CAT Global Inc

Just filed a claim against their Surety Bond. Lets see how long this process take, will keep you updated here.

Just FYI, the process so far was extremely easy. I wonder how efficient it is...
 
tasuinam said:
Good Luck ... so all you had to do was contact their bond company?
Click to expand...

For now its too early to tell. But I called their company, told them I want to put through a Surety bond claim for one of their customers. Provided the policy number and they told me to send an email with all the documents and back up emails. They said the process takes around 48 hours and someone will be in touch.
 
  • Like
Reactions: EricG and tasuinam
this is odd. We have done over 20 loads with them. they paid in 30-45 days period none owing. is there anything happening in the market ? Are top brokers getting effected as well ?
 
  • Like
Reactions: vanspek
lynfox said:
this is odd. We have done over 20 loads with them. they paid in 30-45 days period none owing. is there anything happening in the market ? Are top brokers getting effected as well ?
Click to expand...
I'd say so, if you go through this post I had the similar experience at first, typically paid in 35 to 40 days. After seeing some of the comments here we factored their last invoice we did for them, its reaching a 114 days now and they have CTP by next week to the factor. Their credit is no good for us.
 
  • Like
  • Wow
Reactions: EricG and lynfox
They were having issues with payments to Rev Capital (Factoring) and were put on a temp hold but I have been told they have cleared everything up and are back in good standing.

What a lot of carriers don't seem to understand is that yes Brokers are indeed feeling this market the same way they are.

Customers that use to pay in 30 days are now paying in 60-90 days, this obliterates cash flow and strangles operations. If management is not keeping enough of the profit in the company, this will eventually collapse.

Everyone is feeling this market, stay strong, stay smart and honest. We will make it through.
 
  • Like
Reactions: tasuinam
Global416 said:
They were having issues with payments to Rev Capital (Factoring) and were put on a temp hold but I have been told they have cleared everything up and are back in good standing.

What a lot of carriers don't seem to understand is that yes Brokers are indeed feeling this market the same way they are.

Customers that use to pay in 30 days are now paying in 60-90 days, this obliterates cash flow and strangles operations. If management is not keeping enough of the profit in the company, this will eventually collapse.

Everyone is feeling this market, stay strong, stay smart and honest. We will make it through.
Click to expand...
the only one making money these days are Brokers (in my opinion). Some Brokers on average are making 17% when the Carriers are struggling. Rates have dropped by at least 30% and Insurance costs have doubled, fuel and wages have increased substantially. Plus we have Carbon Tax, IFTA, GST, Weight Distance Taxes, Heavy highway Tax, Source Deductions, WCB, high interest rates...the costs for Carriers are outrageous. Small companies won't survive this much longer.
 
  • Like
Reactions: NTravels, Scammer911 and MLCAR
boxermom said:
the only one making money these days are Brokers (in my opinion). Some Brokers on average are making 17% when the Carriers are struggling. Rates have dropped by at least 30% and Insurance costs have doubled, fuel and wages have increased substantially. Plus we have Carbon Tax, IFTA, GST, Weight Distance Taxes, Heavy highway Tax, Source Deductions, WCB, high interest rates...the costs for Carriers are outrageous. Small companies won't survive this much longer.
Click to expand...
The amount of brokers laying people off and closing tells a different story. 17% maybe on small ticket but I would bet margins on typical full loads is in the single digit percent.
 
  • Like
Reactions: SandyAWA, duke22, loaders and 1 other person
boxermom said:
the only one making money these days are Brokers (in my opinion). Some Brokers on average are making 17% when the Carriers are struggling. Rates have dropped by at least 30% and Insurance costs have doubled, fuel and wages have increased substantially. Plus we have Carbon Tax, IFTA, GST, Weight Distance Taxes, Heavy highway Tax, Source Deductions, WCB, high interest rates...the costs for Carriers are outrageous. Small companies won't survive this much longer.
Click to expand...
This is exactly why I made my previous post, Carriers will always blame the broker and think they are making a million dollars off their load and paying you peanuts. While I know there are some really bad brokers out there that could care less if the carrier goes out of business, the majority want to work with good people and pay a fair rate to keep things moving.

A brokerage is like a shark, it needs to keep moving forward or it will die.

The real issue as I see it is other carriers undercutting each other constantly until a previously profitable lane is reduced to barley covering costs and carrier trying to go direct with customers they were working with through a broker. offering that customer an ever lower price then you were getting from the broker and honestly.... F'ing up the entire market.
 
  • Like
Reactions: NTravels, Ironman Ed, SandyAWA and 1 other person
theman said:
The amount of brokers laying people off and closing tells a different story. 17% maybe on small ticket but I would bet margins on typical full loads is in the single digit percent.
Click to expand...
layoffs are better than shutdowns and lets look around, there are a lot more asset carriers closing up shop than there are brokerages.
 
  • Like
Reactions: SandyAWA and Scammer911
boxermom said:
the only one making money these days are Brokers (in my opinion). Some Brokers on average are making 17% when the Carriers are struggling. Rates have dropped by at least 30% and Insurance costs have doubled, fuel and wages have increased substantially. Plus we have Carbon Tax, IFTA, GST, Weight Distance Taxes, Heavy highway Tax, Source Deductions, WCB, high interest rates...the costs for Carriers are outrageous. Small companies won't survive this much longer.
Click to expand...
Where did you get the average 17% gross margin from? I'm not making that
 
  • Like
  • Sad
Reactions: SandyAWA and box broker
Gr8Loads said:
Can anyone explain to me if we can put claim against CAT BOND - for not paying their invoices? If yes, please provide process on how to do it.
Click to expand...
They use TRAVELERS CASUALTY & SURETY CO. OF AMERICA
Attn: CLAIM=BFPCLAIMS@TRAVELERS.COM/VERIFY=AHAWKIN1
Address: ONE TOWER SQUARE-5GS
HARTFORD,, CT US 06183

Fax: (888) 460 - 66221727701625659.png

The problem with a bond is you will only get a small percentage of what is actually owed to you. We usually suggest you file on the bond and then place it with a transportation collection specialist that can help you get the remaining portion the bond doesn't pay. My name is Sandy and I work with Alexander, Winton & Associates and can help you with this if you want me to. No money out of pocket and if we don't collect, we don't get paid. My work # is 662-932-3268
 
Yeah, I don't know about other brokers in the market, but I am definitely feeling the pinch like everyone else. I do my darn best to keep rates up as much as possible so my carriers are still making profits as well. It's a tough slog out there these days, but like all things, it will end eventually. It's not the first down turn we've all experienced, and sure to not be the last. Save your money where you can, keep your head down, and grind it out.
 
Last edited:
  • Like
Reactions: JACKBURTON, MLCAR, Global416 and 1 other person
LrgCar said:
Welp, we are having trouble collecting from CAT, no response from them about 12k owed. Does anyone have a contact for them?
Click to expand...

They are not answering, phone calls, emails. We have copied a few of their directors and CEO's over a very small amount but nevertheless they need to know the industry is watching.

We have submitted a claim against their Surety bond, which takes 30 days to respond + 30 days to investigate. If what people are saying is true and they are not even going to pay off the entire amount of the "claime" I will have to say Surety Bond is useless for both brokers and carriers. But I will wait, see and update.

We are also attempting to go after their customer which in our case is Atlantic Packaging. But that company seems like an entire mess of its own. I am pretty sure they are the ones that put CAT under difficult payment terms hence why CAT is not paying.

Global416 said:
They were having issues with payments to Rev Capital (Factoring) and were put on a temp hold but I have been told they have cleared everything up and are back in good standing.

What a lot of carriers don't seem to understand is that yes Brokers are indeed feeling this market the same way they are.

Customers that use to pay in 30 days are now paying in 60-90 days, this obliterates cash flow and strangles operations. If management is not keeping enough of the profit in the company, this will eventually collapse.

Everyone is feeling this market, stay strong, stay smart and honest. We will make it through.
Click to expand...

I can not speak for a lot of carriers/brokers, but in my opinion if you are a broker or a carrier that agreed to Net 30 payment terms, with whomever it is and are running into finanacial issues. Pick up the damn phone and make it clear, dont just hide. Which is exactly how CAT Global positioned themselves. "oh those small guys cant do Sh all, let them chase us around." Now that type of business I will not tolerate and expose, so everyone in the industry knows who they are.
 
  • Like
  • Love
Reactions: hrb604, MLCAR, Global416 and 1 other person
Gr8Loads said:
They are not answering, phone calls, emails. We have copied a few of their directors and CEO's over a very small amount but nevertheless they need to know the industry is watching.

We have submitted a claim against their Surety bond, which takes 30 days to respond + 30 days to investigate. If what people are saying is true and they are not even going to pay off the entire amount of the "claime" I will have to say Surety Bond is useless for both brokers and carriers. But I will wait, see and update.

We are also attempting to go after their customer which in our case is Atlantic Packaging. But that company seems like an entire mess of its own. I am pretty sure they are the ones that put CAT under difficult payment terms hence why CAT is not paying.



I can not speak for a lot of carriers/brokers, but in my opinion if you are a broker or a carrier that agreed to Net 30 payment terms, with whomever it is and are running into finanacial issues. Pick up the damn phone and make it clear, dont just hide. Which is exactly how CAT Global positioned themselves. "oh those small guys cant do Sh all, let them chase us around." Now that type of business I will not tolerate and expose, so everyone in the industry knows who they are.
Click to expand...
Ouch! Good on you to out players who can't pay on time. Maybe try sending your freight invoice and payment demand letter to receiver of the load.

We have no qualms about rebilling shippers, receivers, and any other party noted on the BOL, or noted as the beneficial or current owner of the freight.

Guido and the baseball bat sometimes has better luck at collecting, just saying...
 
  • Haha
  • Like
Reactions: Rob, MLCAR, tasuinam and 2 others
boxermom said:
the only one making money these days are Brokers (in my opinion). Some Brokers on average are making 17% when the Carriers are struggling. Rates have dropped by at least 30% and Insurance costs have doubled, fuel and wages have increased substantially. Plus we have Carbon Tax, IFTA, GST, Weight Distance Taxes, Heavy highway Tax, Source Deductions, WCB, high interest rates...the costs for Carriers are outrageous. Small companies won't survive this much longer.
Click to expand...
Please show where the average is 17% margin
 
You must log in or register to reply here.
Top Bottom