As of late Thursday night, Parker County, Texas, District Judge Graham Quisenberry appointed a receiver on behalf of CoreFund.

In the Freightwaves article, Jason Medley, partner at Spencer Fane in Houston, noted, “This means that the receiver is able to act on behalf of CoreFund to release the UCC1s and notices of assignment and make payout arrangements. While the effect is not immediate — the receiver still needs to officially step into the process by paying a bond, etc. — the court’s order moves us much closer to addressing the needs of CoreFund’s factoring customers.”

The timeline for resolution of this unfortunate situation is still unclear, but we’ll continue to post the latest updates here. The full details and a timeline dating back to last week are below.

We’re actively working with a number of carriers affected by this situation to identify solutions for their unique situation. If you or someone you know needs support, please don’t hesitate to reach out.

Ashley Dellinger

VP with Express Freight Finance
Tel: 770.500.9435
adellinger[at]expressfreightfinance.com

*********

Midway through the week of July 18th, clients reported being unable to reach CoreFund Capital, a freight factoring company based in Weatherford, Texas.

There was little to no prior warning other than a comment posted to an earlier Facebook thread from the company on Thursday, July 21st, at 8:30 PM. 

As of Monday night, July 25th, the company confirmed via Facebook that, unfortunately, the entire CoreFund team was terminated. 

Carriers are reporting their doors are currently locked, and no one is answering emails or phone calls.

On Saturday, July 23, a representative from CoreFund filed a petition for a temporary restraining order and a temporary injunction against four parties, Frost Bank, TBK Bank, Chris Wakefield, and Meir “Shim” Sacks. 

Frost Bank and TBK Bank operate CoreFund’s operating accounts, while Wakefield and Sacks own controlling stakes in CoreFund’s holding company. As of Monday night, July 25th, Frost Bank has frozen CoreFund’s operating account, and it’s unknown at this time if TBK Bank has done the same.

The court documents state the rationale for “wrongfully shutting down” CoreFund’s business resulted from a “spat” between Wakefield and Sacks. Company representatives have requested that the court allow CoreFund to continue daily operations.

The case is scheduled to be heard in the Parker County, 415th District Court under Case No. CV22-0851. The date and time of the hearing are not clear at this time.

What’s Next?

Disclaimer: The following information does not constitute legal advice. 

Currently, CoreFund has a UCC Filing for all of its customers. UCC Filings are a standard part of almost all factoring agreements. You most often will hear of UCCs if one of your customers refuses payments to your factor or, in the case of CoreFund’s closing, if the factor does not make good on their payments to their carriers.

In basic terms, UCC stands for “Uniform Commercial Code.” Each state has its own legal and financial laws, but for businesses that typically operate across state lines, a UCC is a common set of laws that multiple states agree and abide by.  

The most common UCC in trucking is a UCC-1 lien. These are formal, public records from your factoring company of the debt you’ve incurred, including any current factoring agreements.  

If you’re currently a CoreFund client, because of the UCC currently governing your agreements, your customers will likely not be able to release any funds to another factor. 

You Have Options

Attorney Jason Medley, in Houston, Texas, is filing an emergency intervention and involuntary receivership on behalf of all CoreFund carriers. 

While we don’t know a timeframe for this petition, this action would allow the Texas courts to revoke all Notice of Assignments for CoreFund and all of their carrier UCC’s to be terminated.

Of note, Express Freight Factoring is a member of the International Factoring Association.

Alternatively, you may file a termination demand letter with CoreFund. 

Per a recent thread in the International Factoring Association (IFA) forum from Jason Medley on the process of filing a termination demand letter:

“A 20-day notice under UCC 9-513(c) can be sent to CoreFund. This still has some risks if the Debtor actually owes money to the Secured Party.  I have several carriers and other factors I am assisting with this, and I’m sure other attorneys are too.  There are additional workarounds that can be explored.”

We’re Here to Help

We appreciate how complicated this process and situation can get, especially for smaller carriers. 

Ashley Dellinger, Vice President at Express Freight Finance, said, “Carriers are upset and panicked at this time. The last thing we want to see them do is lock themselves into long-term contracts as a short-term fix. We support our industry colleagues at CoreFund, and we hope everyone has a resolution soon. In the meantime, we are here to help.”

Effective immediately, Express Freight Finance will offer a 60-day contract with a 30-day release clause for those carriers impacted by this situation with no set-up, due diligence, or early termination fees.

If we can help in any other way, don’t hesitate to reach out to our team at Express Freight. 

We will continue to post information here as the situation changes.

The post CoreFund Capital: How Express Freight Finance is Helping appeared first on Express Freight Finance.

“With this partnership with Tank Payments and our new service offering, we are putting the control back into the hands of our customers,” stated Dan Hadley, President at Express Freight Finance. “The money they earn is theirs, and they should be able to use it without worrying about fees or delays.”

For a mere $40 per month, customers can enjoy unlimited, instant funding. Express Freight Finance’s account is much more than a simple payment service. It includes:

• No wire fees
• No cutoff times
• Improved cash flow to pay drivers, dispatchers, bills, and recurring expenses
• Issuance of fleet cards to drivers
• Options to pay anyone with a mobile number
• Transferability of funds anywhere

Once funds are instantly paid to the Express Freight Finance account, customers can decide what happens next. They can use the Tank card anywhere debit or credit cards are accepted, withdraw money from ATMs and transfer money anytime to any existing bank account.

“Express Freight Finance’s primary goal has always been to enhance the financial freedom and prosperity of carriers,” added Dan Hadley. “With our Instant Pay service, we’re taking a significant leap forward in making that goal a reality.”

For more information about this new service or to get started, visit the Express Freight Finance website or contact your Express Freight Finance representative.

About Express Freight Finance

Express Freight Finance is a leading provider of freight factoring services, with a commitment to providing innovative financial solutions for the trucking industry. Express Freight Finance also offers equipment leasing, fuel cards, and market data to provide their customers with comprehensive financial services. Through advanced technology, strategic partnerships, and personalized customer service, Express Freight Finance supports trucking businesses of all sizes, assisting them in maintaining a healthy cash flow and achieving their goals.

About Tank Payments

Tank is a neobank and payments infrastructure that gets truckers paid faster. The company automates payouts to trucking companies, giving truckers instant access to the money they already earned. Ultimately, Tank Payments aims to become an all-in-one financial hub for the freight industry. You can learn more about Tank at www.tankpayments.com.

The post Express Freight Finance Introduces Instant Pay for Carriers and Fleets appeared first on Express Freight Finance.

“Retail Sales Explode in March”

“Third Round of Stimulus provides a huge boost to consumer economy “

“Freight Volumes Push Higher“

After a roller coaster of a year last year, 2021 is starting off hot for the economy and in turn the freight market. 

As of Friday, April 16th, The DHL Supply Chain Pricing Power Index is weighted heavily in favor of carriers. 

MarketFIT from ExpressFreight tells us the same thing. Designed to finally put market data in the hands of carriers, MarketFIT means we can zoom in even further. For example, here are the top ten gaining markets from last week: 

• Fayetteville, AR
• Tifton, GA
• Joplin, MO
• Cape Girardeau, MO
• Rock Island, IL
• Dubuque, IA
• Savannah, GA
• Erie, PA
• Duluth, MN
• Pendleton, OR

(Click here to learn more about MarketFIT).

Let’s look at some of the signals:

Most industries are joining the party. 

Economic recovery is accelerating. And it’s not just the tech industry that’s growing. 95% of S&P stocks are trading above their recent averages, which means the retail, grocery, and healthcare sectors are heading in the right direction. 

The third stimulus is fueling consumer confidence. 

In March, tens of millions of Americans received the third stimulus payment. Spending goes up, freight volume follows, and carriers will continue to hold the leverage in rate negotiations. 

Three Ways to Take Advantage of this Market

1.) Reduce your deadhead miles

When there is plenty of freight in the market, every mile matters. It is common for deadhead miles to amount to 15% to 30% of your rolling miles annually per truck. Your ability to cut deadhead miles is only as good as your data. Pinpoint your next pickup by relying on the data brokers and shippers have historically used as leverage against you.

In this blog post, we share some surprisingly simple ways to cut your deadhead miles today.

2.) Be more assertive as you negotiate rates

When you have near-time market data riding shotgun, you have more leverage than you might think. Too many brokers and shippers have benefited from keeping drivers in the dark. In short, don’t bring gut feelings to a data fight. MarketFIT From Express Freight Finance can help. (link again to MarketFIT page?) 

3.) Look for ways to grow your business beyond what it is today.

There are many routes to the ideal destination for your business. Whether you’re looking to expand your fleet, invest in new equipment, or simply optimize your cash flow, make sure you know your options. In a white-hot market like this, growth is yours for the taking. Just don’t let the opportunity pass you by. 

Strike while the iron is hot.

At ExpressFreight Finance, our job is simple: To keep you on the road. We know every circumstance is different.  Give us 15 minutes to understand the challenges you’re facing and we’ll develop a custom strategy to keep your momentum moving in one direction: forward. 

The post The Market is hot. Take Advantage of it. appeared first on Express Freight Finance.

Military life provides a definite structure and sense of self-sufficiency that translates well to the trucker’s regular schedule, and the importance of maintaining yourself and your vehicle in top operating condition. Here are some of the lessons learned from military life that have great application in the trucking industry as well:

• Teamwork – although the driving part of the job is mostly performed alone, a trucker needs to work well with dispatchers, warehouse workers, and operational managers in order to get the job done efficiently and promptly. All of this is very similar to the mission-oriented environment of the military.
• Dependability – it’s essential that truck drivers are dependable employees and can be relied upon by their companies. If deliveries aren’t made on time, trucking companies often incur penalties and lose money as a result.
• Mental toughness – long hours on the road require a great deal of concentration and focus on the task at hand. Loss of focus for even a little while could spell disaster for a driver or his vehicle.
• Situational awareness – it’s crucial that a driver always be aware of the traffic situation around him, and he must also be aware of the performance of his vehicle, noting when anything seems amiss and may require some kind of maintenance.
• Leadership – at every rank of the military, leadership is important to accomplish the unit’s mission and to keep the team moving forward. The same quality is essential for a truck driver, who needs to take on the initiative and responsibility of getting a job done as efficiently as possible, to the satisfaction of both customer and employer.

The post Veterans: Why Becoming a Truck Driver Could Be For You appeared first on Express Freight Finance.

The Acclimation Period

First and foremost, you won’t be driving and racking up miles like a pro from the start. It takes time for both your mind and body to adapt to this challenging job.  Being a truck driver also takes superior time management skills, which often develop with time and practice.

Learning to Park

Believe it or not, parking your truck at a truck stop at night becomes next to impossible during certain hours and peak seasons.  Seasoned truckers recognize that they’ll save time by parking early, getting the right amount of sleep, and then getting up and back on the road before everyone else.

Avoiding Heavy Traffic

Speaking of being on the road before everyone else, this also takes strategic planning.  If your schedule is going to take you through Chicago during rush hour, you’re doing it wrong.  Planning your routes so that you avoid heavy traffic can save you a lot of time and frustration.

Loading and Unloading

The best truck drivers become skilled at managing their schedules and their miles so that they can both load and unload as early as possible.  This both puts them ahead of schedule and provides a higher level of service to clients.  Being ahead of schedule can also make you more money and provide better loads from grateful dispatchers.

Timing Your Rest Periods

In the rush to get jobs done ahead of schedule, it can be tempting to cut back on sleep and rest. This would be a mistake as it will ultimately make you less efficient and less safe on the road.  Getting enough rest each night is an important part of being successful long-term as a truck driver.

So, if you can put all of these elements together, what sorts of goals should you aim for?  Most rookies should be able to drive 2400-2700 miles each week, increasing this up to 3000 miles a week after they’ve been on the road for a year or more.

The post Time Management Tips and Mileage Goals for Rookie Drivers appeared first on Express Freight Finance.

The Driverless Revolution

For years now, major innovators such as Tesla, Google, and even Ford have been developing driverless technology. The reason for this is to improve efficiency, and safety, and remove the unpredictable variable of human driving. While this technology ultimately will require new standards and regulations to implement, people are still apprehensive about placing their lives in the care of a vehicle, when we have been used to driving ourselves for more than a century.

The Impact On Delivery Fleets

While the technology is not ready to expand the driverless experience to the trucking industry, parcel delivery fleets – which use mostly vans and similar vehicles, may become early adopters. For those businesses, the changeover has the potential to set the traditional model of delivery fleets on its ear. For operators, their jobs are not necessarily disappearing. Even with driverless vehicles, delivery fleets will still need people to unload and deliver packages. During crunch periods, such as the holiday season, having driverless vehicles will theoretically reduce operator fatigue, stress, and accidents.

Increased Revenue

Parcel delivery fleets are already looking forward to the savings of using driverless cars, which will, in theory, reduce business insurance rates and save on the cost of fuel, since many of these vehicles are electric. The other big incentive, which is already being bandied about, is the potential to save on taxes for taking the initiative to switch over to driverless delivery fleets.

Monetizing Receivables

By automating delivery fleets, business owners will be able to plan and organize customer accounts much easier. Instead of waiting on payments from customers, delivery businesses will be able to use freight factoring to collect on owed revenue in batch orders. Many delivery businesses are already doing this as a means of accumulating growth capital to make the switch over to driverless vehicles, which could happen as soon as 2021.

Find Out More

If you are trying to keep ahead of the competition, and want to get the capital you are owed from your customers, call Express Freight Factoring at 1-877-807-3006. Our team will ensure you get the revenue you deserve quickly and efficiently, so your delivery fleet can grow and flourish.

The post Self-Driving Cars From Uber: The Future Impact On Delivery Fleets appeared first on Express Freight Finance.

The post Freight Bill Financing Made Easy appeared first on Express Freight Finance.

The ELD Mandate was created to help the industry as a whole, but individual truck drivers and fleet owners will soon see the benefits in complying with this legislation. Don’t wait until the mandate deadline to begin the compliance process. We’ve partnered with KeepTrucking, creator of the #1 rated ELD, to provide our valued clients with a simple, low-cost path to ELD mandate compliance. You can learn more about our Partnership and the #1 rated ELD here.

Feel free to use this free infographic on your website. All we ask is that you link back to this page as the source. Right-click the image and save it to your computer in order to upload it to your page or blog post. The URL for this page (for source credit) is: http://expressfreightfinance.com/benefits-eld-mandate. Or go ahead and share it on your social media accounts using the same URL. Thank you!

The post The Benefits of the ELD Mandate appeared first on Express Freight Finance.

Please look for us at booth #2147!

To register to attend, click here

The post We’re Going to the 2018 Great American Trucking Show appeared first on Express Freight Finance.

One of our new marketing initiatives — rolling billboards! Thanks to our client for partnering with us to gain national exposure.

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The post Rolling Billboards Give Our Factoring Service National Exposure appeared first on Express Freight Finance.