Old Dominion Freight Line still makes its stand in Dixie, but the trucking company serves the rest of the US, as well. Less-than-truckload (LTL) shipments (freight from multiple shippers consolidated into a single truckload) accounts for about 90% of the company's revenues. Old Dominion operates a fleet of more than 5,800 tractors and 22,000+ trailers from more than 200 service centers. Founded in 1934, the company directly serves the 48 contiguous states of the continental US and Hawaii and offers service elsewhere in North America, as well as Central America, South America, and Asia.
Along with its standard LTL offerings, Old Dominion provides expedited delivery and logistics services, including warehousing and distribution. Old Dominion also offers drayage services, such as direct point-to-point delivery and unloading, from about 15 cities, including Chicago, Los Angeles, and Atlanta. About 22% of its service centers offer fuel service.
Though it operates throughout the US, Old Dominion is a multiregional carrier rather than a national one. The company divides its US territory into six regions: Southeast, Gulf Coast, Northeast, Midwest, Central, and West. It provides next-day and second-day service within regions.
Revenue surged 27% in 2011 compared with 2010 thanks mainly to more tonnage and an increase of revenue per hundredweight. Tonnage swelled from greater market share and an improved US economy. Revenue per hundredweight rose with rate and fuel surcharge increases. The company's 2011 results were the best it's had since becoming a public company about 20 years ago.
Old Dominion has expanded beyond the southeastern US through both acquisitions and internal growth, particularly since the mid-1990s. The company hopes to continue growing by gaining more customers in its current operating territory and by building out its network of service centers. The company added nearly 35 service centers between 2007 and 2012. The company also expands by adding new services, such as consumer household moving services, added to the menu in 2012. More generally, another strategy is focused on maintaining a fair price. The company did raise rates slightly in 2011, but it did not make the significant increases that were typical of the industry.
Members of the founding Congdon family own about 18% of Old Dominion. – less