The Daily Dash: Hyliion going public; rates took a hit from PPP

The Daily Dash is a quick look at what is happening in the freight ecosystem. In today’s edition, shareholders of Hyliion and Tortoise Acquisition Corp. have approved a merger, effectively turning Hyliion into a public company. Plus, the government boosted businesses through the Paycheck Protection Program, but there is evidence the program may have depressed freight rates, and a new offering allows fleets to reserve parking spaces for their drivers.

Hyliion hits the fast lane with Tortoise merger

Hyliion has become a public company following a reverse merger that was approved on Monday. The maker of electric drivetrain systems merged with Tortoise Acquisition Corp. (NYSE: SHLL).

Alan Adler has the eye-popping value of the new company: SPAC shareholders approve merger to make Hyliion public

Did it help or hurt?

How much did the government’s Paycheck Protection Program help the freight markets? It turns out, the program that pumped billions into businesses may have contributed to a decline in freight rates in the spring.

John Kingston has the details: PPP money lowered freight rates during pandemic’s darkest days: Convoy

Parking perks

Fleets can now reserve safe parking spots for truck drivers thanks to a new offering from TruckPark. Known for its app that allows drivers to reserve and pay for a spot to park at night, the company is now extending that same convenience to fleets.

Brian Straight has the story on how the reservation system works: TruckPark turns attention to fleets with TruckPark Reserve

It’s all settled

Evans Delivery Co. has settled a driver classification class-action lawsuit with about 275 drivers. Plaintiffs alleged Evans improperly paid drivers under California law.

John Kingston has the details on the final settlement: Pennsylvania-based Evans Delivery settles class-action case with California drivers

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Did you miss this?

Returns of big and bulky items are the castor oil of logistics. Retailers and manufacturers hate them because they have to refund the customer’s payment, pay to pick up the item, and then find something to do with it.

Mark Solomon explains what can be done about this process: Heavy-goods e-commerce returns: Dreaded but inevitable

Hammer down, everyone,

Brian Straight

Managing Editor

Click for more FreightWaves articles by Brian Straight.