Carrier Market Fragmentation is Increasing

Carrier growth continues to be focused on small carriers:

• Big Carriers (more than 100 trucks) have just 2.7% more drivers than they did in March 2020 while 
• Carriers with 1 to 5 trucks still account for about 52% more drivers than they did before the pandemic.

But bigger carriers are still going out of business: In the first six months of 2023, 41 carriers with >100 trucks went out of business.

First Estes offered $1.3 Billion for Yellow’s terminals, and Old Dominion has upped it to $1.5 Billion. Yellow had 308 facilities at the end of 2022, with 166 owned and the rest leased. Amazingly they could have bought all of Yellow at its peak price in 2023 of $4 a share for ~$250MM.

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