand for their trucking services."

The credit facilities went to 11 trucking companies across the U.S.

"Trucking companies face diverse cash flow problems," Hunter said. "With our experience specialized focus in this industry, we are able to tailor our accounts receivable financing programs to fit the individual needs of our clients."

More info: www.bibbyfinancialservices.com.

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