Pride Group - TPine

I've heard the same, we had an owner-operator try getting one of their lease/rental units and he was told they have stopped the program until they can get their inventory cleared out. I called this a while back, Pride ate up a ton of inventory at sky-high prices and now with the market in a dump it's all catching up to them.
 
There's been a lot of factoring company closures in the last year or so. I wonder if Rev Can is having problems also as they do not pay out when they are supposed to. Will they be next?
 
Solid information that I have received from well placed sources is that they are in a ton of trouble and the banks and finance companies are actually on site overseeing day to day operations. They made some huge investments in electric vehicles and even greater investments in charging stations. Hard to say whether they will weather this storm or not. Depends on how much financial support they can get from players back in India.
 
loaders said:
Solid information that I have received from well placed sources is that they are in a ton of trouble and the banks and finance companies are actually on site overseeing day to day operations. They made some huge investments in electric vehicles and even greater investments in charging stations. Hard to say whether they will weather this storm or not. Depends on how much financial support they can get from players back in India.
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so the investment in EV is their downfall?
 
Shakey said:
The rumour started from their leasing side, turning in a lot of trucks; if the numbers above are accurate, it makes sense why it is spreading like wildfire.

If not true, I feel for them as they are now trying to keep clients with them.
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Yes that's what i heard as well, they had a lot of trucks returned as their lease rates were unaffordable, and many of their clients downsizing due to the freight recession. We have heard of fleets returning 15-20 trucks each alone in BC. When you cater to markets that cannot finance equipment and rely on the spot market as many small fleets do it is to be expected. Pride was buying trucks for $240-260K for their rental fleet, now the same trucks are 200K brand new. They are still making payments on idle rental units which is hurting their bottom line. I hope they can weather the storm as they have a somewhat decent program when the markets are stable, unfortunately, it looks like they have become the victim of their own success.
 
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I don’t think you can attribute this financial mess to any one thing. A combination of bad investments, reduced freight revenues, too many trucks and most importantly, falling truck values. I suppose the situation would be even more dire if they hadn’t adopted the Driver Inc payroll model.
 
dont forget, tpine has locations in the US as well. Started seeing adds for truck parking spots or truck yard for lease at their leasing/rental service centers last fall.
 
I guess only thing they missed out was an Insurance program.

Heard the same that TPine was taken over by their lender. If they survive, it will be their transport/carrier division.
 
Ins-Broker said:
I guess only thing they missed out was an Insurance program.

Heard the same that TPine was taken over by their lender. If they survive, it will be their transport/carrier division.
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any confirmation on this or just hearsay? I tried asking our sales guy and they were very hush hush about the situation.
 
I heard Mitsubishi HC Capital is taking over some of the contracts. I'm not sure how this will unfold, as Mitsubishi is not into full maintenance leases, which Tpine/Pride was offering. Can someone take just part of the contract?
 
I know T pine uses Mitsubishi and Rcap money to fund their customers. Any equipment you finance from T pine/ Pride. HC capital or RCAP has lein on each VIN.
 
YYZRIDER said:
I know T pine uses Mitsubishi and Rcap money to fund their customers. Any equipment you finance from T pine/ Pride. HC capital or RCAP has lein on each VIN.
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TD, RBC and Hitachi capital are back end lenders as well I believe (not confirmed)
 
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