Chairman of the Board, President & Chief Executive Officer, Heartl Express
Search every verified Michael Gerdin interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. In an October 2024 podcast, Michael Gerdin discussed the history and operations of Heartland Express, a trucking company he leads as Chairman and CEO. He noted that the company went public in 1986 with $21 million in revenue and about 120 trucks. Gerdin stated that Heartland Express now operates four companies—Heartland Express, Smith Transport, CFI, and Millis Transport—and has acquired about 10 companies over the years, including Barry Smith Transport in 2022. He said the company strives for 99% on-time performance and has been named FedEx carrier of the year for 18 consecutive years, with 30,000 pickups and deliveries in the past year and six late. Gerdin also commented on economic conditions affecting the trucking industry. He said that during COVID-19, home improvement orders caused a surge in freight demand, but manufacturing shutdowns led to supply chain disruptions. He noted that in 2021, over 50 boats were waiting outside Long Beach, California, due to capacity limits. Gerdin stated that ordering has since slowed due to inflation, rising interest rates, and reduced discretionary income. He added that American credit card debt has exceeded one trillion dollars for the first time, and that the national debt has grown from $24 trillion to $33 trillion, attributing inflation to federal money injections such as the Paycheck Protection Program.
“In 1986 we went public with a whopping total of $21 million of gross revenue and about 120 trucks, very very small.”
“We strive for 99% on time; we've been FedEx carrier of the year for 18 years in a row. Last year we had 30,000 pickups and deliveries and we had six late, that's like 99.98% on time.”
“We have four companies: Heartland Express, Smith Transport, CFI, and Millis Transport. We can see all the trucks all day every day on four screens.”
“We've bought about 10 companies over the years, always looking for the right fit. For example, we bought Barry Smith Transport in 2022 because the owner was ready to retire and no one in the family wanted to continue.”
“During COVID-19, people stayed home and started ordering everything for home improvement, which caused a surge in freight demand. But manufacturers worldwide shut down, causing supply chain disruptions and delays.”
“In 2021, there were over 50 boats waiting outside Long Beach, California, because freight couldn't be moved faster due to regulations and capacity limits.”
“Now, after the surge, ordering has slowed down significantly due to inflation, rising interest rates, and lack of discretionary income for most Americans, causing slim pickings for the trucking industry.”
“We have over a trillion dollars worth of debt on American credit cards for the first time in history; everybody's credit cards are maxed out.”
“The national debt has grown from 24 trillion to 33 trillion, and we just keep printing money. Someone has to wake up because it has real repercussions; it's not free money.”
“The PPP and other federal money injections created inflation, and here we are dealing with the consequences today.”
Heartland Express is a leading national shipping company with a fleet of over 5000 trucks and a headquarters in North Liberty.
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