OTR Express Inc history

Gerdin graduated from Moorhead State University in Minnesota in 1965 and went to work for his father’s company.

He bought his own trucking line, Great Plains Transportation, a small company based in Nebraska, in 1966.

Following that period, Ward became chairman and president of ACA Corporation, a real estate management and syndication firm he founded in 1973 for office, multi-family and farm leasing investments.

But, in 1979, the trucking industry was deregulated, opening new opportunities for the smaller companies in the industry.

By 1982, the company was bringing in nearly $11 million in annual sales, and, by keeping its costs low, the company managed to achieve net income of more than $1 million.

1985 Beginnings With One Truck

By 1986, Heartland had doubled its revenues, to nearly $22 million.

In 1988, with a tractor fleet numbering more than 300, almost half of which were company owned, and the number of trailers at 715, Heartland posted a net income of more than $5 million on $34.6 million in sales.

The conversion of the company’s nearly 1,500 trailers was completed in 1990.

Early in 1991, Gerdin reduced his control of the company, putting up 650,000 of his own shares in a secondary offering, leaving him with 51 percent of the company’s stock.

In 1992, Ward hired Gary Klusman as chief financial officer to help develop a strategy that would redirect the company.

In 1993 USA Truck saved $500,000 in retraining costs and driver turnover had declined from 105 percent to 85 percent per year, compared to an industry average of 100 percent turnover per year and an industry high of 200 percent turnover.

A booming year for trucking in 1994 helped Heartland overcome the challenges of the Munson acquisition.

A driver center opened in Vandalia, Ohio, in June 1996.

By 1997 the company had returned to profitability, with especially strong third and fourth quarter results.

In July of 1998, OTR's stockholders voted to increase the number of authorized shares of common stock from 5 million to 20 million shares.

In November 1999, USA Truck purchased Carco Carrier Corporation, which operated under the name CCC Express and provided medium-haul, truckload shipping.

To attract experienced drivers, the company instituted a 16 percent pay increase on October 1, 2000.

With the economy stabilizing, USA Truck sustained a fairly even level of fleet availability in 2001.

"Heartland Express, Inc. ." International Directory of Company Histories. . Retrieved April 15, 2021 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/heartland-express-inc