Veltex Corp. Adding 60 Volvo Trucks By Years End
Veltex Corp. of Diamond Bar, Calif., expects to acquire 20 additional Volvo trucks by the end of November and an another 40 trucks by the end of December to add to the 46 trucks already in its fleet
Veltex Corp. of Diamond Bar, Calif., expects to acquire 20 additional Volvo trucks by the end of November and an another 40 trucks by the end of December to add to the 46 trucks already in its fleet,
making a total of 106 trucks in current operation.
Another 100 trucks will be acquired during the first quarter of 2003, the company said. Financing for truck purchases is through Volvo Finance.
"Each truck brings in about $15,000 in revenues monthly, which means that when we have our full 106 trucks at the end of this year, we will be producing $1.5 million in monthly revenues or $18-million yearly," said Andrew Friedel, president and COO of the firm's trucking subsidiary, Veltex Transportation, formerly known as MultiModal Transportation.
"Profits are running about 10% of revenues and we are looking for ways to increase those profits through cutting-edge technology."
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