Barack Obama may have won the 2012 presidential election, but he apparently did so with little help from the trucking industry. Ninety-three percent of the carrier executives surveyed by Transport Capital Partners (TCP) for its Fourth Quarter 2012 Business Expectations report indicated they were not happy with the election's outcome. Only 1 percent of the larger carriers who participated in the survey gave Obama's re-election a thumbs-up, while the 9 percent of smaller carriers who are primarily sole proprietors or LLCs did the same, the firm said.
The looming "fiscal cliff" is a source of uncertainty for the majority of respondents. Fifty-two percent said they are not making plans until they know how Congress will handle taxes and spending cuts. "Most carriers are in a 'parked' mode, and decisions are either deferred or changing until the 'cliff' is addressed," said Richard Mikes, a TCP partner. "Uncertainty about the tax picture for 2013 is [pushing] some carriers to accelerate merger and acquisition activity before the year closes, and many deals are being pressured as buyers and sellers are uncertain about what 2013 holds for them," Mikes and partner Steven Dutro said in a statement.
Chattanooga, Tenn.-based TCP provides advisory services related to transportation mergers and acquisitions, capital sourcing, operations, and long-term strategy. The firm has conducted the quarterly survey of carrier executives' concerns and expectations since 2008. For more information, visit www.transportcap.com.