Noel Perry

There's no question that in both spot and contract rates, particularly the spot rates, which are a good leading indicator,

that rates are up.

The demand side has not shown any strength.

And so the first conclusion we take about this increase is that this is a supply-side driven, capacity-driven event.

Most of these drivers were working for smaller carriers, and they are

Filing bankruptcy, they're shutting down, and that is reducing the capacity.

If they're DACA, they probably grew up here as children.

That's the whole point.

and they are therefore sufficiently fluent in English to drive a truck.