According to the Office of the Superintendent of Bankruptcy, there were 591 trucking company bankruptcies recorded in 2008, which was a whopping 47% increase from the previous year. In Ontario alone, there were 232 bankruptcies, which represents 40% of the national figures.

Speaking to Canwest News, Doug Switzer, vice-president of corporate affairs for the Ontario Trucking Association, cited slumping freight volumes and auto-related plant shutdowns for the fleet closures.

He said trucking company bankruptcies hit a record in 2008 and "there’s no reason to think the numbers won’t be worse this year."

Smaller carriers and owner-ops especially are getting squeezed by their banks. The good news for those that survive, though, is that It’ll be a much "smaller, leaner industry" when the economy recovers. (Tire Review/Akron)