More Truckers Selling Their Rigs, Times Says

Thousands of U.S. truckers unable to make money because of rising fuel prices are selling their trucks, in what may be the biggest cut in the U.S. trucking fleet since trucking deregulation in 1980, the New York Times reported Tuesday.

More than 45,000 vehicles — about 3% of the U.S. trucking fleet — have been taken out of service since early last year, the Times said, citing America’s Commercial Transportation Research Co., based in Columbus, Ind.

Although small operators have been the most affected, 935 larger trucking businesses shut down in the first quarter compared with 385 last year, marking the highest quarterly failure rate since 2001, the Times said, citing American Trucking Associations data.

Some trucks are also being sold abroad, the paper said. Nearly 24,000 used tractors have been exported since early last year, according to Commerce Department data, the Times reported. That was three times the number in 2006.

Truckers also said that deregulation, which increased competition and allowed thousands of small operators to enter the market, has made it harder to pass on added costs, the Times said.