A Record Year

In 2022, Prime saw 12% growth, but that growth is not the norm. “We typically see 2 to 3% growth each year,” Clayton says. “Last year was truly a record year for us. It was the biggest year for growth that we’ve ever had.” So why the sudden spike? Clayton says a lot of it has to do with COVID concerns dying down. As people returned to work, to restaurants and to socializing, there was an abundance of products to sell, and that meant trucking companies had a lot of work on their hands.

That sudden swing in the market is nothing new in the trucking industry. To succeed in this business, companies have to be able to pivot quickly. It’s a big reason why Prime is always looking to improve what it does. Over the years, it has cut its energy bills by recycling water at the wash bays and adding solar panels to terminals. It even created a new revenue stream by taking used truck tires and turning them into mulch that can be used in landscaping.

Even Prime’s commitment to its refrigerated unit is an example of how the company is hedging its bets. Back when Robert Low started Prime, he realized there weren’t many trucking companies that were investing in refrigerated units. They’re costlier to run and harder to do well, but Robert saw that as an opportunity to stand out from the competition. It was also a way to ensure that Prime would always have loads to deliver. “We’ve always said that no matter how bad the economy gets, everybody has to eat,” Clayton says. “That was a strategic move on Robert’s part, and it’s why we started hauling food.”

Now, food shippers are one of Prime’s largest customer base. But this is just a glimpse at how Prime has set itself up for success whether the economy is booming or tightening. To learn more about how Prime is adapting to uncertain markets and changes in the industry, keep reading. There’s a lot to learn.