Monday, December 15, 2014

Old Dominion Freight Line, Inc. Increases Rates

Old Dominion Freight Line, Inc., Announces a General Rate Increase

THOMASVILLE, N.C. (Dec. 15, 2015) – Old Dominion Freight Line, Inc. today announced that it will implement a general rate increase (GRI) of 4.5 percent effective January 5, 2015.

"The GRI is consistent with our long-term yield management philosophy and provides for increases in our rates based on length of haul rather than the traditional across-the–board-increases. The GRI also provides for a nominal increase in minimum charges with respect to Intrastate, Interstate and cross border lanes. Although the GRI will impact each customer differently based on specific shipment lanes and distance traveled, the overall impact of the increase is expected to be 4.5 percent," stated Todd Polen, Vice President of Pricing.

Mr. Polen also stated, "At OD, we are committed to delivering a superior value proposition of on-time, claims-free service at a fair and equitable price. In order to satisfy our customers’ expectations and deliver on the promises we have made, we must continue to enhance our high-quality service network and systems. Our GRI is intended to offset the rising costs of new equipment, real estate and technology investments, and competitive employee wage and benefit packages. OD’s yield management philosophy is to take a fair approach that minimizes the impact to our customers’ budgets while also supporting the value proposition that we promise to deliver each and every day."