Covenant Transportation Group posted record revenue and profits in the third quarter as a strong freight market drove rates higher and the company began to see benefits from its recent acquisition of Landair Holdings.

Covenant Transportation Group reported a positive second quarter, recording greater revenues and income as it moved forward on its purchase of Landair Holdings.

Covenant Transport Services has acquired Landair Holdings Inc. of Greeneville, Tenn., for $83 million in cash and the assumption of $15.5 million in debt.

Dynamo, a transportation and logistics-oriented venture capital fund based in Chattanooga, Tenn., is launching a Founders Camp for entrepreneurs with ideas for transforming global trade and commerce.

Covenant Transportation Group reported first-quarter net income of $4.4 million, or 24 cents per share, compared with a net loss of $39,000 in the same period of 2017.

Covenant Transport raised its profit outlook March 14 for the first quarter after freight revenue rose a better-than-expected 6.3% in the first couple of months of 2018.

Covenant Transport Services has hired a former executive at Amazon and rival U.S. Xpress Enterprises to serve in the newly created position of chief transformation officer.

Covenant Transportation Group reported higher profits from its dry van and refrigerated truckload operations in the final quarter of 2017, but earnings for the full year declined as the company was unable to supply enough trucks to take full advantage of increased demand for freight shipping during the peak holiday season.

Carriers have been increasing compensation to entice drivers to join their ranks, and one of them has developed a fresh approach to bonuses.