The recent years have been lucrative for local owner operators in the trucking industry. There is a high demand for new drivers and an increased need for freight—so, what are you waiting for?
How Much Money Do Local Owner Operators Make?
The amount of money you can earn as an owner operator varies based on your contract with the company you work with and whether you are paid on a mileage or percentage basis. There are also various niches within the trucking industry with different compensation structures. For instance, general freight or van driving may pay less than specialized jobs, such as heavy haul work. Recent data provided by ATBS, the largest owner-operator financial services company in the United States, reported that independent owner operators earned an average of $61,167 in 2015. 2015 was also the first year that owner operator average salaries exceeded $60,000.
Why Owner Operator Incomes Have Increased
ATBS credits increased income opportunities to fuel cost reductions in the fourth quarter of 2015. Low diesel prices caused owner operator earnings to climb because the cost of diesel decreased by 32.7% and the total miles driven by truck drivers increased by 1.8%. Since fuel surcharges must be adjusted every week according to the U.S. Department of Energy’s reports, fuel surcharges will continue to overcompensate owner operators for as long as diesel prices continue to fall.
Bonuses have also contributed to increased owner operator earnings. Most new drivers can expect to receive average sign-on bonuses of $3,000 to $6,000, and in some cases even up to $6,500 or more. Team bonuses have also stayed strong, allowing truck drivers as much as an additional $15,000. Of course, potential bonuses should not be relied upon to positively impact your earnings in the coming years since they are dependent on the economy and other factors. Furthermore, many companies use bonuses selectively, by region, to meet demand for new truck drivers, or as a brief incentive.
If you are interested in becoming a local owner operator in Arkansas, there are several things you should consider when determining how much money you can make. Some trucking companies include things like insurance liability, road taxes, license, and fuel taxes in their mileage rate. These all have the potential to reduce your income potential, so it’s important to research trucking companies thoroughly before you make a decision to join a fleet as an owner operator.
Finding Local Truck Driving Owner Operator Jobs
If you are interested in truck driving owner-operator opportunities jobs in Arkansas, you should apply for a position at RCX Solutions today. We need reliable owner-operators and our team is ready to work with you to help you achieve your career goals. Call us today at 866-336-9697 if you have questions or want more information about joining our fleet.