Global Third-Party Logistics
Market Trends & Analysis
Website: www.3PLogistics.com
About Armstrong & Associates, Inc.


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Founded in 1980
Supply Chain Market Research and Consulting Services
Over 19,400 Newsletter Subscribers
Current Market Research:
Who's Who in Logistics and Supply Chain Management – Americas
 Who's Who in Logistics and Supply Chain Management – International
 Over 350 Detailed 3PL Profiles; 6,000+ 3PL Customer Relationships
 “The Business of Warehousing in North America – 2012 Market Size,
Major 3PLs, Benchmarking Costs, Prices and Practices”
 Targeted in-depth market research papers
 Articles & Press Coverage: American Shipper, Global Logistics & Supply
Chain Strategies, Journal of Commerce, Logistics Management, Logistics
Quarterly, Modern Materials Handling, Traffic World, Transport Topics, Wall
Street Journal
 Consulting Services: Logistics Outsourcing, Benchmarking, Supply Chain
Evaluation & Redesign, Strategic Planning, Mergers & Acquisitions, Expert
Witness, Systems Evaluation & Selection
 Global Resources: U.S. Organization; Eric Xiang, Shanghai China; Latin
America, Japan and South Korea Alliance Partners
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2
Copyright © 2012 Armstrong & Associates, Inc.
http://www.3plogistics.com/Site_Visits.htm
A&A has reviewed over 100 distinct 3PL operations, some multiple times.
3
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http://www.3PLAdvisor.com.htm
Provider profile information and 3PL customer reviews
4
©Copyright 2012 Armstrong & Associates, Inc.
Domestic and International Providers Connect the Global Supply Chain
3PL
“Connectivity”
Manufacturing
Ports
Distribution
Centers
Customers
Transportation Services:
Air
Brokerage Operations
Dedicated Contract Carriage
Freight Forwarding
Home Delivery
Just-In-time (JIT)
Less-than-Truckload (LTL)
Repair Center
TRANSPORTATION MANAGEMENT SERVICES
Transportation Planning
Transportation Execution:
Carrier Mgmt and Contracting
Contract File Maintenance
Inbound Shipment Planning
Exception handling
Outbound Shipment Planning
Load Tendering
End-to-End Matching
Loss/Damage Claims
Mode Conversion/Optimization
Tracking & Tracing
Value-Added Services
Call Centers
Cross Docking
Customization
Inventory Control/Vendor Mgmt
KanBan
Kitting
Labeling
Sourcing
Carriers
Customs
Suppliers
Package Delivery
Ocean Shipping
Rail
Rail TOFC/COFC
Small Package
Specialized
Truckload
Freight Bill Payment:
Pre-Audit
Post-Audit
Performed In-house
Outsourced
Lot Control
Merge In Transit
Manufacturing Support
Pick/Pack
Pool Distribution
Repair/Refurbish
Returnable Container Mgmt
Reverse Logistics
Store Support
Sequencing/Metering
Specialty Packaging
Sub Assembly
OTHER 3PL SERVICES, SKILLS & HANDLING
Consulting/Process Reengineering
Purchase Order Mgmt
Factoring/Financial Services
Project Logistics
Installation/Removal
Quality Control
Order Management
Union Services
Bulk Commodities
Hazardous Materials
Food Grade/Sterile
Temperature Controlled
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©Copyright 2012 Armstrong & Associates, Inc.
Top Global Fortune 500 Buyers of 3PL Services
49
53
51
42
42
41
39
35
36
32
31
30
30
6
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©Copyright 2012 Armstrong & Associates, Inc.
US$ Billions
Global 3PL Market Trends by Major Geographic Region
Region / Year
North America
Europe
Asia Pacific
South America
Remaining Countries
2006
$ 131.5
$ 143.6
$ 94.3
$ 10.4
$ 37.3
2007
$ 142.9
$ 170.1
$ 112.5
$ 15.4
$ 45.9
2008
$ 148.1
$ 171.3
$ 117.9
$ 16.2
$ 47.6
2009
$ 128.1
$ 162.3
$ 146.4
$ 27.6
$ 42.7
7
2010
$ 150.5
$ 145.7
$ 165.7
$ 33.3
$ 55.7
2011
$ 159.9
$ 160.4
$ 191.1
$ 39.5
$ 65.2
CAGR
4.0%
2.2%
15.2%
30.6%
11.8%
©Copyright 2012 Armstrong & Associates, Inc.
2011 Global Logistics Costs & 3PL Revenue (US$ Billions)
Region
Country
North America Canada
Mexico
United States
Region
Europe
France
Germany
Italy
Netherlands
Spain
United Kingdom
Others
Region
Asia Pacific
Australia
China
Hong Kong
India
Japan
Singapore
South Korea
Taiwan
Others
Region
South America Argentina
Brazil
Venezuela
Others
Region
Remaining Regions/Countries
Total
¹CIA official exchange rate GDPs
2011
Logistics
2011
3PL
2011
GDP¹
(GDP %) Logistics Cost Revenue % 3PL Revenue
1,759.0
9.9%
174.2
8.4%
14.6
1,185.0
14.9%
176.6
6.5%
11.5
15,060.0
8.3%
1,249.8
10.7%
133.8
18,004.0
8.9%
1,600.6
10.0%
159.9
2,808.0
9.2%
258.3
10.1%
26.1
3,629.0
8.3%
301.1
10.1%
30.4
2,246.0
9.4%
211.2
10.6%
22.4
858.3
8.1%
69.5
14.2%
9.9
1,537.0
9.4%
144.4
9.4%
13.6
2,481.0
8.5%
210.9
10.0%
21.1
4,130.7
9.0%
371.8
9.9%
36.9
17,690.0
8.9%
1,567.2
10.2%
160.4
1,507.0
10.5%
158.2
9.9%
15.6
6,989.0
18.1%
1,265.0
7.0%
88.6
242.4
9.0%
21.9
11.4%
2.5
1,843.0
13.0%
239.5
5.7%
13.7
5,855.0
8.7%
509.6
8.8%
44.9
266.5
9.0%
23.9
11.7%
2.8
1,164.0
9.0%
104.7
11.1%
11.6
504.6
9.0%
45.5
11.0%
5.0
836.1
10.7%
89.4
7.2%
6.4
19,207.6
12.8%
2,457.7
7.8%
191.1
435.2
12.6%
54.9
6.0%
3.3
2,518.0
11.6%
292.1
8.2%
24.0
315.0
11.9%
37.5
5.9%
2.2
909.5
14.2%
129.1
7.7%
10.0
4,177.7
12.3%
513.6
7.7%
39.5
11,080.7
15.9%
1,761.8
3.7%
65.2
70,160.0
11.3%
7,900.9
7.8%
616.1
8
Adjusted for currency
fluctuations, the global
3PL market grew by
4.9% from 2010 to 2011.
Most global 3PL activity is
within developed and
developing geographic
regions where services can
be readily contracted for
with providers.
Physical infrastructure
(roads, rail networks,
shipping ports) and
governmental regulation
impact the logistics costs as
a percent of overall
economic activity in each
country and region. Those
countries with better
infrastructure and fewer
regulatory barriers have the
lowest logistics costs as a
percent of overall GDP.
©Copyright 2012 Armstrong & Associates, Inc.
Top 25 Global 3PLs – 2011
2011
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Gross Logistics Revenue
Third-Party Logistics Provider (3PL)
(US$ Millions)*
DHL Supply Chain & Global Forwarding
32,160
Kuehne + Nagel
22,181
DB Schenker Logistics
20,704
Nippon Express
20,313
C.H. Robinson Worldwide
10,336
CEVA Logistics
9,602
UPS Supply Chain Solutions
8,923
Hyundai GLOVIS
8,588
DSV
8,170
Panalpina
7,358
SDV/Bolloré Logistics
6,785
Sinotrans
6,769
Toll Holdings
6,432
Expeditors International of Washington
6,150
DACHSER
5,925
Geodis
5,890
GEFCO
5,267
Norbert Dentressangle
4,980
UTi Worldwide
4,914
Hellmann Worldwide Logistics
4,687
Agility
4,410
Yusen Logistics
3,881
Wincanton
3,507
Caterpillar Logistics Services
3,465
GENCO ATC
3,372
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3PL has been
dominated by large
European and U.S.based 3PLs. Growing
Asia-Pacific 3PLs, like
Toll Holdings are
experiencing above
average recent growth.
The largest global 3PLs
have operations in
geographies
representing over 90%
of the world’s GDP.
*Revenues are company reported or A&A
estimates and have been converted to US$ using
the average exchange rate in order to make noncurrency related growth comparisons.
©Copyright 2012 Armstrong & Associates, Inc.
Top 25 Global ITM/Freight Forwarders – 2011
A&A
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Gross Revenue
(US$ Millions)
DHL Supply Chain & Global Forwarding
32,160
Kuehne + Nagel
22,181
DB Schenker Logistics
20,704
Panalpina
7,358
CEVA Logistics
9,602
Nippon Express
20,313
Sinotrans
6,769
Expeditors International
6,150
SDV/Bolloré Logistics
6,785
UPS Supply Chain Solutions
8,923
DSV A/S
8,170
Kintetsu World Express
3,321
Agility
4,410
Hellmann Worldwide Logistics
3,593
Pantos Logistics
2,412
UTi Worldwide
4,914
Toll Global Forwarding
6,432
Damco International
2,752
Yusen Logistics
3,881
Geodis
5,890
C.H. Robinson Worldwide
10,336
Hyundai GLOVIS
8,588
Kerry Logistics
2,060
Sankyu
2,689
DACHSER
5,925
Provider
Ocean
Airfreight
TEUs
Metric Tons
2,724,000
2,447,000
3,274,000
1,073,000
1,763,000
1,149,000
1,310,000
848,000
783,378
550,000
706,441
656,797
7,979,000
397,200
892,682
786,620
750,000
520,000
500,000
862,000
727,861
262,362
550,377
1,131,444
550,000
490,000
672,569
439,720
1,625,098
216,653
484,000
410,000
520,000
145,000
750,000
110,000
450,000
337,130
420,000
210,000
262,117
50,000
466,318
17,408
620,000
173,000
710,000
18,060
321,000
50,000
*Revenues are company reported or Armstrong & Associates, Inc. estimates and have been converted to US$ using the average exchange rate. Freight forwarders are
ranked using a combined overall average based upon individual rankings for gross revenue, ocean TEUs and airfreight metric tons.
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©Copyright 2012 Armstrong & Associates, Inc.
Transportation and Warehousing Services Dominate Demand
Transportation Management
23.7%
Warehousing
19.4%
Value-Added TM or WM
18.7%
4,095
3,358
3,237
Integrated Solutions
9.7%
International
7.9%
Supply Chain Management
5.6%
Dedicated Contract Carriage
4.5%
Other
4.2%
Intermodal
3.3%
Lead Logistics Provider
3.0%
1,675
1,358
969
781
729
573
519
0
500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000
Primary 3PL services provided are led by transportation management (23.7%),
warehousing (19.4%) and value-added services (18.7%).
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©Copyright 2012 Armstrong & Associates, Inc.
3PL Gross Revenue by Industry 2005-2012E – Fortune 1000 (US$B)
Major Industry Growth Automotive Consumer Goods Elements Food, Groceries Healthcare Industrial Retailing Technological Other
2005-2011 CAGR
0.9%
4.7%
4.1%
6.5%
8.5%
7.1%
5.2%
5.3%
2.5%
2005-2012E CAGR
1.8%
4.6%
4.6%
6.3%
8.4%
8.0%
5.1%
5.3%
2.9%
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©Copyright 2012 Armstrong & Associates, Inc.
U.S. 3PL Market 1996 – 2012E (US$ Billions)
$150
$142.2
$140
$133.8
$130
1996 – 2011 CAGR = 10.3%
$120
$119.0
$113.6
$110
Gross Revenue/Turnover
$127.3
$127.0
$107.1
$103.7
$100
$89.4
$90
$76.9
$80
$71.1
$70
$65.3
$56.6
$60
$50
$45.3
$39.6
$40
$30.8
$34.2
$30
$20
$10
$0
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011 2012E
Year
The U.S. 3PL industry has experienced a strong rebound from the economic downturn in
2009. For 2011, 3PL growth has been three times the growth in U.S. gross domestic
product (GDP). With Asia cooling and Europe in decline, estimated growth for 2011 is 5.1%
and 6.3% for 2012.
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Copyright © 2012 Armstrong & Associates, Inc.
Trends in 3PL/Customer Relationships
% of Domestic Fortune 500 Companies using 3PLs
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©Copyright 2012 Armstrong & Associates, Inc.
Growth by 3PL Market Segment
3PL Market Segment
Domestic Transportation Management
International Transportation Management
Dedicated Contract Carriage
Value-Added Warehousing & Distribution
Total
% Change
2011
2011
Gross Revenue Net Revenue 1995-2011 2012E vs. 2011
Net Revenue
(US$ Billions) (US$ Billions)
CAGR
10.0%
41.3
6.3
11.6%
3.0%
46.1
17.7
15.0%
4.0%
11.1
10.9
7.5%
6.0%
34.0
26.6
14.3%
5.8%
130.8
61.0
12.3%
(US$ Millions)
Net Revenue Growth by 3PL Segment
29,000
27,000
25,000
23,000
21,000
19,000
17,000
15,000
13,000
11,000
9,000
7,000
5,000
3,000
1,000
ITM has been
the Highest
Growth
Segment, but
has cooled.
VAWD is
Maturing. DCC is
Mature.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E
Value-Added Warehousing & Distribution (VAWD) - Asset Based
Dedicated Contract Carriage (DCC) - Asset15
Based
Copyright © 2012 Armstrong & Associates, Inc.
After-Tax Net Income Margin Trends by 3PL Market Segment
20%
2011 , 17.4%
18%
16%
14%
12%
10%
8%
7.3%
6%
4.5%
4%
3.0%
2%
0%
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Year
Value-Added Warehousing & Distribution (VAWD) - Asset-Based
Dedicated Contract Carriage (DCC) - Asset-Based
International Transportation Management (ITM) - Non-Asset Based
Domestic Transportation Management (DTM) - Non-Asset Based
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©Copyright 2012 Armstrong & Associates, Inc.
U.S. DTM Network Transportation Managers
 Robust TMS for network transportation planning and execution
 Heavy EDI/electronic systems interfaces
 Some Buy/Sell side arrangements with a lot of Freight Under
Management
 FUM = Freight Under Management, Managed Transportation
 Shipper may hold contracts with core carriers
 Shipper contracts with a 3PL which gets a management fee (5-7%
GM)
17
©Copyright 2012 Armstrong & Associates, Inc.
Top 30 DTM/Freight Brokers Ranked by 2011 Net Revenue
8,740
CHRW is 40% of the total top 30 net revenue.
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©Copyright 2012 Armstrong & Associates, Inc.
3PLs – Expanding Oil & Natural Gas Business in the Bakken Formation
Bakken Formation, a Significant New
Domestic Source of Oil and Natural Gas:
• According to the 2008 United States
Geological Survey, the Bakken
Formation of the Williston Basin
Province in Montana and North Dakota
has estimated average undiscovered
volumes of:
 3.65 billion barrels of technically recoverable oil,
Source: USGS
 1.85 trillion cubic feet of associated/dissolved natural gas,
 and 148 million barrels of natural gas liquids.
 According to OilShaleGas.com, there are now over 6,000 active oil wells in
the Bakken Formation with most activity in Montana and North Dakota.
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©Copyright 2012 Armstrong & Associates, Inc.
3PLs – Expanding Oil & Natural Gas Business in the Bakken Formation
BNSF Logistics Bakken Operations Logistics Support Case Study Example:
• BNSFL manages up to 10 to 15 oil rig moves per month for multiple oil & gas exploration
companies including Continental Resources and Brigham Oil.
 Each move requires approximately 30 days to relocate a rig from one location to another.
 To assemble a rig, 20 to 30 truckloads of materials and components are needed.
 Overhead cranes are required to unload larger rig components.
 To locally coordinate the oil rig moves, BNSFL opened an office in Williston, North Dakota last year.
• To support natural gas fracking operations, BNSFL manages inbound transportation for
multiple exploration/drilling companies to the drilling sites.
 Inbound materials include drilling pipe, pumping units, frac sand, and fracking chemicals.
 The frac sand is sourced domestically from mines in Illinois and Wisconsin and a small amount of
“ceramic” sand is imported via ocean containers from China and Brazil.
 BNSFL supports frac sand moves with door-to-door ocean import services, rail to truck transload
services and intermodal rail-truck deliveries.
 In 2011, BNSFL transloaded sand from 528 rail hopper cars to trucks for final delivery to drilling
sites.
 BNSFL’s parent BNSF Railway delivered over 25,000 railcars of frac sand into the Bakken last
year.
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©Copyright 2012 Armstrong & Associates, Inc.
Select 3PL Acquisitions
Target
Jacobson Companies
EGL
Chic Holdings Ltd.
Christian Salvesen
Geodis
ABX Logistics
IBM (internal global logistics ops.)
YRC Dedicated Contract Carriage
Summit Logistics International
ATC Technology Corporation
Total Logistic Control
TDG
Exel Transportation Services (Mode)
Phoenix International
EBIT* or EBITDA** Multiple
Buyer
Oak Hill Capital
Apollo Management/CEVA
Menlo Worldwide Logistics
Norbert Dentressangle
SNCF
DSV A/S
Geodis
Greatwide Logistics
Toll Holdings
GENCO
Ryder
Norbert Dentressangle
Hub Group
C.H. Robinson Worldwide
Year
2007
2007
2007
2007
2008
2008
2009
2009
2010
2010
2010
2011
2011
2012
Purchase
Price ($M) Multiple
500
11**
2,200 14.5**
60
9*
519.4 6.7**
1,735
9.6*
1,160
8.5*
423 6.6**
34 13.6**
70.3 9.3**
512.6 6.6**
7**
200
320 5.8**
83 20.8*
635 12.5**
Source: Primary, Company Information; Secondary, A&A Estimates
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Copyright © 2012 Armstrong & Associates, Inc.
Top 20 Dedicated Contract Carriage Providers – 2011
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
DCC Provider
Power Units
J.B. Hunt Dedicated Contract Services
4,639
Ryder Supply Chain Solutions
4,217
Greatwide Logistics Services
4,016
Swift Transportation
4,000
Schneider National
3,950
Werner Enterprises
3,400
Ruan Transport
3,309
Penske Logistics
2,600
NFI Transportation
1,770
U.S. Xpress Enterprises
1,750
Cardinal Logistics Management
1,620
UPS Freight Truckload
1,440
3PD
1,214
Exel (DHL Supply Chain - Americas)
1,100
C.R. England
852
Averitt Express
824
LINC Logistics
673
Landair
550
Aim Integrated Logistics
500
CRST Dedicated Services
500
22
©Copyright 2012 Armstrong & Associates, Inc.
Top North American Warehousing 3PLs by Millions Sq.Ft.
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Third-Party Logistics Provider (3PL)
Exel (DHL Supply Chain - Americas)
GENCO ATC
Jacobson Companies
Americold
CEVA Logistics (The Americas)
OHL
Ryder Supply Chain Solutions
Caterpillar Logistics Services
Kenco Logistic Services
UTi Worldwide
UPS Supply Chain Solutions
NFI Logistics
Menlo Worldwide Logistics
DSC Logistics
APL Logistics (North America)
Kuehne + Nagel (The Americas)
Penske Logistics
WSI
Warehouse Services
Saddle Creek
DB Schenker Americas
syncreon
New Breed Logistics
Schneider Logistics
Kane Is Able
Warehouse Space (in MMSF)
95.0
37.0
35.0
34.5
33.0
30.1
30.0
29.0
25.0
23.7
20.0
19.0
18.0
17.0
15.3
15.1
14.9
14.0
14.0
14.0
12.6
12.0
10.2
10.0
8.5
23
Most major North
American valueadded warehousing
and distribution
(VAWD) 3PLs have
national warehousing
networks.
©Copyright 2012 Armstrong & Associates, Inc.
Types of Warehouses Based on Use Profile
Type of
Warehouse

Case/pallet

picking/shipping


Piece

picking/shipping 


Manufacturing

and production
support

Examples
Retail and pool
distribution centers
Deconsolidation
centers/cross-docks
Flow-through centers
Parts distribution
High-value products
Fulfillment
Packaging
Sequencing centers
Postponement
warehouses
Repair/refurbishment
Most Profitable Features
 Inbound and outbound
transportation (LTL, TL,
DSD)
 Need high-volume
efficiency
 Products – number and
value
 Labor intensity
 Value-adds
 Labor intensity
 Value-added
opportunities
 Milk runs
Required
Labor Skill
Level
Low
Moderate
High
Source: Armstrong & Associates, Inc. “The Business of Warehousing in North America – 2012 Market Size, Major 3PLs, Benchmarking
Costs, Prices and Practices”
24
©Copyright 2012 Armstrong & Associates, Inc.
Warehousing Contract Lengths
Source: Armstrong & Associates, Inc. “The Business of Warehousing in North America – 2012 Market Size, Major 3PLs, Benchmarking Costs,
Prices and Practices”
Contract lengths tend to be longer for larger 3PLs. Three smaller companies reported over a third of their
warehousing contracts had one year terms. For the other participants, 12.1% of contracts were one year,
57.6% were for three years, 25.3% were for five years and 5% had other terms.
25
©Copyright 2012 Armstrong & Associates, Inc.
Contract Warehouses by Size (n = 511)
Source: Armstrong & Associates, Inc. “The Business of Warehousing in North America – 2012 Market Size, Major 3PLs, Benchmarking Costs, Prices and
Practices”
26
Copyright © 2012 Armstrong & Associates, Inc.
Value-Added Warehousing Services
Source: Armstrong & Associates, Inc. “The Business of Warehousing in North America – 2012 Market Size, Major 3PLs, Benchmarking Costs, Prices and
Practices”
27
Copyright © 2012 Armstrong & Associates, Inc.
Annual Revenue from Contract Warehousing Customers
Yearly Contract
Value Range
< $100K
$100K - $499K
$500K - $999K
$1M - $4.9M
$5M - $9.9M
$10M - $14.9M
$15M - $19.9M
$20M or >
% of Total
1.1%
12.2%
12.5%
49.1%
11.1%
6.8%
1.8%
5.4%
(Sample, n = 302)
Source: Armstrong & Associates, Inc. “The
Business of Warehousing in North America –
2012 Market Size, Major 3PLs,
Benchmarking Costs, Prices and Practices”
Customer Contract Highlights:
 Customers have one to twenty-three locations.
 25% of customers have contracts involving multiple locations.
 The average (mean) customer utilizes 384,000 square feet of warehouse space.
 The average (mean) revenue is $4.9M and the median is $2.4M (from $37,000 to $47M per year.).
28
Copyright © 2012 Armstrong & Associates, Inc.
Top 25 Mexican Motor Carriers – 2011
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Motor Carrier
Autotransportes de Carga Tres Guerras S.A. de C.V.
Transportes Castores de Baja California S.A. de C.V.
Auto Líneas América S.A. de C.V.
Transportes Julián de Obregón S.A. de C.V.
Transportistas Unidos Mexicanos Div. Nte.
Transportadora Nacional S.A. de C.V.
Transportes Cuauhtémoc S.A. de C.V.
Frialsa Logística S.A. de C.V.
Auto Líneas Regiomontanas, S.A. de C.V.
Servicio de Transportacion Jaguar
Grupo TMM / Lacto Comercial Organizada S.A. de C.V.
Grupo Transportes
Transportes Pitic, S.A. de C.V.
Express Tres Fronteras S.A. de C.V.
Transportes Quintanilla S.A. de C.V.
Grupo MG
Transportadora Egoba S.A. de C.V.
Transportes Especializados Antonio de la Torre e Hijos, S.A. de C.V.
Transportes Comandos del Norte S.A. de C.V.
Transportes de Nuevo Laredo S.A. de C.V.
Transportes Lar-Mex, S.A. de C.V.
Transportes Auto Tanques Ochoa S.A. de C.V.
Transportes Fema S.A. de C.V.
Fletes Internacionales Coss S.A. de C.V.
Express Anáhuac S.A. de C.V.
29
Gross Revenue
(US$ Millions)
220
210
172
165
143
138
129
129
99
90
87
86
80
72
66
65
63
62
60
59
54
54
53
52
49
Copyright © 2012 Armstrong & Associates, Inc.
Thank You!
Milwaukee Wisconsin Office
Evan Armstrong
Armstrong & Associates, Inc.
10401 West Lincoln Avenue
Suite 207
West Allis, WI 53227 USA
414-545-3838
Stoughton Wisconsin Office
Richard Armstrong
Armstrong & Associates, Inc.
100 Business Park Circle
Suite 202
Stoughton, WI 53589 USA
608-873-8929