A recent survey shows that owner-operators who know their operating costs stand to make significantly more money than those who don’t.
On Feb. 22, the OOIDA Foundation – the research and education arm of the Owner-Operator Independent Drivers Association – released the results of their 2022 Freight Rate Survey. Now in its 11th year, the annual survey of the Association’s members aims to “document the holistic changes that are occurring within the trucking industry, including freight rates.”
According to the survey, in 2022 owner-operators who knew their cost of operations earned $1.15 more per mile, and $1,500 more per trip, versus those who did not know.
“It is critical for an owner-operator to know how much they need to earn in order to both cover their operating expenses and pay themselves,” the Foundation’s report read. “An owner-operator who knows (his or her) costs is better equipped to choose which freight, region, and type of operation is best for their business as well as being better able to negotiate their rates.”
The importance of knowing your costs of operation isn’t a concept lost on most owner-operators. In fact, 88% of respondents to the survey stated they knew their figure, a 10% increase over the year prior. Owner-operators with their own authority (93%), those pulling refrigerated trailers (93%), and those operating long-haul (93%) were among the top groups to report knowing their operating cost.