In the second episode, Tobenna chats with Daniel Simon the CEO of Coast. Coast is a new payments solution that enables transparency and control for businesses that operate vehicle fleets. Coast’s innovative software platform enables fleets to run their businesses with control, security, and visibility.

In this episode, Daniel walks us through his background, how Coast started, and the specific problems that Coast is looking to solve in the Fleet industry. Daniel shares how businesses can combat wasteful spending by accessing credit and order and assign cards while authorizing payments.  

Additionally, Daniel comments on the impact of Covid-19 on the trucking industry along with how the pandemic shaped Coast's views on what problems to work on in the fleet industry.

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Tobenna Arodiogbu: In the trucking industry, fuel discounts are really critical because we spend a lot of money on fuel and controls are really important. One of the problems we  constantly hear about is access to credit. Can you talk a little bit about how Coast solves that?

‍Daniel Simon: Our product is a charge card product which means we pay out for purchases, such as fuel and other vehicle related expenses that employees incur over the course of a given time period on behalf of their employers. The employer pays us at the end of the month. For the trucking industry, where operating margins are really low about 3% to 5%. Cash flow really matters when operating capital and managing float. You want to be able to provide a product that helps folks manage their operating needs of a fleet.

At Coast, we provide a 30 day charge card product so that people have that month to be able to pay their bills down. We don’t require a personal guarantee which is a challenge for business owners who are trying to be entrepreneurial. Our product is very simple, we offer a no personal guarantee 30 day charge card which gives access to capital to fleet owners.

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Truckers & Nerds is hosted by Tobenna Arodiogbu, CEO and founder of CloudTrucks.

Listen and subscribe to the show on Apple Podcasts, Spotify, Jamit, or wherever you get your podcasts.

Want to learn more about CloudTrucks? Visit our website: https://www.cloudtrucks.com/