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Wednesday, May 22, 2024
Logistics

OnTrac, LaserShip rebrand into `OnTrac’ name

OnTrac and LaserShip formally announced late Friday plans to rebrand into what may presumably be the more familiar and easier-to-pronounce “OnTrac” name.

Separately, the rebranded firm, which had been known as LaserShip-OnTrac, finalized plans to enter the Texas market with service to Austin, San Antonio, Houston and Dallas. The expansion, which is set to start July 14 but which could begin sooner, will add millions of consumers to OnTrac’s 250 million-person addressable network. 

Chicago is expected to be the next step in the company’s ground parcel business-to-consumer expansion.

OnTrac, based in Chandler, Arizona, provides coast-to-coast deliveries to 31 states and the District of Columbia, typically in three days at the longest. OnTrac serves eight states west of Colorado, including all of California. LaserShip, based in Vienna, Virginia, goes as far west as Arkansas, blanketing the East Coast and the Middle Atlantic regions.

The company, which will remain in Vienna, saw its debt downgraded in March by debt agency Moody’s Investors Services due to very high financial leverage, weak liquidity and moderate scale in the competitive e-commerce residential delivery market.

In the report, Moody’s said it expects LaserShip’s leverage to remain very high and liquidity to remain weak through 2023. 

LaserShip’s network capacity growth in 2022, spawned by its late ’21 acquisition of West Coast regional carrier OnTrac, enabled it to operate successfully during the ’22 peak season, according to Moody’s.

The post OnTrac, LaserShip rebrand into `OnTrac’ name appeared first on FreightWaves.

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