form10k.htm

0001008886-11-000025.txt : 20110301 0001008886-11-000025.hdr.sgml : 20110301 20110301154652 ACCESSION NUMBER: 0001008886-11-000025 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20101231 FILED AS OF DATE: 20110301 DATE AS OF CHANGE: 20110301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COVENANT TRANSPORTATION GROUP INC CENTRAL INDEX KEY: 0000928658 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 880320154 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24960 FILM NUMBER: 11651445 BUSINESS ADDRESS: STREET 1: 400 BIRMINGHAM HIGHWAY CITY: CHATTANOOGA STATE: TN ZIP: 37419 BUSINESS PHONE: 4238211212 MAIL ADDRESS: STREET 1: 400 BIRMINGHAM HIGHWAY CITY: CHATTANOOGA STATE: TN ZIP: 37419 FORMER COMPANY: FORMER CONFORMED NAME: COVENANT TRANSPORT INC DATE OF NAME CHANGE: 19940818 10-K 1 form10k.htm FORM 10-K (YEAR ENDED DECEMBER 31, 2010) form10k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

[X]	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the fiscal year ended December 31, 2010 OR
[ ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from to

Commission file number 0-24960

COVENANT TRANSPORTATION GROUP, INC.

(Exact name of registrant as specified in its charter)

Nevada		88-0320154
(State / other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
400 Birmingham Hwy.
Chattanooga, TN		37419
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code:	423 - 821-1212

Securities registered pursuant to Section 12(b) of the Act:	$0.01 Par Value Class A Common Stock – The NASDAQ Global Select Market
	(Title of class)

Securities registered pursuant to Section 12(g) of the Act:	None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

[ ] Yes [X] No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.

[ ] Yes [X] No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

[X] Yes [ ] No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

[ ] Yes [ ] No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendments to this Form 10-K. [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in rule 12b-2 of the Exchange Act.

[ ] Large Accelerated Filer

[ ] Accelerated Filer

[X] Non-Accelerated Filer

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

[ ] Yes [X] No

The aggregate market value of the common equity held by non-affiliates of the registrant as of June 30, 2010, was approximately $51 million (based upon the $6.76 per share closing price on that date as reported by NASDAQ). In making this calculation the registrant has assumed, without admitting for any purpose, that all executive officers, directors, and affiliated holders of more than 10% of a class of outstanding common stock, and no other persons, are affiliates.

As of February 25, 2011, the registrant had 12,258,255 shares of Class A common stock and 2,350,000 shares of Class B common stock outstanding.

Materials from the registrant's definitive proxy statement for the 2011 Annual Meeting of Stockholders to be held on May 17, 2011, have been incorporated by reference into Part III of this Form 10-K.

Table of Contents

Part I
	Item 1.	Business	3
	Item 1A.	Risk Factors	11
	Item 1B.	Unresolved Staff Comments	17
	Item 2.	Properties	17
	Item 3.	Legal Proceedings	17
	Item 4.	Removed and Reserved	17

Part II
	Item 5.	Market for Registrant's Common Equity and Related Stockholder Matters	18
	Item 6.	Selected Financial Data	19
	Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	21
	Item 7A.	Quantitative and Qualitative Disclosures about Market Risk	37
	Item 8.	Financial Statements and Supplementary Data	38
	Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	38
	Item 9A.	Controls and Procedures	38
	Item 9B.	Other Information	39

Part III
	Item 10.	Directors, Executive Officers, and Corporate Governance	40
	Item 11.	Executive Compensation	40
	Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	40
	Item 13.	Certain Relationships and Related Transactions, and Director Independence	41
	Item 14.	Principal Accountant Fees and Services	41

Part IV
	Item 15.	Exhibits and Financial Statement Schedules	42

Signatures		44

Report of Independent Registered Public Accounting Firm		45

Financial Data
	Consolidated Balance Sheets	46
	Consolidated Statements of Operations	47
	Consolidated Statements of Stockholders' Equity and Comprehensive Income (Loss)	48
	Consolidated Statements of Cash Flows	49
	Notes to Consolidated Financial Statements	50

PART I

ITEM 1. BUSINESS

This Annual Report on Form 10-K contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and such statements are subject to the safe harbor created by those sections. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including without limitation: any projections of earnings, revenues, or other financial items; any statement of plans, strategies, and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; and any statements of belief and any statement of assumptions underlying any of the foregoing. Such statements may be identified by their use of terms or phrases such as "expects," "estimates," "projects," "believes," "anticipates," "plans," "intends," and similar terms and phrases. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. Readers should review and consider the factors discussed in "Risk Factors" of this Annual Report on Form 10-K, along with various disclosures in our press releases, stockholder reports, and other filings with the Securities and Exchange Commission.

All such forward-looking statements speak only as of the date of this Annual Report on Form 10-K. You are cautioned not to place undue reliance on such forward-looking statements. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in the events, conditions, or circumstances on which any such statement is based.

References in this Annual Report to "we," "us," "our," or the "Company" or similar terms refer to Covenant Transportation Group, Inc. and its subsidiaries.

General

We focus on targeted markets throughout the United States where we believe our service standards can provide a competitive advantage. We are a major carrier for transportation companies such as freight forwarders, less-than-truckload carriers, and third-party logistics providers that require a high level of service to support their businesses, as well as for traditional truckload customers such as manufacturers, retailers, and food and beverage shippers. All of our asset-based subsidiaries are truckload carriers and as such generally dedicate an entire trailer to one customer from origin to destination. We also generate revenue through a subsidiary that provides freight brokerage services.

We were founded as a provider of expedited long-haul freight transportation, primarily using two-person driver teams in transcontinental lanes. A combination of customer demand for additional services and changes in freight distribution patterns resulted in additional services. Through several acquisitions in the late 1990's and continuing through 2006, we entered the refrigerated, solo, and regional markets. In addition, over the past several years, we internally developed the capacity to provide dedicated fleet and freight brokerage services.

We have two reportable segments: Asset-Based Truckload Services ("Truckload") and our Brokerage Services, also known as Covenant Transport Solutions, Inc. ("Solutions").

The Truckload segment consists of three asset-based operating fleets that are aggregated because they have similar economic characteristics and meet the aggregation criteria. The three operating fleets that comprise our Truckload segment are as follows: (i) Covenant Transport, Inc. ("Covenant Transport"), our historical flagship operation, which provides expedited long-haul, dedicated, and regional solo-driver service; (ii) Southern Refrigerated Transportation, Inc. ("SRT"), which provides primarily long-haul and regional temperature-controlled service; and (iii) Star Transportation, Inc. ("Star"), which provides regional solo-driver service, primarily in the southeastern United States.

The Solutions segment provides freight brokerage service directly and through freight brokerage agents who are paid a commission for the freight they provide. The brokerage operation has helped us continue to serve customers when we lacked capacity in a given area or when the load has not met the operating profile of our Truckload segment.

The following chart reflects the size of each of our subsidiaries measured by 2010 freight revenue:

Distributin of Revenue Among Subsidiaries (chart)

Distribution of Revenue Among Subsidiaries
Covenant Transport	59%
SRT	25%
Star	9%
Solutions	7%

Asset-Based Truckload Services

Our Truckload segment comprised approximately 93%, 91%, and 91% of our total freight revenue in 2010, 2009, and 2008, respectively.

We primarily generate revenue by transporting freight for our customers. Generally, we are paid a predetermined rate per mile for our truckload services. We enhance our truckload revenue by charging for tractor and trailer detention, loading and unloading activities, and other specialized services, as well as through the collection of fuel surcharges to mitigate the impact of increases in the cost of fuel. The main factors that affect our truckload revenue are the revenue per mile we receive from our customers, the percentage of miles for which we are compensated, and the number of shipments and miles we generate. These factors relate, among other things, to the general level of economic activity in the United States, inventory levels, specific customer demand, the level of capacity in the tr ucking industry, and driver availability.

The main factors that impact our profitability in terms of expenses are the variable costs of transporting freight for our customers. These costs include fuel expenses, driver-related expenses, such as wages, benefits, training, and recruitment, and purchased transportation expenses, which primarily include compensating independent contractors. Expenses that have both fixed and variable components include maintenance and tire expense and our total cost of insurance and claims. These expenses generally vary with the miles we travel, but also have a controllable component based on safety, self-insured retention versus insurance premiums, fleet age, efficiency, and other factors. Our main fixed costs include rentals and depreciation of long-term assets, such as revenue equipment and terminal facilities, an d the compensation of non-driver personnel.

The development of our business has affected our operating metrics over time. We measure performance of our Truckload segment and the related subsidiaries' service offerings in four areas: average length-of-haul, average freight revenue per total mile (excluding fuel surcharges), average miles per tractor, and average freight revenue per tractor per week (excluding fuel surcharges). A description of each follows:

Average Length-of-Haul. Our average length-of-haul has decreased over time as we have increased the use of solo-driver tractors and increased our presence in regional markets. The increase in the length- of-haul in 2010 resulted from changes in our allocation of assets among our subsidiaries and focus on lane selection between target markets.

	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010
Average Length-of-Haul in Miles	1,136	1,159	1,055	950	920	908	815	815	805	887

Average Freight Revenue Per Total Mile. Our average freight revenue per total mile is primarily a function of the macro U.S. economic environment including supply/demand of freight and carriers. The increase in 2010 compared to 2009 is a result of the strengthening U.S. economy and tighter capacity along with expected tighter capacity in 2011.

average freight revenue per total mile (chart)

	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010
Average Freight Revenue Per Total Mile (excludes fuel surcharge revenue)	1.14	1.15	1.17	1.27	1.357	1.364	1.363	1.36	1.271	1.307

Average Miles Per Tractor. Average miles per tractor reflects economic demand, our ability to match fleet size to demand, and the percentage of team-driven tractors in our fleet. The increase in utilization in 2010 is a result of an improved freight environment caused by the strengthening U.S. economy, the replenishment of inventory levels from record lows in preceding years, and our allocation of assets among our subsidiaries.

	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010
Average Miles Per Tractor	127,714	129,906	129,656	122,899	115,765	117,621	118,159	118,992	119,836	125,178

Average Freight Revenue Per Tractor Per Week. We use average freight revenue per tractor per week as our main measure of asset productivity. This operating metric takes into account the effects of freight rates, non-revenue miles, and miles per tractor. In addition, because we calculate average freight revenue per tractor using all of our trucks, it takes into account the percentage of our fleet that is unproductive due to lack of drivers, repairs, and other factors. The increase in 2010 back to more normalized levels is a result of improved demand in 2010, tighter industry-wide tractor capacity, high-quality customer service, and improved freight selection.

average freight revenue per tractor per week (chart)

	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010
Average Freight Revenue Per Tractor Per Week(excludes fuel surcharge revenue)	2,803	2,870	2,897	2,995	3,013	3,077	3,088	3,105	2,920	3,137

Brokerage Services

Our Solutions segment comprised approximately 7%, 9%, and 9% of our total operating revenue in 2010, 2009, and 2008, respectively. Solutions derives revenue from arranging transportation services for customers through relationships with thousands of third-party carriers and integration with our Truckload segment. Solutions provides freight brokerage services through freight brokerage agents, who are paid a commission for the freight brokerage service they provide, and directly through in-house brokerage personnel working in direct contact with customers. The main factors that impact profitability in terms of expenses are the variable costs of outsourcing the transportation freight for our customers and managing selling, general, and administrative expenses. Our brokerage loads decreased to 19,589 in 201 0, from 24,769 in 2009, primarily due to a reduction in agents. Average revenue per load increased approximately 5% to $2,014 in 2010, from $1,912 in 2009, primarily due to increased rates as a result of the improved economic climate in 2010 and resulting tighter capacity for trucks along with year-over-year increases in fuel costs.

Refer to Note 16, "Segment Information," of the accompanying consolidated financial statements for further information about each of our reporting segment's operating and financial results for 2010, 2009, and 2008.

Customers and Operations

Our primary customers include manufacturers and retailers, as well as other transportation companies. In 2010, our five largest customers were Conway Inc., Estes Express Lines, Georgia Pacific, UPS, and Wal-Mart. Conway Inc., Estes Express Lines, and UPS are other transportation providers who seek our services when our team-driven tractors or other service capabilities offer them an advantage. No customer accounted for more than 10% of our consolidated revenue in 2010, 2009, or 2008. Our top five customers accounted for approximately 31%, 26%, and 20% of our total revenue in 2010, 2009, and 2008, respectively.

We operate tractors driven by a single driver and also tractors assigned to two-person driver teams. Our single driver tractors generally operate in shorter lengths of haul, generate fewer miles per tractor, and experience more non-revenue miles, but the lower productive miles are expected to be offset by generally higher revenue per loaded mile and the reduced employee expense of compensating only one driver. In contrast, our two-person driver tractors generally operate in longer lengths of haul, generate greater miles per tractor, and experience fewer non-revenue miles, but we typically receive lower revenue per loaded mile and incur higher employee expenses of compensating both drivers. We expect operating statistics and expenses to shift with the mix of single and team operations.

At December 31, 2010, we operated 3,087 tractors and 7,332 trailers. Of these tractors, 2,919 were owned, 28 were financed under operating leases, and 140 were provided by independent contractors, who own and drive their own tractors. Of these trailers, 2,373 were owned, 4,611 were financed under operating leases, and 348 were financed under capital leases.

Independent contractors (owner-operators) provide a tractor and a driver and are responsible for all operating expenses in exchange for a fixed payment per mile. We do not have the capital outlay of purchasing the tractor. The payments to independent contractors are recorded in revenue equipment rentals and purchased transportation. Expenses associated with owned equipment, such as interest and depreciation, are not incurred, and for independent contractor tractors, driver compensation, fuel, and other expenses are not incurred. Because obtaining equipment from independent contractors and under operating leases effectively shifts financing expenses from interest to "above the line" operating expenses, we evaluate our efficiency using net margin as well as operating ratio.

We equip our tractors with a satellite-based tracking and communications system that permits direct communication between drivers and fleet managers. We believe that this system enhances our operating efficiency and improves customer service and fleet management. This system also updates the tractor's position every thirty minutes, which allows us and our customers to locate freight and accurately estimate pick-up and delivery times. We also use the system to monitor engine idling time, speed, performance, and other factors that affect operating efficiency.

As an additional service to customers, we offer electronic data interchange and internet-based communication for customer usage in tendering loads and accessing information such as cargo position, delivery times, and billing information. These services allow us to communicate electronically with our customers, permitting real-time information flow, reductions or eliminations in paperwork, and the employment of fewer clerical personnel. We use a document imaging system to reduce paperwork and enhance access to important information.

We operate throughout the U.S. and in parts of Canada and Mexico, with substantially all of our revenue generated from within the U.S. All of our tractors are domiciled in the U.S., and for the past three years, we estimate that less than one percent of our revenue has been generated in Canada and Mexico. We do not separately track domestic and foreign revenue from customers or domestic and foreign long-lived assets, and providing such information would not be meaningful.

Drivers and Other Personnel

Driver recruitment, retention, and satisfaction are essential to our success, and we have made each of these factors a primary element of our strategy. We recruit both experienced and student drivers as well as independent contractor drivers who own and drive their own tractor and provide their services to us under lease. We conduct recruiting and/or driver orientation efforts from five of our locations, and we offer ongoing training throughout our terminal network. We emphasize driver-friendly operations throughout our organization. We have implemented automated programs to signal when a driver is scheduled to be routed toward home, and we assign fleet managers specific tractor units, regardless of geographic region, to foster positive relationships between the drivers and their principal co ntact with us.

The truckload industry has periodically experienced difficulty in attracting and retaining enough qualified truck drivers. It is also common for the driver turnover rate of individual carriers to exceed 100% in a year. At times, there are driver shortages in the trucking industry. In past years, when there were driver shortages, the number of qualified drivers had not kept pace with freight growth because of (i) changes in the demographic composition of the workforce; (ii) alternative employment opportunities other than truck driving that became available in a growing economy; and (iii) individual drivers' desire to be home more often.

Driver recruiting and retention were challenging in 2010 as evidenced by an increase in our average number of open trucks. While open trucks, excluding wrecked units, approximated 3% of our fleet at December 31, 2010 and 2009, there were less open trucks throughout most of 2009 as a result of the weakness in the economy contributing to more candidates entering the driver market in the early part of the year and as a result of reductions in our fleet in 2009. Management's goal is to reduce open trucks, excluding wrecked units, to less than 1% of our fleet, although no significant progress was made in 2010. We continue to work toward this goal, and we employed certain initiatives in the latter half of 2010 that we expect to provide for improvement in 2011.

Internal education and evaluation of the Federal Motor Carrier Safety Administration ("FMCSA") Comprehensive Safety Analysis 2010 ("CSA 2010") are priorities as we develop plans to keep our top talent and challenge those drivers that need improvement. Overall, we believe this regulation will bring challenges as well as opportunities for truckload carriers. CSA 2010, in conjunction with potential reductions in hours-of-service for drivers, may reduce effective capacity in our industry as well as negatively impact equipment utilization. Nevertheless, for carriers that successfully manage the new environment with driver friendly equipment, compensation, and operations, we believe opportunities to increase market share may be available. Driver pay may increase as a result of regulation and economic expansion, which provides mor e alternative employment opportunities. If economic growth is sustained; however, we expect the supply/demand environment to be favorable enough for us to offset expected compensation increases with better freight pricing.

We use driver teams in a substantial portion of our tractors. Driver teams permit us to provide expedited service on selected long-haul lanes because teams are able to handle longer routes and drive more miles while remaining within U.S. Department of Transportation ("DOT") hours-of-service rules. The use of teams contributes to greater equipment utilization of the tractors they drive than obtained with single drivers. The use of teams, however, increases the accumulation of miles on tractors and trailers as well as personnel costs as a percentage of revenue and the number of drivers we must recruit. At December 31, 2010, teams operated approximately 27% of our tractors versus 29% in the preceding year.

We are not a party to a collective bargaining agreement. At December 31, 2010, we employed approximately 3,950 drivers and approximately 790 non-driver personnel. At December 31, 2010, we also contracted with approximately 140 independent contractor drivers.

Revenue Equipment

We believe that operating high quality, late-model equipment contributes to operating efficiency, helps us recruit and retain drivers, and is an important part of providing excellent service to customers. Our policy is to operate a modern fleet of tractors, with the majority of units under warranty, to minimize repair and maintenance costs and reduce service interruptions caused by breakdowns. We also order most of our equipment with uniform specifications to reduce our parts inventory and facilitate maintenance. At December 31, 2010, our tractor fleet had an average age of approximately 1.6 years, and our trailer fleet had an average age of approximately 5.4 years. At December 31, 2010, approximately 88% of our tractors were equipped with 2007 emission-compliant engines in addition to 3% of our tractors being equ ipped with 2010 emission-compliant engines. Furthermore, at December 31, 2010, approximately 79% of our trailers were dry vans and the remaining trailers were refrigerated vans.

Over the past several years, the price of new tractors has risen dramatically, while the resale value of the equipment has generally not increased proportionately and in some periods has decreased. This has substantially increased our costs of operation over the past several years. Tractor manufacturers have again increased prices in connection with the manufacturing of 2010 emission-compliant engines.

Industry and Competition

The U.S. market for truck-based transportation services was estimated to have generated $544.4 billion in 2009, according to the most recently available data published by American Trucking Associations, Inc. The trucking industry includes both private fleets and "for-hire" carriers. We operate in the highly fragmented for-hire truckload segment of this market, which generated revenues of approximately $246.2 billion in 2009. Our dedicated business also competes in the estimated $259.6 billion private fleet portion of the overall trucking market, by seeking to convince private fleet operators to outsource or supplement their private fleets.

The U.S. trucking industry is highly competitive and includes thousands of "for-hire" motor carriers, none of which dominate the market. Service and price are the principal means of competition in the trucking industry. We compete to some extent with railroads and rail-truck intermodal service but attempt to differentiate ourselves from them on the basis of service. Rail and rail-truck intermodal movements are more often subject to delays and disruptions arising from rail yard congestion, which reduce the effectiveness of such service to customers with time-definite pick-up and delivery schedules. In times of high fuel prices or less consumer demand, however, rail-intermodal competition becomes more significant.

We believe that the cost and complexity of operating trucking fleets are increasing and that economic and competitive pressures are likely to force many smaller competitors and private fleets to consolidate or exit the industry. As a result, we believe that larger, better-capitalized companies, like us, will have opportunities to increase profit margins and gain market share. In the market for dedicated services, we believe that truckload carriers, like us, have a competitive advantage over truck lessors, who are the other major participants in the market, because we can offer lower prices by utilizing back-haul freight within our network that traditional lessors may not have.

Regulation

Our operations are regulated and licensed by various U.S. agencies. Our Canadian business activities are subject to similar requirements imposed by the laws and regulations of Canada, as well as its provincial laws and regulations. We operate within Mexico by utilizing third-party carriers within that country. Our Company drivers and independent contractors also must comply with the safety and fitness regulations of the DOT, including those relating to drug and alcohol testing and hours-of-service. Such matters as weight and equipment dimensions are also subject to U.S. regulations. We also may become subject to new or more restrictive regulations relating to fuel emissions, drivers' hours-of-service, ergonomics, or other matters affecting safety or operating methods. Ot her agencies, such as the Environmental Protection Agency ("EPA") and the Department of Homeland Security ("DHS") also regulate our equipment, operations, and drivers.

The DOT, through the FMCSA, imposes safety and fitness regulations on us and our drivers. New rules that limit driver hours-of-service were adopted effective January 4, 2004, and then modified effective October 1, 2005 (the "2005 Rules"). In July 2007, a federal appeals court vacated portions of the 2005 Rules. Two of the key portions that were vacated include the expansion of the driving day from 10 hours to 11 hours, and the "34-hour restart," which allowed drivers to restart calculations of the weekly on-duty time limits after the driver had at least 34 consecutive hours off duty. The court indicated that, in addition to other reasons, it vacated these two portions of the 2005 Rules because FMCSA failed to provide adequate data supporting its decision to increase the driving day and provid e for the 34-hour restart. In November 2008, following the submission of additional data by FMCSA and a series of appeals and related court rulings, FMCSA published its final rule, which retains the 11 hour driving day and the 34-hour restart (the "Final Rule"). However, advocacy groups have continued to challenge the Final Rule. On December 20, 2010, the FMCSA issued a Notice of Proposed Rulemaking that would place additional limits on the time drivers may operate a commercial motor vehicle. Among the proposed revisions is a provision that all driving time must be completed within a 14-hour period and that timeframe must include at least a one-hour break. The proposal also provides that the 34-hour restart may only be used once per week and must include two periods between midnight and six a.m. The rule also contemplates reducing the maximum driving time in a 24-hour period from 11 hours to 10 hours. The public comment period on th e proposal closes on March 4, 2011, and a Final Rule is expected to be published by July 26, 2011.

We are unable to predict what form the new rules may take, how a court may rule on such challenges to such rules, and to what extent the FMCSA might attempt to materially revise the rules under the current presidential administration. On the whole, however, we believe any modifications to the current rules will decrease productivity and cause some loss of efficiency, as drivers and shippers may need to be retrained, computer programming may require modifications, additional drivers may need to be employed or engaged, additional equipment may need to be acquired, and some shipping lanes may need to be reconfigured.

The FMCSA's CSA 2010 introduced a new enforcement and compliance model, which implements driver standards in addition to the company standards currently in place. Under CSA 2010, the methodology for determining a carrier's DOT safety rating has been expanded to include the on-road safety performance of the carrier's drivers. As a result, certain current and potential drivers may no longer be eligible to drive for us, our fleet could be ranked poorly as compared to our peer firms, and our safety rating could be adversely impacted. A reduction in eligible drivers or a poor fleet ranking may result in difficulty attracting and retaining qualified drivers, and could cause our customers to direct their business away from us and to carriers with higher fleet rankings, which would adversely affect our results of operatio ns.

Recently, our CSA 2010 ratings scored us above the established intervention threshold for one of the safety-related standards. Based on this unfavorable rating, we may be prioritized for an intervention action and roadside inspection, either of which could adversely affect our results of operations. In response to this unfavorable rating, we have updated safety training for drivers, including specific focus on drivers with scores in the lower percentiles of certain of the standards. Additionally, we have reduced the maximum speed on a large portion of our fleet and enhanced programs that reward drivers for positive safety behavior.

Finally, the FMCSA has proposed new rules that will require nearly all carriers, including us, to install and use electronic, on-board recorders in their tractors to electronically monitor truck miles and enforce hours-of-service. Approximately, 36% of our owned tractors are equipped with electronic on-board recorders, and we plan to have these devices installed on the majority of the fleet by December 31, 2011.

The Transportation Security Administration ("TSA") has adopted regulations that require determination by the TSA that each driver who applies for or renews his or her license for carrying hazardous materials is not a security threat. This could reduce the pool of qualified drivers, which could require us to increase driver compensation, limit our fleet growth, or result in trucks sitting idle. These regulations also could complicate the matching of available equipment with hazardous material shipments, thereby increasing our response time on customer orders and our non-revenue miles. As a result, it is possible we could fail to meet the needs of our customers or could incur increased expenses to do so.

Certain states and municipalities continue to restrict the locations and amount of time where diesel-powered tractors, such as ours, may idle, in order to reduce exhaust emissions. These restrictions could force us to alter our drivers' behavior, purchase on-board power units that do not require the engine to idle, or face a decrease in productivity.

We are subject to various environmental laws and regulations dealing with the hauling and handling of hazardous materials, fuel storage tanks, air emissions from our vehicles and facilities, engine idling, and discharge and retention of storm water. Our truck terminals often are located in industrial areas where groundwater or other forms of environmental contamination could occur. Our operations involve the risks of fuel spillage or seepage, environmental damage, and hazardous waste disposal, among others. Certain of our facilities have waste oil or fuel storage tanks and fueling islands. A small percentage of our freight consists of low-grade hazardous substances, which subjects us to a wide array of regulations. Although we have instituted programs to monitor and control environ mental risks and promote compliance with applicable environmental laws and regulations, if we are involved in a spill or other accident involving hazardous substances, if there are releases of hazardous substances we transport, if soil or groundwater contamination is found at our facilities or results from our operations, or if we are found to be in violation of applicable laws or regulations, we could be subject to cleanup costs and liabilities, including substantial fines or penalties or civil and criminal liability, any of which could have a materially adverse effect on our business and operating results.

Regulations limiting exhaust emissions became more restrictive in 2010. On May 21, 2010, President Obama signed an executive memorandum directing the National Highway Traffic Safety Administration ("NHTSA") and the EPA to develop new, stricter fuel efficiency standards for heavy trucks, beginning in 2014. On October 25, 2010, the NHTSA and the EPA proposed regulations that regulate fuel efficiency and greenhouse gas emissions beginning in 2014. In December 2008, California adopted new performance requirements for diesel trucks, with targets to be met between 2011 and 2023, and California also has adopted aerodynamics requirements for certain trailers. These regulations, as well as proposed regulations or legislation related to climate change that potentially impose restrictions, caps, taxes, or oth er controls on emissions of greenhouse gas, could adversely affect our operations and financial results. In addition, increasing efforts to control emissions of greenhouse gases are likely to have an impact on us. The EPA has announced a finding relating to greenhouse gas emissions that may result in promulgation of greenhouse gas emission limits. Compliance with such regulations has increased the cost of new tractors, could impair equipment productivity, lower fuel mileage, and increase our operating expenses. These adverse effects, combined with the uncertainty as to the reliability of the new diesel engines and the residual values of these vehicles, could materially increase our costs or otherwise adversely affect our business or operations.

Fuel Availability and Cost

We actively manage our fuel costs by routing our drivers through fuel centers with which we have negotiated volume discounts and through jurisdictions with lower fuel taxes, where possible. The cost of fuel trended higher in 2010, after a reprieve in 2009 from the historical highs for petroleum products in 2008. We have also reduced the maximum speed of many of our trucks, implemented strict idling guidelines for our drivers, purchased technology to enhance our management and monitoring of out-of-route miles, encouraged the use of shore power units in truck stops, and imposed standards for accepting broker freight that include minimum rates and fuel surcharges. This combination of initiatives has contributed to significant improvements in fleet wide average fuel mileage. Moreover, we have a fuel surcharge revenu e program in place with the majority of our customers, which has historically enabled us to recover some of the higher fuel costs; however, even with the fuel surcharges, the price of fuel has affected our profitability. Our fuel surcharges are billed on a lagging basis, meaning we typically bill customers in the current week based on a previous week's applicable index. Therefore, in times of increasing fuel prices, we do not recover as much as we are currently paying for fuel. In periods of declining prices, the opposite is true. In addition, we incur additional costs when fuel prices rise that cannot be fully recovered due to our engines being idled during cold or warm weather, empty or out-of-route miles, and for fuel used by refrigerated trailer units that generally are not billed to customers. In addition, during 2009 and 2008, many customers attempted to modify their surcharge programs, some successfully, which has resulted in recovery of a smaller portion o f fuel price increases. In 2010, we refocused on ensuring fuel surcharges from customers were acceptable to mitigate the rising cost of fuel in 2010 and expected continued increase in 2011. Rapid increases in fuel costs or shortages of fuel could have a materially adverse effect on our operations or future profitability.

We engage in activities that expose us to market risks, including the effects of changes in fuel prices. Financial exposures are evaluated as an integral part of our risk management program, which seeks, from time-to-time, to reduce the potentially adverse effects that the volatility of fuel markets may have on operating results. In an effort to seek to reduce the variability of the ultimate cash flows associated with fluctuations in diesel fuel prices, we periodically enter into various derivative instruments, including forward futures swap contracts. As diesel fuel is not a traded commodity on the futures market, heating oil is used as a substitute for diesel fuel because prices for both generally move in similar directions. Under these contracts, we pay a fixed rate per gallon of heating oil and receive the m onthly average price of New York heating oil per the New York Mercantile Exchange ("NYMEX"). The retrospective and prospective regression analyses provided that changes in the prices of diesel fuel and heating oil were deemed to be highly effective based on the relevant authoritative guidance. We do not engage in speculative transactions, nor do we hold or issue financial instruments for trading purposes.

We recognize all derivative instruments at fair value on our consolidated balance sheets. Our derivative instruments are designated as cash flow hedges, thus the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive income and will be reclassified into earnings in the same period during which the hedged transaction affects earnings. The effective portion of the derivative represents the change in fair value of the hedge that offsets the change in fair value of the hedged item. To the extent the change in the fair value of the hedge does not perfectly offset the change in the fair value of the hedged item, the ineffective portion of the hedge is immediately recognized in other income on our consolidated statements of operations.

During the fourth quarter of 2010, we sold all of our contracts related to the forecasted purchase of diesel fuel in 2011 to lock-in the related gains. The gains totaling $0.5 million are included in accumulated other comprehensive income, net of tax of $0.3 million. As such, there are no outstanding derivative instruments at December 31, 2010. During 2010, $1.8 million was reclassified from accumulated other comprehensive income to earnings related to gains on contracts that expired or were sold and for which we completed the forecasted transaction by purchasing the hedged diesel fuel. At December 31, 2009, our derivative instruments had a fair value of $0.5 million and were included in other assets in the consolidated balance sheet, while the offsetting $0.3 million, net of tax of $0.2 million, was include d in accumulated other comprehensive income. No amounts were reclassified from accumulated other comprehensive income into earnings in 2009 given the futures swap contracts were forward starting in 2010 and as such there had been no transactions involving purchases of the related diesel fuel being hedged at December 31, 2009.

Based on the amounts in accumulated other comprehensive income as of December 31, 2010 and the expected timing of the purchases of the diesel hedged, we expect to reclassify $0.8 million of gains on derivative instruments from accumulated other comprehensive income to earnings during the next twelve months due to the actual diesel fuel purchases.

We perform both a prospective and retrospective assessment of the effectiveness of our hedge contracts at inception and quarterly, including assessing the possibility of counterparty default. If we determine that a derivative is no longer expected to be highly effective, we discontinue hedge accounting prospectively and recognize subsequent changes in the fair value of the hedge in earnings. We believe hedge contracts have been and will continue to be highly effective in offsetting changes in cash flows attributable to the hedged risk.

Seasonality

In the trucking industry, revenue generally decreases as customers reduce shipments during the winter holiday season and as inclement weather impedes operations. At the same time, operating expenses generally increase, with fuel efficiency declining because of engine idling and weather, creating more equipment repairs. For the reasons stated, first quarter results historically have been lower than results in each of the other three quarters of the year excluding charges. Our equipment utilization typically improves substantially between May and October of each year because of the trucking industry's seasonal shortage of equipment on traffic originating in California and because of general increases in shipping demand during those months. During September and October, business sometimes increa ses as a result of increased retail merchandise shipped in anticipation of the holidays. Due to the economic downturn and related low inventory levels, this historical trend has not been present over the past several years, including fiscal 2010 and 2009, as we have seen increases in demand at varying times based primarily on restocking required to replenish inventories and less pronounced seasonal spikes prior to the holidays.

Additional Information

At December 31, 2010, our corporate structure included Covenant Transportation Group, Inc., a Nevada holding company organized in May 1994, and its wholly owned subsidiaries: Covenant Transport, Inc., a Tennessee corporation; Southern Refrigerated Transport, Inc., an Arkansas corporation; Star Transportation, Inc., a Tennessee corporation; Covenant Transport Solutions, Inc., a Nevada corporation; Covenant Logistics, Inc., a Nevada corporation; Covenant Asset Management, Inc., a Nevada corporation; CTG Leasing Company, a Nevada corporation; and Volunteer Insurance Limited, a Cayman Islands company.

Our headquarters is located at 400 Birmingham Highway, Chattanooga, Tennessee 37419, and our website address is www.ctginvestor.com. Our Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all other reports we file with the SEC pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") are available free of charge through our website. Information contained in or available through our website is not incorporated by reference into, and you should not consider such information to be part of, this Annual Report on Form 10-K.

ITEM 1A. RISK FACTORS

Factors That May Affect Future Results

Our future results may be affected by a number of factors over which we have little or no control. The following discussion of risk factors contains forward-looking statements as discussed in Item 1 above. The following issues, uncertainties, and risks, among others, should be considered in evaluating our business and growth outlook.

Our business is subject to general economic and business factors affecting the trucking industry that are largely out of our control, any of which could have a materially adverse effect on our operating results.

Our business is dependent on a number of factors that may have a materially adverse effect on our results of operations, many of which are beyond our control. Some of the most significant of these factors include excess tractor and trailer capacity in the trucking industry, declines in the resale value of used equipment, strikes or other work stoppages, increases in interest rates, fuel taxes, tolls, and license and registration fees, and rising costs of healthcare.

We also are affected by recessionary economic cycles, changes in customers' inventory levels, and downturns in customers' business cycles, particularly in market segments and industries, such as retail and manufacturing, where we have a significant concentration of customers, and regions of the country, such as California, Texas, and the Southeast, where we have a significant amount of business. Some of the principal risks are as follows:

•	We may experience a reduction in overall freight levels, which may impair our asset utilization;
•	Certain of our customers may face credit issues and could experience cash flow problems that may lead to payment delays, increased credit risk, bankruptcies, and other financial hardships that could result in even lower freight demand and may require us to increase our allowance for doubtful accounts;
•	Freight patterns may change as supply chains are redesigned, resulting in an imbalance between our capacity and our customers' freight demand;
•	Customers may bid out freight or select competitors that offer lower rates from among existing choices in an attempt to lower their costs, and we might be forced to lower our rates or lose freight; and
•	We may be forced to accept more freight from freight brokers, where freight rates are typically lower, or may be forced to incur more non-revenue miles to obtain loads.

In addition, it is not possible to predict the effects of actual or threatened terrorist attacks, efforts to combat terrorism, military action against any foreign state, heightened security requirements, or other related events. Such events, however, could negatively impact the economy and consumer confidence in the U.S. Such events could also have a materially adverse effect on our future results of operations.

We self-insure for a significant portion of our claims exposure, which could significantly increase the volatility of, and decrease the amount of, our earnings.

Our future insurance and claims expense could reduce our earnings and make our earnings more volatile. We self-insure for a significant portion of our claims exposure and related expenses. We accrue amounts for liabilities based on our assessment of claims that arise and our insurance coverage for the periods in which the claims arise, and we evaluate and revise these accruals from time-to-time based on additional information. Due to our significant self-insured amounts, we have significant exposure to fluctuations in the number and severity of claims and the risk of being required to accrue or pay additional amounts if our estimates are revised or the claims ultimately prove to be more severe than originally assessed. Historically, we have had to significantly adjust our reserves on several occasions, and future significant adjustments may occur.

We maintain insurance above the amounts for which we self-insure with licensed insurance carriers. Although we believe our aggregate insurance limits are sufficient to cover reasonably expected claims, it is possible that one or more claims could exceed those limits. If any claim was to exceed our coverage, we would bear the excess, in addition to our other self-insured amounts. Our insurance and claims expense could increase, or we could find it necessary to again raise our self-insured retention or decrease our aggregate coverage limits when our policies are renewed or replaced. Our operating results and financial condition may be adversely affected if these expenses increase, if we experience a claim in excess of our coverage limits, if we experience a claim for which we do not have covera ge, or if we have to increase our reserves.

Fluctuations in the price or availability of fuel, hedging activities, and the volume and terms of diesel fuel purchase commitments, and surcharge collection and surcharge policies approved by customers may increase our costs of operation, which could materially and adversely affect our profitability.

Fuel is one of our largest operating expenses. Diesel fuel prices fluctuate greatly due to economic, political, weather, and other factors beyond our control each of which may lead to an increase in the cost of fuel. Fuel also is subject to regional pricing differences and often costs more on the West Coast, where we have significant operations. From time-to-time, we use hedging contracts and volume purchase arrangements to attempt to limit the effect of price fluctuations. We may be forced to make cash payments under the hedging arrangements. We use a fuel surcharge program to recapture a portion of the increases in fuel prices over a base rate negotiated with our customers. Our fuel surcharge program does not protect us against the full effect of increases in fuel prices. The terms of each customer's fuel surcharge program vary and certain customers have sought to modify the terms of their fuel surcharge programs to minimize recoverability for fuel price increases. A failure to improve our fuel price protection through these measures, increases in fuel prices, or a shortage of diesel fuel, could materially and adversely affect our results of operations.

We depend on the proper functioning and availability of our information systems and a system failure or inability to effectively upgrade our information systems could cause a significant disruption to our business and have a materially adverse effect on our results of operation.

We depend on the proper functioning and availability of our information systems, including financial reporting and operating systems, in operating our business. Our operating system is critical to understanding customer demands, accepting and planning loads, dispatching equipment and drivers, and billing and collecting for our services. Our financial reporting system is critical to producing accurate and timely financial statements and analyzing business information to help us manage effectively. We have begun a multi-year project to upgrade the hardware and software of our information systems. If any of our critical information systems fail or become otherwise unavailable, whether as a result of the upgrade project or otherwise, we would have to perform the functions manually, which could temporarily impact our a bility to manage our fleet efficiently, to respond to customers' requests effectively, to maintain billing and other records reliably, and to bill for services and prepare financial statements accurately or in a timely manner. Our business interruption insurance may be inadequate to protect us in the event of an unforeseeable and extreme catastrophe. Any system failure, delay, or complication in the upgrade, security breach, or other system failure could interrupt or delay our operations, damage our reputation, cause us to lose customers, or impact our ability to manage our operations and report our financial performance, any of which could have a materially adverse effect on our business.

We may not be successful in improving our profitability.

We had significant losses from 2007 through 2009, attributable to operations, impairments, and other charges. As a result of improvements in the economic environment in 2010, combined with certain Company-specific initiatives centered around decreasing our cost structure and focusing on target markets, we generated a profit in 2010. Management believes profitable results are sustainable so long as the economic environment supports customer rate increases in excess of increases in our operating costs. If we are unable to maintain and/or improve our profitability, then our liquidity, financial position, and results of operations may be adversely affected.

Our Third Amended and Restated Credit Facility ("Credit Facility") and other financing arrangements contain certain covenants, restrictions, and requirements, and we may be unable to comply with the covenants, restrictions, and requirements. A default could result in the acceleration of all or part of our outstanding indebtedness, which could have an adverse effect on our financial condition, liquidity, results of operations, and the price of our common stock.

We have an $85.0 million Credit Facility with a group of banks and numerous other financing arrangements. The Credit Facility contains certain restrictions and covenants relating to, among other things, dividends, liens, acquisitions and dispositions outside of the ordinary course of business, affiliate transactions, and a fixed charge coverage ratio. We have had difficulty meeting budgeted results in the past. If we are unable to meet budgeted results or otherwise comply with our Credit Facility, we may be unable to obtain amendments or waivers under our Credit Facility, or we may incur fees in doing so. See "Material Debt Agreements" below for additional information.

Certain other financing arrangements contain certain restrictions and non-financial covenants, as well. If we fail to comply with any of our financing arrangement covenants, restrictions, and requirements, we will be in default under the relevant agreement, which could cause cross-defaults under our other financing arrangements. In the event of any such default, if we failed to obtain replacement financing, amendments to, or waivers under the applicable financing arrangements, our lenders could cease making further advances, declare our debt to be immediately due and payable, fail to renew letters of credit, impose significant restrictions and requirements on our operations, institute foreclosure procedures against their collateral, or impose significant fees and transaction costs. If acceleration occur s, economic conditions such as the recent credit market crisis may make it difficult or expensive to refinance the accelerated debt or we may have to issue equity securities, which would dilute stock ownership. Even if new financing is made available to us, credit may not be available to us on acceptable terms. A default under our financing arrangements could cause a materially adverse effect on our liquidity, financial condition, and results of operations.

Our substantial indebtedness and capital and operating lease obligations could adversely affect our ability to respond to changes in our industry or business.

As a result of our level of debt, capital leases, operating leases, and encumbered assets:

•	Our vulnerability to adverse economic conditions and competitive pressures is heightened;
•	We will continue to be required to dedicate a substantial portion of our cash flows from operations to lease payments and repayment of debt, limiting the availability of cash for other purposes;
•	Our flexibility in planning for, or reacting to, changes in our business and industry will be limited;
•	Our profitability is sensitive to fluctuations in interest rates because some of our debt obligations are subject to variable interest rates, and future borrowings and lease financing arrangements will be affected by any such fluctuations;
•	Our ability to obtain additional financing in the future for working capital, capital expenditures, acquisitions, or other purposes may be limited; and
•	We may be required to issue additional equity securities to raise funds, which would dilute the ownership position of our stockholders.

Our financing obligations could negatively impact our future operations, our ability to satisfy our capital needs, or our ability to engage in other business activities. We also cannot assure you that additional financing will be available to us when required or, if available, will be on terms satisfactory to us.

We operate in a highly competitive and fragmented industry, and numerous competitive factors could impair our ability to improve our profitability.

These factors include:

•	We compete with many other truckload carriers of varying sizes and, to a lesser extent, with less-than-truckload carriers, railroads, intermodal companies, and other transportation companies, many of which have more equipment and greater capital resources than we do.
•	Many of our competitors periodically reduce their freight rates to gain business, especially during times of reduced growth rates in the economy, which may limit our ability to maintain or increase freight rates or maintain significant growth in our business.
•	Many of our customers, including the majority of our top ten, are other transportation companies, and they may decide to transport their own freight.
•	Many customers reduce the number of carriers they use by selecting "core carriers" as approved service providers, and in some instances we may not be selected.
•	Many customers periodically accept bids from multiple carriers for their shipping needs, and this process may depress freight rates or result in the loss of some business to competitors.
•	The trend toward consolidation in the trucking industry may create other large carriers with greater financial resources and other competitive advantages relating to their size.
•	Advances in technology require increased investments to remain competitive, and our customers may not be willing to accept higher freight rates to cover the cost of these investments.
•	Competition from non-asset-based logistics and freight brokerage companies may adversely affect our customer relationships and freight rates.

We derive a significant portion of our revenue from our major customers, the loss of one or more of which could have a materially adverse effect on our business.

A significant portion of our revenue is generated from our major customers. Generally, we do not have long-term contractual relationships with our major customers, and our customers may not continue to use our services or could reduce their use of our services. For some of our customers, we have entered into multi-year contracts, and the rates we charge may not remain advantageous. A reduction in or termination of our services, by one or more of our major customers, could have a materially adverse effect on our business and operating results.

Increases in driver compensation or difficulty in attracting and retaining qualified drivers could adversely affect our profitability.

Like many truckload carriers, we experience substantial difficulty in attracting and retaining sufficient numbers of qualified drivers, including independent contractors. In addition, due in part to current economic conditions, including the cost of fuel, insurance, and tractors, the available pool of independent contractor drivers has been declining. Regulatory requirements, including CSA 2010 and proposed hours-of-service changes (both discussed below), and an improved economy could reduce the number of eligible drivers or force us to pay more to attract and retain drivers. A shortage of qualified drivers and intense competition for drivers from other trucking companies will create difficulties in maintaining or increasing the number of our drivers, including independent contractor drivers. The compen sation we offer our drivers and independent contractors is subject to market conditions, and we may find it necessary to increase driver and independent contractor compensation in future periods. In addition, we and our industry suffer from a high turnover rate of drivers. The high turnover rate requires us to continually recruit a substantial number of drivers in order to operate existing revenue equipment. If we are unable to continue to attract and retain a sufficient number of drivers, we could be forced to, among other things, adjust our compensation packages, increase the number of our tractors without drivers, or operate with fewer trucks and face difficulty meeting shipper demands, any of which could adversely affect our growth and profitability.

We operate in a highly regulated industry, and changes in existing regulations or violations of existing or future regulations could have a materially adverse effect on our operations and profitability.

We operate in the U.S. pursuant to operating authority granted by the DOT and in various Canadian provinces pursuant to operating authority granted by the Ministries of Transportation and Communications in such provinces. We operate within Mexico by utilizing third-party carriers within that country. Our Company drivers and independent contractors also must comply with the safety and fitness regulations of the DOT, including those relating to drug and alcohol testing and hours-of-service. Such matters as weight and equipment dimensions also are subject to government regulations. We also may become subject to new or more restrictive regulations relating to fuel emissions, drivers’ hours-of-service, ergonomics, on-board reporting of operations, collective bargaining, security at ports, and other matters a ffecting safety or operating methods. Other agencies, such as the EPA and the DHS, also regulate our equipment, operations, and drivers. Future laws and regulations may be more stringent and require changes in our operating practices, influence the demand for transportation services, or require us to incur significant additional costs. Higher costs incurred by us or by our suppliers who pass the costs onto us through higher prices could adversely affect our results of operations.

The DOT, through the FMCSA, is currently engaged in a rulemaking proceeding regarding drivers’ hours-of-service, and the result could negatively impact utilization of our equipment. We are unable to predict what form the new hours-of-service rules may take, how a court may rule on challenges to such rules, and to what extent the FMCSA might attempt to materially revise the rules. On the whole, however, we believe that any modifications to the current rules may decrease productivity and cause some loss of efficiency, as drivers and shippers may need to be retrained, computer programming may require modifications, additional drivers may need to be employed or engaged, additional equipment may need to be acquired, and some shipping lanes may need to be reconfigured. We are also unable to predict the effect of a ny new rules that might be proposed if the issued rule is stricken by a court, but any such proposed rules could increase costs in our industry or decrease productivity.

The FMCSA also is considering revisions to the existing rating system and the safety labels assigned to motor carriers evaluated by the DOT. We currently have a satisfactory DOT rating, which is the highest available rating under the current safety rating scale. If we were to receive a conditional or unsatisfactory DOT safety rating, it could adversely affect our business because some of our customer contracts require a satisfactory DOT safety rating, and a conditional or unsatisfactory rating could negatively impact or restrict our operations. Failure to comply with DOT safety regulations or downgrades in our safety rating could have a materially adverse impact on our operations or financial condition. A downgrade in our safety rating could cause us to lose the ability to self-insure. & #160;The loss of our ability to self-insure for any significant period of time would materially increase our insurance costs. In addition, we may experience difficulty in obtaining adequate levels of coverage in that event. Under the revised rating system being considered by the FMCSA, our safety rating would be evaluated more regularly, and our safety rating would reflect a more in-depth assessment of safety-based violations.

The FMCSA’s CSA 2010 implemented a new enforcement and compliance model that ranks both fleets and individual drivers on certain safety-related standards. As discussed more fully below, CSA 2010 may reduce the number of eligible drivers and/or negatively impact our fleet ranking.

Additionally, the FMCSA has proposed new rules that will require nearly all carriers, including us, to install and use electronic, on-board recorders in our tractors to electronically monitor truck miles and enforce hours-of-service. Such installation could cause an increase in driver turnover, adverse information in litigation, cost increases, and decreased asset utilization.

In the aftermath of the September 11, 2001 terrorist attacks, federal, state, and municipal authorities implemented and continue to implement various security measures, including checkpoints and travel restrictions on large trucks. The TSA has adopted regulations that require determination by the TSA that each driver who applies for or renews his license for carrying hazardous materials is not a security threat. This could reduce the pool of qualified drivers, which could require us to increase driver compensation, limit fleet growth, or let trucks sit idle. These regulations also could complicate the matching of available equipment with hazardous material shipments, thereby increasing our response time and our deadhead miles on customer shipments. As a result, it is possible we may fail to m eet the needs of our customers or may incur increased expenses to do so. These security measures could negatively impact our operating results.

Some states and municipalities have begun to restrict the locations and amount of time where diesel-powered tractors, such as ours, may idle and/or travel. These restrictions could force us to alter our drivers’ behavior and routes, purchase on-board power units that do not require the engine to idle, or face a decrease in productivity.

From time-to-time, various federal, state, or local taxes are increased, including taxes on fuels. We cannot predict whether, or in what form, any such increase applicable to us will be enacted, but such an increase could adversely affect our profitability.

CSA 2010 could adversely affect our profitability and operations, our ability to maintain or grow our fleet, and our customer relationships.

Under CSA 2010, drivers and fleets are evaluated and ranked based on certain safety-related standards. The methodology for determining a carrier’s DOT safety rating has been expanded to include the on-road safety performance of the carrier’s drivers. As a result, certain current and potential drivers may no longer be eligible to drive for us, our fleet could be ranked poorly as compared to our peers, and our safety rating could be adversely impacted. Additionally, we have received certain deficiencies in our safety-related standards in the past. Failure to cure such deficiencies, or the occurrence of future deficiencies could cause high-quality drivers to seek other carriers or could cause our customers to direct their business away from us and to carriers with higher fleet rankings, either of which would adversely affect our results of operations. Additionally, competition for drivers with favorable safety ratings may increase and thus provide for increases in driver related compensation costs.

We have significant ongoing capital requirements that could affect our profitability if we are unable to generate sufficient cash from operations and obtain financing on favorable terms.

The truckload industry is capital intensive, and our policy of operating newer equipment requires us to expend significant amounts annually. We expect to pay for projected capital expenditures with cash flows from operations, borrowings under our Credit Facility, proceeds under our financing facilities, and leases of revenue equipment. If we are unable to generate sufficient cash from operations and obtain financing on favorable terms in the future, we may have to limit our fleet size, enter into less favorable financing arrangements, or operate our revenue equipment for longer periods, any of which could have a materially adverse effect on our profitability.

Our operations are subject to various environmental laws and regulations, the violation of which could result in substantial fines or penalties.

EPA regulations limiting exhaust emissions became more restrictive in 2010. Additionally, the current presidential administration has directed the EPA and NHTSA to develop new, stricter fuel efficiency standards for heavy trucks, beginning in 2014. California has adopted new performance requirements for diesel trucks, with targets to be met between 2011 and 2023, and California also has adopted aerodynamics requirements for certain trailers. These regulations, as well as proposed regulations or legislation related to climate change that potentially impose restrictions, caps, taxes, or other controls on emissions of greenhouse gas, could adversely affect our operations and financial results. In addition, increasing efforts to control emissions of greenhouse gases are likely to have an impact on us. The EPA has anno unced a finding relating to greenhouse gas emissions that may result in promulgation of greenhouse gas emission limits. Compliance with such regulations has increased the cost of new tractors, could impair equipment productivity, lower fuel mileage, and increase our operating expenses. These adverse effects, combined with the uncertainty as to the reliability of the new diesel engines and the residual values of these vehicles, could materially increase our costs or otherwise adversely affect our business or operations.

Increased prices, reduced productivity, and scarcity of financing for new revenue equipment may adversely affect our earnings and cash flows.

We are subject to risk with respect to higher prices for new tractors. Prices have increased and may continue to increase, due, in part, to government regulations applicable to newly manufactured tractors and diesel engines and due to the pricing power among equipment manufacturers. More restrictive EPA emissions standards have required vendors to introduce new engines. Compliance with such regulations has increased the cost of our new tractors and could impair equipment productivity, lower fuel mileage, and increase our operating expenses. These adverse effects, combined with the uncertainty as to the reliability of the vehicles equipped with the newly designed diesel engines and the residual values realized from the disposition of these vehicles, could increase our costs or otherwise adversely affect our busines s or operations as the regulations become effective.

We have a combination of agreements and non-binding statements of indicative trade values covering the terms of trade-in commitments from our primary equipment vendors for disposal of a portion of our revenue equipment. From time-to-time, prices we expect to receive under these arrangements may be higher than the prices we would receive in the open market. We may suffer a financial loss upon disposition of our equipment if these vendors refuse or are unable to meet their financial obligations under these agreements, if we fail to enter into definitive agreements consistent with the indicative trade values, if we fail to enter into similar arrangements in the future, or if we do not purchase the required number of replacement units from the vendors.

If we are unable to retain our key employees, our business, financial condition, and results of operations could be harmed.

We are highly dependent upon the services of the following key employees: David R. Parker, our Chairman of the Board, Chief Executive Officer, and President and Joey B. Hogan, our Senior Executive Vice President and Chief Operating Officer. We currently do not have employment agreements with Messrs. Parker or Hogan. The loss of any of their services could negatively impact our operations and future profitability. We must continue to develop and retain a core group of managers if we are to continue to improve our profitability and have appropriate succession planning for key management personnel.

We may not make acquisitions in the future, or if we do, we may not be successful in our acquisition strategy.

We made ten acquisitions between 1996 and 2006. Accordingly, acquisitions have provided a substantial portion of our growth. We may not have the financial capacity or be successful in identifying, negotiating, or consummating any future acquisitions. If we fail to make any future acquisitions, our historical growth rate could be materially and adversely affected. Any acquisitions we undertake could involve the dilutive issuance of equity securities and/or incurring indebtedness. In addition, acquisitions involve numerous risks, including difficulties in assimilating the acquired company's operations, the diversion of our management's attention from other business concerns, risks of entering into markets in which we have had no or only limited direct experience, and the potential lo ss of customers, key employees, and drivers of the acquired company, all of which could have a materially adverse effect on our business and operating results. If we make acquisitions in the future, we may not be able to successfully integrate the acquired companies or assets into our business.

Our Chief Executive Officer and President and his wife control a large portion of our stock and have substantial control over us, which could limit other stockholders' ability to influence the outcome of key transactions, including changes of control.

Our Chairman of the Board, Chief Executive Officer, and President, David Parker, and his wife, Jacqueline Parker, beneficially own approximately 27% of our outstanding Class A and 100% of our Class B common stock. On all matters with respect to which our stockholders have a right to vote, including the election of directors, each share of Class A common stock is entitled to one vote, while each share of Class B common stock is entitled to two votes. All outstanding shares of Class B common stock are owned by the Parkers and are convertible to Class A common stock on a share-for-share basis at the election of the Parkers or automatically upon transfer to someone outside of the Parker family. This voting structure gives the Parkers approximately 46% of the voting power of all of our outstanding stock. 0; The Parkers are able to substantially influence decisions requiring stockholder approval, including the election of our entire board of directors, the adoption or extension of anti-takeover provisions, mergers, and other business combinations. This concentration of ownership could limit the price that some investors might be willing to pay for the Class A common stock, and could allow the Parkers to prevent or delay a change of control, which other stockholders may favor. The interests of the Parkers may conflict with the interests of other holders of Class A common stock, and they may take actions affecting us with which other stockholders disagree.

Seasonality and the impact of weather affect our operations and profitability.

Our tractor productivity decreases during the winter season because inclement weather impedes operations, and some customers reduce their shipments after the winter holiday season. Revenue also can be affected by bad weather and holidays, since revenue is directly related to available working days of shippers. At the same time, operating expenses increase due to declining fuel efficiency because of engine idling and due to harsh weather creating higher accident frequency, increased claims, and more equipment repairs. We also could suffer short-term impacts from weather-related events such as hurricanes, blizzards, ice storms, and floods that could harm our results or make our results more volatile. Weather and other seasonal events could adversely affect our operating results.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 2. PROPERTIES

Our corporate headquarters and main terminal are located on approximately 180 acres of property in Chattanooga, Tennessee. This facility includes an office building of approximately 182,000 square feet, a maintenance facility of approximately 65,000 square feet, a body shop of approximately 60,000 square feet, and a truck wash. Our Solutions segment is also operated and managed out of the Chattanooga facility. We maintain eleven terminals, which are utilized by our Truckload segment located on our major traffic lanes in or near the cities listed below. These terminals provide a base for drivers in proximity to their homes, a transfer location for trailer relays on transcontinental routes, parking space for equipment dispatch, and the other uses indicated below.

Terminal Locations	Maintenance	Recruiting/ Orientation	Sales	Ownership
Chattanooga, Tennessee	x	x	x	Leased
Indianapolis, Indiana				Leased
Texarkana, Arkansas	x	x	x	Owned
Hutchins, Texas	x	x		Owned
French Camp, California				Leased
Long Beach, California				Owned
Pomona, California		x		Owned
Allentown, Pennsylvania				Owned
Nashville, Tennessee	x	x	x	Owned
Olive Branch, Mississippi	x			Owned
Orlando, Florida				Leased

ITEM 3. LEGAL PROCEEDINGS

From time-to-time we are a party to routine litigation arising in the ordinary course of business, most of which involves claims for personal injury and property damage incurred in connection with the transportation of freight. We maintain insurance to cover liabilities arising from the transportation of freight for amounts in excess of certain self-insured retentions.

ITEM 4. (REMOVED AND RESERVED)

PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

Price Range of Common Stock

Our Class A common stock is traded on the NASDAQ Global Select Market, under the symbol "CVTI." The following table sets forth, for the calendar periods indicated, the range of high and low sales price for our Class A common stock as reported by NASDAQ from January 1, 2009, to December 31, 2010.

Period	High	Low

Calendar Year 2009:

1st Quarter	$2.49	$1.60
2nd Quarter	$5.89	$1.91
3rd Quarter	$5.77	$3.25
4th Quarter	$5.18	$3.12

Calendar Year 2010:

1st Quarter	$6.45	$3.02
2nd Quarter	$8.19	$5.90
3rd Quarter	$9.90	$6.62
4th Quarter	$9.88	$6.63

On February 25, 2011, the last reported sale price of our Class A common stock on the NASDAQ Global Select Market was $8.79.

As of February 25, 2011, we had approximately 132 stockholders of record of our Class A common stock; however, we estimate our actual number of stockholders is much higher because a substantial number of our shares are held of record by brokers or dealers for their customers in street names. As of February 25, 2011, Mr. Parker, together with certain of his family members, owned all of the outstanding Class B common stock.

Dividend Policy

We have never declared and paid a cash dividend on our Class A or Class B common stock. It is the current intention of our Board of Directors to continue to retain earnings to finance our business and reduce our indebtedness rather than to pay dividends. The payment of cash dividends is currently limited by our financing arrangements. Future payments of cash dividends will depend upon our financial condition, results of operations, capital commitments, restrictions under then-existing agreements, and other factors deemed relevant by our Board of Directors.

See "Equity Compensation Plan Information" under Item 12 in Part III of this Annual Report for certain information concerning shares of our Class A common stock authorized for issuance under our equity compensation plans.

ITEM 6. SELECTED FINANCIAL DATA

(In thousands, except per share and operating data amounts)
	Years Ended December 31,
	2010			2009			2008			2007			2006
Statement of Operations Data:
Freight revenue	$	546,320		$	520,495		$	615,810		$	602,629		$	572,239
Fuel surcharge revenue		103,429			68,192			158,104			109,897			111,589
Total revenue	$	649,749		$	588,687		$	773,914		$	712,526		$	683,828

Operating expenses:
Salaries, wages, and related expenses		213,115			216,158			263,793			270,435			262,303
Fuel expense		177,239			143,835			260,704			211,022			194,355
Operations and maintenance		36,716			35,409			42,459			40,437			36,112
Revenue equipment rentals and purchased transportation		71,474			76,484			90,974			66,515			63,532
Operating taxes and licenses		11,090			12,113			13,078			14,112			14,516
Insurance and claims		37,982			31,955			37,578			36,391			34,104
Communications and utilities		4,974			5,740			6,702			7,377			6,727
General supplies and expenses		19,344			23,593			26,399			23,377			21,387
Depreciation and amortization, including gains and losses on disposition of equipment and impairment of assets (1)		51,807			48,122			63,235			53,541			41,150
Goodwill impairment charge (2)		-			-			24,671			-			-
Total operating expenses		623,741			593,409			829,593			723,207			674,186
Operating income (loss)		26,008			(4,722	)		(55,679	)		(10,681	)		9,642
Other (income) expense:
Interest expense		16,566			14,184			10,373			12,285			7,166
Interest income		(2	)		(144	)		(435	)		(477	)		(568	)
Loss on sale of Transplace investment and note receivable (3)		-			11,485			-			-			-
Loss on early extinguishment of debt		-			-			726			-			-
Other		(20	)		(199	)		(160	)		(183	)		(157	)
Other expenses, net		16,544			25,326			10,504			11,625			6,441
Income (loss) before income taxes		9,464			(30,048	)		(66,183	)		(22,306	)		3,201
Income tax expense (benefit)		6,175			(5,018	)		(12,792	)		(5,580	)		4,582
Net income (loss)	$	3,289		$	(25,030	)	$	(53,391	)	$	(16,726	)	$	(1,381	)

(1)	Includes a $15,791 pre-tax impairment charge related to revenue equipment in 2008. See the discussion below under "Additional Information Concerning Non-Cash Charges" for a more extensive description of these impairments.
(2)	Represents a non-cash impairment charge to write off the goodwill associated with the acquisition of Star. See the discussion below under "Additional Information Concerning Non-Cash Charges" for a more extensive description of this impairment.
(3)	Represents a non-cash loss on sale of investment in Transplace, Inc. ("Transplace") and a related receivable. See the discussion below under "Additional Information Concerning Non-Cash Charges" for a more extensive description.

Basic income (loss) per share	$0.23	$(1.77)	$(3.80)	$(1.19)	$(0.10)

Diluted income (loss) per share	$0.23	$(1.77)	$(3.80)	$(1.19)	$(0.10)

Basic weighted average common shares outstanding	14,374	14,124	14,038	14,018	13,996

Diluted weighted average common shares outstanding	14,505	14,124	14,038	14,018	13,996

	Years Ended December 31,
	2010		2009		2008		2007		2006
Selected Balance Sheet Data:
Net property and equipment	$	323,954	$	278,335	$	236,018	$	247,530	$	274,974
Total assets	$	432,366	$	398,312	$	393,676	$	439,794	$	475,094
Long-term debt and capital lease obligations, less current maturities	$	155,381	$	146,556	$	107,956	$	86,467	$	104,900
Total stockholders' equity	$	100,698	$	94,675	$	118,820	$	172,266	$	188,844

Selected Operating Data:
Average freight revenue per loaded mile (1)	$	1.45	$	1.42	$	1.53	$	1.52	$	1.51
Average freight revenue per total mile (1)	$	1.31	$	1.27	$	1.36	$	1.36	$	1.36
Average freight revenue per tractor per week (1)	$	3,137	$	2,920	$	3,105	$	3,088	$	3,077
Average miles per tractor per year		125,178		119,836		118,992		118,159		117,621
Weighted average tractors for year (2)		3,099		3,111		3,456		3,623		3,546
Total tractors at end of period (2)		3,087		3,113		3,292		3,555		3,719
Total trailers at end of period (3)		7,332		8,005		8,277		8,667		9,820

(1)	Excludes fuel surcharge revenue.
(2)	Includes monthly rental tractors and tractors provided by independent contractors.
(3)	Excludes monthly rental trailers.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Cautionary Note Regarding Forward-Looking Statements

Item 7 contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by those sections. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including without limitation: any projections of earnings, revenues, or other financial items; any statement of plans, strategies, and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; and any statements of belief and any sta tement of assumptions underlying any of the foregoing. Such statements may be identified by their use of terms or phrases such as "believe," "may," "could," "expects," "estimates," "projects," "anticipates," "plans," "intends," and similar terms and phrases. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section entitled "Item 1A. Risk Factors," set forth above. Readers should review and consider the factors discussed in "Item 1A. Risk Factors," along with various disclosures in our press releases, stockholder reports, and other filings with the Securities and Exchange Commission.

All such forward-looking statements speak only as of the date of this Annual Report. You are cautioned not to place undue reliance on such forward-looking statements. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in the events, conditions, or circumstances on which any such statement is based.

EXECUTIVE OVERVIEW

Our financial and operating performance in 2010 was encouraging and marked our best earnings results since 2005. The main factors that contributed to our improvements in 2010 include: (1) a significant increase in freight volumes compared with volume during the recession in 2009, combined with decreasing industry-wide truck capacity; (2) our intense focus on cost control that lowered our operating cost and reduced volatility; and (3) the implementation and execution of disciplined sales and operating procedures that improved our freight mix and operating efficiency.

Highlights of the year include the following:

●	Our consolidated operating ratio improved by 570 basis points to 95.2% in 2010 versus 100.9% in 2009;

●	Since year-end 2009, indebtedness, net of cash and including the present value of off-balance sheet obligations has decreased by $12.6 million to $263.3 million, despite reducing our tractor fleet age to 1.6 years at December 31, 2010;

●	We lowered our primary layer of self-insured retention limit on casualty claims from $4.0 million per incident to $1.0 million;

●	We extended our Credit Facility until September 2014 at more favorable terms;

●	We were in compliance with our financial covenant at December 31, 2010; and
●	We achieved net income of $3.3 million, or $0.23 per basic and diluted share, in 2010, compared with a net loss of $25.0 million, or ($1.77) per basic and diluted share, in 2009. Excluding the $11.5 million impairment charge in 2009, the net loss was $13.5 million or ($0.96) per basic and diluted share.

Our consolidated revenue increased to $649.7 million for the year ended December 31, 2010, a 10.4% increase from $588.7 million for the year ended December 31, 2009. Higher fuel prices resulted in fuel surcharge revenues of $103.4 million during 2010, compared with $68.2 million for 2009. Freight revenue, which for these purposes excludes fuel surcharges, increased 5.0% for the year ended December 31, 2010 from the year ended December 31, 2009. We measure freight revenue because management believes that fuel surcharges tend to be a volatile source of revenue and removing such surcharges affords a more consistent basis for comparing results of operations from period-to-period.

We experienced a 7.4% increase in average freight revenue per tractor per week, improving to $3,137 in 2010 from $2,920 in 2009. Our average miles per tractor increased 4.5% compared with 2009, while our average tractor fleet decreased 0.4%. Our average freight revenue per total mile increased $0.036 per mile, or 2.8% in 2010, compared with 2009, despite a 10.2% increase in our average length-of-haul from 805 miles to 887 miles. We reduced our empty miles by approximately 92 basis points as compared to 2009 as we further tightened acceptable lanes within our freight network, added additional technology aimed at reducing uncompensated miles, and added programs within our operations to further manage and mitigate deadhead. We achieved 2010's improved results despite an average of approximately 3.0% of our tractor fleet being unseated in 2010, excluding wrecked units.

Our focus on cost control and efficiency continued to provide positive results in certain controllable cost items. Compared to 2009, our Truckload segment's operating expenses (including unallocated corporate overhead), net of surcharge revenue, were down $0.04 per mile. The cost reductions were led by a $0.03 per mile decrease in salaries, wages, and related expenses, a $0.01 per mile reduction in net fuel costs, and a $0.01 decrease in general supplies and expenses, partially offset by a $0.01 per mile increase in insurance expense. Our capital costs (combined depreciation and amortization, revenue equipment rentals, and interest expense) decreased by more than $2.5 million when comparing 2010 to 2009. This was assisted by an improving market for used tractors in 2010 as we experienced higher average gains per tractor sold, more favorable revenue equipment financing terms, and a partial year benefit from reductions in the interest rate grids on our Credit Facility, which were effective August 1, 2010. Similarly, our Solutions segment's operating expenses as a percentage of revenue (including purchased transportation) decreased to 96.3% of revenue in 2010 from 99.7% of revenue in 2009 primarily as a result of improving the cost structure in this segment in light of reductions in revenue.

In 2011, we expect an expanding economy to drive higher freight volumes while industry-wide capacity remains relatively stable or expands at a slower rate than freight demand. In this supply and demand scenario, we expect truckload carriers to have the opportunity to improve their freight mix, increase freight rates, and allocate assets to more favorable operations. Our primary areas of concern include higher fuel prices, the availability and compensation of qualified drivers, the costs and inefficiencies of governmental regulation, and higher equipment costs. We believe we are well-positioned to improve our profitability compared with 2010. However, in view of expected cost increases for fuel, drivers, and equipment, improving our profitability likely will require improving average revenue p er mile.

We are encouraged by the progress made in 2010, but we recognize that there is hard work still to be done. We remain committed to further improving the productivity of our existing fleet, operating efficiently, and positioning our Company for long-term success.

For information about our current trends and future outlook, readers are encouraged to review our statements contained in the "Results of Consolidated Operations" and "Results of Segment Operations" sections below.

RESULTS OF CONSOLIDATED OPERATIONS

For comparison purposes in the table below, we use freight revenue, or total revenue less fuel surcharges, in addition to total revenue when discussing changes as a percentage of revenue. We believe excluding this sometimes volatile source of revenue affords a more consistent basis for comparing our results of operations from period-to-period. Freight revenue excludes $103.4 million, $68.2 million, and $158.1 million of fuel surcharges in 2010, 2009, and 2008, respectively.

The following table sets forth the percentage relationship of certain items to total revenue and freight revenue:

	2010	2009	2008		2010	2009	2008

Total revenue	100.0%	100.0%	100.0%	Freight revenue (1)	100.0%	100.0%	100.0%
Operating expenses:				Operating expenses:
Salaries, wages, and related expenses	32.8	36.7	34.1	Salaries, wages, and related expenses	39.0	41.5	42.8
Fuel expense	27.3	24.4	33.7	Fuel expense (1)	13.5	14.6	16.7
Operations and maintenance	5.7	6.0	5.5	Operations and maintenance	6.7	6.8	6.9
Revenue equipment rentals and purchased transportation	11.0	13.0	11.8	Revenue equipment rentals and purchased transportation	13.1	14.7	14.8
Operating taxes and licenses	1.7	2.1	1.7	Operating taxes and licenses	2.0	2.3	2.1
Insurance and claims	5.8	5.4	4.9	Insurance and claims	7.0	6.1	6.1
Communications and utilities	0.8	1.0	0.9	Communications and utilities	0.9	1.1	1.1
General supplies and expenses	2.9	4.0	3.2	General supplies and expenses	3.5	4.5	4.3
Depreciation and amortization (2)	8.0	8.2	8.2	Depreciation and amortization (2)	9.5	9.3	10.3
Goodwill impairment (3)	0.0	0.0	3.2	Goodwill impairment (3)	0.0	0.0	4.0
Total operating expenses	96.0	100.8	107.2	Total operating expenses	95.2	100.9	109.1
Operating income (loss)	4.0	(0.8)	(7.2)	Operating income (loss)	4.8	(0.9)	(9.1)
Other expense, net (4)	2.5	4.3	1.4	Other expense, net (4)	3.0	4.9	1.7
Income (loss) before income taxes	1.5	(5.1)	(8.6)	Income (loss) before income taxes	1.8	(5.8)	(10.8)
Income tax expense (benefit)	1.0	(0.9)	(1.7)	Income tax expense (benefit)	1.2	(1.0)	(2.1)
Net income (loss)	0.5%	(4.2)%	(6.9)%	Net income (loss)	0.6%	(4.8)%	(8.7)%

(1)	Freight revenue is total revenue less fuel surcharges. In this table, fuel surcharges are eliminated from revenue and subtracted from fuel expense. The amounts were $103.4 million, $68.2 million, and $158.1 million in 2010, 2009, and 2008, respectively.
(2)	Includes a $9.4 million pre-tax impairment charge for held and used equipment and $6.4 million of pre-tax impairment charges for equipment held for sale in the year ended December 31, 2008, which together represent 2.0% of total revenue and 2.6% of freight revenue. See the discussion below under "Additional Information Concerning Non-Cash Charges" for a more extensive description of these impairments. Also includes gain (loss) on the sale of property and equipment totaling $4.3 million, ($0.1) million, and ($1.9) million in 2010, 2009, and 2008, respectively.
(3)	Represents a $24.7 million non-cash impairment charge to write off the goodwill associated with the acquisition of Star. See the discussion below under "Additional Information Concerning Non-Cash Charges" for a more extensive description of this impairment.
(4)	Includes an $11.5 million non-cash loss on the sale of the investment in and note receivable from Transplace in 2009. See the discussion below under "Additional Information Concerning Non-Cash Charges" for a more extensive description of the loss.

Comparison of Year Ended December 31, 2010 to Year Ended December 31, 2009

Revenue

For the twelve months ended December 31, 2010, total revenue increased $61.1 million, or 10.4%, to $649.7 million from $588.7 million in 2009. Freight revenue increased $25.8 million, or 5.0%, to $546.3 million in the twelve months ended December 31, 2010, from $520.5 million in the same period in 2009. For comparison purposes in the discussion below, we use freight revenue (total revenue less fuel surcharge revenue) when discussing changes as a percentage of revenue. We believe removing this sometimes volatile source of revenue affords a more consistent basis for comparing the results of operations from period-to-period. The increased level of freight revenue in 2010 was primarily attributable to the improvement in the freight environment and certain Company-specific initiatives that improve d rates and utilization compared to 2009. We believe rates have improved as a result of customers sensing the tightening of capacity and understanding that capacity may tighten further in connection with CSA 2010 and looming potential changes in hours-of-service. Our average freight revenue per total mile increased $0.036 per mile, or 2.8%, compared with 2009. Utilization and productivity have improved as a result of improved truckload fundamentals along with certain initiatives we have employed to increase asset productivity and utilization, reduce deadhead, and increase freight rates. Reduced inventories, improved economic growth, and the continued reduction in the number of tractors on the road, particularly in the long-haul marketplace, provided for tighter capacity and thus higher spot-market prices in 2010 when compared to 2009. Assuming capacity remains tight and freight volumes expand we expect to obtain overall rate increases in 2011 and beyond; however, d eterioration in either of these factors would likely mitigate any rate increases and could jeopardize existing rates.

Salaries, wages, and related expenses

The decrease in salaries, wages, and related expenses as a percentage of freight revenue was primarily attributable to reductions in driver pay per mile, which was partially offset by 7.4 million more miles in 2010 than 2009, providing for a net $2.3 million reduction in the related expense. Payroll expense for non-driver employees increased $0.3 million in 2010 from 2009 due to incentive pay, which was partially offset by fewer employees as a result of various initiatives to increase our ratio of tractors per non-driver employee. Additionally, workers' compensation expense was $0.5 million less in 2010 than 2009 as a result of reduced claims activity in 2010 caused by a reduction in employees in 2010 and 2009 and credits related to certain prior period claims. Group health was $0.5 million higher in 2010 than 200 9 primarily as the result of several large claims in 2010. Included in salaries, wages, and related expenses is stock-based compensation expense for the twelve months ended December 31, 2010 and 2009 of approximately $1.0 million and $0.6 million, respectively. We are experiencing a modest tightening in the driver market and expect the implementation of CSA 2010 to reduce the pool of available drivers, which will likely require us to increase driver pay in 2011. Accordingly, going forward, we believe these expenses could increase in absolute terms (and as a percentage of revenue absent an increase in revenue to offset increased costs).

Fuel expense

We receive a fuel surcharge on our loaded miles from most shippers; however, this does not cover the entire increase in fuel prices for several reasons, including the following: surcharges cover only loaded miles we operated during the year; surcharges do not cover miles driven out-of-route by our drivers; and surcharges typically do not cover refrigeration unit fuel usage or fuel burned by tractors while idling. Moreover, most of our business relating to shipments obtained from freight brokers does not carry a fuel surcharge. Finally, fuel surcharges vary in the percentage of reimbursement offered, and not all surcharges fully compensate for fuel price increases even on loaded miles.

The rate of fuel price increases also can have an impact on results. Most fuel surcharges are based on the average fuel price as published by the U.S. Department of Energy ("DOE") for the week prior to the shipment, meaning we typically bill customers in the current week based on a previous week's applicable index. Therefore, in times of increasing fuel prices, we do not recover as much as we are currently paying for fuel. In periods of declining prices, the opposite is true. Given fuel volatility, we experienced favorable fuel surcharge trends in the first half of 2010 and unfavorable trends in the second half of 2010; however, the full-year 2010 impact was not significant. Even though the DOE's national average cost of diesel fuel increased $0.53 per gallon in 2010 compared with 2009, we experienced a $0.01 per mile reduction in our net cost of fuel and a reduction in fuel expense as a percentage of freight revenue. These decreases are primarily the result of increased fuel surcharge recovery, reduced idle time, and the positive results of our fuel hedging program. Our hedging program provided for a $2.6 million reduction in fuel expense during 2010. Based on the amounts in accumulated other comprehensive income as of December 31, 2010 and the expected timing of the purchases of the diesel hedged, we expect to reclassify $0.8 million of gains on derivative instruments from accumulated other comprehensive income to earnings during the next twelve months due to the actual diesel fuel purchases. The amounts actually realized will be dependent on the fair values as of the date of settlement. `

Operations and maintenance

Operations and maintenance, consisting primarily of vehicle maintenance, repairs, and driver recruitment expenses, decreased in 2010 from 2009 as a percentage of freight revenue as a result of managing non-essential expenses and a slightly younger fleet. With the recovering economic environment in 2009 and early 2010, we had more difficulty recruiting and retaining drivers, which resulted in a year-over-year increase in driver recruitment expenses. With CSA 2010 likely limiting the pool of available drivers and the average age of our fleet likely increasing, our operations and maintenance could increase or be volatile going forward.

Revenue equipment rentals and purchased transportation

The decrease in revenue equipment rentals and purchased transportation as a percentage of freight revenue in 2010 from 2009 was a result of the increased revenue per total mile discussed above, an $8.9 million decrease in tractor and trailer equipment rental expense, and a $6.0 million decrease in payments to third-party transportation providers partially offset by a $10.1 million increase in payments to independent contractors. The decrease in revenue equipment rentals expense is a result of financing all 2010 revenue equipment additions with balance sheet debt and capital leases as opposed to replacing existing operating leases. We had 28 tractors and 4,611 trailers financed under operating leases at December 31, 2010, compared with 236 tractors and 5,987 trailers at December 31, 2009. Payments to thi rd-party transportation providers associated with our Solutions subsidiary decreased in 2010 from 2009, primarily due to decreased load count partially offset by higher rates and fuel costs passed on to those providers. We had a significant increase in payments to independent contractors in 2010 from 2009, mainly due to an increase in the size of our independent contractor fleet and the increase in fuel surcharges passed through that are a component of the related expense. This expense category will fluctuate with the number of loads hauled by independent contractors and handled by our Solutions segment and the percentage of our fleet financed with operating leases, as well as the amount of fuel surcharge revenue passed through to the independent contractors and third-party carriers. For 2011, we anticipate adding new tractors primarily through on-balance sheet financing. Accordingly, the percentage of our tractor fleet financed with operating leases is expected to decrease in the near term. If the economy continues to improve, we believe we may need to increase the amounts we pay to independent contractors and third-party transportation providers, which could increase this expense category as a percentage of freight revenue absent an offsetting increase in revenue. Additionally, although we continue to recruit independent contractors, the addition of independent contractors to our fleet has slowed recently.

As discussed herein, on October 28, 2010, certain of our subsidiaries entered into a Letter Agreement with Transport International Pool, Inc. ("TIP"), relating to and modifying the Master Lease Agreement dated April 15, 2003 with TIP. Contemporaneously with the execution of the Letter Agreement, we returned 543 trailers in order to better match our trailer fleet with our current number of tractors. Under the terms of the Letter Agreement, the trailers subject to the agreement will be required to be returned or purchased at the rate of approximately 100 trailers per month beginning February 2012. The improved rental rate, coupled with the reduction in rental expense associated with the return of 543 trailers, is expected to provide us with savings on the TIP trailers in 2011.

Insurance and claims

Insurance and claims, consisting primarily of premiums and deductible amounts for liability, physical damage, and cargo damage insurance and claims, increased in 2010 from 2009 as a percentage of freight revenue as a result of higher claims and premium expense during 2010. Although our driver and safety teams achieved historically low reportable accidents per million miles for the twelve months ended December 31, 2010, we experienced a small number of severe accidents in the first and third quarters of 2010 and a slight increase in the period-over-period loss development expense resulting from claims that occurred in prior periods. The increase in premium expense related to the insurance renewal that was effective April 1, 2010, which reduced our self-insured retention limit for the primary layer of casualty claim s to no more than $1.0 million from the $4.0 million self-insured retention limit we have had for a number of years. With our significant self-insured retention, insurance and claims expense may fluctuate significantly from period-to-period, and any increase in frequency or severity of claims could adversely affect our financial condition and results of operations.

General supplies and expenses

The decrease in general supplies and expenses as a percentage of freight revenue in 2010 from 2009 is primarily the result of the increase in revenue discussed above as well as a reduction in the various expenses as a result of our cost saving initiatives. The larger decreases included a $1.3 million reduction in bad debt expense given several large bankruptcies and reserve adjustments in 2009, a $0.9 million reduction in agent fees a result of reduced revenue at our Solutions segment in 2010, and a $0.5 million reduction in building rent a result of consolidating certain locations. We expect continued reductions in general supplies and expenses as a percentage of freight revenue in 2011 as certain consulting expenses related to our initiatives to improve our revenue equipment productivity, utilization, and reduce d costs will not be recurring in 2011.

Depreciation and amortization

Depreciation and amortization, consisting primarily of depreciation of revenue equipment, increased as a percentage of freight revenue in 2010 from 2009 as a result of the increased cost of new tractors and financing all 2010 revenue equipment additions with balance sheet debt and capital leases, whereby a portion of the replaced equipment had previously been operated under operating leases. We owned 2,919 and 2,784 tractors and had 348 and 300 trailers under capital leases at December 31, 2010 and 2009, respectively. These increases were partially offset by gains on the sale of equipment totaling $4.3 million in 2010 compared to a loss of $0.1 million in 2009. We anticipate purchasing additional equipment through on-balance sheet financing over the next twelve months, which will likely cause an increase in depreciation and amortizatio n in the near term.

Other expense, net

The other expense category includes interest expense, interest income, and other miscellaneous non-operating items. The decrease in the other expense, net category as a percentage of freight revenue relates to the Transplace impairment, which provided for $11.5 million of expense in 2009. This decrease was partially offset by an increase in interest expense of $2.5 million, resulting from a period-over-period increase in debt related to an increase in financing revenue equipment with balance sheet debt. As detailed below, we entered into a fourth amendment to our Credit Facility in August 2010, which, among other things, decreased the interest rate grids under the Credit Facility.

Income tax expense (benefit)

Fluctuations in income tax benefit are primarily the result of the related period's pre-tax results and the effects of certain non-cash charges. The income tax expense in 2010, as opposed to a benefit in 2009, and the related percentage of freight revenue was primarily a result of producing net income in 2010 and therefore being subject to statutory taxing requirements. The increase was partially offset by the $0.6 million, net, favorable impact of the release of a portion of the valuation allowance on a prior period capital loss in 2010 as the result of generating capital gains to utilize a portion of the loss that related to our prior sale of our investment in Transplace. The effective tax rate is different from the expected combined tax rate due to permanent differences related to a per diem pay structure for drivers. 0; Due to the partial nondeductible effect of the per diem payments, our tax rate will fluctuate in future periods as income fluctuates.

Comparison of Year Ended December 31, 2009 to Year Ended December 31, 2008

Revenue

Total revenue decreased $185.2 million, or 23.9%, to $588.7 million in 2009, from $773.9 million in 2008. Freight revenue excludes $68.2 million of fuel surcharge revenue in 2009 and $158.1 million in 2008. Freight revenue (total revenue less fuel surcharges) decreased $95.3 million, or 15.5%, to $520.5 million in 2009, from $615.8 million in 2008. The rate environment was difficult in 2009, and freight volumes were significantly lower than 2008 as a result of the overall weak economic environment. The decreased level of freight revenue was primarily attributable to weak freight demand, excess tractor and trailer capacity in the truckload industry, and significant rate pressure from customers and freight brokers. Through mid-year 2009, we continued to reduce the size of our tractor fleet to achieve greater utilization of the remaining tractors in our fleet and attempt to improve profitability. With the assistance of this fleet reduction, we experienced an increase in average miles per tractor versus 2008. Average freight revenue per tractor per week, our primary measure of asset productivity, decreased in 2009 from 2008, while total miles were down from 2008.

Salaries, wages, and related expenses

The decrease for salaries, wages, and related expenses was attributable to a decrease in driver pay of $33.7 million as a result of a 38.4 million reduction in truck miles, a decrease in driver pay per mile, and an increase in participation in our driver per diem pay program. Our payroll expense for employees, other than over-the-road drivers, decreased $6.1 million due to a reduction in our non-driver work force. Additionally, workers' compensation and group health costs were lower in 2009 than 2008 primarily as a result of reduced miles and head count along with favorable development in workers' compensation claims.

Fuel expense

During 2009, fuel prices averaged $1.35 less per gallon and were less volatile than in 2008, contributing to the decrease in net fuel expense along with multiple operating improvements, and the continued addition of auxiliary power units and more fuel efficient engines which improved fuel efficiency. After reaching unprecedented record fuel high fuel prices during most of 2008, diesel fuel prices started to fall in the fourth quarter of 2008 and continued through the first quarter of 2009.

Insurance and claims

Insurance and claims decreased, on a per mile basis, approximately half a cent when comparing 2009 to 2008 because of a lower accident rate and slightly higher miles per tractor. Our overall safety performance improved in 2009 as our DOT reportable accidents dropped to the lowest level per million miles since 2001, giving us the best overall safety performance for at least nine years (based on DOT reportable accidents per million miles).

Depreciation and amortization

Depreciation and amortization decreased in 2009 from 2008, as a result of a $15.8 million revenue equipment impairment charge that was recorded in 2008 with no similar charge in 2009. See "Additional Information Concerning Non-Cash Charges" below for a further description of impairment charges affecting our operating results. Additionally, included in depreciation and amortization was $1.9 million of losses on the sale of property and equipment in 2008, with only $0.1 million of losses in 2009. Excluding the impairment charge and the losses on sale of equipment, depreciation and amortization would have increased in 2009 compared to 2008 as a result of having more owned tractors on our balance sheet as opposed to leased, as we owned 2,784 and 2,555 tractors at December 31, 2009 and 2008, respectivel y.

Goodwill

Goodwill impairment in 2008 related to the $24.7 million write-off of all goodwill associated with our 2006 acquisition of Star, while there was no similar charge in 2009. This amount was non-cash and non-deductible for tax purposes. See "Additional Information Concerning Non-Cash Charges" below for a further description of impairment charges affecting our operating results.

Other expense, net

The increase in the other expense, net category in 2009 compared to 2008 was primarily attributable to the loss on the sale of the investment in and note receivable from Transplace, which provided for $11.5 million of the increase. The remainder of the increase is a result of higher interest costs in 2009, compared to 2008, resulting from a period-over-period increase in debt and the increase in our average interest rate on our Credit Facility, as amended, compared to the average interest rate in 2008.

Income tax benefit

The effective tax rate is different from the expected combined tax rate as a result of permanent differences primarily related to a per diem pay structure implemented in 2001. Due to the partial nondeductible effect of the per diem payments, our tax rate will fluctuate in future periods as income fluctuates. Additionally, the loss on the sale of the investment in Transplace and goodwill impairment in 2009 and 2008, respectively, were not deductible.

RESULTS OF SEGMENT OPERATIONS

We operate two reportable business segments. Our Asset-Based Truckload Services ("Truckload") segment consists of Covenant Transport, SRT, and Star. Our Brokerage Services segment consists of Covenant Transport Solutions, Inc. ("Solutions"). The operation of each of these businesses is described in our notes to the "Business" section. Unallocated corporate overhead includes costs that are incidental to our activities and are not specifically allocated to one of the segments. The following table summarizes financial and operating data by segment:

	Twelve months ended December 31,
(in thousands)	2010			2009			2008

Revenues:

Asset-Based Truckload Services	$	610,291		$	541,325		$	719,220
Brokerage Services		39,458			47,362			54,694

Total	$	649,749		$	588,687		$	773,914
Operating Income (loss):

Asset-Based Truckload Services	$	35,390		$	10,552		$	(37,091	)
Brokerage Services		1,462			155			466
Unallocated Corporate Overhead		(10,844	)		(15,429	)		(19,054	)

Total	$	26,008		$	(4,722	)	$	(55,679	)

Comparison of Year Ended December 31, 2010 to Year Ended December 31, 2009

Our Truckload segment revenue increased in 2010 when compared to 2009 as the result of increases in utilization, rates, and fuel surcharge revenue. Rates and utilization improved as a result of improved truckload fundamentals including inventory re-stocking, economic growth, and tightened capacity. Additionally, fuel price increases and increases in fuel surcharge revenue provided for a $35.2 million increase in fuel surcharge revenue for 2010 compared to 2009. The Truckload segment's operating expenses (including unallocated corporate overhead), net of fuel surcharge revenue, decreased $0.04 per mile in 2010 versus 2009. The cost reductions were led by a $0.03 per mile decrease in salaries, wages, and related expenses, a $0.01 per mile reduction in net fuel costs, and a $0.01 decrease in gen eral supplies and expenses, partially offset by a $0.01 per mile increase in insurance expense.

Our Solutions segment revenue decreased for 2010, when compared to 2009 as the result of an elimination of unprofitable freight and agents as evidenced by a 21% decrease in loads, partially offset by an increase in revenue per load and per loaded mile resulting from freight with a higher rate per mile and more miles per load. Net revenue (total revenue less purchased transportation) was 16.6% in 2010 and 2009. Solutions' other operating expenses as a percentage of revenue decreased to 11.9% of revenue in 2010 from 15.2% of revenue in 2009. This was primarily the result of reduced overhead arising from headcount reductions, changes in our agent commission structure, and reductions in bad debt expense. We have continued to improve our cost structure in this segment in light of reductions in revenue, with the goal of growing the segment's revenue base, generating appropriate gross margins, and maintaining a lean cost structure such that the business is a truly variable cost business and should produce a positive operating profit in most freight environments.

Comparison of Year Ended December 31, 2009 to Year Ended December 31, 2008

Our Truckload segment revenue decreased in 2009 compared to 2008. Lower fuel prices resulted in significantly lower fuel surcharge revenue in 2009 versus 2008. The decrease in freight revenue is related to a decrease in rates and miles as a result of the weakened economy in 2009. In 2009, management decreased the fleet size approximately 10% in response to weak demand. Excluding unallocated corporate overhead, the segment generated an operating income for 2009, compared to an operating loss for 2008, primarily due to certain non-cash charges in 2008 totaling $40.5 million related to the impairment of certain property and equipment and Star's goodwill, both of which are discussed in more detail below. Excluding these charges in 2008, the Truckload segment generated an increase in operating inc ome in 2009 from 2008, excluding impairment charges, as a result of lower net fuel expenses and cost savings initiatives.

Our Solutions segment revenue decreased for 2009, compared to 2008. The decrease was primarily attributable to a reduction in the portion of revenue attributable to fuel surcharges given fuel was at historic highs throughout much of 2008 and less volume due to the closure of a large company store in October 2008. Excluding unallocated corporate overhead, operating income for our Solutions segment also declined for 2009, compared to 2008. The decreases are a result of an increase in bad debt expense of $0.3 million from 2008 due to several large bankruptcies, an increase in purchased transportation expense per revenue dollar, and an increase in depreciation expense of approximately $0.3 million related to accelerating the depreciation of certain software that was abandoned in 2010. ;These increases were partially offset by various reductions in selling, general, and administrative expenses as a result of cost savings initiatives.

Additional Information Concerning Non-Cash Charges

Transplace

From July 2001 to December 2009, we owned approximately 12.4% of Transplace, a global logistics provider. During the first quarter of 2005, we loaned Transplace approximately $2.6 million through a 6% interest-bearing note receivable. After receiving an offer to purchase our 12.4% equity ownership and related note receivable that was accepted by a majority of Transplace's stockholders, we determined that the value of our equity investment had become completely impaired in the third quarter of 2009, and the value of the note receivable had become impaired by approximately $0.9 million. As a result, we recorded a non-cash impairment charge of $11.6 million during the third quarter of 2009.

Goodwill

In light of changes in market conditions and the related declining market outlook for our Star operating subsidiary, which is included in our Truckload segment, noted in the fourth quarter of 2008, we engaged an independent third party to assist us in the completion of valuations used in the impairment testing process. The completion of this work concluded that the goodwill previously recorded for the Star acquisition was fully impaired and resulted in a $24.7 million, or $1.75 per basic and diluted share, non-cash goodwill impairment charge, recorded in the fourth quarter of 2008. There was no tax benefit associated with this nondeductible charge. We conducted our 2010 annual impairment test for goodwill in the second quarter and did not identify any impairment.

Revenue Equipment, including Assets Held For Sale

As a result of sharply lower economic indicators, a worsening credit market, and significantly lower prices received for disposals of our owned used revenue equipment, all of which deteriorated substantially during the fourth quarter of 2008, we recorded a $9.4 million asset impairment charge to write-down the carrying values of tractors and trailers in-use in our Truckload segment which were expected to be traded or sold in 2009 or 2010. The carrying values for revenue equipment scheduled for trade in 2011 and beyond were not adjusted because those tractors and trailers were not required to be impaired based on recoverability testing using the expected future cash flows and disposition values of such equipment.

Similarly, we recorded a $6.4 million asset impairment charge ($1.2 million was recorded in the third quarter of 2008 and $5.2 million was recorded in the fourth quarter of 2008) to write down the carrying values of tractors and trailers held for sale in our Truckload segment. Our evaluation of the future cash flows compared to the carrying value of the tractors and trailers in-use in 2010 has not resulted in any additional impairment charges. Additionally, there were no indicators triggering an evaluation for impairment of assets held for sale during 2010, as evidenced by the aforementioned gains on the disposal of revenue equipment, including assets held for sale.

LIQUIDITY AND CAPITAL RESOURCES

Our business requires significant capital investments over the short-term and the long-term. Recently, we have financed our capital requirements with borrowings under our Credit Facility, cash flows from operations, long-term operating leases, capital leases, secured installment notes with finance companies and a refund of previously paid federal income taxes as a result of net operating loss carry backs pursuant to the Worker, Homeownership, and Business Assistance Act of 2009. Our primary sources of liquidity at December 31, 2010, were funds provided by operations, proceeds from the sale of used revenue equipment, borrowings under our Credit Facility, borrowings from secured installment notes, capital leases, operating leases of revenue equipment, and cash and cash equivalents. We had a wor king capital (total current assets less total current liabilities) deficit of $30.7 million and $17.8 million at December 31, 2010 and 2009, respectively. Working capital deficits are common to many trucking companies that operate by financing revenue equipment purchases through borrowing or capitalized leases. When we finance revenue equipment through borrowing or capitalized leases, the principal amortization scheduled for the next twelve months is categorized as a current liability, although the revenue equipment is classified as a long-term asset. Consequently, each purchase of revenue equipment financed with borrowing or capitalized leases decreases working capital. We believe our working capital deficit had little impact on our liquidity. Based on our expected financial condition, net capital expenditures, and results of operations and related net cash flows, we believe our working capital and sources of liquidity will be adequate to meet our curre nt and projected needs for at least the next twelve months.

We do not expect to experience material liquidity constraints in the foreseeable future or on a long-term basis, based on our anticipated financial condition, results of operations, cash flows, continued availability of our Credit Facility, secured installment notes, and other sources of financing that we expect will be available to us. As discussed below, on August 31, 2010, we obtained a fourth amendment to our Credit Facility that, among other things, extended the maturity date of the Credit Facility from September 2011 to September 2014. Additionally, borrowings from the financial affiliates of our primary revenue equipment suppliers are expected to be available to fund the majority of new tractors expected to be delivered in 2011, while any other property and equipment purchases, including trailers, are expec ted to be funded with a combination of notes, operating leases, capital leases, and/or the Credit Facility. We had less than $0.1 million in borrowings outstanding under the Credit Facility as of December 31, 2010, undrawn letters of credit outstanding of approximately $44.7 million, and available borrowing capacity of $37.8 million. Our intra-period borrowings under the Credit Facility have ranged between zero and $16.9 million during the fourth quarter of 2010 and between zero and $21.8 million during 2010. Fluctuations in the outstanding balance and related availability under our Credit Facility are driven primarily by cash flows from operations and the timing and nature of property and equipment additions that are not funded through notes payable, as well as the nature and timing of receipt of proceeds from disposals of property and equipment.

Cash Flows

Net cash flows provided by operating activities were higher in 2010 than 2009, primarily due to a $16.8 million increase in profitability, excluding the $11.5 million non-cash charge related to Transplace in 2009. Cash from operating activities was higher as the result of the receipt in 2010 of an $8.7 million refund of federal income taxes and $0.8 million of cash received related to fuel hedge contracts terminated whereby the related gain has been deferred in accumulated other comprehensive income, with no similar items in 2009. The $26.1 million year-over-year change in the adjustment to net income (loss) for deferred taxes relates to receipt of the aforementioned refund of federal income taxes and financing of revenue equipment with balance sheet debt. Additionally, as a result of an increase in our acquisition of reven ue equipment using balance sheet debt as opposed to operating leases, the adjustment to net income (loss) for depreciation and amortization was $56.1 million in 2010 versus $48.0 million in 2009, partially offset by gains and losses on the sale of property and equipment in 2010 and 2009, respectively. Cash used for insurance and claims accruals decreased by $11.2 million as the reduction in payments for certain large claims. These improvements also were offset by a decrease in our collections of receivables of $8.9 million, primarily resulting from the impact of fuel prices on revenue and accounts receivable.

The increase in net cash flows used in investing activities was primarily the result of an increase in our acquisition of revenue equipment using balance sheet financing as opposed to operating leases. Also, when comparing the two periods, we reduced the fleet size in 2009 by disposing of equipment and not replacing it while we maintained a relatively consistent fleet size in 2010. With an average fleet age of 1.6 years, we have flexibility to manage our fleet and we plan to regularly evaluate our tractor replacement cycle, new tractor purchase requirements, and financing options.

The changes in net cash flows provided by financing activities was primarily a function of a $21.5 million year-over-year change in the cash flows associated with the 2010 net repayments and 2009 net borrowings on our revolving credit facility and a $4.8 million year-over-year decrease in the change in checks outstanding in excess of bank balances. These fluctuations were primarily the result of improved results from operations and operating cash flow in 2010 compared to 2009. Additionally, in July 2010, we received $1.3 million from the exercise of stock options and a $0.4 million tax benefit related to the exercise of stock options and restricted share vesting, whereby there were no similar transactions in 2009.

Material Debt Agreements

In September 2008, we and substantially all of our subsidiaries (collectively, the "Borrowers") entered into a Third Amended and Restated Credit Facility with Bank of America, N.A., as agent (the "Agent") and JPMorgan Chase Bank, N.A. ("JPM," and together with the Agent, the "Lenders").

The Credit Facility is structured as an $85.0 million revolving credit facility, with an accordion feature that, so long as no event of default exists, allows us to request an increase in the revolving credit facility of up to $50.0 million. The Credit Facility includes, within its $85.0 million revolving credit facility, a letter of credit sub facility in an aggregate amount of $85.0 million and a swing line sub facility in an aggregate amount equal to the greater of $10.0 million or 10% of the Lenders' aggregate commitments under the Credit Facility from time-to-time.

Borrowings under the Credit Facility are classified as either "base rate loans" or "LIBOR loans." Base rate loans accrue interest at a base rate equal to the greater of the Agent's prime rate, the federal funds rate plus 0.5%, or LIBOR plus 1.0%, plus an applicable margin that is adjusted quarterly between 2.5% and 3.25% based on average pricing availability. LIBOR loans accrue interest at the greater of 1.5% or LIBOR, plus an applicable margin that is adjusted quarterly between 3.5% and 4.25% based on average pricing availability. The unused line fee is adjusted quarterly between 0.5% and 0.75% of the average daily amount by which the Lenders' aggregate revolving commitments under the Credit Facility exceed the outstanding principal amount of revolver loans and the aggregate undrawn amount of all outst anding letters of credit issued under the Credit Facility. The obligations under the Credit Facility are guaranteed by us and secured by a pledge of substantially all of our assets, with the notable exclusion of any real estate or revenue equipment pledged under other financing agreements, including revenue equipment installment notes and capital leases.

Borrowings under the Credit Facility are subject to a borrowing base limited to the lesser of (A) $85.0 million, minus the sum of the stated amount of all outstanding letters of credit; or (B) the sum of (i) 85% of eligible accounts receivable, plus (ii) the lesser of (a) 85% of the appraised net orderly liquidation value of eligible revenue equipment, (b) 95% of the net book value of eligible revenue equipment, or (c) 35% of the Lenders' aggregate revolving commitments under the Credit Facility, plus (iii) the lesser of (a) $25.0 million or (b) 65% of the appraised fair market value of eligible real estate. The borrowing base is limited by a $15.0 million availability block, plus any other reserves the Agent may establish in its judgment. We had less than $0.1 million in borrowings outstanding under the Credit Fa cility as of December 31, 2010, undrawn letters of credit outstanding of approximately $44.7 million, and available borrowing capacity of $37.8 million. The interest rate on outstanding borrowings as of December 31, 2010 and 2009 was 4.8% and 6.3%, respectively.

The Credit Facility includes usual and customary events of default for a facility of this nature and provides that, upon the occurrence and continuation of an event of default, payment of all amounts payable under the Credit Facility may be accelerated, and the Lenders' commitments may be terminated. The Credit Facility contains certain restrictions and covenants relating to, among other things, dividends, liens, acquisitions and dispositions outside of the ordinary course of business, and affiliate transactions. The Credit Facility contains a single financial covenant, which required us to maintain a consolidated fixed charge coverage ratio of at least 1.0 to 1.0. The fixed charge coverage covenant became effective October 31, 2008.

On March 27, 2009, we obtained an amendment to our Credit Facility, which, among other things, (i) retroactively to January 1, 2009 amended the fixed charge coverage ratio covenant for January and February 2009 to the actual levels achieved, which cured our default of that covenant for January 2009, (ii) restarted the look back requirements of the fixed charge coverage ratio covenant beginning on March 1, 2009, (iii) increased the EBITDAR portion of the fixed charge coverage ratio definition by $3.0 million for all periods between March 1 to December 31, 2009, (iv) increased the base rate applicable to base rate loans to the greater of the prime rate, the federal funds rate plus 0.5%, or LIBOR plus 1.0%, (v) set a LIBOR floor of 1.5%, (vi) increased the applicable margin for base rate loans to a range between 2.5% and 3.25% and for LIB OR loans to a range between 3.5% and 4.25%, with 3.0% (for base rate loans) and 4.0% (for LIBOR loans) to be used as the applicable margin through September 2009, (vii) increased our letter of credit facility fee by an amount corresponding to the increase in the applicable margin, (viii) increased the unused line fee to a range between 0.5% and 0.75%, and (ix) increased the maximum number of field examinations per year from three to four. In exchange for these amendments, we agreed to the increases in interest rates and fees described above and paid fees of approximately $0.6 million.

On February 25, 2010, we obtained an additional amendment to our Credit Facility, which, among other things, (i) amended certain defined terms in the Credit Facility, (ii) retroactively to January 1, 2010, amended the fixed charge coverage ratio covenant through June 30, 2010, which prevented a default of that covenant for January 2010, (iii) restarted the look back requirements of the fixed coverage ratio covenant beginning on January 1, 2010, and (iv) required us to order updated appraisals for certain real estate described in the Credit Facility. In exchange for these amendments, we agreed to pay the Agent, for the pro rata benefit of the Lenders, a fee equal to 0.125% of the Lenders' total commitments under the Credit Facility, or approximately $0.1 million. Following the effectiveness of the amendment, our fi xed charge coverage ratio covenant requirement is 1.00 to 1.00 for each month hereafter, and we were in compliance with this covenant as of December 31, 2010.

On July 30, 2010, we obtained a third amendment to our Credit Facility, which allowed for a certain letter of credit totaling approximately $1.2 million to be issued with a term of longer than twelve months as required by the recipient. The Credit Facility, as amended, provides that each letter of credit renews annually, excluding the aforementioned exception.

On August 31, 2010, we obtained a fourth amendment to our Credit Facility, which was effective retroactively to August 1, 2010 and, among other things, (i) extended the maturity date of the Credit Facility from September 2011 to September 2014, (ii) decreased the applicable margin for base rate loans to a range between 1.25% and 2.00% and for LIBOR loans to a range between 2.25% and 3.00%, (iii) eliminated the LIBOR floor on the interest rate grid, (iv) improved the unused line fee pricing to 0.5% per annum when availability is less than $50.0 million and 0.75% per annum when availability is at or over such amount (previously the fee was 0.5% per annum when availability was less than $42.5 million and 0.75% when availability was at or over such amount), (v) reduced the field exam frequency from three field examinations of any Borrower' s books and records and three appraisals of pledged equipment to two examinations and two appraisals, respectively, and (vi) decreased the frequency of borrowing base certificates to monthly from weekly; provided no default exists and availability is more than $15.0 million. In exchange for these amendments, we agreed to the decreases in interest rates and fees described above and paid fees and expenses of approximately $0.5 million.

Capital lease obligations are utilized to finance a portion of our revenue equipment. The leases in effect at December 31, 2010 terminate in September 2014 through October 2015 and contain guarantees of the entire residual value of the related equipment by us. As such, the residual guarantees are included in the related debt balance as a balloon payment at the end of the related term as well as included in the future minimum capital lease payments. These lease agreements require us to pay personal property taxes, maintenance, and operating expenses.

Pricing for our revenue equipment installment notes include fixed annual rates for new equipment under retail installment contracts. The notes included in the funding are due in monthly installments with final maturities at various dates ranging from January 2011 to June 2015. The notes contain certain requirements regarding payment, insuring of collateral, and other matters, but do not have any financial or other material covenants or events of default. Additional borrowings from the financial affiliates of our primary revenue equipment suppliers are available to fund most new tractors expected to be delivered 2011, while any other property and equipment purchases, including trailers, will be funded with a combination of notes, operating leases, capital leases, and/or from the Credit Facility.

Contractual Obligations and Commercial Commitments (1)

The following table sets forth our contractual cash obligations and commitments as of December 31, 2010:

Payments due by period: (in thousands)	Total		2011		2012		2013		2014		2015		Thereafter
Credit Facility, including interest (2)	$	21	$	-	$	-	$	-	$	21	$	-	$	-

Revenue equipment and property installment notes, including interest (3)	$	229,742	$	79,837	$	89,106	$	39,941	$	9,881	$	10,977	$	-

Operating leases (4)	$	67,996	$	13,696	$	11,769	$	6,413	$	2,866	$	2,730	$	30,522

Capital leases (5)	$	18,782	$	2,518	$	2,518	$	2,518	$	8,407	$	2,821	$	-

Lease residual value guarantees	$	8,206	$	8,206	$	-	$	-	$	-	$	-	$	-

Purchase obligations (6)	$	113,300	$	112,900	$	400	$	-	$	-	$	-	$	-
Total contractual cash obligations	$	438,047	$	217,157	$	103,793	$	48,872	$	21,175	$	16,528	$	30,522

(1)	Excludes any amounts accrued for unrecognized tax benefits as we are unable to reasonably predict the ultimate amount or timing of settlement of such unrecognized tax benefits.
(2)	Represents principal and interest payments owed at December 31, 2010. The borrowings consist of draws under our Credit Facility, with fluctuating borrowing amounts and variable interest rates. In determining future contractual interest and principal obligations, for variable interest rate debt, the interest rate and principal amount in place at December 31, 2010, was utilized. The table assumes long-term debt is held to maturity. Refer to Note 8, "Debt" of the accompanying consolidated financial statements for further information.
(3)	Represents principal and interest payments owed at December 31, 2010. The borrowings consist of installment notes with finance companies, with fixed borrowing amounts and fixed interest rates. The table assumes these installment notes are held to maturity. Refer to Note 8, "Debt" of the accompanying consolidated financial statements for further information.
(4)	Represents future monthly rental payment obligations under operating leases for tractors, trailers, office and terminal properties, and computer and office equipment. Substantially all lease agreements for revenue equipment have fixed payment terms based on the passage of time. The tractor lease agreements generally stipulate maximum miles and provide for mileage penalties for excess miles. These leases generally run for a period of three to five years for tractors and five to seven years for trailers. Refer to Note 9, "Leases" of the accompanying consolidated financial statements for further information.
(5)	Represents principal and interest payments owed at December 31, 2010. The borrowings consist of capital leases with a finance company, with fixed borrowing amounts and fixed interest rates. Borrowings in 2014 and thereafter include the residual value guarantees on the related equipment as balloon payments. Refer to Note 8, "Debt" of the accompanying consolidated financial statements for further information.
(6)	Represents purchase obligations for revenue equipment totaling approximately $112.5 million in 2011. These commitments are cancelable, subject to certain adjustments in the underlying obligations and benefits. We also had commitments outstanding at December 31, 2010, to acquire computer software totaling $0.4 million in 2011 and 2012. These purchase commitments are expected to be financed by operating leases, capital leases, long-term debt, proceeds from sales of existing equipment, and/or cash flows from operations. Refer to Notes 8 and 9, "Debt" and "Leases", respectively, of the accompanying consolidated financial statements for further information.

Off-Balance Sheet Arrangements

Operating leases have been an important source of financing for our revenue equipment, computer equipment, and certain real estate. At December 31, 2010, we had financed 28 tractors and 4,611 trailers under operating leases. Vehicles held under operating leases are not carried on our consolidated balance sheets, and lease payments, in respect of such vehicles, are reflected in our consolidated statements of operations in the line item "Revenue equipment rentals and purchased transportation." Our revenue equipment rental expense was $17.0 million in 2010, compared with $25.9 million in 2009 as we moved to financing new revenue equipment purchases with on-balance sheet financing. The total amount of remaining payments under operating leases as of December 31, 2010 was approximately $68.0 million. In connection with various operating leases, we issued residual value guarantees, which provide that if we do not purchase the leased equipment from the lessor at the end of the lease term, we are liable to the lessor for an amount equal to the shortage (if any) between the proceeds from the sale of the equipment and an agreed value. We estimate that the residual guarantees are approximately $8.2 million and $23.6 million at December 31, 2010 and 2009, respectively. The residual guarantees at December 31, 2010 expire in 2011. We expect our residual guarantees to approximate the market value at the end of the lease term. We believe that proceeds from the sale of equipment under operating leases would exceed the payment obligation on substantially all operating leases.

On October 28, 2010, we executed a Letter Agreement with TIP that modifies the Master Lease Agreement dated April 15, 2003, between TIP and the Company, pursuant to which we have entered into (among others) equipment lease schedules covering 2,446 trailers (the "Designated Schedules") scheduled to expire between November 2010 and May 2011. In addition, contemporaneously with the execution of the Letter Agreement, we returned 543 trailers in accordance with the terms of the Master Lease Agreement in order to better match our trailer fleet with our current number of tractors. Pursuant to the terms of the Letter Agreement, upon the scheduled expiration of each of the Designated Schedules, we will lease from TIP the trailers that are subject to such Designated Schedule on the terms and conditions set forth in the Letter Agreemen t and a new lease schedule attached to and made a part of the Letter Agreement. Under the terms of the Letter Agreement, the trailers subject to the agreement will be required to be returned or purchased at the rate of approximately 100 trailers per month beginning February 2012. The improved rental rate, coupled with the reduction in rental expense associated with the return of 543 trailers, is expected to provide us with savings on the TIP trailers in fiscal year 2011. In order to induce TIP to enter into the agreement, we and certain of our subsidiaries delivered to TIP a corporate guaranty, in which the guarantors agreed to guaranty all existing and future obligations of the Company and its subsidiaries from time-to-time owing to TIP, including, without limitation, all obligations under the Master Lease Agreement.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires us to make decisions based upon estimates, assumptions, and factors we consider as relevant to the circumstances. Such decisions include the selection of applicable accounting principles and the use of judgment in their application, the results of which impact reported amounts and disclosures. Changes in future economic conditions or other business circumstances may affect the outcomes of our estimates and assumptions. Accordingly, actual results could differ from those anticipated. A summary of the significant accounting policies followed in preparation of the financial statements is contained in Note 1, "Summary of Significant Accounting Policies," of the consolidated fin ancial statements attached hereto. The following discussion addresses our most critical accounting policies, which are those that are both important to the portrayal of our financial condition and results of operations and that require significant judgment or use of complex estimates.

Revenue Recognition

Revenue, drivers' wages, and other direct operating expenses generated by our Truckload reportable segment are recognized on the date shipments are delivered to the customer. Revenue includes transportation revenue, fuel surcharges, loading and unloading activities, equipment detention, and other accessorial services.

Revenue generated by our Solutions reportable segment is recognized upon completion of the services provided. Revenue is recorded on a gross basis, without deducting third party purchased transportation costs, as we act as a principal with substantial risks as primary obligor, except for transactions whereby equipment from our Truckload segment perform the related services, which we record on a net basis in accordance with the related authoritative guidance.

Depreciation of Revenue Equipment

Property and equipment is stated at cost less accumulated depreciation. Depreciation for book purposes is determined using the straight-line method over the estimated useful lives of the assets, while depreciation for tax purposes is generally recorded using an accelerated method. Depreciation of revenue equipment is our largest item of depreciation. We generally depreciate new tractors (excluding day cabs) over five years to salvage values of approximately 22% and new trailers over seven to ten years to salvage values of approximately 22%. We annually review the reasonableness of our estimates regarding useful lives and salvage values of our revenue equipment and other long-lived assets based upon, among other things, our experience with similar assets, conditions in the used revenue equipment market, and prevailing industry practice. Changes in the useful life or salvage value estimates, or fluctuations in market values that are not reflected in our estimates, could have a material effect on our results of operations. Gains and losses on the disposal of revenue equipment are included in depreciation expense in the consolidated statements of operations.

We lease certain revenue equipment under capital leases with terms of 60 months. Amortization of leased assets is included in depreciation and amortization expense.

Pursuant to applicable accounting standards, revenue equipment and other long-lived assets are tested for impairment whenever an event occurs that indicates an impairment may exist. Expected future cash flows are used to analyze whether an impairment has occurred. If the sum of expected undiscounted cash flows is less than the carrying value of the long-lived asset, then an impairment loss is recognized. We measure the impairment loss by comparing the fair value of the asset to its carrying value. Fair value is determined based on a discounted cash flow analysis or the appraised value of the assets, as appropriate.

Although a portion of our tractors are protected by non-binding indicative trade-in values or binding trade-back agreements with the manufacturers, we continue to have some tractors and substantially all of our owned trailers subject to fluctuations in market prices for used revenue equipment. Moreover, our trade-back agreements are contingent upon reaching acceptable terms for the purchase of new equipment. Further declines in the price of used revenue equipment or failure to reach agreement for the purchase of new tractors with the manufacturers issuing trade-back agreements could result in impairment of, or losses on the sale of, revenue equipment.

Assets Held For Sale

Assets held for sale include property and revenue equipment no longer utilized in continuing operations which are available and held for sale. Assets held for sale are no longer subject to depreciation, and are recorded at the lower of depreciated book value plus the related costs to sell or fair market value less selling costs. We periodically review the carrying value of these assets for possible impairment. We expect to sell the majority of these assets within twelve months.

Goodwill and Other Intangible Assets

We classify intangible assets into two categories: (i) intangible assets with definite lives subject to amortization and (ii) goodwill. We test intangible assets with definite lives for impairment if conditions exist that indicate the carrying value may not be recoverable. Such conditions may include an economic downturn in a geographic market or a change in the assessment of future operations. We record an impairment charge when the carrying value of the definite lived intangible asset is not recoverable by the cash flows generated from the use of the asset.

We test goodwill for impairment at least annually or more frequently if events or circumstances indicate that such intangible assets or goodwill might be impaired. We perform our impairment tests of goodwill at the reporting unit level. Our reporting units are defined as our subsidiaries because each is a legal entity that is managed separately. Such impairment tests for goodwill include comparing the fair value of the respective reporting unit with its carrying value, including goodwill. We use a variety of methodologies in conducting these impairment tests, including discounted cash flow analyses and market analyses.

We determine the useful lives of our identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors we consider when determining useful lives include the contractual term of any agreement, the history of the asset, our long-term strategy for the use of the asset, any laws or other local regulations which could impact the useful life of the asset, and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have definite lives are amortized, generally on a straight-line basis, over their useful lives, ranging from 4 to 20 years.

Insurance and Other Claims

The primary claims arising against us consist of cargo, liability, personal injury, property damage, workers' compensation, and employee medical expenses. Our insurance program involves self-insurance with high risk retention levels. Due to our significant self-insured retention amounts, we have exposure to fluctuations in the number and severity of claims and to variations between our estimated and actual ultimate payouts. We accrue the estimated cost of the uninsured portion of pending claims. Estimates require judgments concerning the nature and severity of the claim, historical trends, advice from third-party administrators and insurers, the size of any potential damage award based on factors such as the specific facts of individual cases, the jurisdictions involved, the prospect of punit ive damages, future medical costs, and inflation estimates of future claims development, and the legal and other costs to settle or defend the claims. We have significant exposure to fluctuations in the number and severity of claims. If there is an increase in the frequency and severity of claims, or we are required to accrue or pay additional amounts if the claims prove to be more severe than originally assessed, or any of the claims would exceed the limits of our insurance coverage, our profitability would be adversely affected.

In addition to estimates within our self-insured retention layers, we also must make judgments concerning our aggregate coverage limits. If any claim occurrence were to exceed our aggregate coverage limits, it would have to accrue for the excess amount. Our critical estimates include evaluating whether a claim may exceed such limits and, if so, by how much. If one or more claims were to exceed our then effective coverage limits, our financial condition and results of operations could be materially and adversely affected.

Effective April 1, 2010, we finalized our casualty insurance renewal which resulted in a reduction in our self-insured retention limit for the primary excess layer of casualty claims to no more than $1.0 million from the $4.0 million self-insured retention limit we have had for a number of years. The policy is a three-year policy and includes a limit for a single loss of $9.0 million, an aggregate of $15.0 million for each policy year, and a $27.0 million aggregate for all three years. The policy includes a policy release premium refund of up to $4.0 million per year, if certain losses are not met and we were to commute the policy for that policy year. No receivable was recorded at December 31, 2010 as it is not probable that any premium refund will be received. Additionally, effective April 1, 2010, we entered into new excess policies for one to three years that cover up to $30.0 million per claim, subject to certain aggregate limits. Prior to April 1, 2010, we had insurance coverage up to $50.0 million per claim and were self-insured on an occurrence/per claim basis for personal injury and property damage claims for amounts up to the first $4.0 million, except for Star where we have insurance coverage for all periods presented up to $2.0 million per claim after the first $0.3 million for which we are self-insured. We are self-insured on an occurrence/per claim basis for workers' compensation up to the first $1.25 million. Effective April 1, 2010, we purchased coverage on an occurrence/per claim basis for any cargo losses in the $0.3 million to $2.0 million layer, with our contracts generally excluding the value of any cargo in excess of $2.0 million. Prior to April 1, 2010, we generally were completely self-insured for damages to the cargo we hauled. We also maintain a self-insured group medical plan for our employees with annual per individual claimant stop-loss deductible of $0.4 million with a maximum lifetime benefit of $0.6 million. We are completely self-insured for physical damage to our own tractors and trailers.

Insurance and claims expense varies based on the frequency and severity of claims, the premium expense, the level of self-insured retention, the development of claims over time, and other factors. With our significant self-insured retention, insurance and claims expense may fluctuate significantly from period-to-period, and any increase in frequency or severity of claims could adversely affect our financial condition and results of operations.

Lease Accounting and Off-Balance Sheet Transactions

We issue residual value guarantees in connection with the operating leases we enter into for certain of our revenue equipment. These leases provide that if we do not purchase the leased equipment from the lessor at the end of the lease term, then we are liable to the lessor for an amount equal to the shortage (if any) between the proceeds from the sale of the equipment and an agreed value. To the extent the expected value at the lease termination date is lower than the residual value guarantee; we would accrue for the difference over the remaining lease term. We believe that proceeds from the sale of equipment under operating leases would exceed the payment obligation on substantially all operating leases. The estimated values at lease termination involve management judgments. As l eases are entered into, determination as to the classification as an operating or capital lease involves management judgments on residual values and useful lives.

Accounting for Income Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We have reflected the necessary deferred tax assets and liabilities in the accompanying consolidated balance sheets. We believe the future tax deductions will be realized principally through future reversals of existing taxable t emporary differences and future taxable income, except for when a valuation allowance has been provided as discussed in Note 10.

In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management's evaluation of the facts, circumstances, and information available at the reporting dates. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Potential accrue d interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense.

Our policy is to recognize income tax benefit arising from the exercise of stock options and restricted share vesting based on the ordering provisions of the tax law as proscribed by the Internal Revenue Code, including indirect tax effects, if any.

Stock-Based Employee Compensation

We issue several types of share-based compensation, including awards that vest based on service, market, and performance conditions or a combination of the conditions. Performance-based awards vest contingent upon meeting certain performance criteria established by the Compensation Committee. Market-based awards vest contingent upon meeting certain stock price targets selected by the Compensation Committee. All awards require future service and thus forfeitures are estimated based on historical forfeitures and the remaining term until the related award vests. Determining the appropriate amount to expense in each period is based on likelihood and timing of achieving the stated targets for performance and market based awards, respectively, and requires judgment, including forecasting future fin ancial results and market performance. The estimates are revised periodically based on the probability and timing of achieving the required performance and market targets, respectively, and adjustments are made as appropriate. Awards that are only subject to time vesting provisions are amortized using the straight-line method.

Fair Value of Financial Instruments

Our financial instruments consist primarily of cash and cash equivalents, accounts receivable, commodity contracts, accounts payable, and debt. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable, and current debt approximates their fair value because of the short-term maturity of these instruments. Interest rates that are currently available to us for issuance of long-term debt with similar terms and remaining maturities are used to estimate the fair value of our long-term debt, which primarily consists of revenue equipment installment notes. Borrowings under our revolving credit facility approximate fair value due to the variable interest rate on the facility. Additionally, commodity contracts, which are accounted for as hedge derivatives, as discussed in Note 14 to the consolidated fina ncial statements, are valued based on the forward rate of the specific indices upon which the contract is being settled and adjusted for counterparty credit risk using available market information and valuation methodologies.

Derivative Instruments and Hedging Activities

We periodically utilize derivative instruments to manage exposure to changes in fuel prices. At inception of a derivative contract, we document relationships between derivative instruments and hedged items, as well as our risk-management objective and strategy for undertaking various derivative transactions, and assess hedge effectiveness. We record derivative financial instruments in the balance sheet as either an asset or liability at fair value. If it is determined that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting prospectively. The effective portion of changes in the fair value of derivatives are recorded in other comprehensive income, and reclassified into earnings in the same period during which the hedge d transaction affects earnings. The ineffective portion is recorded in other income or expense.

Recent Accounting Pronouncements

There are no recently promulgated accounting pronouncements (either recently adopted or yet to be adopted) that are likely to have a material impact on our financial reporting in the foreseeable future. See "Recent Accounting Pronouncements" in Note 1 to the consolidated financial statements.

INFLATION, NEW EMISSIONS CONTROL REGULATIONS, AND FUEL COSTS

Most of our operating expenses are inflation-sensitive, with inflation generally producing increased costs of operations. During the past three years, the most significant effects of inflation have been on revenue equipment prices and fuel prices. New emissions control regulations and increases in commodity prices, wages of manufacturing workers, and other items have resulted in higher tractor prices. The cost of fuel has been extremely volatile over the last three years, with costs trending upward in 2010 after a reprieve in 2009 from the record high prices in 2008. Although we believe at least some of this increase primarily reflects the weak U.S. dollar, increased Asian demand for petroleum products, and unrest in certain oil-producing countries, rather than underlying inflationary pressur e, we have attempted to limit the effects of inflation through certain cost control efforts and limiting the effects of fuel prices through fuel surcharges. Fluctuations in the price or availability of fuel, as well as hedging activities, surcharge collection, the percentage of freight we obtain through brokers, and the volume and terms of diesel fuel purchase commitments may increase our costs of operation, which could materially and adversely affect our profitability. We impose fuel surcharges on substantially all accounts. These arrangements generally do not fully protect us from fuel price increases and also may prevent us from receiving the full benefit of any fuel price decreases. We may be forced to make cash payments under the hedging arrangements and the absence of meaningful fuel price protection through these measures could adversely affect our profitability.

The cost of engines used in our tractors are subject to emissions control regulations, which have substantially increased our capital costs since additional and more stringent regulation began in 2002. As of December 31, 2010, 88% of our tractor fleet has engines compliant with stricter regulations regarding emissions that became effective in 2007 and 3% of our tractor fleet has engines compliant with stricter regulations regarding emissions that became effective in 2010. Compliance with such regulations has increased and will continue to increase the cost of new tractors, may not provide fuel mileage increases proportionate to the increase in the cost of equipment, and could increase our operations and maintenance expense. These adverse effects and the residual values that will be realized from the dis position of these vehicles could increase our costs or otherwise adversely affect our business or operations as the regulations impact our business through new tractor purchases.

SEASONALITY

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We experience various market risks, including changes in interest rates and fuel prices. We do not enter into derivatives or other financial instruments for trading or speculative purposes, or when there are no underlying related exposures.

COMMODITY PRICE RISK

We are subject to risks associated with the availability and price of fuel, which are subject to political, economic, and market factors that are outside of our control. We also may be adversely affected by the timing and degree of fluctuations in fuel prices. Our fuel-surcharge program mitigates the effect of rising fuel prices but does not always result in fully recovering the increase in its cost of fuel. In part, this is due to fuel costs that cannot be billed to customers, including costs such as those incurred in connection with empty and out-of-route miles or when engines are being idled during cold or warm weather and due to fluctuations in the price of fuel between the fuel surcharge's benchmark index reset.

In an effort to reduce the variability of the ultimate cash flows associated with fluctuations in diesel fuel prices, we periodically enter into various derivative instruments, including forward futures swap contracts. As diesel fuel is not a traded commodity on the futures market, heating oil is used as a substitute for diesel fuel because prices for both generally move in similar directions. Under these contracts, we pay a fixed rate per gallon of heating oil and receive the monthly average price of New York heating oil per the NYMEX. Based on retrospective and prospective regression analyses, changes in the prices of diesel fuel and heating oil were deemed to be highly effective based on the relevant authoritative guidance. We do not engage in speculative transactions, nor do we hold or is sue financial instruments for trading purposes.

The aggregate result of our various hedging activities provided for a reduction of $2.6 million in fuel costs in 2010. Based on our expected fuel consumption for 2011, a one dollar change in the related price of heating oil or diesel per gallon would change our net fuel expense by approximately $19.8 million, assuming no further changes to our fuel hedging program or our fuel surcharge recovery.

INTEREST RATE RISK

Our market risk is also affected by changes in interest rates. Historically, we have used a combination of fixed-rate and variable-rate obligations to manage our interest rate exposure. Fixed-rate obligations expose us to the risk that interest rates might fall. Variable-rate obligations expose us to the risk that interest rates might raise. Of our total $225.2 million of debt, we had $2.9 million of variable rate debt outstanding at December 31, 2010, including both our Credit Facility and a real-estate note whereas at December 31, 2009, of our total $215.0 million of debt, we had $15.9 million of variable rate debt outstanding including both our Credit Facility and a real-estate note. The interest rates applicable to these agreements are based on either the prime rate or LIB OR. Our earnings would be affected by changes in these short-term interest rates. Risk can be quantified by measuring the financial impact of a near-term adverse increase in short-term interest rates. At our current level of borrowing, a 1% increase in our applicable rate would reduce annual pre-tax earnings by less than $0.1 million and $0.2 million as of December 31, 2010 and December 31, 2009, respectively. Our remaining debt is fixed rate debt, and therefore changes in market interest rates do not directly impact our interest expense.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The consolidated financial statements of Covenant Transportation Group, Inc. and subsidiaries including the consolidated balance sheets as of December 31, 2010 and 2009, and the related statements of operations, statements of stockholders' equity and comprehensive income (loss) and statements of cash flows for each of the years in the three-year period ended December 31, 2010, together with the related notes, and the report of KPMG LLP, our independent registered public accounting firm as of and for the years ended December 31, 2010, 2009, and 2008 are set forth at pages 45 through 69 elsewhere in this report.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

There has been no change in accountants during our three most recent fiscal years.

ITEM 9A. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We have established disclosure controls and procedures to ensure that material information relating to us and our consolidated subsidiaries is made known to the officers who certify our financial reports and to other members of senior management and the Board of Directors.

Based on their evaluation as of December 31, 2010, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures (as defined in Rule 13a-15 and 15d-15 under the Exchange Act) are effective to ensure that the information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms.

Management's Annual Report on Internal Control Over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15 promulgated under the Exchange Act as a process designed by, or under the supervision of, the principal executive and principal financial officers and effected by the board of directors, management, and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

•	pertain to the maintenance of records, that in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;
•	provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and
•	provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on our financial statements.

We have confidence in our internal controls and procedures. Nevertheless, our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure procedures and controls or our internal controls will prevent all errors or intentional fraud. An internal control system, no matter how well-conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of such internal controls are met. Further, the design of an internal control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. As a result of the inherent limitations in all internal control systems, no evaluation of controls can provide absolute assurance that all our control issues and ins tances of fraud, if any, have been detected.

Management assessed the effectiveness of our internal control over financial reporting as of December 31, 2010. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), an Internal Control-Integrated Framework. Based on its assessment, management believes that, as of December 31, 2010, our internal control over financial reporting is effective based on those criteria.

Attestation Report of Independent Registered Public Accounting Firm

This annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by our registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit us to provide only management's report in this annual report given our status as a non-accelerated filer.

Design and Changes in Internal Control over Financial Reporting

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. In accordance with these controls and procedures, information is accumulated and communicated to management, including our Chief Executive Officer, as appropriate, to allow timely decisions regarding disclosures. There were no changes in our internal control over financial reporting that occurred during the quarter ended December 31, 2010, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B. OTHER INFORMATION

None.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

We incorporate by reference the information respecting executive officers and directors set forth under the captions "Proposal 1 - Election of Directors", "Corporate Governance – Section 16(a) Beneficial Ownership Reporting Compliance", "Corporate Governance – Our Executive Officers", "Corporate Governance – Code of Conduct and Ethics", and "Corporate Governance – Committees of the Board of Directors – The Audit Committee" in our Proxy Statement for the 2011 annual meeting of stockholders, which will be filed with the Securities and Exchange Commission in accordance with Rule 14a-6 promulgated under the Securities Exchange Act of 1934, as amended (the "Proxy Statement"); provided, that the section entitled "Corporate Governance – Committees of the Board of Directors – The Audit Committee – ; Report of the Audit Committee" contained in the Proxy Statement are not incorporated by reference.

ITEM 11. EXECUTIVE COMPENSATION

We incorporate by reference the information set forth under the sections entitled "Executive Compensation", "Corporate Governance – Committees of the Board of Directors – The Compensation Committee – Compensation Committee Interlocks and Insider Participation", and "Corporate Governance – Committees of the Board of Directors – The Compensation Committee –Compensation Committee Report" in our Proxy Statement for the 2011 annual meeting of stockholders; provided, that the section entitled "Corporate Governance – Committees of the Board of Directors – The Compensation Committee – Compensation Committee Report" contained in the Proxy Statement is not incorporated by reference.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The following table provides certain information, as of December 31, 2010, with respect to our compensation plans and other arrangements under which shares of our Class A common stock are authorized for issuance.

Equity Compensation Plan Information

Plan category	Number of securities to be issued upon exercise of outstanding options, warrants and rights		Weighted average exercise price of outstanding options warrants and rights		Number of securities remaining eligible for future issuance under equity compensation plans (excluding securities reflected in column (a))
	(a)		(b)		(c)
Equity compensation plans approved by security holders		620,000 (1) 771,000 (2)	$ $	14.66 -	- 191,000
Equity compensation plans not approved by security holders		-		-	-
Total		1,391,000	$	14.66	191,000

(1)	Stock Options granted under our 1994, 2003, and 2006 Incentive Plans.

(2)	Restricted Stock granted under the 2006 Omnibus Incentive Plan.

We incorporate by reference the information set forth under the section entitled "Security Ownership of Certain Beneficial Owners and Management" in the Proxy Statement.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

We incorporate by reference the information set forth under the sections entitled "Corporate Governance – Board of Directors and Its Committees" and "Certain Relationships and Related Transactions" in the Proxy Statement.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

We incorporate by reference the information set forth under the section entitled "Relationships with Independent Registered Public Accounting Firm – Principal Accountant Fees and Services" in the Proxy Statement.

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a)	1.	Financial Statements.

		Our audited consolidated financial statements are set forth at the following pages of this report:
		Report of Independent Registered Public Accounting Firm – KPMG LLP	45
		Consolidated Balance Sheets	46
		Consolidated Statements of Operations	47
		Consolidated Statements of Stockholders' Equity and Comprehensive Income (Loss)	48
		Consolidated Statements of Cash Flows	49
		Notes to Consolidated Financial Statements	50

	2.	Financial Statement Schedules.

		Financial statement schedules are not required because all required information is included in the financial statements.

	3.	Exhibits.

		The exhibits required to be filed by Item 601 of Regulation S-K are listed under paragraph (b) below and on the Exhibit Index appearing at the end of this report. Management contracts and compensatory plans or arrangements are indicated by an asterisk.

(b)		Exhibits.

		The following exhibits are filed with this Form 10-K or incorporated by reference to the document set forth next to the exhibit listed below.

Exhibit Number	Reference	Description
3.1		Amended and Restated Articles of Incorporation (Incorporated by reference to Exhibit 99.2 to the Company's Report on Form 8-K, filed May 29, 2007)
3.2		Amended and Restated Bylaws, dated December 6, 2007 (Incorporated by reference to Exhibit 3.2 to the Company's Form 10-K, filed March 17, 2008)
4.1		Amended and Restated Articles of Incorporation (Incorporated by reference to Exhibit 99.2 to the Company's Report on Form 8-K, filed May 29, 2007)
4.2		Amended and Restated Bylaws, dated December 6, 2007 (Incorporated by reference to Exhibit 3.2 to the Company's Form 10-K, filed March 17, 2008)
10.1		401(k) Plan (Incorporated by reference to Exhibit 10.10 to the Company's Form S-1, Registration No. 33-82978, effective October 28, 1994)
10.2		Master Lease Agreement, dated April 15, 2003, between Transport International Pool, Inc. and Covenant Transport, Inc. (Incorporated by reference to Exhibit 10.4 to the Company's Form 10-Q/A, filed October 31, 2003)
10.3	*	Form of Indemnification Agreement between Covenant Transport, Inc. and each officer and director, effective May 1, 2004 (Incorporated by reference to Exhibit 10.2 to the Company's Form 10-Q, filed August 5, 2004)
10.4		Purchase and Sale Agreement, dated April 3, 2006, between Covenant Transport, Inc., a Tennessee corporation, and CT Chattanooga TN, LLC (Incorporated by reference to Exhibit 10.4 to the Company's Form 10-K, filed March 31, 2010)
10.5		Lease Agreement, dated April 3, 2006, between Covenant Transport, Inc., a Tennessee corporation, and CT Chattanooga TN, LLC (Incorporated by reference to Exhibit 10.5 to the Company's Form 10-K, filed March 31, 2010)
10.6		Lease Guaranty, dated April 3, 2006, by Covenant Transport, Inc., a Nevada corporation, for the benefit of CT Chattanooga TN, LLC (Incorporated by reference to Exhibit 10.20 to the Company's Report on Form 8-K, filed April 7, 2006)
10.7	*	Form of Restricted Stock Award Notice under the Covenant Transport, Inc. 2006 Omnibus Incentive Plan (Incorporated by reference to Exhibit 10.22 to the Company's Form 10-Q, filed August 9, 2006)
10.8	*	Form of Restricted Stock Special Award Notice under the Covenant Transport, Inc. 2006 Omnibus Incentive Plan (Incorporated by reference to Exhibit 10.23 to the Company's Form 10-Q, filed August 9, 2006)
10.9	*	Form of Incentive Stock Option Award Notice under the Covenant Transport, Inc. 2006 Omnibus Incentive Plan (Incorporated by reference to Exhibit 10.24 to the Company's Form 10-Q, filed August 9, 2006)

10.10		Form of Lease Agreement used in connection with Daimler Facility (Incorporated by reference to Exhibit 10.3 to the Company's Form 10-Q, filed August 11, 2008)
10.11		Amendment to Lease Agreement (Open End) (Incorporated by reference to Exhibit 10.4 to the Company's Form 10-Q, filed August 11, 2008)
10.12		Form of Direct Purchase Money Loan and Security Agreement used in connection with Daimler Facility (Incorporated by reference to Exhibit 10.5 to the Company's Form 10-Q, filed August 11, 2008)
10.13		Amendment to Direct Purchase Money Loan and Security Agreement (Incorporated by reference to Exhibit 10.6 to the Company's Form 10-Q, filed August 11, 2008)
10.14		Third Amended and Restated Credit Agreement, dated September 23, 2008, among Covenant Transportation Group, Inc., Covenant Transport, Inc., CTG Leasing Company, Covenant Asset Management, Inc., Southern Refrigerated Transport, Inc., Covenant Transport Solutions, Inc., Star Transportation, Inc., Bank of America, N.A., JPMorgan Chase Bank, N.A., and Textron Financial Corporation (Incorporated by reference to Exhibit 10.14 to the Company's Form 10-K, filed March 31, 2010)
10.15	*	Covenant Transportation Group, Inc. Amended and Restated 2006 Omnibus Incentive Plan (Incorporated by reference to Appendix A to the Company's Schedule 14A, filed April 10, 2009)
10.16		Amendment No. 1 to Third Amended and Restated Credit Agreement, dated March 27, 2009 among Covenant Transportation Group, Inc., Covenant Transport, Inc., CTG Leasing Company, Covenant Asset Management, Inc., Southern Refrigerated Transport, Inc., Covenant Transport Solutions, Inc., Star Transportation, Inc., Bank of America, N.A., JPMorgan Chase Bank, N.A., and Textron Financial Corporation (Incorporated by reference to Exhibit 10.1 to the Company's Form 10-Q, filed May 15, 2009)
10.17	*	Description of Covenant Transportation Group, Inc. 2009 Voluntary Incentive Opportunity, dated March 31, 2009 (Incorporated by reference to Exhibit 10.2 to the Company's Form 10-Q, filed May 15, 2009)
10.18	*	Description of Covenant Transportation Group, Inc. 2009 Named Executive Officer Bonus Program, dated March 31, 2009 (Incorporated by reference to Exhibit 10.3 to the Company's Form 10-Q, filed May 15, 2009)
10.19		Second Amendment to Third Amended and Restated Credit Agreement, dated February 25, 2010, among Covenant Transportation Group, Inc., Covenant Transport, Inc., CTG Leasing Company, Covenant Asset Management, Inc., Southern Refrigerated Transport, Inc., Covenant Transport Solutions, Inc., Star Transportation, Inc., Bank of America, N.A., JPMorgan Chase Bank, N.A., and Textron Financial Corporation (Incorporated by reference to Exhibit 10.1 to the Company's Form 10-Q, filed May 17, 2010)
10.20		Third Amendment to Third Amended and Restated Credit Agreement dated July 30, 2010 among Covenant Transportation Group, Inc., Covenant Transport, Inc., CTG Leasing Company, Covenant Asset Management, Inc., Southern Refrigerated Transport, Inc., Covenant Transport Solutions, Inc., Star Transportation, Inc., and Bank of America, N.A., as agent (Incorporated by reference to Exhibit 10.1 to the Company's Form 10-Q, filed November 9, 2010)
10.21		Fourth Amendment to Third Amended and Restated Credit Agreement dated August 31, 2010 among Covenant Transportation Group, Inc., Covenant Transport, Inc., CTG Leasing Company, Covenant Asset Management, Inc., Southern Refrigerated Transport, Inc., Covenant Transport Solutions, Inc., Star Transportation, Inc., and Bank of America, N.A., as agent (Incorporated by reference to Exhibit 10.2 to the Company's Form 10-Q, filed November 9, 2010)
10.22	#	Letter Agreement, dated October 28, 2010, between Transport International Pool, Inc., Covenant Transport, Inc. and CTG Leasing Company
21	#	List of Subsidiaries
23	#	Consent of Independent Registered Public Accounting Firm – KPMG LLP
31.1	#	Certification pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, by David R. Parker, the Company's Chief Executive Officer
31.2	#	Certification pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, by Richard B. Cribbs, the Company's Chief Financial Officer
32.1	#	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, by David R. Parker, the Company's Chief Executive Officer
32.2	#	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, by Richard B. Cribbs, the Company's Chief Financial Officer

References:

#	Filed herewith
*	Management contract or compensatory plan or arrangement.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	COVENANT TRANSPORTATION GROUP, INC.


Date: March 1, 2011	By:	/s/ Richard B. Cribbs
		Richard B. Cribbs
		Senior Vice President and Chief Financial Officer in his capacity as such and on behalf of the issuer.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature and Title		Date

/s/ David R. Parker		March 1, 2011
David R. Parker
Chairman of the Board, President, and Chief Executive Officer (principal executive officer)

/s/ Richard B. Cribbs		March 1, 2011
Richard B. Cribbs
Senior Vice President and Chief Financial Officer (principal financial and accounting officer)

/s/ Bradley A. Moline		March 1, 2011
Bradley A. Moline
Director

/s/ William T. Alt		March 1, 2011
William T. Alt
Director

/s/ Robert E. Bosworth		March 1, 2011
Robert E. Bosworth
Director

/s/ Niel B. Nielson		March 1, 2011
Niel B. Nielson
Director

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders

Covenant Transportation Group, Inc.

We have audited the accompanying consolidated balance sheets of Covenant Transportation Group, Inc. and subsidiaries as of December 31, 2010 and 2009, and the related consolidated statements of operations, stockholders' equity and comprehensive income (loss), and cash flows for each of the years in the three-year period ended December 31, 2010. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Covenant Transportation Group, Inc. and subsidiaries as of December 31, 2010 and 2009, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2010, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

/s/ KPMG LLP

Atlanta, Georgia

March 1, 2011

COVENANT TRANSPORTATION GROUP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2010 AND 2009 (In thousands, except share data)
	2010			2009
ASSETS
Current assets:
Cash and cash equivalents	$	9,361		$	12,221
Accounts receivable, net of allowance of $1,537 in 2010 and $1,845 in 2009		60,816			64,857
Drivers' advances and other receivables, net of allowance of $2,499 in 2010 and $2,608 in 2009		4,591			3,311
Inventory and supplies		4,481			4,004
Prepaid expenses		8,833			7,172
Assets held for sale		802			9,547
Deferred income taxes		677			458
Income taxes receivable		1,577			257
Total current assets		91,138			101,827

Property and equipment, at cost		450,467			399,712
Less: accumulated depreciation and amortization		(126,513	)		(121,377	)
Net property and equipment		323,954			278,335

Goodwill		11,539			11,539
Other assets, net		5,735			6,611

Total assets	$	432,366		$	398,312
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Checks outstanding in excess of bank balances	$	4,795		$	4,838
Accounts payable		6,902			7,528
Accrued expenses		26,481			26,789
Current maturities of long-term debt		68,379			67,365
Current portion of capital lease obligations		1,399			1,098
Current portion of insurance and claims accrual		13,927			12,055
Total current liabilities		121,883			119,673

Long-term debt		141,963			134,084
Long-term portion of capital lease obligations		13,418			12,472
Insurance and claims accrual		10,900			11,082
Deferred income taxes		41,821			24,525
Other long-term liabilities		1,683			1,801
Total liabilities		331,668			303,637
Commitments and contingent liabilities		-			-
Stockholders' equity:
Class A common stock, $.01 par value; 20,000,000 shares authorized; 13,469,090 shares issued; 12,190,682 and 11,840,568 outstanding as of December 31, 2010 and 2009, respectively		140			136
Class B common stock, $.01 par value; 5,000,000 shares authorized; 2,350,000 shares issued and outstanding		24			24
Additional paid-in-capital		90,842			90,679
Treasury stock at cost; 1,278,408 and 1,628,522 shares as of December 31, 2010 and 2009, respectively		(16,799	)		(19,195	)
Accumulated other comprehensive income		476			305
Retained earnings		26,015			22,726
Total stockholders' equity		100,698			94,675
Total liabilities and stockholders' equity	$	432,366		$	398,312

The accompanying notes are an integral part of these consolidated financial statements.

COVENANT TRANSPORTATION GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008 (In thousands, except per share data)
	2010			2009			2008
Revenues
Freight revenue	$	546,320		$	520,495		$	615,810
Fuel surcharge revenue		103,429			68,192			158,104
Total revenue	$	649,749		$	588,687		$	773,914

Operating expenses:
Salaries, wages, and related expenses		213,115			216,158			263,793
Fuel expense		177,239			143,835			260,704
Operations and maintenance		36,716			35,409			42,459
Revenue equipment rentals and purchased transportation		71,474			76,484			90,974
Operating taxes and licenses		11,090			12,113			13,078
Insurance and claims		37,982			31,955			37,578
Communications and utilities		4,974			5,740			6,702
General supplies and expenses		19,344			23,593			26,399
Depreciation and amortization, including gains and losses on disposition of equipment and impairment of assets (1)		51,807			48,122			63,235
Goodwill impairment charge		-			-			24,671
Total operating expenses		623,741			593,409			829,593
Operating income (loss)		26,008			(4,722	)		(55,679	)
Other (income) expenses:
Interest expense		16,566			14,184			10,373
Interest income		(2	)		(144	)		(435	)
Loss on early extinguishment of debt		-			-			726
Loss on sale of Transplace investment and note receivable		-			11,485			-
Other		(20	)		(199	)		(160	)
Other expenses, net		16,544			25,326			10,504
Income (loss) before income taxes		9,464			(30,048	)		(66,183	)
Income tax expense (benefit)		6,175			(5,018	)		(12,792	)
Net income (loss)	$	3,289		$	(25,030	)	$	(53,391	)

(1)	Includes a $15,791 pre-tax impairment charge related to revenue equipment in 2008.

Income (loss) per share:
Basic income (loss) per share:	$	0.23	$	(1.77	)	$	(3.80	)

Diluted income (loss) per share:	$	0.23	$	(1.77	)	$	(3.80	)

Basic weighted average shares outstanding		14,374		14,124			14,038

Diluted weighted average shares outstanding		14,505		14,124			14,038

The accompanying notes are an integral part of these consolidated financial statements.

COVENANT TRANSPORTATION GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

AND COMPREHENSIVE INCOME (LOSS)

FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008

(In thousands)

	Common Stock				Additional Paid-In Capital			Treasury Stock			Accumulated Other Comprehensive Income			Retained Earnings			Total Stockholders' Equity
	Class A		Class B

Balances at December 31, 2007	$	135	$	24	$	92,238		$	(21,278	)	$	-		$	101,147		$	172,266
Reversal of previously recognized stock-based compensation cost		-		-		(414	)		-			-			-			(414	)
Stock-based employee compensation cost		-		-		260			-			-			-			260
Issuance of restricted stock to non-employee directors from treasury stock		-		-		(172	)		271			-			-			99
Net loss and comprehensive loss		-		-		-			-			-			(53,391	)		(53,391	)
Balances at December 31, 2008	$	135	$	24	$	91,912		$	(21,007	)	$	-		$	47,756		$	118,820
Net loss		-		-		-			-			-			(25,030	)		(25,030	)
Other comprehensive loss:
Unrealized gain on effective portion of fuel hedge, net of tax of $191		-		-		-			-			305			-			305
Comprehensive loss		-		-		-			-			305			(25,030	)		(24,725	)
Issuance of restricted stock to non-employee directors from treasury stock		-		-		(375	)		475			-			-			100
Stock-based employee compensation cost		-		-		595			-			-			-			595
Issuance of restricted stock to employees from treasury stock, net of shares repurchased to satisfy minimum withholding requirements		1		-		(1,453	)		1,337			-			-			(115	)
Balances at December 31, 2009	$	136	$	24	$	90,679		$	(19,195	)	$	305		$	22,726		$	94,675
Net income		-		-		-			-			-			3,289			3,289
Other comprehensive income:
Unrealized gain on effective portion of fuel hedge, net of tax of $746		-		-		-			-			1,938			-			1,938
Comprehensive income		-		-		-			-			1,938			3,289			5,227
Reclassification of fuel hedge gain into statement of operations, net of income tax of $680		-		-		-			-			(1,767	)		-			(1,767	)
Issuance of restricted stock to non-employee directors from treasury stock		-		-		(62	)		162			-			-			100
Issuance of restricted stock to employees from treasury stock, net of shares repurchased to satisfy minimum withholding requirements		2		-		(2,520	)		2,234			-			-			(284	)
Exercise of stock options		2		-		1,306			-			-			-			1,308
Income tax benefit arising from exercise of stock options and restricted stock vesting		-		-		421			-			-			-			421
Stock-based employee compensation cost		-		-		1,018			-			-			-			1,018

Balances at December 31, 2010	$	140	$	24	$	90,842		$	(16,799	)	$	476		$	26,015		$	100,698

The accompanying notes are an integral part of these consolidated financial statements.

COVENANT TRANSPORTATION GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008

(In thousands)

	2010			2009			2008
Cash flows from operating activities:
Net income (loss)	$	3,289		$	(25,030	)	$	(53,391	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for losses on accounts receivable		422			1,727			987
Loss on early extinguishment of debt		-			-			726
Depreciation and amortization, including impairment of property and equipment		56,100			47,987			61,289
Impairment of goodwill		-			-			24,671
Amortization of deferred financing fees		715			851			405
Loss on sale of Transplace investment and note receivable		-			11,485			-
Gain on ineffective portion of fuel hedge		-			(31	)		-
Deferred gain on fuel hedge		773			-			-
Deferred income tax expense (benefit)		17,422			(8,664	)		(2,456	)
(Gain) loss on disposition of property and equipment		(4,293	)		135			1,946
Income tax benefit arising from the exercise of stock options		(421	)		-			-
Stock-based compensation expense (reversal), net		1,118			695			(55	)
Changes in operating assets and liabilities:
Receivables and advances		1,018			9,948			7,023
Prepaid expenses and other assets		(2,097	)		1,545			(1,709	)
Inventory and supplies		(477	)		(110	)		286
Insurance and claims accrual		1,690			(9,543	)		2,044
Accounts payable and accrued expenses		(4,420	)		(97	)		(1,458	)
Net cash flows provided by operating activities		70,839			30,898			40,308

Cash flows from investing activities:
Acquisition of property and equipment		(137,347	)		(113,063	)		(89,024	)
Proceeds from disposition of property and equipment		55,075			50,305			26,711
Payment of acquisition obligation		-			(250	)		(333	)
Net cash flows used in investing activities		(82,272	)		(63,008	)		(62,646	)

Cash flows from financing activities:
Repurchase of Company stock, net of shares repurchased to satisfy minimum statutory withholding requirements		(284	)		(115	)		-
Proceeds from the exercise of stock options		1,308			-			-
Proceeds (repayments) from/of borrowings under revolving credit facility, net		(12,665	)		8,879			(71,193	)
Repayments of capital lease obligation		(1,158	)		(298	)		-
Change in checks outstanding in excess of bank balances		(43	)		4,753			(4,487	)
Proceeds from issuance of notes payable		97,766			95,592			188,455
Repayments of notes payable		(76,208	)		(70,219	)		(38,796	)
Repayments of securitization facility, net		-			-			(47,964	)
Debt refinancing costs		(564	)		(561	)		(1,877	)
Income tax benefit arising from the exercise of stock options and restricted stock vesting		421			-			-
Net cash flows provided by financing activities		8,573			38,031			24,138

Net change in cash and cash equivalents		(2,860	)		5,921			1,800

Cash and cash equivalents at beginning of year		12,221			6,300			4,500
Cash and cash equivalents at end of year	$	9,361		$	12,221		$	6,300

Supplemental disclosure of cash flow information:
Cash paid (received) during the year for:
Interest, net of capitalized interest	$	16,710		$	13,016		$	9,296
Income taxes	$	(7,928	)	$	239		$	(12,480	)
Equipment purchased under capital leases	$	2,405		$	14,000		$	-
Non-cash change in variable rate real-estate note	$	-		$	157		$	-
Accrued property additions	$	-		$	811		$	-

The accompanying notes are an integral part of these consolidated financial statements.

COVENANT TRANSPORTATION GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2010, 2009 AND 2008

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Business and Segments

Covenant Transportation Group, Inc., a Nevada holding company, together with its wholly-owned subsidiaries offers truckload transportation and brokerage services to customers throughout the continental United States.

We have two reportable segments: Asset-Based Truckload Services ("Truckload") and our Brokerage Services, also known as Covenant Transport Solutions, Inc. ("Solutions").

The Truckload segment consists of three asset-based operating fleets that are aggregated because they have similar economic characteristics and meet the aggregation criteria. The three operating fleets that comprise our Truckload segment are as follows: (i) Covenant Transport, Inc. ("Covenant Transport"), our historical flagship operation, which provides expedited long haul, dedicated, and regional solo-driver service; (ii) Southern Refrigerated Transportation, Inc. ("SRT"), which provides primarily long-haul and regional temperature-controlled service; and (iii) Star Transportation, Inc. ("Star"), which provides regional solo-driver service, primarily in the southeastern United States.

Principles of Consolidation

The consolidated financial statements include the accounts of Covenant Transportation Group, Inc., a holding company incorporated in the state of Nevada in 1994, and its wholly-owned subsidiaries: Covenant Transport, Inc., a Tennessee corporation; Southern Refrigerated Transport, Inc., an Arkansas corporation; Star Transportation, Inc., a Tennessee corporation; Covenant Transport Solutions, Inc., a Nevada corporation; Covenant Logistics, Inc., a Nevada corporation; Covenant Asset Management, Inc., a Nevada corporation; CTG Leasing Company, a Nevada corporation, and Volunteer Insurance Limited, a Cayman Islands company.

References in this report to "it," "we," "us," "our," the "Company," and similar expressions refer to Covenant Transportation Group, Inc. and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Revenue Recognition

Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make decisions based upon estimates, assumptions, and factors we consider as relevant to the circumstances. Such decisions include the selection of applicable accounting principles and the use of judgment in their application, the results of which impact reported amounts and disclosures. Changes in future economic conditions or other business circumstances may affect the outcomes of our estimates and assumptions. Accordingly, actual results could differ from those anticipated.

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less at acquisition to be cash equivalents. Additionally, the Company is also subject to concentrations of credit risk related to deposits in banks in excess of the Federal Deposit Insurance Corporation limits.

Accounts Receivable and Concentration of Credit Risk

The Company extends credit to its customers in the normal course of business. The Company performs ongoing credit evaluations and generally does not require collateral. Trade accounts receivable are recorded at their invoiced amounts, net of allowance for doubtful accounts. The Company evaluates the adequacy of its allowance for doubtful accounts quarterly. Accounts outstanding longer than contractual payment terms are considered past due and are reviewed individually for collectability. The Company maintains reserves for potential credit losses based upon its loss history and specific receivables aging analysis. Receivable balances are written off when collection is deemed unlikely.

Accounts receivable are comprised of a diversified customer base that results in a lack of concentration of credit risk. During 2010, 2009, and 2008, the Company's top ten customers generated 40%, 26%, and 20% of total revenue, respectively. During the three year period ended December 31, 2010, no single customer represented more than 10% of total revenue. The carrying amount reported in the consolidated balance sheet for accounts receivable approximates fair value based on the fact that the receivables collection averaged approximately 35 days and 40 days in 2010 and 2009, respectively.

The following table provides a summary of the activity in the allowance for doubtful accounts for 2010, 2009, and 2008:

Years ended December 31:	Beginning balance January 1,	Additional provisions to allowance	Write-offs and other deductions	Ending balance December 31,

2010	$1,845	$422	($730)	$1,537

2009	$1,484	$1,727	($1,366)	$1,845

2008	$1,537	$987	($1,040)	$1,484

Inventories and supplies

Inventories and supplies consist of parts, tires, fuel, and supplies. Tires on new revenue equipment are capitalized as a component of the related equipment cost when the tractor or trailer is placed in service and recovered through depreciation over the life of the vehicle. Replacement tires and parts on hand at year end are recorded at the lower of cost or market with cost determined using the first-in, first-out (FIFO) method. Replacement tires are expensed when placed in service.

Assets Held for Sale

Property and Equipment

We lease certain revenue equipment under capital leases with terms of 60 months. Amortization of leased assets is included in depreciation and amortization expense.

Impairment of Long-Lived Assets

Goodwill and Other Intangible Assets

Insurance and Other Claims

Interest

The Company capitalizes interest on major projects during construction. Interest is capitalized based on the average interest rate on related debt. Capitalized interest was less than $0.1 million in 2010, 2009, and 2008.

Fair Value of Financial Instruments

Our financial instruments consist primarily of cash and cash equivalents, accounts receivable, commodity contracts, accounts payable, and debt. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable, and current debt approximates their fair value because of the short-term maturity of these instruments. Interest rates that are currently available to us for issuance of long-term debt with similar terms and remaining maturities are used to estimate the fair value of our long-term debt, which primarily consists of revenue equipment installment notes. Borrowings under our revolving credit facility approximate fair value due to the variable interest rate on the facility. Additionally, commodity contracts, which are accounted for as hedge derivatives, as discussed in Note 14, are valued based on the forward rate of the specific indices upon which the contract is being settled and adjusted for counterparty credit risk using available market information and valuation methodologies.

Income Taxes

Lease Accounting and Off-Balance Sheet Transactions

Capital Structure

The shares of Class A and B common stock are substantially identical except that the Class B shares are entitled to two votes per share while beneficially owned by David Parker or certain members of his immediate family, and Class A shares are entitled to one vote per share. The terms of any future issuances of preferred shares will be set by the Company's Board of Directors.

Comprehensive Income (loss)

Comprehensive income (loss) generally includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. Comprehensive income for 2010 was comprised of the net income and the unrealized gain on the effective portion of diesel fuel hedges. Comprehensive loss for 2009 was comprised of the net loss, partially offset by the unrealized gain on the effective portion of diesel fuel hedges, while in 2008 comprehensive loss equaled net loss.

Income (loss) Per Share

Basic income (loss) per share excludes dilution and is computed by dividing earnings available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted income (loss) per share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The calculation of diluted loss per share for 2009 and 2008 excludes all unexercised options and unvested shares, since the effect of any assumed exercise of the related awards would be anti-dilutive as a result of the net loss in these periods.

The following table sets forth the calculation of net income (loss) per share included in the consolidated statements of operations for each of the three years ended December 31:

(in thousands except per share data)
	2010		2009			2008
Numerator:

Net income (loss)	$	3,289	$	(25,030	)	$	(53,391	)

Denominator:

Denominator for basic income (loss) per share – weighted-average shares		14,374		14,124			14,038
Effect of dilutive securities:
Equivalent shares issuable upon conversion of unvested restricted stock		128		-			-
Equivalent shares issuable upon conversion of unvested employee stock options		3		-			-
Denominator for diluted income (loss) per share adjusted weighted-average shares and assumed conversions		14,505		14,124			14,038

Net income (loss) per share:
Basic income (loss) per share	$	0.23	$	(1.77	)	$	(3.80	)
Diluted income (loss) per share	$	0.23	$	(1.77	)	$	(3.80	)

Stock-Based Employee Compensation

Derivative Instruments and Hedging Activities

Subsequent Events

The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The Company evaluated subsequent events through the date the consolidated financial statements were issued.

Reclassifications

Certain reclassifications have been made to the prior years' consolidated financial statements to conform to the 2010 presentation. The reclassifications did not affect stockholders' equity or net income (loss) reported.

Recent Accounting Pronouncements

Improving Disclosures About Fair Value Measurements – In January 2010, the FASB issued authoritative guidance to clarify certain existing disclosure requirements and require additional disclosures for recurring and nonrecurring fair value measurements. These additional disclosures include amounts and reasons for significant transfers between Level 1 and Level 2 of the fair value hierarchy; significant transfers in and out of Level 3 of the fair value hierarchy; and information about purchases, sales, issuances, and settlements on a gross basis in the reconciliation of recurring Level 3 measurements. Further, the guidance amends employer's disclosures about post-retirement benefit plans to require that disclosures be provided by classes of assets instea d of by major categories of assets. The requirements of this guidance are effective for periods beginning after December 15, 2009, with the exception of the requirement of information about purchases, sales, issuances, and settlements of Level 3 measurements, which is effective for periods ending after December 15, 2010. The adoption of this guidance did not affect the Company's consolidated financial statements.

2. LIQUIDITY

Our business requires significant capital investments over the short-term and the long-term. Recently, we have financed our capital requirements with borrowings under our Third Amended and Restated Credit Facility ("Credit Facility"), cash flows from operations, long-term operating leases, capital leases, secured installment notes with finance companies and a refund of previously paid federal income taxes as a result of net operating loss carry backs pursuant to the Worker, Homeownership, and Business Assistance Act of 2009. Our primary sources of liquidity at December 31, 2010, were funds provided by operations, proceeds from the sale of used revenue equipment, borrowings under our Credit Facility, borrowings from secured installment notes, capital leases, operating leases of revenue equipment, and cash and cash equivalents. We had a working capital (total current assets less total current liabilities) deficit of $30.7 million and $17.8 million at December 31, 2010 and 2009, respectively. Working capital deficits are common to many trucking companies that operate by financing revenue equipment purchases through borrowing or capitalized leases. When we finance revenue equipment through borrowing or capitalized leases, the principal amortization scheduled for the next twelve months is categorized as a current liability, although the revenue equipment is classified as a long-term asset. Consequently, each purchase of revenue equipment financed with borrowing or capitalized leases decreases working capital. We believe our working capital deficit had little impact on our liquidity. Based on our expected financial condition, net capital expenditures, and results of operations and related net cash flows, we believe our working capital and sources of liquidit y will be adequate to meet our current and projected needs for at least the next twelve months.

3. FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Accordingly, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. The fair value of the hedge derivative asset was determined based on quotes from the counterparty which were verified by comparing them to the exchange on which the related futures are traded, adjusted for counterparty credit risk. A three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows:

•	Level 1. Observable inputs such as quoted prices in active markets;
•	Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and
•	Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

(in thousands)	December 31
Hedge derivative asset	2010		2009
Fair Value of Derivative	$	-	$	496
Quoted Prices in Active Markets (Level 1)		-		-
Significant Other Observable Inputs (Level 2)	$	-	$	496
Significant Unobservable Inputs (Level 3)		-		-

4. SHARE-BASED COMPENSATION

On May 5, 2009, at the annual meeting, the Company's stockholders approved an amendment to the Covenant Transportation Group, Inc. 2006 Omnibus Incentive Plan ("2006 Plan"), which among other things, (i) provides that the maximum aggregate number of shares of Class A common stock available for the grant of awards under the 2006 Plan from and after such annual meeting date shall not exceed 700,000, and (ii) limits the shares of Class A common stock that shall be available for issuance or reissuance under the 2006 Plan from and after such annual meeting date to the additional 700,000 shares reserved, plus any expirations, forfeitures, cancellations, or certain other terminations of such shares.

The 2006 Plan permits annual awards of shares of the Company's Class A common stock to executives, other key employees, non-employee directors and eligible participants under various types of options, restricted stock awards, or other equity instruments. The number of shares available for issuance under the 2006 Plan is 700,000 shares unless adjustment is determined necessary by the Committee as the result of a dividend or other distribution, recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Class A common stock, or other corporate transaction in order to prevent dilution or enlargement of benefits or potential benefits intended to be made available. At December 31, 2010, 191,000 of these 700,000 shares were availab le for award under the 2006 Plan. No participant in the 2006 Plan may receive awards of any type of equity instruments in any calendar-year that relates to more than 250,000 shares of the Company's Class A common stock. No awards may be made under the 2006 Plan after May 23, 2016. To the extent available, the Company has issued shares from treasury stock to satisfy all share-based incentive plans.

Included in salaries, wages, and related expenses within the consolidated statements of operations is stock-based compensation expense (benefit) of $1.0 million, $0.6 million, and ($0.1) million in 2010, 2009, and 2008, respectively. Included in general supplies and expenses within the consolidated statements of operations is stock –based compensation expenses for non-employee directors of $0.1 million in 2010, 2009, and 2008. The benefit recorded in 2008 is the result of reversing $0.4 million of expense when it was determined that certain awards that contained performance conditions were not probable to vest. All stock compensation expense recorded in 2010, 2009 and 2008 relates to restricted stock given no options were granted during these periods. There was no expense related to previously granted awards given all options granted in 2007 and 2006 contained performance conditions that are not probable of being satisfied and all shares granted prior to December 31, 2005 were fully vested in 2005. Income tax benefits associated with stock compensation expense totaled $0.4 million in 2010 related to the exercise of stock options and restricted share vesting, resulting in a related reduction in taxable income and an offsetting increase to additional paid in capital. There were no tax benefits in 2009 or 2008.

The 2006 Plan allows participants to pay the Company for the federal and state minimum statutory tax withholding requirements related to awards that vest or allows the participant to deliver to the Company, shares of common stock having a fair market value equal to the minimum amount of such required withholding taxes. To satisfy withholding requirements for shares that vested in 2010, certain participants elected to deliver to the Company approximately 41,000 Class A common stock shares, which were withheld at a weighted average per share price of $6.87 based on the closing price of our Class A common stock on the dates the shares vested, in lieu of the federal and state minimum statutory tax withholding requirements. We remitted approximately $0.3 million to the proper taxing authorities in satisfaction of the e mployees' minimum statutory withholding requirements. To satisfy withholding requirements for shares that vested in 2009, certain participants elected to deliver to the Company approximately 21,000 shares which were withheld at a per share price of $5.50, totaling approximately $0.1 million, based on the closing price of our common stock on the date the shares vested, in lieu of the federal and state minimum statutory tax withholding requirements. We remitted approximately $0.1 million to the proper taxing authorities in satisfaction of the employees' minimum statutory withholding requirements. The tax withholding amounts paid by the Company have been accounted for as a repurchase of shares in the accompanying consolidated statement of stockholders' equity. Furthermore, these deemed share repurchases are not included as part of the Company's stock repurchase program, noting such program expired on June 30, 2009.

The following table summarizes the Company's stock option activity for the fiscal years ended December 31, 2010, 2009, and 2008:

	Number of options (in thousands)	Weighted average exercise price	Weighted average remaining contractual term	Aggregate intrinsic value (in thousands)

Outstanding at December 31, 2007	1,205	$13.33	64 months	$-

Options granted	-	-
Options exercised	-	-
Options canceled	(109)	$12.30
Outstanding at December 31, 2008	1,096	$13.43	52 months	$-

Options granted	-	-
Options exercised	-	-
Options canceled	(116)	$14.05
Outstanding at December 31, 2009	980	$13.36	43 months	$-

Options granted	-	-
Options exercised	(163)	$8.00
Options canceled	(197)	$13.42
Outstanding at December 31, 2010	620	$14.66	38 months	$230

Exercisable at December 31, 2010	541	$15.81	32 months	$-

Performance based options account for 79,000 of the outstanding options at December 31, 2010, noting these options are not exercisable given the related performance had not be met at December 31, 2010.

During the third quarter of 2010, certain members of management exercised 163,000 stock options, which provided for $1.3 million of proceeds.

The following table summarizes the Company's restricted stock award activity for the fiscal years ended December 31, 2010, 2009, and 2008:

	Number of stock awards (in thousands)			Weighted average grant date fair value

Unvested at December 31, 2007		500		$	12.21

Granted		269		$	3.44
Vested		-			-
Forfeited		(3	)	$	5.83
Unvested at December 31, 2008		766		$	9.14

Granted		335		$	3.07
Vested		(162	)	$	3.15
Forfeited		(165	)	$	9.30
Unvested at December 31, 2009		774		$	7.76

Granted		370		$	6.59
Vested		(228	)	$	3.07
Forfeited		(145	)	$	10.60
Unvested at December 31, 2010		771		$	8.05

The unvested shares at December 31, 2010 will vest based on when and if the related vesting criteria are met for each award. All awards require continued service to vest, noting that 96,000 of these awards vest solely based on continued service, which vest in varying increments between 2011 and 2015. Additionally, 109,000 awards vest based on market conditions such that one third of the each employee's awards vests if the Company's Class A Stock trades above $7, $9, and $11, respectively, for twenty trading days beginning January 1, 2011 through December 31, 2015. Furthermore, 54,000 awards will vest based if the Company's Class A Stock trades above $8 for thirty trading days beginning January 1, 2011 through December 31, 2011. Performance based awards account for 512,000 of the unvested shares at December 31, 2010, noting that 269,000 of these shares are not expected to vest based on the expectation that the related performance criteria will not be met. As such, all previously recognized compensation expense was reversed in 2008, and no related expense was recognized in 2009 or 2010 given there was no change in the expectation regarding the performance targets being met that would trigger the shares to vest. The remaining 243,000 of unvested shares is comprised of 96,000 shares with a performance target that will vest when the Board of Directors certifies that the Company's fiscal 2010 earnings per share is equal to or greater than $0.05 per share, and 147,000 shares that will vest in two equal parts if the Company's performance meets or exceeds a 0.5% and 1.0% improvement in the net income margin over 2010 results beginning January 1, 2011 through December 31, 2013.

The fair value of restricted stock awards that vested in 2010 and 2009 was approximately $1.6 million and $0.5 million, respectively, noting no awards vested in 2008. As of December 31, 2010, the Company had approximately $1.9 million of unrecognized compensation expense related to restricted stock awards, which is probable to be recognized over a weighted average period of approximately thirty-one months. All restricted shares awarded to executives and other key employees pursuant to the 2006 Plan have voting and other stockholder-type rights, but will not be issued until the relevant restrictions are satisfied.

5. INVESTMENT IN TRANSPLACE

From July 2001 through December 2009, we owned approximately 12.4% of Transplace, Inc. ("Transplace"), a global transportation logistics service. In the formation transaction for Transplace, we contributed our logistics customer list, logistics business software and software licenses, certain intellectual property, intangible assets, and $5.0 million in cash, in exchange for our ownership. We accounted for this investment, which totaled approximately $10.7 million, using the cost method of accounting, and it was historically included in other assets in the consolidated balance sheet. Also, during the first quarter of 2005, we loaned Transplace approximately $2.6 million, which along with the related accrued interest was historically included in other assets in the consolidated balance sheet.

Based on an offer to purchase our 12.4% equity ownership and related note receivable in Transplace that was accepted by a majority of the stockholders, we determined that the value of our equity investment had become completely impaired in the third quarter of 2009, and the value of the note receivable had become impaired by approximately $0.9 million. As a result, we recorded a non-cash impairment charge of $11.6 million during the third quarter of 2009.

The transaction closed in December 2009, whereby the proceeds of $1.9 million provided for a recovery of $0.1 million of the previously impaired amount in the fourth quarter of 2009 and thus an $11.5 million non-cash loss on the sale of our investment and related note receivable. There was no tax benefit recorded in connection with the loss on the sale of the investment, given a full valuation allowance was established for the related capital loss. Under our Credit Facility, the non-cash loss is added back in the computation of the Company's fixed charge coverage ratio; and therefore does not unfavorably impact our single financial covenant.

6. PROPERTY AND EQUIPMENT

A summary of property and equipment, at cost, as of December 31, 2010 and 2009 is as follows:

(in thousands)	Estimated Useful Lives		2010		2009
Revenue equipment	3-10 years		$	357,326	$	309,668
Communications equipment	5-10 years			18,591		15,606
Land and improvements	0-24 years			17,356		17,541
Buildings and leasehold improvements	7-40 years			37,822		38,543
Construction in-progress		-		1,565		2,715
Other	1-10 years			17,807		15,639
			$	450,467	$	399,712

Depreciation expense was $55.5 million, $47.2 million, and $60.2 million in 2010, 2009, and 2008, respectively. The 2008 amount includes a $15.8 million impairment charge. The aforementioned depreciation expense excludes gains (losses) on the sale of property and equipment totaling $4.3 million, ($0.1) million and ($1.9) million in 2010, 2009 and 2008, respectively, which are presented net in depreciation and amortization expense in the consolidated statements of operations.

The Company leases certain revenue equipment under capital leases with terms of 60 months. At December 31, 2010 and 2009, property and equipment included capitalized leases, which had capitalized costs of $16.4 million and $14.0 million, respectively, and accumulated amortization of $1.6 million and $0.2 million, respectively. Amortization of these leased assets is included in depreciation and amortization expense in the consolidated statement of operations and totaled $1.4 million and $0.2 million during 2010 and 2009, respectively. There was no equipment held under capital leases during 2008.

In 2009, we began a multi-year project to upgrade the hardware and software of our information systems. The goal upon completion of the project is to have uniform operational and financial systems across the entire Company as we believe this will improve customer service, utilization, and enhance our visibility into and across the organization. We incurred approximately $0.8 million and $2.6 million in 2010 and 2009, respectively, related to this system upgrade, and $1.5 million of these related amounts are included in construction in progress as the related systems were not implemented as of December 31, 2010. We have capitalized $1.9 million of these costs, which are reflected in property and equipment in the consolidated balance sheet.

7. GOODWILL AND OTHER ASSETS

Goodwill of $11.5 million at December 31, 2010 and 2009 relates to two reporting units (Covenant and SRT) within our Truckload segment. Pursuant to the applicable accounting standards, we conducted our annual impairment test for goodwill in the second quarter of 2010 and 2009 and did not identify any impairment and noted no subsequent indicators of impairment within these reporting units.

A summary of other assets as of December 31, 2010 and 2009 is as follows:

(in thousands)	2010			2009
Covenants not to compete	$	2,690		$	2,690
Trade name		1,250			1,250
Customer relationships		3,490			3,490
Less: accumulated amortization of intangibles		(6,177	)		(5,541	)
Net intangible assets		1,253			1,889
Other, net		4,482			4,722
	$	5,735		$	6,611

Amortization expenses of intangible assets were $0.6 million, $0.8 million, and $1.0 million for 2010, 2009, and 2008, respectively. Approximate intangible amortization expense for the next five years is as follows:

	(In thousands)
2011	$382
2012	317
2013	227
2014	91
2015	66
Thereafter	$170

8. DEBT

Current and long-term debt consisted of the following at December 31, 2010 and 2009:

(in thousands)	December 31, 2010				December 31, 2009
	Current		Long-Term		Current		Long-Term
Borrowings under Credit Facility	$	-	$	21	$	-	$	12,686
Revenue equipment installment notes; weighted average interest rate of 6.5% at December 31, 2010, and December 31, 2009, respectively, due in monthly installments with final maturities at various dates ranging from January 2011 to June 2015, secured by related revenue equipment		68,014		139,395		67,000		118,574
Real estate note; interest rate of 2.8% and 2.8% at December 31, 2010 and 2009, respectively, due in monthly installments with fixed maturity at October 2013, secured by related real-estate		365		2,547		365		2,824
Total debt		68,379		141,963		67,365		134,084
Capital lease obligations, secured by related revenue equipment		1,399		13,418		1,098		12,472

Total debt and capital lease obligations	$	69,778	$	155,381	$	68,463	$	146,556

As of December 31, 2010, the scheduled principal payments of debt, excluding capital leases for which future payments are discussed in Note 9 are as follows:

	(in thousands)
2011	$	68,379
2012	$	82,662
2013	$	39,651
2014	$	8,812
2015	$	10,838
Thereafter	$	-

9. LEASES

The Company has operating lease commitments for office and terminal properties, revenue equipment, and computer and office equipment and capital lease commitments for revenue equipment, exclusive of owner/operator rentals and month-to-month equipment rentals, summarized for the following fiscal years (in thousands):

	Operating	Capital
2011	13,696	2,518
2012	11,769	2,518
2013	6,413	2,518
2014	2,866	8,407
2015	2,730	2,821
Thereafter	30,522	-

A portion of the Company's operating leases of tractors and trailers contain residual value guarantees under which the Company guarantees a certain minimum cash value payment to the leasing company at the expiration of the lease. The Company estimates that the residual guarantees are approximately $8.2 million and $23.6 million at December 31, 2010 and 2009, respectively. The residual guarantees at December 31, 2010 expire in 2011. The Company expects its residual guarantees to approximate the market value at the end of the lease term. Additionally, certain leases contain cross-default provisions with other financing agreements and additional charges if the unit's mileage exceeds certain thresholds defined in the lease agreement.

Rental expense is summarized as follows for each of the three years ended December 31:

(in thousands)	2010		2009		2008

Revenue equipment rentals	$	17,017	$	25,863	$	31,219
Building and lot rentals		3,586		3,976		3,884
Other equipment rentals		1,063		1,829		2,097
	$	21,666	$	31,668	$	37,200

On October 28, 2010, we executed a Letter Agreement ("Letter Agreement") with Transport International Pool, Inc. ("TIP"). The Letter Agreement modifies the Master Lease Agreement dated April 15, 2003, between TIP and the Company, pursuant to which we have entered into (among others) equipment lease schedules covering 2,446 trailers (the "Designated Schedules") scheduled to expire between November 2010 and May 2011. In addition, contemporaneously with the execution of the Letter Agreement, we returned 543 trailers in accordance with the terms of the Master Lease Agreement in order to better match our trailer fleet with our current number of tractors. Pursuant to the terms of the Letter Agreement, upon the scheduled expiration of each of the Designated Schedules, we will lease from TIP the trailers that are subject to such Designated Schedule on the terms and conditions set forth in the Letter Agreement and a new lease schedule attached to and made a part of the Letter Agreement. Under the terms of the Letter Agreement, the trailers subject to the agreement will be required to be returned or purchased at the rate of approximately 100 trailers per month beginning February 2012. The improved rental rate, coupled with the reduction in rental expense associated with the return of 543 trailers, is expected to provide us with savings on the TIP trailers in fiscal year 2011. In order to induce TIP to enter into the agreement, we and certain of our subsidiaries delivered to TIP a corporate guaranty, in which the guarantors agreed to guaranty all existing and future obligations of the Company and its subsidiaries from time-to-time owing to TIP, including, without limitation, all obligations under the Master Lease Agreement.

In April 2006, the Company entered into a sale leaseback transaction involving our corporate headquarters, a maintenance facility, a body shop, and approximately forty-six acres of surrounding property in Chattanooga, Tennessee. In the transaction, the Company entered into a twenty-year lease agreement, whereby it will lease back the property at an annual rental rate of approximately $2.5 million subject to annual rent increases of 1.0%, resulting in annual straight-line rental expense of approximately $2.7 million, which comprises a significant portion of building rentals above. The transaction resulted in a gain of approximately $2.1 million, which is being amortized ratably over the life of the lease, noting the $1.7 million deferred gain is included in other long-term liabilities in the consolidated balance sheet.

10. INCOME TAXES

Income tax expense (benefit) for the years ended December 31, 2010, 2009, and 2008 is comprised of:

(in thousands)	2010			2009			2008

Federal, current	$	(11,377	)	$	3,680		$	(10,408	)
Federal, deferred		16,739			(8,038	)		(701	)
State, current		130			(34	)		72
State, deferred		683			(626	)		(1,755	)
	$	6,175		$	(5,018	)	$	(12,792	)

Income tax expense varies from the amount computed by applying the federal corporate income tax rate of 35% to income before income taxes for the years ended December 31, 2010, 2009, and 2008 as follows:

(in thousands)	2010			2009			2008

Computed "expected" income tax expense	$	3,312		$	(10,517	)	$	(23,164	)
State income taxes, net of federal income tax effect		322			(1,050	)		(2,316	)
Per diem allowances		3,350			3,320			2,769
Tax contingency accruals		145			(216	)		(131	)
Nondeductible foreign operating (income) loss		(133	)		(504	)		298
Nondeductible goodwill impairment		-			-			9,498
Realization of outside basis difference related to Transplace		-			2,599			-
Valuation allowance (release), net		(638	)		1,896			-
Disallowed interest (release)		(48	)		(189	)		-
Tax credits		(182	)		(44	)		(145	)
Other, net		47			(313	)		399
Actual income tax expense	$	6,175		$	(5,018	)	$	(12,792	)

The temporary differences and the approximate tax effects that give rise to the Company's net deferred tax liability at December 31, 2010 and 2009 are as follows:

(in thousands)	2010			2009

Net deferred tax assets:
Allowance for doubtful accounts	$	539		$	702
Insurance and claims		9,533			7,594
Net operating loss carryovers		34,343			38,398
Capital loss carryover related to Transplace		1,670			1,671
Other accrued liabilities		445			476
Other, net		6,189			4,933
Valuation allowance		(1,258	)		(1,896	)
Total net deferred tax assets		51,461			51,878

Net deferred tax liabilities:
Property and equipment		(87,009	)		(71,127	)
Intangible and other assets		(1,990	)		(1,899	)
Prepaid expenses		(3,606	)		(2,919	)
Total net deferred tax liabilities		(92,605	)		(75,945	)

Net deferred tax liability	$	(41,144	)	$	(24,067	)

Deferred taxes are classified in the accompanying consolidated balance sheet based on the nature of the related asset or liability as current or long-term, such that current deferred tax assets and liabilities provide a net asset of $0.7 million, while long-term deferred tax assets and liabilities provide a net liability of $41.8 million. The net deferred tax liability if $41.1 million primarily relates to differences in cumulative book versus tax depreciation of property and equipment, partially off-set by net operating loss carryovers. The carrying value of the Company's deferred tax assets assumes that it will be able to generate, based on certain estimates and assumptions, sufficient future taxable income in certain tax jurisdictions to utilize these deferred tax benefits. If these estimates and related assum ptions change in the future, it may be required to establish a valuation allowance against the carrying value of the deferred tax assets, which would result in additional income tax expense. There was no valuation allowance in 2008. Based on forecasted taxable income and tax planning strategies available to the Company, no valuation allowance was established at December 31, 2009, except for $0.3 million related to certain state net operating loss carryforwards and $1.6 million related to the deferred tax asset associated with the Company's capital loss generated by the loss on the sale of its investment in Transplace. In 2010, the valuation allowance was reduced by $0.6 million to reflect the net effect capital gains realized during the year of $0.7 million related to fuel hedge gains and an increase in reserves for state net operating loss carryforwards of $0.1 million. As a result, the Company had $1.3 million recorded as a valuation allowance at December 31, 2010.

The activity in the valuation allowance on deferred tax assets (in thousands) is as follows:

Years ended December 31:	Beginning balance January 1,		Additional provisions to allowance		Write-offs and other deductions			Ending balance December 31,
2010	$	1,896	$	42	$	(680	)	$	1,258

2009	$	-	$	1,896	$	-		$	1,896

As of December 31, 2010, the Company had a $3.4 million liability recorded for unrecognized tax benefits, which includes interest and penalties of $1.3 million. The Company recognizes interest and penalties accrued related to unrecognized tax benefits in tax expense. As of December 31, 2009, the Company had a $3.1 million liability recorded for unrecognized tax benefits, which included interest and penalty of $1.0 million. Interest and penalties recognized for uncertain tax positions were approximately $0.2 million, $0.2 million, and $0.1 million in 2010, 2009, and 2008, respectively.

The following tables summarize the annual activity related to the Company's gross unrecognized tax benefits (in thousands) for the years ended December 31, 2010, 2009, and 2008:

	2010			2009			2008
Balance as of January 1,	$	2,137		$	1,971		$	1,923
Increases related to prior year tax positions		75			67			206
Decreases related to prior year positions		(30	)		(3	)		(3	)
Increases related to current year tax positions		110			279			17
Decreases related to settlements with taxing authorities		-			(122	)		(28	)
Decreases related to lapsing of statute of limitations		(159	)		(55	)		(144	)
Balance as of December 31,	$	2,133		$	2,137		$	1,971

If recognized, $2.2 million and $2.1 million of unrecognized tax benefits would impact the Company's effective tax rate as of December 31, 2010 and 2009 respectively. Any prospective adjustments to the Company's reserves for income taxes will be recorded as an increase or decrease to its provision for income taxes and would impact our effective tax rate.

The Company's 2007 through 2010 tax years remain subject to examination by the IRS for U.S. federal tax purposes, the Company's major taxing jurisdiction. In the normal course of business, the Company is also subject to audits by state and local tax authorities. While it is often difficult to predict the final outcome or the timing of resolution of any particular tax matter, the Company believes that its reserves reflect the more likely than not outcome of known tax contingencies. The Company adjusts these reserves, as well as the related interest, in light of changing facts and circumstances. Settlement of any particular issue would usually require the use of cash. Favorable resolution would be recognized as a reduction to the Company's annual tax rate in the year of resolution. The Company does not ex pect any significant increases or decreases for uncertain income tax positions during the next twelve months.

The Company's federal net operating loss carryforwards are available to offset future federal taxable income, if any, through 2030, while its state net operating loss carryforwards and state tax credits expire over various periods through 2030 based on jurisdiction. The capital loss carryforward related to the loss on the investment in Transplace is available to offset future capital gains through 2014.

During the third quarter of 2010, we recognized a $0.4 million income tax benefit arising from the exercise of stock options and restricted share vesting. This resulted in a related reduction in taxable income in the current period and an offsetting increase to additional paid in capital.

11. STOCK REPURCHASE PLAN

In May 2007, the Board of Directors approved an extension of the Company's previously approved stock repurchase plan for up to 1.3 million Company shares to be purchased in the open market or through negotiated transactions subject to criteria established by the Board. No shares were purchased under this plan during 2010, 2009, or 2008. The stock repurchase plan expired on June 30, 2009; however, as discussed in Note 4, we remitted approximately $0.3 million and $0.1 million in 2010 and 2009, respectively, to the proper taxing authorities in satisfaction of the employees' minimum statutory withholding requirements related to employees' vesting in restricted share grants. The tax withholding amounts paid by the Company were accounted for as a repurchase of shares. Our Credit Facility prohibits the repurchase of any shares, except those purchased to offset an employee's minimum statutory withholding requirements upon the vesting of equity awards, without obtaining approval from the lenders.

12. DEFERRED PROFIT SHARING EMPLOYEE BENEFIT PLAN

The Company has a deferred profit sharing and savings plan under which all of its employees with at least six months of service are eligible to participate. Employees may contribute a percentage of their annual compensation up to the maximum amount allowed by the Internal Revenue Code. The Company may make discretionary contributions as determined by a committee of its Board of Directors. The Company made no contributions in 2010 and contributed minimal contributions in 2009 and approximately $1.3 million in 2008, respectively, to the profit sharing and savings plan. The Board approved the suspension of employee matching "discretionary" contributions to be made beginning early in 2009 for an indefinite time period.

13. RELATED PARTY TRANSACTIONS

As discussed in Note 5, from July 2001 through December 2009, we owned approximately 12.4% of Transplace and had receivables from Transplace related to a bridge loan made in 2005 and related accrued interest. In addition, the Company provides transportation services to Transplace which provided for gross revenues of approximately $13.8 million, $18.8 million, and $26.2 million during 2010, 2009, and 2008, respectively. The trade accounts receivable balance as of December 31, 2010 and December 31, 2009 was approximately $2.1 million and $4.7 million, respectively.

Additionally, a company wholly owned by a relative of a significant stockholder and executive officer operated a "company store" on a rent-free basis in the Company's headquarters building, and used Covenant service marks on its products at no cost. The "company store" ceased operations in 2008. The Company paid fair market value for all supplies that were purchased which totaled approximately less than $0.1 million in 2008.

14. DERIVATIVE INSTRUMENTS

The Company engages in activities that expose it to market risks, including the effects of changes in fuel prices. Financial exposures are evaluated as an integral part of the Company's risk management program, which seeks, from time-to-time, to reduce the potentially adverse effects that the volatility of fuel markets may have on operating results. In an effort to seek to reduce the variability of the ultimate cash flows associated with fluctuations in diesel fuel prices, we periodically enter into various derivative instruments, including forward futures swap contracts. As diesel fuel is not a traded commodity on the futures market, heating oil is used as a substitute for diesel fuel because prices for both generally move in similar directions. Under these contracts, we pay a fixed rate per gallon of heating oi l and receive the monthly average price of New York heating oil per the New York Mercantile Exchange ("NYMEX"), noting the retrospective and prospective regression analyses provided that changes in the prices of diesel fuel and heating oil were deemed to be highly effective based on the relevant authoritative guidance. The Company does not engage in speculative transactions, nor does it hold or issue financial instruments for trading purposes.

During the fourth quarter of 2010, the Company sold all of its contracts related to the forecasted purchase of diesel fuel in 2011 to lock-in the related gains. The gains totaling $0.5 million are included in accumulated other comprehensive income, net of tax of $0.3 million. As such, there are no outstanding derivative instruments at December 31, 2010. During 2010, $1.8 million was reclassified from accumulated other comprehensive income to earnings related to gains on contracts that expired or were sold and for which the Company completed the forecasted transaction by purchasing the hedged diesel fuel. At December 31, 2009, the Company's derivative instruments had a fair value of $0.5 million and were included in other assets in the consolidated balance sheet, while the offsetting $0.3 million, net of tax of $0.2 million, was included in accumulated other comprehensive income. No amounts were reclassified from accumulated other comprehensive income into earnings in 2009 given the futures swap contracts were forward starting in 2010 and as such there had been no transactions involving purchases of the related diesel fuel being hedged at December 31, 2009.

We perform both a prospective and retrospective assessment of the effectiveness of our hedge contracts at inception and quarterly, including assessing the possibility of counterparty default. If we determine that a derivative is no longer expected to be highly effective, we discontinue hedge accounting prospectively and recognize subsequent changes in the fair value of the hedge in earnings. As a result of our effectiveness assessment at inception, quarterly, and at December 31, 2010 and 2009, we believe our hedge contracts have been and will continue to be highly effective in offsetting changes in cash flows attributable to the hedged risk.

We recognize all derivative instruments at fair value on our consolidated balance sheets. The Company's derivative instruments are designated as cash flow hedges, thus the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive income and will be reclassified into earnings in the same period during which the hedged transaction affects earnings. The effective portion of the derivative represents the change in fair value of the hedge that offsets the change in fair value of the hedged item. To the extent the change in the fair value of the hedge does not perfectly offset the change in the fair value of the hedged item, the ineffective portion of the hedge is immediately recognized in other income on our consolidated statements of operations.

Derivative instruments expose us to credit loss in the event of nonperformance by the counterparties to the agreements. We do not expect any of the counterparties to fail to meet their obligations. Our credit exposure related to these financial instruments is represented by the fair value of contracts reported as assets. To manage credit risk, we review each counterparty's audited financial statements and credit ratings and obtain references.

During the second quarter of 2010, the Company entered into a fixed forward purchase agreement with a fuel vendor whereby the Company agreed to purchase 0.5 million gallons of diesel fuel per month for twenty-four months and included in the contract was a hedge of the related cost of the fuel under which the Company pays a fixed rate per gallon of heating oil and receives the monthly average price of New York heating oil per the NYMEX. The hedge and related purchase of the fuel was accounted for using the normal purchases and sales scope exception given management concluded that all relevant criteria were met. Subsequent to entering into the agreement, the Company sold the related contract as a result of a significant gain on the hedge and determination that the fundamentals of the petroleum markets provided for the likely a bility of the Company to both realize the gain and enter into a subsequent hedge to mitigate the risk at a similar cost. The termination of the agreement generated a $0.8 million gain that was recorded during the second quarter of 2010 and is included as a reduction in fuel expense.

15. COMMITMENTS AND CONTINGENT LIABILITIES

From time-to-time, the Company is a party to ordinary, routine litigation arising in the ordinary course of business, most of which involves claims for personal injury and property damage incurred in connection with the transportation of freight. The Company maintains insurance to cover liabilities arising from the transportation of freight for amounts in excess of certain self-insured retentions. In management's opinion, the Company's potential exposure under pending legal proceedings is adequately provided for in the accompanying consolidated financial statements.

The Company had $44.7 million and $42.0 million of outstanding and undrawn letters of credit as of December 31, 2010 and 2009, respectively. The letters of credit are maintained primarily to support the Company's insurance programs.

The Company had commitments outstanding at December 31, 2010, to acquire revenue equipment totaling approximately $112.5 million in 2011 versus commitments at December 31, 2009 of approximately $97.2 million. These commitments are cancelable, subject to certain adjustments in the underlying obligations and benefits. These purchase commitments are expected to be financed by operating leases, capital leases, long-term debt, proceeds from sales of existing equipment, and/or cash flows from operations. The Company also had commitments outstanding at December 31, 2010, to acquire computer software totaling $0.4 million in 2011 and 2012.

16. SEGMENT INFORMATION

As previously discussed, we have two reportable segments: Asset-Based Truckload Services and our Brokerage Services.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Substantially all intersegment sales prices are market based. The Company evaluates performance based on operating income of the respective business units.

"Unallocated Corporate Overhead" includes expenses that are incidental to our activities and are not specifically allocated to one of the segments.

Year Ended December 31, 2010	Truckload			Brokerage			Unallocated Corporate Overhead			Consolidated
Revenue – external customers	$	610,291		$	46,053		$	-		$	656,344
Intersegment revenue		-			(6,595	)		-			(6,595	)
Operating income (loss) (1)		35,390			1,462			(10,844	)		26,008
Depreciation and amortization		50,821			23			963			51,807
Goodwill at carrying value		11,539			-			-			11,539
Total assets		391,510			6,983			33,873			432,366
Capital expenditures, net		81,316			2			954			82,272

Year Ended December 31, 2009
Revenue – external customers	$	541,325		$	58,771		$	-		$	600,096
Intersegment revenue		-			(11,409	)		-			(11,409	)
Operating income (loss) (1)		10,552			155			(15,429	)		(4,722	)
Depreciation and amortization		46,482			374			1,266			48,122
Goodwill at carrying value		11,539			-			-			11,539
Total assets		369,979			7,856			20,477			398,312
Capital expenditures, net		60,946			104			1,958			63,008

Year Ended December 31, 2008
Revenue – external customers	$	719,220		$	74,474		$	-		$	793,694
Intersegment revenue		-			(19,780	)		-			(19,780	)
Operating income (loss) (2)		(37,091	)		466			(19,054	)		(55,679	)
Depreciation and amortization (3)		61,888			81			1,266			63,235
Goodwill at carrying value		11,539			-			-			11,539
Total assets		351,831			11,770			30,075			393,676
Capital expenditures, net		58,587			222			3,837			62,646

(1)	Unallocated corporate overhead includes $11.5 million loss on Transplace discussed in Note 5.
(2)	Truckload segment includes $24.7 million goodwill impairment discussed in Note 7 and $15.8 million related to property and equipment impairments discussed in Note 6.
(3)	Truckload segment includes $15.8 million related to property and equipment impairments discussed in Note 6.

17. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

	(in thousands except per share amounts)
Quarters ended	Mar. 31, 2010			June 30, 2010		Sep. 30, 2010		Dec. 31, 2010

Freight revenue	$	129,336		$	141,392	$	138,964	$	136,628
Operating income (1)		1,816			10,042		8,172		5,976
Net income (loss) (1)		(2,176	)		2,889		1,884		690
Basic and diluted income (loss) per share		(0.15	)		0.20		0.13		0.05

	(in thousands except per share amounts)

Quarters ended	Mar. 31, 2009			June 30, 2009			Sep. 30, 2009			Dec. 31, 2009

Freight revenue	$	122,129		$	129,247		$	133,332		$	135,787
Operating loss		(5,145	)		(637	)		1,829			(769	)
Net loss		(5,543	)		(3,146	)		(13,600	)		(2,741	)
Basic and diluted loss per share (1)		(0.39	)		(0.22	)		(0.96	)		(0.19	)

(1)	Quarter totals do not aggregate to annualized results due to rounding.

EX-10.22 2 exhibit1022.htm EXHIBIT 10.22 (TIP LETTER AGREEMENT) exhibit1022.htm

Exhibit 10.22

GE Capital

Trailer Fleet Services

530 E. Swedesford Rd.

Wayne, PA 19087

& #160; October 28, 2010

CTG Leasing Company

Covenant Transport, Inc.

400 Birmingham Highway

Chattanooga, Tennessee 37419

Attention: David Hughes

Re: Vehicle Schedule No. 46 dated October 28, 2010 to

Master Lease Agreement dated as of April 15, 2003 between

Transport International Pool, Inc., as lessor, and Covenant Transport, Inc., as lessee

Ladies and Gentlemen:

Transport International Pool, Inc., a Pennsylvania corporation doing business as Trailer Fleet Services, as lessor (“TFS”), and Covenant Transport, Inc., a Tennessee corporation, as lessee (“CTI”), are parties to a Master Lease Agreement dated as of April 15, 2003 (the “Master Lease Agreement”). Unless otherwise defined herein, all capitalized terms used in this Agreement shall have the meanings assigned thereto in the Master Lease Agreement.

Pursuant to the Master Lease Agreement, CTI has entered into the Schedules listed on Schedule A hereto (the “Designated Schedules”), among others, pursuant to which CTI is currently leasing the Vehicles listed on Schedule B hereto (the “Leased Vehicles”) from TFS and the other lessors (the “Investors”) identified in Schedule A.

The Terms of the Designated Schedules are scheduled to expire on the dates set forth in Schedule A hereto. Upon the expiration of the Term of each Designated Schedule, CTG Leasing Company, a Nevada corporation (“CTG”), has agreed to lease from TFS the Vehicles that are subject to such Designated Schedule on the terms and conditions set forth in this letter agreement (this “Agreement”). CTG and CTI (collectively, the “Covenant Lessees”) are wholly owned subsidiaries of Covenant Transportation Group, Inc., a Nevada corporation (the “Covenant Parent”).

Accordingly, in consideration of the foregoing premises and the mutual covenants contained herein, and intending to be legally bound hereby, TFS and the Covenant Lessees hereby agree as follows:

1. CTG Lease.

(a) Subject to the terms and conditions of this Agreement, upon the expiration of the Term of each Designated Schedule, CTG shall lease the Leased Vehicles that are subject to such Designated Schedule on the terms and conditions set forth in Vehicle Schedule No. 46 of even date herewith, a copy of which is attached hereto and made a part hereof (the “CTG Schedule”), and the Master Lease Agreement (as incorporated by reference therein) (collectively, the “CTG Lease”). The CTG Lease shall not include any Vehicle that has suffered a Cas ualty Occurrence prior to the expiration of the Designated Schedule for such Vehicle.

(b) TFS and CTG shall execute and deliver the CTG Schedule concurrently with the execution of this Agreement. On or before the expiration date of each Designated Schedule, and subject to the terms and conditions of this Agreement, TFS and CTG shall execute and deliver a Vehicle Addendum to the CTG Schedule, in substantially the form of Annex A thereto, which shall (i) list the Leased Vehicles that are subject to such Designated Schedule, and (ii) specify the Base Term Commencement Date for such Leased Vehicles, which shall be the expiration date of such Designated Schedule. If it is later determined that any Vehicle unde r such Designated Schedule has suffered a Casualty Occurrence prior to the expiration date thereof, the Vehicle Addendum shall be deemed amended to remove such Vehicle from the list of Leased Vehicles.

(c) The Covenant Lessees hereby acknowledge that (A) the Leased Vehicles have previously been delivered to and accepted by CTI, and (B) on the expiration date of each Designated Schedule, and subject to the terms and conditions of this Agreement, the Leased Vehicles that are subject to such Designated Schedule shall be deemed to have been delivered to and accepted by CTG and the Leased Vehicles described therein shall be leased by CTG on the terms and conditions of the CTG Schedule.

2. Covenant Guaranty. Concurrently with the execution of this Agreement, the Covenant Lessees shall deliver to TFS an unconditional and irrevocable guaranty in the form attached hereto as Exhibit I (the “Guaranty”), duly executed and delivered by the Covenant Parent and the subsidiaries thereof listed on Schedule C hereto (the “Guarantors”), which shall guaranty all obligations of the Covenant Parent and any subsidiary thereof (including without limitation the Covenant Lessees) to TFS, including without limitation all obligations under the Master Lease Agreement and any and all existing and future Schedules thereto that are now or may hereafter be held by TFS (collectively, the “Covenant Lease Obligations”). The rights of TFS under the Guaranty shall be in addition to, and shall not supersede or modify, the rights of TFS under any guaranty previously given by the Covenant Parent or any subsidiary thereof, and any such other guaranty shall remain in full force and effect in accordance with its terms.

3. Letter of Credit. Concurrently with the execution of this Agreement, the Covenant Lessees shall deliver to TFS an unconditional and irrevocable letter of credit (the “Letter of Credit”) from CTG’s revolving credit lender (the “Letter of Credit Bank”) in an amount and on the terms and conditions set forth in Schedule D hereto and otherwise in form and content acceptable to TFS, which shall secure a ll of the Covenant Lease Obligations.

4. Conditions Precedent. The obligation of TFS to lease the Leased Vehicles to CTG that are subject to any Designated Schedule shall be subject to the satisfaction or waiver by TFS of the following conditions precedent on or before the expiration date of such Designated Schedule:

(a) TFS shall have received the Vehicle Addendum with respect to such Leased Vehicles, duly executed and delivered by CTG;

(b) No default by the Covenant Lessees under this Agreement shall have occurred and be continuing;

(c) No Default by the Covenant Lessees under the Master Lease Agreement or any Schedule thereto shall have occurred and be continuing;

(d) All of the representations and warranties of the Covenant Lessees in the Master Lease Agreement and each Schedule thereto shall be true and correct in all material respects (this Agreement and the CTG Schedule shall be deemed to be a Document as defined in the Master Lease Agreement for purposes of such representations and warranties and all other purposes);

(e) The Covenant Parent and its subsidiaries shall be in compliance in all material respects with their respective covenants and agreements under their credit and other financing agreements and shall not be in default under any other material agreements to which any of them is a party or by which any of them is bound;

(f) There shall not have occurred any material adverse change in the financial condition, performance, or ownership of the Covenant Parent or any of its subsidiaries since the date hereof;

(g) Neither the Covenant Parent nor any of its subsidiaries shall have entered into any merger, combination, consolidation, or other similar business reorganization agreement that results in a change of control, except with the prior written consent of TFS, which shall not be unreasonably withheld;

(h) TFS and the Investor that is the lessor under such Designated Schedule shall have executed mutually satisfactory, final, definitive written documentation with respect to TFS’ purchase of the Leased Vehicles subject to such Designated Schedule, TFS shall have purchased such Leased Vehicles from such Investor pursuant thereto, and the Investor shall not be in default thereunder;

(i) TFS and CM Trailer One Leasing, a California general partnership (“CM”) shall have executed mutually satisfactory, final, definitive written documentation with respect to the purchase of the Residual Sharing Interests, if any, with respect to such Leased Vehicles (as defined in the Agreement of Sale of Residual Sharing Interests, dated as of March 26, 2004 between TFS and CM), TFS shall have purchased such Residual Sharing Interests from CM pursuant thereto, and CM shall not be in default thereunder;

(j) The Letter of Credit shall be in full force and effect and the Letter of Credit Bank shall not have attempted to cancel or terminate the Letter of Credit or disclaimed or contested its liability thereunder;

(k) The Guaranty shall be in full force and effect and no Guarantor shall have attempted to revoke or terminate the Guaranty or disclaimed or contested its liability thereunder; and

(m) The Covenant Lessees and the other Guarantors shall have provided to TFS such corporate resolutions, incumbency certificates, certified copies of charter documents and bylaws, good standing certificates and other certificates and other documents as TFS shall reasonably request.

5. Cross-Default. CTI hereby reaffirms its obligations under the Master Lease Agreement and the Schedules thereto to which it is a party (collectively, the “CTI Leases”), none of which shall be amended or modified by the CTG Schedule and all of which shall continue in full force and effect. The Covenant Lessees agree that the CTI Leases and the CTG Lease shall be cross-defaulted such that any Default under any of the CTI Leases shall constitute a Default under the CTG Lease, and any Default under the CTG Lease shall constitute a Default under the CTI Leases.

6 Other Provisions.

(a) Neither Covenant Lessee shall disclose any of the terms of this Agreement or the CTG Schedule or any Vehicle Addendum thereto to any other person or entity, other than its consultants, attorneys and other advisers, and as may be required pursuant to CTG’s public company disclosure obligations, without the prior written consent of TFS.

(b) The parties agree to execute and deliver all other instruments and take all such other actions as the other party may reasonably request from time to time after the execution of this Agreement and without payment of further consideration to effectuate the transactions provided in this Agreement.

(c) This Agreement may not be amended or terminated except by an agreement in writing signed by all the parties. This Agreement may be executed in two or more counterparts each of which shall be considered an original but all of which together shall constitute the same instrument. This Agreement shall be governed by the laws of the Commonwealth of Pennsylvania.

(d) Neither Covenant Lessee shall assign or otherwise transfer its rights and obligations under this Agreement without the prior written consent of TFS.

(e) This Agreement may be executed in counterparts, each of which so executed shall be an original, and such counterparts together shall constitute one and the same instrument.

Please acknowledge your agreement with the foregoing by signing a copy of this Agreement in the space provided below and returning it to the undersigned.

Very truly yours,

TRANSPORT INTERNATIONAL

POOL, INC.

By: /s/ James R. Power

Name: James R. Power

Title: SVP Risk Management

Acknowledged and agreed to:

CTG LEASING COMPANY

By: /s/ M. David Hughes

Name: M. David Hughes

Title: Vice President

COVENANT TRANSPORT, INC.

By: /s/ M. David Hughes

Name: M. David Hughes

Title: Senior Vice President

SCHEDULE A

Designated Schedules

No. of Schedule	No. of Units	Expiration Date	Lessor
9	292	11/1/10	NatCity
10	148	11/1/10	LaSalle
11	98	11/1/10	LaSalle
12	100	12/1/10	Regions
13	98	12/1/10	UPS
14	194	12/1/10	TFS
15	99	12/1/10	TFS
16	739	1/1/11	BNY
17	145	3/1/11	LaSalle
18	99	3/1/11	Citizens
19	93	5/1/11	LaSalle
20	98	5/1/11	UPS
21	49	5/1/11	Regions
22	194	5/1/11	Keycorp

Total	2,446

SCHEDULE B

Leased Vehicles

Designated Schedule	Serial Number	Model Year	Type and Model
9	1JJV532W74L875744	2004	53ft Air Ride Van
9	1JJV532W94L875745	2004	53ft Air Ride Van
9	1JJV532W04L875746	2004	53ft Air Ride Van
9	1JJV532W24L875747	2004	53ft Air Ride Van
9	1JJV532W44L875748	2004	53ft Air Ride Van
9	1JJV532W64L875749	2004	53ft Air Ride Van
9	1JJV532W24L875750	2004	53ft Air Ride Van
9	1JJV532W44L875751	2004	53ft Air Ride Van
9	1JJV532W64L875752	2004	53ft Air Ride Van
9	1JJV532W84L875753	2004	53ft Air Ride Van
9	1JJV532WX4L875754	2004	53ft Air Ride Van
9	1JJV532W14L875755	2004	53ft Air Ride Van
9	1JJV532W34L875756	2004	53ft Air Ride Van
9	1JJV532W54L875757	2004	53ft Air Ride Van
9	1JJV532W74L875758	2004	53ft Air Ride Van
9	1JJV532W94L875759	2004	53ft Air Ride Van
9	1JJV532W54L875760	2004	53ft Air Ride Van
9	1JJV532W74L875761	2004	53ft Air Ride Van
9	1JJV532W94L875762	2004	53ft Air Ride Van
9	1JJV532W04L875763	2004	53ft Air Ride Van
9	1JJV532W24L875764	2004	53ft Air Ride Van
9	1JJV532W44L875765	2004	53ft Air Ride Van
9	1JJV532W64L875766	2004	53ft Air Ride Van
9	1JJV532W84L875767	2004	53ft Air Ride Van
9	1JJV532WX4L875768	2004	53ft Air Ride Van
9	1JJV532W14L875769	2004	53ft Air Ride Van
9	1JJV532W84L875770	2004	53ft Air Ride Van
9	1JJV532WX4L875771	2004	53ft Air Ride Van
9	1JJV532W14L875772	2004	53ft Air Ride Van
9	1JJV532W54L875774	2004	53ft Air Ride Van
9	1JJV532W74L875775	2004	53ft Air Ride Van
9	1JJV532W94L875776	2004	53ft Air Ride Van
9	1JJV532W04L875777	2004	53ft Air Ride Van
9	1JJV532W24L875778	2004	53ft Air Ride Van
9	1JJV532W44L875779	2004	53ft Air Ride Van
9	1JJV532W04L875780	2004	53ft Air Ride Van
9	1JJV532W24L875781	2004	53ft Air Ride Van
9	1JJV532W44L875782	2004	53ft Air Ride Van
9	1JJV532W64L875783	2004	53ft Air Ride Van
9	1JJV532W84L875784	2004	53ft Air Ride Van
9	1JJV532WX4L875785	2004	53ft Air Ride Van

9	1JJV532W14L875786	2004	53ft Air Ride Van
9	1JJV532W34L875787	2004	53ft Air Ride Van
9	1JJV532W54L875788	2004	53ft Air Ride Van
9	1JJV532W74L875789	2004	53ft Air Ride Van
9	1JJV532W34L875790	2004	53ft Air Ride Van
9	1JJV532W54L875791	2004	53ft Air Ride Van
9	1JJV532W74L875792	2004	53ft Air Ride Van
9	1JJV532W94L875793	2004	53ft Air Ride Van
9	1JJV532W04L875794	2004	53ft Air Ride Van
9	1JJV532W24L875795	2004	53ft Air Ride Van
9	1JJV532W44L875796	2004	53ft Air Ride Van
9	1JJV532W84L875798	2004	53ft Air Ride Van
9	1JJV532WX4L875799	2004	53ft Air Ride Van
9	1JJV532W24L875800	2004	53ft Air Ride Van
9	1JJV532W44L875801	2004	53ft Air Ride Van
9	1JJV532W64L875802	2004	53ft Air Ride Van
9	1JJV532W84L875803	2004	53ft Air Ride Van
9	1JJV532WX4L875804	2004	53ft Air Ride Van
9	1JJV532W14L875805	2004	53ft Air Ride Van
9	1JJV532W34L875806	2004	53ft Air Ride Van
9	1JJV532W54L875807	2004	53ft Air Ride Van
9	1JJV532W74L875808	2004	53ft Air Ride Van
9	1JJV532W94L875809	2004	53ft Air Ride Van
9	1JJV532W54L875810	2004	53ft Air Ride Van
9	1JJV532W74L875811	2004	53ft Air Ride Van
9	1JJV532W94L875812	2004	53ft Air Ride Van
9	1JJV532W04L875813	2004	53ft Air Ride Van
9	1JJV532W24L875814	2004	53ft Air Ride Van
9	1JJV532W64L875816	2004	53ft Air Ride Van
9	1JJV532W84L875817	2004	53ft Air Ride Van
9	1JJV532WX4L875818	2004	53ft Air Ride Van
9	1JJV532W14L875819	2004	53ft Air Ride Van
9	1JJV532W84L875820	2004	53ft Air Ride Van
9	1JJV532WX4L875821	2004	53ft Air Ride Van
9	1JJV532W14L875822	2004	53ft Air Ride Van
9	1JJV532W34L875823	2004	53ft Air Ride Van
9	1JJV532W54L875824	2004	53ft Air Ride Van
9	1JJV532W74L875825	2004	53ft Air Ride Van
9	1JJV532W94L875826	2004	53ft Air Ride Van
9	1JJV532W04L875827	2004	53ft Air Ride Van
9	1JJV532W44L875829	2004	53ft Air Ride Van
9	1JJV532W04L875830	2004	53ft Air Ride Van
9	1JJV532W24L875831	2004	53ft Air Ride Van
9	1JJV532W44L875832	2004	53ft Air Ride Van
9	1JJV532W64L875833	2004	53ft Air Ride Van
9	1JJV532W84L875834	2004	53ft Air Ride Van
9	1JJV532WX4L875835	2004	53ft Air Ride Van
9	1JJV532W14L875836	2004	53ft Air Ride Van

9	1JJV532W34L875837	2004	53ft Air Ride Van
9	1JJV532W54L875838	2004	53ft Air Ride Van
9	1JJV532W74L875839	2004	53ft Air Ride Van
9	1JJV532W34L875840	2004	53ft Air Ride Van
9	1JJV532W54L875841	2004	53ft Air Ride Van
9	1JJV532W74L875842	2004	53ft Air Ride Van
9	1JJV532W94L875843	2004	53ft Air Ride Van
9	1JJV532W04L875844	2004	53ft Air Ride Van
9	1JJV532W24L875845	2004	53ft Air Ride Van
9	1JJV532W44L875846	2004	53ft Air Ride Van
9	1JJV532W64L875847	2004	53ft Air Ride Van
9	1JJV532W84L875848	2004	53ft Air Ride Van
9	1JJV532WX4L875849	2004	53ft Air Ride Van
9	1JJV532W64L875850	2004	53ft Air Ride Van
9	1JJV532W84L875851	2004	53ft Air Ride Van
9	1JJV532WX4L875852	2004	53ft Air Ride Van
9	1JJV532W14L875853	2004	53ft Air Ride Van
9	1JJV532W34L875854	2004	53ft Air Ride Van
9	1JJV532W54L875855	2004	53ft Air Ride Van
9	1JJV532W94L875857	2004	53ft Air Ride Van
9	1JJV532W04L875858	2004	53ft Air Ride Van
9	1JJV532W24L875859	2004	53ft Air Ride Van
9	1JJV532W94L875860	2004	53ft Air Ride Van
9	1JJV532W04L875861	2004	53ft Air Ride Van
9	1JJV532W24L875862	2004	53ft Air Ride Van
9	1JJV532W44L875863	2004	53ft Air Ride Van
9	1JJV532W64L875864	2004	53ft Air Ride Van
9	1JJV532W84L875865	2004	53ft Air Ride Van
9	1JJV532WX4L875866	2004	53ft Air Ride Van
9	1JJV532W14L875867	2004	53ft Air Ride Van
9	1JJV532W34L875868	2004	53ft Air Ride Van
9	1JJV532W54L875869	2004	53ft Air Ride Van
9	1JJV532W14L875870	2004	53ft Air Ride Van
9	1JJV532W34L875871	2004	53ft Air Ride Van
9	1JJV532W54L875872	2004	53ft Air Ride Van
9	1JJV532W74L875873	2004	53ft Air Ride Van
9	1JJV532W94L875874	2004	53ft Air Ride Van
9	1JJV532W04L875875	2004	53ft Air Ride Van
9	1JJV532W24L875876	2004	53ft Air Ride Van
9	1JJV532W64L875878	2004	53ft Air Ride Van
9	1JJV532W84L875879	2004	53ft Air Ride Van
9	1JJV532W44L875880	2004	53ft Air Ride Van
9	1JJV532W64L875881	2004	53ft Air Ride Van
9	1JJV532W84L875882	2004	53ft Air Ride Van
9	1JJV532WX4L875883	2004	53ft Air Ride Van
9	1JJV532W14L875884	2004	53ft Air Ride Van
9	1JJV532W34L875885	2004	53ft Air Ride Van
9	1JJV532W54L875886	2004	53ft Air Ride Van

9	1JJV532W74L875887	2004	53ft Air Ride Van
9	1JJV532W94L875888	2004	53ft Air Ride Van
9	1JJV532W04L875889	2004	53ft Air Ride Van
9	1JJV532W74L875890	2004	53ft Air Ride Van
9	1JJV532W94L875891	2004	53ft Air Ride Van
9	1JJV532W04L875892	2004	53ft Air Ride Van
9	1JJV532W24L875893	2004	53ft Air Ride Van
9	1JJV532W44L875894	2004	53ft Air Ride Van
9	1JJV532W64L875895	2004	53ft Air Ride Van
9	1JJV532W84L875896	2004	53ft Air Ride Van
9	1JJV532WX4L875897	2004	53ft Air Ride Van
9	1JJV532W14L875898	2004	53ft Air Ride Van
9	1JJV532W34L875899	2004	53ft Air Ride Van
9	1JJV532W64L875900	2004	53ft Air Ride Van
9	1JJV532W84L875901	2004	53ft Air Ride Van
9	1JJV532WX4L875902	2004	53ft Air Ride Van
9	1JJV532W14L875903	2004	53ft Air Ride Van
9	1JJV532W34L875904	2004	53ft Air Ride Van
9	1JJV532W54L875905	2004	53ft Air Ride Van
9	1JJV532W74L875906	2004	53ft Air Ride Van
9	1JJV532W94L875907	2004	53ft Air Ride Van
9	1JJV532W04L875908	2004	53ft Air Ride Van
9	1JJV532W24L875909	2004	53ft Air Ride Van
9	1JJV532W94L875910	2004	53ft Air Ride Van
9	1JJV532W04L875911	2004	53ft Air Ride Van
9	1JJV532W24L875912	2004	53ft Air Ride Van
9	1JJV532W44L875913	2004	53ft Air Ride Van
9	1JJV532W64L875914	2004	53ft Air Ride Van
9	1JJV532W84L875915	2004	53ft Air Ride Van
9	1JJV532WX4L875916	2004	53ft Air Ride Van
9	1JJV532W14L875917	2004	53ft Air Ride Van
9	1JJV532W34L875918	2004	53ft Air Ride Van
9	1JJV532W54L875919	2004	53ft Air Ride Van
9	1JJV532W14L875920	2004	53ft Air Ride Van
9	1JJV532W34L875921	2004	53ft Air Ride Van
9	1JJV532W54L875922	2004	53ft Air Ride Van
9	1JJV532W74L875923	2004	53ft Air Ride Van
9	1JJV532W94L875924	2004	53ft Air Ride Van
9	1JJV532W04L875925	2004	53ft Air Ride Van
9	1JJV532W24L875926	2004	53ft Air Ride Van
9	1JJV532W44L875927	2004	53ft Air Ride Van
9	1JJV532W64L875928	2004	53ft Air Ride Van
9	1JJV532W84L875929	2004	53ft Air Ride Van
9	1JJV532W44L875930	2004	53ft Air Ride Van
9	1JJV532W64L875931	2004	53ft Air Ride Van
9	1JJV532W84L875932	2004	53ft Air Ride Van
9	1JJV532WX4L875933	2004	53ft Air Ride Van
9	1JJV532W14L875934	2004	53ft Air Ride Van

9	1JJV532W34L875935	2004	53ft Air Ride Van
9	1JJV532W54L875936	2004	53ft Air Ride Van
9	1JJV532W74L875937	2004	53ft Air Ride Van
9	1JJV532W94L875938	2004	53ft Air Ride Van
9	1JJV532W04L875939	2004	53ft Air Ride Van
9	1JJV532W74L875940	2004	53ft Air Ride Van
9	1JJV532W94L875941	2004	53ft Air Ride Van
9	1JJV532W04L875942	2004	53ft Air Ride Van
9	1JJV532W24L875943	2004	53ft Air Ride Van
9	1JJV532W44L875944	2004	53ft Air Ride Van
9	1JJV532W64L875945	2004	53ft Air Ride Van
9	1JJV532W84L875946	2004	53ft Air Ride Van
9	1JJV532WX4L875947	2004	53ft Air Ride Van
9	1JJV532W14L875948	2004	53ft Air Ride Van
9	1JJV532W34L875949	2004	53ft Air Ride Van
9	1JJV532WX4L875950	2004	53ft Air Ride Van
9	1JJV532W14L875951	2004	53ft Air Ride Van
9	1JJV532W34L875952	2004	53ft Air Ride Van
9	1JJV532W54L875953	2004	53ft Air Ride Van
9	1JJV532W74L875954	2004	53ft Air Ride Van
9	1JJV532W94L875955	2004	53ft Air Ride Van
9	1JJV532W04L875956	2004	53ft Air Ride Van
9	1JJV532W24L875957	2004	53ft Air Ride Van
9	1JJV532W44L875958	2004	53ft Air Ride Van
9	1JJV532W64L875959	2004	53ft Air Ride Van
9	1JJV532W24L875960	2004	53ft Air Ride Van
9	1JJV532W44L875961	2004	53ft Air Ride Van
9	1JJV532W64L875962	2004	53ft Air Ride Van
9	1JJV532W84L875963	2004	53ft Air Ride Van
9	1JJV532WX4L875964	2004	53ft Air Ride Van
9	1JJV532W14L875965	2004	53ft Air Ride Van
9	1JJV532W54L875967	2004	53ft Air Ride Van
9	1JJV532W74L875968	2004	53ft Air Ride Van
9	1JJV532W94L875969	2004	53ft Air Ride Van
9	1JJV532W54L875970	2004	53ft Air Ride Van
9	1JJV532W74L875971	2004	53ft Air Ride Van
9	1JJV532W94L875972	2004	53ft Air Ride Van
9	1JJV532W04L875973	2004	53ft Air Ride Van
9	1JJV532W24L875974	2004	53ft Air Ride Van
9	1JJV532W44L875975	2004	53ft Air Ride Van
9	1JJV532W64L875976	2004	53ft Air Ride Van
9	1JJV532W84L875977	2004	53ft Air Ride Van
9	1JJV532WX4L875978	2004	53ft Air Ride Van
9	1JJV532W14L875979	2004	53ft Air Ride Van
9	1JJV532W84L875980	2004	53ft Air Ride Van
9	1JJV532WX4L875981	2004	53ft Air Ride Van
9	1JJV532W14L875982	2004	53ft Air Ride Van
9	1JJV532W34L875983	2004	53ft Air Ride Van

9	1JJV532W54L875984	2004	53ft Air Ride Van
9	1JJV532W74L875985	2004	53ft Air Ride Van
9	1JJV532W94L875986	2004	53ft Air Ride Van
9	1JJV532W04L875987	2004	53ft Air Ride Van
9	1JJV532W24L875988	2004	53ft Air Ride Van
9	1JJV532W44L875989	2004	53ft Air Ride Van
9	1JJV532W04L875990	2004	53ft Air Ride Van
9	1JJV532W24L875991	2004	53ft Air Ride Van
9	1JJV532W44L875992	2004	53ft Air Ride Van
9	1JJV532W64L875993	2004	53ft Air Ride Van
9	1JJV532W84L875994	2004	53ft Air Ride Van
9	1JJV532WX4L875995	2004	53ft Air Ride Van
9	1JJV532W14L875996	2004	53ft Air Ride Van
9	1JJV532W34L875997	2004	53ft Air Ride Van
9	1JJV532W54L875998	2004	53ft Air Ride Van
9	1JJV532W74L875999	2004	53ft Air Ride Van
9	1JJV532W84L876000	2004	53ft Air Ride Van
9	1JJV532WX4L876001	2004	53ft Air Ride Van
9	1JJV532W14L876002	2004	53ft Air Ride Van
9	1JJV532W34L876003	2004	53ft Air Ride Van
9	1JJV532W74L876005	2004	53ft Air Ride Van
9	1JJV532W94L876006	2004	53ft Air Ride Van
9	1JJV532W04L876007	2004	53ft Air Ride Van
9	1JJV532W24L876008	2004	53ft Air Ride Van
9	1JJV532W44L876009	2004	53ft Air Ride Van
9	1JJV532W04L876010	2004	53ft Air Ride Van
9	1JJV532W24L876011	2004	53ft Air Ride Van
9	1JJV532W44L876012	2004	53ft Air Ride Van
9	1JJV532W64L876013	2004	53ft Air Ride Van
9	1JJV532W84L876014	2004	53ft Air Ride Van
9	1JJV532WX4L876015	2004	53ft Air Ride Van
9	1JJV532W14L876016	2004	53ft Air Ride Van
9	1JJV532W34L876017	2004	53ft Air Ride Van
9	1JJV532W54L876018	2004	53ft Air Ride Van
9	1JJV532W74L876019	2004	53ft Air Ride Van
9	1JJV532W34L876020	2004	53ft Air Ride Van
9	1JJV532W54L876021	2004	53ft Air Ride Van
9	1JJV532W74L876022	2004	53ft Air Ride Van
9	1JJV532W94L876023	2004	53ft Air Ride Van
9	1JJV532W04L876024	2004	53ft Air Ride Van
9	1JJV532W24L876025	2004	53ft Air Ride Van
9	1JJV532W44L876026	2004	53ft Air Ride Van
9	1JJV532W64L876027	2004	53ft Air Ride Van
9	1JJV532W84L876028	2004	53ft Air Ride Van
9	1JJV532WX4L876029	2004	53ft Air Ride Van
9	1JJV532W64L876030	2004	53ft Air Ride Van
9	1JJV532W84L876031	2004	53ft Air Ride Van
9	1JJV532WX4L876032	2004	53ft Air Ride Van

9	1JJV532W14L876033	2004	53ft Air Ride Van
9	1JJV532W34L876034	2004	53ft Air Ride Van
9	1JJV532W54L876035	2004	53ft Air Ride Van
9	1JJV532W74L876036	2004	53ft Air Ride Van
9	1JJV532W94L876037	2004	53ft Air Ride Van
9	1JJV532W04L876038	2004	53ft Air Ride Van
9	1JJV532W24L876039	2004	53ft Air Ride Van
9	1JJV532W94L876040	2004	53ft Air Ride Van
9	1JJV532W04L876041	2004	53ft Air Ride Van
9	1JJV532W24L876042	2004	53ft Air Ride Van
9	1JJV532W44L876043	2004	53ft Air Ride Van
10	1GRAA06204T508828	2004	53ft Air Ride Van
10	1GRAA06204T508733	2004	53ft Air Ride Van
10	1GRAA06204T508778	2004	53ft Air Ride Van
10	1GRAA06204T508795	2004	53ft Air Ride Van
10	1GRAA06204T508814	2004	53ft Air Ride Van
10	1GRAA06204T508845	2004	53ft Air Ride Van
10	1GRAA06204T508859	2004	53ft Air Ride Van
10	1GRAA06204T508862	2004	53ft Air Ride Van
10	1GRAA06204T508876	2004	53ft Air Ride Van
10	1GRAA06204T508893	2004	53ft Air Ride Van
10	1GRAA06204T508909	2004	53ft Air Ride Van
10	1GRAA06204T508912	2004	53ft Air Ride Van
10	1GRAA06204T508926	2004	53ft Air Ride Van
10	1GRAA06214T508613	2004	53ft Air Ride Van
10	1GRAA06214T508658	2004	53ft Air Ride Van
10	1GRAA06214T508675	2004	53ft Air Ride Van
10	1GRAA06214T508773	2004	53ft Air Ride Van
10	1GRAA06214T508790	2004	53ft Air Ride Van
10	1GRAA06214T508823	2004	53ft Air Ride Van
10	1GRAA06214T508840	2004	53ft Air Ride Van
10	1GRAA06214T508854	2004	53ft Air Ride Van
10	1GRAA06214T508868	2004	53ft Air Ride Van
10	1GRAA06214T508871	2004	53ft Air Ride Van
10	1GRAA06214T508885	2004	53ft Air Ride Van
10	1GRAA06214T508899	2004	53ft Air Ride Van
10	1GRAA06214T508904	2004	53ft Air Ride Van
10	1GRAA06214T508918	2004	53ft Air Ride Van
10	1GRAA06214T508921	2004	53ft Air Ride Van
10	1GRAA06224T508524	2004	53ft Air Ride Van
10	1GRAA06224T508670	2004	53ft Air Ride Van
10	1GRAA06224T508734	2004	53ft Air Ride Van
10	1GRAA06224T508779	2004	53ft Air Ride Van
10	1GRAA06224T508796	2004	53ft Air Ride Van
10	1GRAA06224T508815	2004	53ft Air Ride Van
10	1GRAA06224T508829	2004	53ft Air Ride Van
10	1GRAA06224T508846	2004	53ft Air Ride Van
10	1GRAA06224T508863	2004	53ft Air Ride Van

10	1GRAA06224T508877	2004	53ft Air Ride Van
10	1GRAA06224T508880	2004	53ft Air Ride Van
10	1GRAA06224T508894	2004	53ft Air Ride Van
10	1GRAA06224T508913	2004	53ft Air Ride Van
10	1GRAA06224T508927	2004	53ft Air Ride Van
10	1GRAA06224T508930	2004	53ft Air Ride Van
10	1GRAA06234T508709	2004	53ft Air Ride Van
10	1GRAA06234T508757	2004	53ft Air Ride Van
10	1GRAA06234T508774	2004	53ft Air Ride Van
10	1GRAA06234T508824	2004	53ft Air Ride Van
10	1GRAA06234T508838	2004	53ft Air Ride Van
10	1GRAA06234T508841	2004	53ft Air Ride Van
10	1GRAA06234T508855	2004	53ft Air Ride Van
10	1GRAA06234T508869	2004	53ft Air Ride Van
10	1GRAA06234T508872	2004	53ft Air Ride Van
10	1GRAA06234T508886	2004	53ft Air Ride Van
10	1GRAA06234T508905	2004	53ft Air Ride Van
10	1GRAA06234T508919	2004	53ft Air Ride Van
10	1GRAA06234T508922	2004	53ft Air Ride Van
10	1GRAA06244T508492	2004	53ft Air Ride Van
10	1GRAA06244T508508	2004	53ft Air Ride Van
10	1GRAA06244T508671	2004	53ft Air Ride Van
10	1GRAA06244T508752	2004	53ft Air Ride Van
10	1GRAA06244T508783	2004	53ft Air Ride Van
10	1GRAA06244T508797	2004	53ft Air Ride Van
10	1GRAA06244T508847	2004	53ft Air Ride Van
10	1GRAA06244T508850	2004	53ft Air Ride Van
10	1GRAA06244T508864	2004	53ft Air Ride Van
10	1GRAA06244T508878	2004	53ft Air Ride Van
10	1GRAA06244T508881	2004	53ft Air Ride Van
10	1GRAA06244T508895	2004	53ft Air Ride Van
10	1GRAA06244T508900	2004	53ft Air Ride Van
10	1GRAA06244T508914	2004	53ft Air Ride Van
10	1GRAA06244T508928	2004	53ft Air Ride Van
10	1GRAA06244T508931	2004	53ft Air Ride Van
10	1GRAA06254T508629	2004	53ft Air Ride Van
10	1GRAA06254T508677	2004	53ft Air Ride Van
10	1GRAA06254T508775	2004	53ft Air Ride Van
10	1GRAA06254T508839	2004	53ft Air Ride Van
10	1GRAA06254T508842	2004	53ft Air Ride Van
10	1GRAA06254T508856	2004	53ft Air Ride Van
10	1GRAA06254T508873	2004	53ft Air Ride Van
10	1GRAA06254T508887	2004	53ft Air Ride Van
10	1GRAA06254T508890	2004	53ft Air Ride Van
10	1GRAA06254T508906	2004	53ft Air Ride Van
10	1GRAA06254T508923	2004	53ft Air Ride Van
10	1GRAA06264T508798	2004	53ft Air Ride Van
10	1GRAA06264T508820	2004	53ft Air Ride Van

10	1GRAA06264T508848	2004	53ft Air Ride Van
10	1GRAA06264T508851	2004	53ft Air Ride Van
10	1GRAA06264T508865	2004	53ft Air Ride Van
10	1GRAA06264T508879	2004	53ft Air Ride Van
10	1GRAA06264T508882	2004	53ft Air Ride Van
10	1GRAA06264T508896	2004	53ft Air Ride Van
10	1GRAA06264T508901	2004	53ft Air Ride Van
10	1GRAA06264T508915	2004	53ft Air Ride Van
10	1GRAA06264T508929	2004	53ft Air Ride Van
10	1GRAA06274T508664	2004	53ft Air Ride Van
10	1GRAA06274T508745	2004	53ft Air Ride Van
10	1GRAA06274T508776	2004	53ft Air Ride Van
10	1GRAA06274T508809	2004	53ft Air Ride Van
10	1GRAA06274T508843	2004	53ft Air Ride Van
10	1GRAA06274T508857	2004	53ft Air Ride Van
10	1GRAA06274T508860	2004	53ft Air Ride Van
10	1GRAA06274T508874	2004	53ft Air Ride Van
10	1GRAA06274T508888	2004	53ft Air Ride Van
10	1GRAA06274T508891	2004	53ft Air Ride Van
10	1GRAA06274T508907	2004	53ft Air Ride Van
10	1GRAA06274T508910	2004	53ft Air Ride Van
10	1GRAA06274T508924	2004	53ft Air Ride Van
10	1GRAA06284T508673	2004	53ft Air Ride Van
10	1GRAA06284T508723	2004	53ft Air Ride Van
10	1GRAA06284T508771	2004	53ft Air Ride Van
10	1GRAA06284T508818	2004	53ft Air Ride Van
10	1GRAA06284T508821	2004	53ft Air Ride Van
10	1GRAA06284T508835	2004	53ft Air Ride Van
10	1GRAA06284T508849	2004	53ft Air Ride Van
10	1GRAA06284T508852	2004	53ft Air Ride Van
10	1GRAA06284T508866	2004	53ft Air Ride Van
10	1GRAA06284T508883	2004	53ft Air Ride Van
10	1GRAA06284T508897	2004	53ft Air Ride Van
10	1GRAA06284T508902	2004	53ft Air Ride Van
10	1GRAA06284T508916	2004	53ft Air Ride Van
10	1GRAA06294T508570	2004	53ft Air Ride Van
10	1GRAA06294T508682	2004	53ft Air Ride Van
10	1GRAA06294T508701	2004	53ft Air Ride Van
10	1GRAA06294T508732	2004	53ft Air Ride Van
10	1GRAA06294T508763	2004	53ft Air Ride Van
10	1GRAA06294T508777	2004	53ft Air Ride Van
10	1GRAA06294T508780	2004	53ft Air Ride Van
10	1GRAA06294T508813	2004	53ft Air Ride Van
10	1GRAA06294T508830	2004	53ft Air Ride Van
10	1GRAA06294T508844	2004	53ft Air Ride Van
10	1GRAA06294T508858	2004	53ft Air Ride Van
10	1GRAA06294T508861	2004	53ft Air Ride Van
10	1GRAA06294T508875	2004	53ft Air Ride Van

10	1GRAA06294T508889	2004	53ft Air Ride Van
10	1GRAA06294T508892	2004	53ft Air Ride Van
10	1GRAA06294T508908	2004	53ft Air Ride Van
10	1GRAA06294T508911	2004	53ft Air Ride Van
10	1GRAA06294T508925	2004	53ft Air Ride Van
10	1GRAA062X4T508710	2004	53ft Air Ride Van
10	1GRAA062X4T508819	2004	53ft Air Ride Van
10	1GRAA062X4T508822	2004	53ft Air Ride Van
10	1GRAA062X4T508853	2004	53ft Air Ride Van
10	1GRAA062X4T508867	2004	53ft Air Ride Van
10	1GRAA062X4T508870	2004	53ft Air Ride Van
10	1GRAA062X4T508884	2004	53ft Air Ride Van
10	1GRAA062X4T508903	2004	53ft Air Ride Van
10	1GRAA062X4T508917	2004	53ft Air Ride Van
10	1GRAA062X4T508920	2004	53ft Air Ride Van
11	3H3V532C04T097101	2004	53ft Air Ride Van
11	3H3V532C24T097102	2004	53ft Air Ride Van
11	3H3V532C44T097103	2004	53ft Air Ride Van
11	3H3V532C64T097104	2004	53ft Air Ride Van
11	3H3V532C84T097105	2004	53ft Air Ride Van
11	3H3V532CX4T097106	2004	53ft Air Ride Van
11	3H3V532C14T097107	2004	53ft Air Ride Van
11	3H3V532C34T097108	2004	53ft Air Ride Van
11	3H3V532C54T097109	2004	53ft Air Ride Van
11	3H3V532C14T097110	2004	53ft Air Ride Van
11	3H3V532C34T097111	2004	53ft Air Ride Van
11	3H3V532C54T097112	2004	53ft Air Ride Van
11	3H3V532C74T097113	2004	53ft Air Ride Van
11	3H3V532C94T097114	2004	53ft Air Ride Van
11	3H3V532C04T097115	2004	53ft Air Ride Van
11	3H3V532C24T097116	2004	53ft Air Ride Van
11	3H3V532C44T097117	2004	53ft Air Ride Van
11	3H3V532C64T097118	2004	53ft Air Ride Van
11	3H3V532C84T097119	2004	53ft Air Ride Van
11	3H3V532C44T097120	2004	53ft Air Ride Van
11	3H3V532C64T097121	2004	53ft Air Ride Van
11	3H3V532C84T097122	2004	53ft Air Ride Van
11	3H3V532CX4T097123	2004	53ft Air Ride Van
11	3H3V532C14T097124	2004	53ft Air Ride Van
11	3H3V532C34T097125	2004	53ft Air Ride Van
11	3H3V532C54T097126	2004	53ft Air Ride Van
11	3H3V532C74T097127	2004	53ft Air Ride Van
11	3H3V532C94T097128	2004	53ft Air Ride Van
11	3H3V532C04T097129	2004	53ft Air Ride Van
11	3H3V532C74T097130	2004	53ft Air Ride Van
11	3H3V532C94T097131	2004	53ft Air Ride Van
11	3H3V532C04T097132	2004	53ft Air Ride Van
11	3H3V532C24T097133	2004	53ft Air Ride Van

11	3H3V532C44T097134	2004	53ft Air Ride Van
11	3H3V532C64T097135	2004	53ft Air Ride Van
11	3H3V532CX4T097137	2004	53ft Air Ride Van
11	3H3V532C14T097138	2004	53ft Air Ride Van
11	3H3V532C34T097139	2004	53ft Air Ride Van
11	3H3V532CX4T097140	2004	53ft Air Ride Van
11	3H3V532C14T097141	2004	53ft Air Ride Van
11	3H3V532C34T097142	2004	53ft Air Ride Van
11	3H3V532C54T097143	2004	53ft Air Ride Van
11	3H3V532C74T097144	2004	53ft Air Ride Van
11	3H3V532C94T097145	2004	53ft Air Ride Van
11	3H3V532C04T097146	2004	53ft Air Ride Van
11	3H3V532C24T097147	2004	53ft Air Ride Van
11	3H3V532C44T097148	2004	53ft Air Ride Van
11	3H3V532C64T097149	2004	53ft Air Ride Van
11	3H3V532C24T097150	2004	53ft Air Ride Van
11	3H3V532C44T097151	2004	53ft Air Ride Van
11	3H3V532C64T097152	2004	53ft Air Ride Van
11	3H3V532C84T097153	2004	53ft Air Ride Van
11	3H3V532CX4T097154	2004	53ft Air Ride Van
11	3H3V532C14T097155	2004	53ft Air Ride Van
11	3H3V532C34T097156	2004	53ft Air Ride Van
11	3H3V532C54T097157	2004	53ft Air Ride Van
11	3H3V532C74T097158	2004	53ft Air Ride Van
11	3H3V532C94T097159	2004	53ft Air Ride Van
11	3H3V532C54T097160	2004	53ft Air Ride Van
11	3H3V532C74T097161	2004	53ft Air Ride Van
11	3H3V532C94T097162	2004	53ft Air Ride Van
11	3H3V532C04T097163	2004	53ft Air Ride Van
11	3H3V532C24T097164	2004	53ft Air Ride Van
11	3H3V532C44T097165	2004	53ft Air Ride Van
11	3H3V532C64T097166	2004	53ft Air Ride Van
11	3H3V532C84T097167	2004	53ft Air Ride Van
11	3H3V532CX4T097168	2004	53ft Air Ride Van
11	3H3V532C14T097169	2004	53ft Air Ride Van
11	3H3V532C84T097170	2004	53ft Air Ride Van
11	3H3V532CX4T097171	2004	53ft Air Ride Van
11	3H3V532C14T097172	2004	53ft Air Ride Van
11	3H3V532C34T097173	2004	53ft Air Ride Van
11	3H3V532C54T097174	2004	53ft Air Ride Van
11	3H3V532C74T097175	2004	53ft Air Ride Van
11	3H3V532C94T097176	2004	53ft Air Ride Van
11	3H3V532C04T097177	2004	53ft Air Ride Van
11	3H3V532C24T097178	2004	53ft Air Ride Van
11	3H3V532C44T097179	2004	53ft Air Ride Van
11	3H3V532C04T097180	2004	53ft Air Ride Van
11	3H3V532C24T097181	2004	53ft Air Ride Van
11	3H3V532C44T097182	2004	53ft Air Ride Van

11	3H3V532C64T097183	2004	53ft Air Ride Van
11	3H3V532C84T097184	2004	53ft Air Ride Van
11	3H3V532CX4T097185	2004	53ft Air Ride Van
11	3H3V532C14T097186	2004	53ft Air Ride Van
11	3H3V532C34T097187	2004	53ft Air Ride Van
11	3H3V532C74T097189	2004	53ft Air Ride Van
11	3H3V532C34T097190	2004	53ft Air Ride Van
11	3H3V532C54T097191	2004	53ft Air Ride Van
11	3H3V532C74T097192	2004	53ft Air Ride Van
11	3H3V532C94T097193	2004	53ft Air Ride Van
11	3H3V532C04T097194	2004	53ft Air Ride Van
11	3H3V532C24T097195	2004	53ft Air Ride Van
11	3H3V532C44T097196	2004	53ft Air Ride Van
11	3H3V532C64T097197	2004	53ft Air Ride Van
11	3H3V532C84T097198	2004	53ft Air Ride Van
11	3H3V532CX4T097199	2004	53ft Air Ride Van
11	3H3V532C24T097200	2004	53ft Air Ride Van
12	3H3V532C84T097301	2004	53ft Air Ride Van
12	3H3V532CX4T097302	2004	53ft Air Ride Van
12	3H3V532C14T097303	2004	53ft Air Ride Van
12	3H3V532C34T097304	2004	53ft Air Ride Van
12	3H3V532C54T097305	2004	53ft Air Ride Van
12	3H3V532C74T097306	2004	53ft Air Ride Van
12	3H3V532C94T097307	2004	53ft Air Ride Van
12	3H3V532C04T097308	2004	53ft Air Ride Van
12	3H3V532C24T097309	2004	53ft Air Ride Van
12	3H3V532C94T097310	2004	53ft Air Ride Van
12	3H3V532C04T097311	2004	53ft Air Ride Van
12	3H3V532C24T097312	2004	53ft Air Ride Van
12	3H3V532C44T097313	2004	53ft Air Ride Van
12	3H3V532C64T097314	2004	53ft Air Ride Van
12	3H3V532C84T097315	2004	53ft Air Ride Van
12	3H3V532CX4T097316	2004	53ft Air Ride Van
12	3H3V532C14T097317	2004	53ft Air Ride Van
12	3H3V532C34T097318	2004	53ft Air Ride Van
12	3H3V532C54T097319	2004	53ft Air Ride Van
12	3H3V532C14T097320	2004	53ft Air Ride Van
12	3H3V532C34T097321	2004	53ft Air Ride Van
12	3H3V532C54T097322	2004	53ft Air Ride Van
12	3H3V532C74T097323	2004	53ft Air Ride Van
12	3H3V532C94T097324	2004	53ft Air Ride Van
12	3H3V532C04T097325	2004	53ft Air Ride Van
12	3H3V532C24T097326	2004	53ft Air Ride Van
12	3H3V532C44T097327	2004	53ft Air Ride Van
12	3H3V532C64T097328	2004	53ft Air Ride Van
12	3H3V532C84T097329	2004	53ft Air Ride Van
12	3H3V532C44T097330	2004	53ft Air Ride Van
12	3H3V532C64T097331	2004	53ft Air Ride Van

12	3H3V532C84T097332	2004	53ft Air Ride Van
12	3H3V532CX4T097333	2004	53ft Air Ride Van
12	3H3V532C14T097334	2004	53ft Air Ride Van
12	3H3V532C34T097335	2004	53ft Air Ride Van
12	3H3V532C54T097336	2004	53ft Air Ride Van
12	3H3V532C74T097337	2004	53ft Air Ride Van
12	3H3V532C94T097338	2004	53ft Air Ride Van
12	3H3V532C04T097339	2004	53ft Air Ride Van
12	3H3V532C74T097340	2004	53ft Air Ride Van
12	3H3V532C94T097341	2004	53ft Air Ride Van
12	3H3V532C04T097342	2004	53ft Air Ride Van
12	3H3V532C24T097343	2004	53ft Air Ride Van
12	3H3V532C44T097344	2004	53ft Air Ride Van
12	3H3V532C64T097345	2004	53ft Air Ride Van
12	3H3V532C84T097346	2004	53ft Air Ride Van
12	3H3V532CX4T097347	2004	53ft Air Ride Van
12	3H3V532C14T097348	2004	53ft Air Ride Van
12	3H3V532C34T097349	2004	53ft Air Ride Van
12	3H3V532CX4T097350	2004	53ft Air Ride Van
12	3H3V532C14T097351	2004	53ft Air Ride Van
12	3H3V532C34T097352	2004	53ft Air Ride Van
12	3H3V532C54T097353	2004	53ft Air Ride Van
12	3H3V532C74T097354	2004	53ft Air Ride Van
12	3H3V532C94T097355	2004	53ft Air Ride Van
12	3H3V532C04T097356	2004	53ft Air Ride Van
12	3H3V532C24T097357	2004	53ft Air Ride Van
12	3H3V532C44T097358	2004	53ft Air Ride Van
12	3H3V532C64T097359	2004	53ft Air Ride Van
12	3H3V532C24T097360	2004	53ft Air Ride Van
12	3H3V532C44T097361	2004	53ft Air Ride Van
12	3H3V532C64T097362	2004	53ft Air Ride Van
12	3H3V532C84T097363	2004	53ft Air Ride Van
12	3H3V532CX4T097364	2004	53ft Air Ride Van
12	3H3V532C14T097365	2004	53ft Air Ride Van
12	3H3V532C34T097366	2004	53ft Air Ride Van
12	3H3V532C54T097367	2004	53ft Air Ride Van
12	3H3V532C74T097368	2004	53ft Air Ride Van
12	3H3V532C94T097369	2004	53ft Air Ride Van
12	3H3V532C54T097370	2004	53ft Air Ride Van
12	3H3V532C74T097371	2004	53ft Air Ride Van
12	3H3V532C94T097372	2004	53ft Air Ride Van
12	3H3V532C04T097373	2004	53ft Air Ride Van
12	3H3V532C24T097374	2004	53ft Air Ride Van
12	3H3V532C44T097375	2004	53ft Air Ride Van
12	3H3V532C64T097376	2004	53ft Air Ride Van
12	3H3V532C84T097377	2004	53ft Air Ride Van
12	3H3V532CX4T097378	2004	53ft Air Ride Van
12	3H3V532C14T097379	2004	53ft Air Ride Van

12	3H3V532C84T097380	2004	53ft Air Ride Van
12	3H3V532CX4T097381	2004	53ft Air Ride Van
12	3H3V532C14T097382	2004	53ft Air Ride Van
12	3H3V532C34T097383	2004	53ft Air Ride Van
12	3H3V532C54T097384	2004	53ft Air Ride Van
12	3H3V532C74T097385	2004	53ft Air Ride Van
12	3H3V532C94T097386	2004	53ft Air Ride Van
12	3H3V532C04T097387	2004	53ft Air Ride Van
12	3H3V532C24T097388	2004	53ft Air Ride Van
12	3H3V532C44T097389	2004	53ft Air Ride Van
12	3H3V532C04T097390	2004	53ft Air Ride Van
12	3H3V532C24T097391	2004	53ft Air Ride Van
12	3H3V532C44T097392	2004	53ft Air Ride Van
12	3H3V532C64T097393	2004	53ft Air Ride Van
12	3H3V532C84T097394	2004	53ft Air Ride Van
12	3H3V532CX4T097395	2004	53ft Air Ride Van
12	3H3V532C14T097396	2004	53ft Air Ride Van
12	3H3V532C34T097397	2004	53ft Air Ride Van
12	3H3V532C54T097398	2004	53ft Air Ride Van
12	3H3V532C74T097399	2004	53ft Air Ride Van
12	3H3V532CX4T097400	2004	53ft Air Ride Van
13	3H3V532C44T097201	2004	53ft Air Ride Van
13	3H3V532C64T097202	2004	53ft Air Ride Van
13	3H3V532C84T097203	2004	53ft Air Ride Van
13	3H3V532CX4T097204	2004	53ft Air Ride Van
13	3H3V532C14T097205	2004	53ft Air Ride Van
13	3H3V532C34T097206	2004	53ft Air Ride Van
13	3H3V532C54T097207	2004	53ft Air Ride Van
13	3H3V532C74T097208	2004	53ft Air Ride Van
13	3H3V532C94T097209	2004	53ft Air Ride Van
13	3H3V532C54T097210	2004	53ft Air Ride Van
13	3H3V532C74T097211	2004	53ft Air Ride Van
13	3H3V532C94T097212	2004	53ft Air Ride Van
13	3H3V532C04T097213	2004	53ft Air Ride Van
13	3H3V532C24T097214	2004	53ft Air Ride Van
13	3H3V532C44T097215	2004	53ft Air Ride Van
13	3H3V532C64T097216	2004	53ft Air Ride Van
13	3H3V532C84T097217	2004	53ft Air Ride Van
13	3H3V532CX4T097218	2004	53ft Air Ride Van
13	3H3V532C14T097219	2004	53ft Air Ride Van
13	3H3V532C84T097220	2004	53ft Air Ride Van
13	3H3V532CX4T097221	2004	53ft Air Ride Van
13	3H3V532C14T097222	2004	53ft Air Ride Van
13	3H3V532C34T097223	2004	53ft Air Ride Van
13	3H3V532C54T097224	2004	53ft Air Ride Van
13	3H3V532C74T097225	2004	53ft Air Ride Van
13	3H3V532C94T097226	2004	53ft Air Ride Van
13	3H3V532C04T097227	2004	53ft Air Ride Van

13	3H3V532C24T097228	2004	53ft Air Ride Van
13	3H3V532C44T097229	2004	53ft Air Ride Van
13	3H3V532C04T097230	2004	53ft Air Ride Van
13	3H3V532C24T097231	2004	53ft Air Ride Van
13	3H3V532C44T097232	2004	53ft Air Ride Van
13	3H3V532C64T097233	2004	53ft Air Ride Van
13	3H3V532C84T097234	2004	53ft Air Ride Van
13	3H3V532CX4T097235	2004	53ft Air Ride Van
13	3H3V532C14T097236	2004	53ft Air Ride Van
13	3H3V532C34T097237	2004	53ft Air Ride Van
13	3H3V532C54T097238	2004	53ft Air Ride Van
13	3H3V532C74T097239	2004	53ft Air Ride Van
13	3H3V532C34T097240	2004	53ft Air Ride Van
13	3H3V532C54T097241	2004	53ft Air Ride Van
13	3H3V532C74T097242	2004	53ft Air Ride Van
13	3H3V532C94T097243	2004	53ft Air Ride Van
13	3H3V532C04T097244	2004	53ft Air Ride Van
13	3H3V532C24T097245	2004	53ft Air Ride Van
13	3H3V532C44T097246	2004	53ft Air Ride Van
13	3H3V532C64T097247	2004	53ft Air Ride Van
13	3H3V532C84T097248	2004	53ft Air Ride Van
13	3H3V532CX4T097249	2004	53ft Air Ride Van
13	3H3V532C64T097250	2004	53ft Air Ride Van
13	3H3V532C84T097251	2004	53ft Air Ride Van
13	3H3V532C14T097253	2004	53ft Air Ride Van
13	3H3V532C34T097254	2004	53ft Air Ride Van
13	3H3V532C54T097255	2004	53ft Air Ride Van
13	3H3V532C74T097256	2004	53ft Air Ride Van
13	3H3V532C94T097257	2004	53ft Air Ride Van
13	3H3V532C04T097258	2004	53ft Air Ride Van
13	3H3V532C24T097259	2004	53ft Air Ride Van
13	3H3V532C94T097260	2004	53ft Air Ride Van
13	3H3V532C24T097262	2004	53ft Air Ride Van
13	3H3V532C44T097263	2004	53ft Air Ride Van
13	3H3V532C64T097264	2004	53ft Air Ride Van
13	3H3V532C84T097265	2004	53ft Air Ride Van
13	3H3V532CX4T097266	2004	53ft Air Ride Van
13	3H3V532C14T097267	2004	53ft Air Ride Van
13	3H3V532C34T097268	2004	53ft Air Ride Van
13	3H3V532C54T097269	2004	53ft Air Ride Van
13	3H3V532C14T097270	2004	53ft Air Ride Van
13	3H3V532C34T097271	2004	53ft Air Ride Van
13	3H3V532C54T097272	2004	53ft Air Ride Van
13	3H3V532C74T097273	2004	53ft Air Ride Van
13	3H3V532C94T097274	2004	53ft Air Ride Van
13	3H3V532C04T097275	2004	53ft Air Ride Van
13	3H3V532C24T097276	2004	53ft Air Ride Van
13	3H3V532C44T097277	2004	53ft Air Ride Van

13	3H3V532C64T097278	2004	53ft Air Ride Van
13	3H3V532C84T097279	2004	53ft Air Ride Van
13	3H3V532C44T097280	2004	53ft Air Ride Van
13	3H3V532C64T097281	2004	53ft Air Ride Van
13	3H3V532C84T097282	2004	53ft Air Ride Van
13	3H3V532CX4T097283	2004	53ft Air Ride Van
13	3H3V532C14T097284	2004	53ft Air Ride Van
13	3H3V532C34T097285	2004	53ft Air Ride Van
13	3H3V532C54T097286	2004	53ft Air Ride Van
13	3H3V532C74T097287	2004	53ft Air Ride Van
13	3H3V532C94T097288	2004	53ft Air Ride Van
13	3H3V532C04T097289	2004	53ft Air Ride Van
13	3H3V532C74T097290	2004	53ft Air Ride Van
13	3H3V532C94T097291	2004	53ft Air Ride Van
13	3H3V532C04T097292	2004	53ft Air Ride Van
13	3H3V532C24T097293	2004	53ft Air Ride Van
13	3H3V532C44T097294	2004	53ft Air Ride Van
13	3H3V532C64T097295	2004	53ft Air Ride Van
13	3H3V532C84T097296	2004	53ft Air Ride Van
13	3H3V532CX4T097297	2004	53ft Air Ride Van
13	3H3V532C14T097298	2004	53ft Air Ride Van
13	3H3V532C34T097299	2004	53ft Air Ride Van
13	3H3V532C64T097300	2004	53ft Air Ride Van
14	1JJV532W64L876044	2004	53ft Air Ride Van
14	1JJV532W84L876045	2004	53ft Air Ride Van
14	1JJV532WX4L876046	2004	53ft Air Ride Van
14	1JJV532W14L876047	2004	53ft Air Ride Van
14	1JJV532W34L876048	2004	53ft Air Ride Van
14	1JJV532W54L876049	2004	53ft Air Ride Van
14	1JJV532W14L876050	2004	53ft Air Ride Van
14	1JJV532W34L876051	2004	53ft Air Ride Van
14	1JJV532W54L876052	2004	53ft Air Ride Van
14	1JJV532W74L876053	2004	53ft Air Ride Van
14	1JJV532W94L876054	2004	53ft Air Ride Van
14	1JJV532W04L876055	2004	53ft Air Ride Van
14	1JJV532W24L876056	2004	53ft Air Ride Van
14	1JJV532W44L876057	2004	53ft Air Ride Van
14	1JJV532W64L876058	2004	53ft Air Ride Van
14	1JJV532W84L876059	2004	53ft Air Ride Van
14	1JJV532W44L876060	2004	53ft Air Ride Van
14	1JJV532W64L876061	2004	53ft Air Ride Van
14	1JJV532W84L876062	2004	53ft Air Ride Van
14	1JJV532WX4L876063	2004	53ft Air Ride Van
14	1JJV532W14L876064	2004	53ft Air Ride Van
14	1JJV532W34L876065	2004	53ft Air Ride Van
14	1JJV532W54L876066	2004	53ft Air Ride Van
14	1JJV532W74L876067	2004	53ft Air Ride Van
14	1JJV532W94L876068	2004	53ft Air Ride Van

14	1JJV532W04L876069	2004	53ft Air Ride Van
14	1JJV532W74L876070	2004	53ft Air Ride Van
14	1JJV532W94L876071	2004	53ft Air Ride Van
14	1JJV532W04L876072	2004	53ft Air Ride Van
14	1JJV532W24L876073	2004	53ft Air Ride Van
14	1JJV532W44L876074	2004	53ft Air Ride Van
14	1JJV532W64L876075	2004	53ft Air Ride Van
14	1JJV532W84L876076	2004	53ft Air Ride Van
14	1JJV532W14L876078	2004	53ft Air Ride Van
14	1JJV532W34L876079	2004	53ft Air Ride Van
14	1JJV532W14L876081	2004	53ft Air Ride Van
14	1JJV532W34L876082	2004	53ft Air Ride Van
14	1JJV532W54L876083	2004	53ft Air Ride Van
14	1JJV532W74L876084	2004	53ft Air Ride Van
14	1JJV532W94L876085	2004	53ft Air Ride Van
14	1JJV532W04L876086	2004	53ft Air Ride Van
14	1JJV532W24L876087	2004	53ft Air Ride Van
14	1JJV532W44L876088	2004	53ft Air Ride Van
14	1JJV532W64L876089	2004	53ft Air Ride Van
14	1JJV532W24L876090	2004	53ft Air Ride Van
14	1JJV532W44L876091	2004	53ft Air Ride Van
14	1JJV532W64L876092	2004	53ft Air Ride Van
14	1JJV532W84L876093	2004	53ft Air Ride Van
14	1JJV532WX4L876094	2004	53ft Air Ride Van
14	1JJV532W14L876095	2004	53ft Air Ride Van
14	1JJV532W34L876096	2004	53ft Air Ride Van
14	1JJV532W54L876097	2004	53ft Air Ride Van
14	1JJV532W74L876098	2004	53ft Air Ride Van
14	1JJV532W94L876099	2004	53ft Air Ride Van
14	1JJV532W14L876100	2004	53ft Air Ride Van
14	1JJV532W34L876101	2004	53ft Air Ride Van
14	1JJV532W54L876102	2004	53ft Air Ride Van
14	1JJV532W74L876103	2004	53ft Air Ride Van
14	1JJV532W94L876104	2004	53ft Air Ride Van
14	1JJV532W04L876105	2004	53ft Air Ride Van
14	1JJV532W24L876106	2004	53ft Air Ride Van
14	1JJV532W44L876107	2004	53ft Air Ride Van
14	1JJV532W64L876108	2004	53ft Air Ride Van
14	1JJV532W84L876109	2004	53ft Air Ride Van
14	1JJV532W44L876110	2004	53ft Air Ride Van
14	1JJV532W64L876111	2004	53ft Air Ride Van
14	1JJV532W84L876112	2004	53ft Air Ride Van
14	1JJV532WX4L876113	2004	53ft Air Ride Van
14	1JJV532W14L876114	2004	53ft Air Ride Van
14	1JJV532W34L876115	2004	53ft Air Ride Van
14	1JJV532W54L876116	2004	53ft Air Ride Van
14	1JJV532W74L876117	2004	53ft Air Ride Van
14	1JJV532W94L876118	2004	53ft Air Ride Van

14	1JJV532W04L876119	2004	53ft Air Ride Van
14	1JJV532W74L876120	2004	53ft Air Ride Van
14	1JJV532W94L876121	2004	53ft Air Ride Van
14	1JJV532W04L876122	2004	53ft Air Ride Van
14	1JJV532W24L876123	2004	53ft Air Ride Van
14	1JJV532W64L876125	2004	53ft Air Ride Van
14	1JJV532W84L876126	2004	53ft Air Ride Van
14	1JJV532WX4L876127	2004	53ft Air Ride Van
14	1JJV532W14L876128	2004	53ft Air Ride Van
14	1JJV532W34L876129	2004	53ft Air Ride Van
14	1JJV532WX4L876130	2004	53ft Air Ride Van
14	1JJV532W14L876131	2004	53ft Air Ride Van
14	1JJV532W34L876132	2004	53ft Air Ride Van
14	1JJV532W54L876133	2004	53ft Air Ride Van
14	1JJV532W74L876134	2004	53ft Air Ride Van
14	1JJV532W94L876135	2004	53ft Air Ride Van
14	1JJV532W04L876136	2004	53ft Air Ride Van
14	1JJV532W24L876137	2004	53ft Air Ride Van
14	1JJV532W44L876138	2004	53ft Air Ride Van
14	1JJV532W64L876139	2004	53ft Air Ride Van
14	1JJV532W24L876140	2004	53ft Air Ride Van
14	1JJV532W44L876141	2004	53ft Air Ride Van
14	1JJV532W64L876142	2004	53ft Air Ride Van
14	1JJV532W84L876143	2004	53ft Air Ride Van
14	1JJV532WX4L876144	2004	53ft Air Ride Van
14	1JJV532W14L876145	2004	53ft Air Ride Van
14	1JJV532W34L876146	2004	53ft Air Ride Van
14	1JJV532W54L876147	2004	53ft Air Ride Van
14	1JJV532W74L876148	2004	53ft Air Ride Van
14	1JJV532W94L876149	2004	53ft Air Ride Van
14	1JJV532W54L876150	2004	53ft Air Ride Van
14	1JJV532W74L876151	2004	53ft Air Ride Van
14	1JJV532W94L876152	2004	53ft Air Ride Van
14	1JJV532W04L876153	2004	53ft Air Ride Van
14	1JJV532W24L876154	2004	53ft Air Ride Van
14	1JJV532W44L876155	2004	53ft Air Ride Van
14	1JJV532W64L876156	2004	53ft Air Ride Van
14	1JJV532W84L876157	2004	53ft Air Ride Van
14	1JJV532WX4L876158	2004	53ft Air Ride Van
14	1JJV532W14L876159	2004	53ft Air Ride Van
14	1JJV532W84L876160	2004	53ft Air Ride Van
14	1JJV532WX4L876161	2004	53ft Air Ride Van
14	1JJV532W14L876162	2004	53ft Air Ride Van
14	1JJV532W34L876163	2004	53ft Air Ride Van
14	1JJV532W54L876164	2004	53ft Air Ride Van
14	1JJV532W74L876165	2004	53ft Air Ride Van
14	1JJV532W94L876166	2004	53ft Air Ride Van
14	1JJV532W04L876167	2004	53ft Air Ride Van

14	1JJV532W24L876168	2004	53ft Air Ride Van
14	1JJV532W44L876169	2004	53ft Air Ride Van
14	1JJV532W04L876170	2004	53ft Air Ride Van
14	1JJV532W24L876171	2004	53ft Air Ride Van
14	1JJV532W44L876172	2004	53ft Air Ride Van
14	1JJV532W64L876173	2004	53ft Air Ride Van
14	1JJV532W84L876174	2004	53ft Air Ride Van
14	1JJV532WX4L876175	2004	53ft Air Ride Van
14	1JJV532W14L876176	2004	53ft Air Ride Van
14	1JJV532W34L876177	2004	53ft Air Ride Van
14	1JJV532W54L876178	2004	53ft Air Ride Van
14	1JJV532W74L876179	2004	53ft Air Ride Van
14	1JJV532W34L876180	2004	53ft Air Ride Van
14	1JJV532W54L876181	2004	53ft Air Ride Van
14	1JJV532W74L876182	2004	53ft Air Ride Van
14	1JJV532W94L876183	2004	53ft Air Ride Van
14	1JJV532W04L876184	2004	53ft Air Ride Van
14	1JJV532W24L876185	2004	53ft Air Ride Van
14	1JJV532W64L876187	2004	53ft Air Ride Van
14	1JJV532W84L876188	2004	53ft Air Ride Van
14	1JJV532WX4L876189	2004	53ft Air Ride Van
14	1JJV532W64L876190	2004	53ft Air Ride Van
14	1JJV532W84L876191	2004	53ft Air Ride Van
14	1JJV532WX4L876192	2004	53ft Air Ride Van
14	1JJV532W14L876193	2004	53ft Air Ride Van
14	1JJV532W34L876194	2004	53ft Air Ride Van
14	1JJV532W54L876195	2004	53ft Air Ride Van
14	1JJV532W74L876196	2004	53ft Air Ride Van
14	1JJV532W94L876197	2004	53ft Air Ride Van
14	1JJV532W04L876198	2004	53ft Air Ride Van
14	1JJV532W24L876199	2004	53ft Air Ride Van
14	1JJV532W54L876200	2004	53ft Air Ride Van
14	1JJV532W74L876201	2004	53ft Air Ride Van
14	1JJV532W94L876202	2004	53ft Air Ride Van
14	1JJV532W04L876203	2004	53ft Air Ride Van
14	1JJV532W24L876204	2004	53ft Air Ride Van
14	1JJV532W44L876205	2004	53ft Air Ride Van
14	1JJV532W64L876206	2004	53ft Air Ride Van
14	1JJV532W84L876207	2004	53ft Air Ride Van
14	1JJV532WX4L876208	2004	53ft Air Ride Van
14	1JJV532W14L876209	2004	53ft Air Ride Van
14	1JJV532W84L876210	2004	53ft Air Ride Van
14	1JJV532WX4L876211	2004	53ft Air Ride Van
14	1JJV532W14L876212	2004	53ft Air Ride Van
14	1JJV532W34L876213	2004	53ft Air Ride Van
14	1JJV532W54L876214	2004	53ft Air Ride Van
14	1JJV532W74L876215	2004	53ft Air Ride Van
14	1JJV532W94L876216	2004	53ft Air Ride Van

14	1JJV532W04L876217	2004	53ft Air Ride Van
14	1JJV532W24L876218	2004	53ft Air Ride Van
14	1JJV532W44L876219	2004	53ft Air Ride Van
14	1JJV532W04L876220	2004	53ft Air Ride Van
14	1JJV532W24L876221	2004	53ft Air Ride Van
14	1JJV532W44L876222	2004	53ft Air Ride Van
14	1JJV532W64L876223	2004	53ft Air Ride Van
14	1JJV532W84L876224	2004	53ft Air Ride Van
14	1JJV532WX4L876225	2004	53ft Air Ride Van
14	1JJV532W14L876226	2004	53ft Air Ride Van
14	1JJV532W34L876227	2004	53ft Air Ride Van
14	1JJV532W54L876228	2004	53ft Air Ride Van
14	1JJV532W74L876229	2004	53ft Air Ride Van
14	1JJV532W34L876230	2004	53ft Air Ride Van
14	1JJV532W54L876231	2004	53ft Air Ride Van
14	1JJV532W94L876233	2004	53ft Air Ride Van
14	1JJV532W04L876234	2004	53ft Air Ride Van
14	1JJV532W24L876235	2004	53ft Air Ride Van
14	1JJV532W64L876237	2004	53ft Air Ride Van
14	1JJV532W84L876238	2004	53ft Air Ride Van
14	1JJV532WX4L876239	2004	53ft Air Ride Van
14	1JJV532W64L876240	2004	53ft Air Ride Van
14	1JJV532W84L876241	2004	53ft Air Ride Van
14	1JJV532WX4L876242	2004	53ft Air Ride Van
14	1JJV532W14L876243	2004	53ft Air Ride Van
15	1JJV532W34L876244	2004	53ft Air Ride Van
15	1JJV532W54L876245	2004	53ft Air Ride Van
15	1JJV532W74L876246	2004	53ft Air Ride Van
15	1JJV532W94L876247	2004	53ft Air Ride Van
15	1JJV532W04L876248	2004	53ft Air Ride Van
15	1JJV532W24L876249	2004	53ft Air Ride Van
15	1JJV532W94L876250	2004	53ft Air Ride Van
15	1JJV532W04L876251	2004	53ft Air Ride Van
15	1JJV532W24L876252	2004	53ft Air Ride Van
15	1JJV532W44L876253	2004	53ft Air Ride Van
15	1JJV532W64L876254	2004	53ft Air Ride Van
15	1JJV532W84L876255	2004	53ft Air Ride Van
15	1JJV532WX4L876256	2004	53ft Air Ride Van
15	1JJV532W14L876257	2004	53ft Air Ride Van
15	1JJV532W34L876258	2004	53ft Air Ride Van
15	1JJV532W54L876259	2004	53ft Air Ride Van
15	1JJV532W14L876260	2004	53ft Air Ride Van
15	1JJV532W34L876261	2004	53ft Air Ride Van
15	1JJV532W54L876262	2004	53ft Air Ride Van
15	1JJV532W74L876263	2004	53ft Air Ride Van
15	1JJV532W94L876264	2004	53ft Air Ride Van
15	1JJV532W04L876265	2004	53ft Air Ride Van
15	1JJV532W24L876266	2004	53ft Air Ride Van

15	1JJV532W44L876267	2004	53ft Air Ride Van
15	1JJV532W64L876268	2004	53ft Air Ride Van
15	1JJV532W84L876269	2004	53ft Air Ride Van
15	1JJV532W44L876270	2004	53ft Air Ride Van
15	1JJV532W64L876271	2004	53ft Air Ride Van
15	1JJV532W84L876272	2004	53ft Air Ride Van
15	1JJV532WX4L876273	2004	53ft Air Ride Van
15	1JJV532W14L876274	2004	53ft Air Ride Van
15	1JJV532W34L876275	2004	53ft Air Ride Van
15	1JJV532W54L876276	2004	53ft Air Ride Van
15	1JJV532W74L876277	2004	53ft Air Ride Van
15	1JJV532W94L876278	2004	53ft Air Ride Van
15	1JJV532W04L876279	2004	53ft Air Ride Van
15	1JJV532W74L876280	2004	53ft Air Ride Van
15	1JJV532W94L876281	2004	53ft Air Ride Van
15	1JJV532W04L876282	2004	53ft Air Ride Van
15	1JJV532W24L876283	2004	53ft Air Ride Van
15	1JJV532W44L876284	2004	53ft Air Ride Van
15	1JJV532W64L876285	2004	53ft Air Ride Van
15	1JJV532W84L876286	2004	53ft Air Ride Van
15	1JJV532WX4L876287	2004	53ft Air Ride Van
15	1JJV532W14L876288	2004	53ft Air Ride Van
15	1JJV532W34L876289	2004	53ft Air Ride Van
15	1JJV532WX4L876290	2004	53ft Air Ride Van
15	1JJV532W14L876291	2004	53ft Air Ride Van
15	1JJV532W34L876292	2004	53ft Air Ride Van
15	1JJV532W54L876293	2004	53ft Air Ride Van
15	1JJV532W74L876294	2004	53ft Air Ride Van
15	1JJV532W94L876295	2004	53ft Air Ride Van
15	1JJV532W04L876296	2004	53ft Air Ride Van
15	1JJV532W24L876297	2004	53ft Air Ride Van
15	1JJV532W44L876298	2004	53ft Air Ride Van
15	1JJV532W64L876299	2004	53ft Air Ride Van
15	1JJV532W94L876300	2004	53ft Air Ride Van
15	1JJV532W24L876302	2004	53ft Air Ride Van
15	1JJV532W44L876303	2004	53ft Air Ride Van
15	1JJV532W64L876304	2004	53ft Air Ride Van
15	1JJV532W84L876305	2004	53ft Air Ride Van
15	1JJV532WX4L876306	2004	53ft Air Ride Van
15	1JJV532W14L876307	2004	53ft Air Ride Van
15	1JJV532W34L876308	2004	53ft Air Ride Van
15	1JJV532W54L876309	2004	53ft Air Ride Van
15	1JJV532W14L876310	2004	53ft Air Ride Van
15	1JJV532W34L876311	2004	53ft Air Ride Van
15	1JJV532W54L876312	2004	53ft Air Ride Van
15	1JJV532W74L876313	2004	53ft Air Ride Van
15	1JJV532W94L876314	2004	53ft Air Ride Van
15	1JJV532W04L876315	2004	53ft Air Ride Van

15	1JJV532W24L876316	2004	53ft Air Ride Van
15	1JJV532W44L876317	2004	53ft Air Ride Van
15	1JJV532W64L876318	2004	53ft Air Ride Van
15	1JJV532W84L876319	2004	53ft Air Ride Van
15	1JJV532W34L889852	2004	53ft Air Ride Van
15	1JJV532W54L889853	2004	53ft Air Ride Van
15	1JJV532W74L889854	2004	53ft Air Ride Van
15	1JJV532W94L889855	2004	53ft Air Ride Van
15	1JJV532W04L889856	2004	53ft Air Ride Van
15	1JJV532W24L889857	2004	53ft Air Ride Van
15	1JJV532W44L889858	2004	53ft Air Ride Van
15	1JJV532W64L889859	2004	53ft Air Ride Van
15	1JJV532W24L889860	2004	53ft Air Ride Van
15	1JJV532W44L889861	2004	53ft Air Ride Van
15	1JJV532W64L889862	2004	53ft Air Ride Van
15	1JJV532W84L889863	2004	53ft Air Ride Van
15	1JJV532WX4L889864	2004	53ft Air Ride Van
15	1JJV532W14L889865	2004	53ft Air Ride Van
15	1JJV532W34L889866	2004	53ft Air Ride Van
15	1JJV532W54L889867	2004	53ft Air Ride Van
15	1JJV532W74L889868	2004	53ft Air Ride Van
15	1JJV532W94L889869	2004	53ft Air Ride Van
15	1JJV532W54L889870	2004	53ft Air Ride Van
15	1JJV532W74L889871	2004	53ft Air Ride Van
15	1JJV532W94L889872	2004	53ft Air Ride Van
15	1JJV532W04L889873	2004	53ft Air Ride Van
15	1JJV532W24L889874	2004	53ft Air Ride Van
15	1JJV532W44L889875	2004	53ft Air Ride Van
16	1JJV532W64L889876	2004	53ft Air Ride Van
16	1JJV532W84L889877	2004	53ft Air Ride Van
16	1JJV532WX4L889878	2004	53ft Air Ride Van
16	1JJV532W14L889879	2004	53ft Air Ride Van
16	1JJV532W84L889880	2004	53ft Air Ride Van
16	1JJV532WX4L889881	2004	53ft Air Ride Van
16	1JJV532W14L889882	2004	53ft Air Ride Van
16	1JJV532W34L889883	2004	53ft Air Ride Van
16	1JJV532W54L889884	2004	53ft Air Ride Van
16	1JJV532W74L889885	2004	53ft Air Ride Van
16	1JJV532W94L889886	2004	53ft Air Ride Van
16	1JJV532W04L889887	2004	53ft Air Ride Van
16	1JJV532W24L889888	2004	53ft Air Ride Van
16	1JJV532W44L889889	2004	53ft Air Ride Van
16	1JJV532W04L889890	2004	53ft Air Ride Van
16	1JJV532W24L889891	2004	53ft Air Ride Van
16	1JJV532W44L889892	2004	53ft Air Ride Van
16	1JJV532W64L889893	2004	53ft Air Ride Van
16	1JJV532W84L889894	2004	53ft Air Ride Van
16	1JJV532WX4L889895	2004	53ft Air Ride Van

16	1JJV532W14L889896	2004	53ft Air Ride Van
16	1JJV532W34L889897	2004	53ft Air Ride Van
16	1JJV532W54L889898	2004	53ft Air Ride Van
16	1JJV532W74L889899	2004	53ft Air Ride Van
16	1JJV532WX4L889900	2004	53ft Air Ride Van
16	1JJV532W14L889901	2004	53ft Air Ride Van
16	1JJV532W34L889902	2004	53ft Air Ride Van
16	1JJV532W54L889903	2004	53ft Air Ride Van
16	1JJV532W74L889904	2004	53ft Air Ride Van
16	1JJV532W94L889905	2004	53ft Air Ride Van
16	1JJV532W04L889906	2004	53ft Air Ride Van
16	1JJV532W24L889907	2004	53ft Air Ride Van
16	1JJV532W44L889908	2004	53ft Air Ride Van
16	1JJV532W64L889909	2004	53ft Air Ride Van
16	1JJV532W24L889910	2004	53ft Air Ride Van
16	1JJV532W44L889911	2004	53ft Air Ride Van
16	1JJV532W84L889913	2004	53ft Air Ride Van
16	1JJV532WX4L889914	2004	53ft Air Ride Van
16	1JJV532W14L889915	2004	53ft Air Ride Van
16	1JJV532W34L889916	2004	53ft Air Ride Van
16	1JJV532W54L889917	2004	53ft Air Ride Van
16	1JJV532W74L889918	2004	53ft Air Ride Van
16	1JJV532W94L889919	2004	53ft Air Ride Van
16	1JJV532W54L889920	2004	53ft Air Ride Van
16	1JJV532W74L889921	2004	53ft Air Ride Van
16	1JJV532W94L889922	2004	53ft Air Ride Van
16	1JJV532W04L889923	2004	53ft Air Ride Van
16	1JJV532W24L889924	2004	53ft Air Ride Van
16	1JJV532W44L889925	2004	53ft Air Ride Van
16	1JJV532W64L889926	2004	53ft Air Ride Van
16	1JJV532W84L889927	2004	53ft Air Ride Van
16	1JJV532WX4L889928	2004	53ft Air Ride Van
16	1JJV532W14L889929	2004	53ft Air Ride Van
16	1JJV532W84L889930	2004	53ft Air Ride Van
16	1JJV532WX4L889931	2004	53ft Air Ride Van
16	1JJV532W14L889932	2004	53ft Air Ride Van
16	1JJV532W34L889933	2004	53ft Air Ride Van
16	1JJV532W54L889934	2004	53ft Air Ride Van
16	1JJV532W74L889935	2004	53ft Air Ride Van
16	1JJV532W94L889936	2004	53ft Air Ride Van
16	1JJV532W04L889937	2004	53ft Air Ride Van
16	1JJV532W24L889938	2004	53ft Air Ride Van
16	1JJV532W44L889939	2004	53ft Air Ride Van
16	1JJV532W04L889940	2004	53ft Air Ride Van
16	1JJV532W24L889941	2004	53ft Air Ride Van
16	1JJV532W44L889942	2004	53ft Air Ride Van
16	1JJV532W64L889943	2004	53ft Air Ride Van
16	1JJV532W84L889944	2004	53ft Air Ride Van

16	1JJV532WX4L889945	2004	53ft Air Ride Van
16	1JJV532W14L889946	2004	53ft Air Ride Van
16	1JJV532W34L889947	2004	53ft Air Ride Van
16	1JJV532W54L889948	2004	53ft Air Ride Van
16	1JJV532W74L889949	2004	53ft Air Ride Van
16	1JJV532W34L889950	2004	53ft Air Ride Van
16	1JJV532W54L889951	2004	53ft Air Ride Van
16	1JJV532W74L889952	2004	53ft Air Ride Van
16	1JJV532W94L889953	2004	53ft Air Ride Van
16	1JJV532W04L889954	2004	53ft Air Ride Van
16	1JJV532W24L889955	2004	53ft Air Ride Van
16	1JJV532W44L889956	2004	53ft Air Ride Van
16	1JJV532W64L889957	2004	53ft Air Ride Van
16	1JJV532W84L889958	2004	53ft Air Ride Van
16	1JJV532WX4L889959	2004	53ft Air Ride Van
16	1JJV532W64L889960	2004	53ft Air Ride Van
16	1JJV532W84L889961	2004	53ft Air Ride Van
16	1JJV532WX4L889962	2004	53ft Air Ride Van
16	1JJV532W14L889963	2004	53ft Air Ride Van
16	1JJV532W34L889964	2004	53ft Air Ride Van
16	1JJV532W54L889965	2004	53ft Air Ride Van
16	1JJV532W74L889966	2004	53ft Air Ride Van
16	1JJV532W94L889967	2004	53ft Air Ride Van
16	1JJV532W04L889968	2004	53ft Air Ride Van
16	1JJV532W24L889969	2004	53ft Air Ride Van
16	1JJV532W94L889970	2004	53ft Air Ride Van
16	1JJV532W04L889971	2004	53ft Air Ride Van
16	1JJV532W24L889972	2004	53ft Air Ride Van
16	1JJV532W44L889973	2004	53ft Air Ride Van
16	1JJV532W64L889974	2004	53ft Air Ride Van
16	1JJV532W84L889975	2004	53ft Air Ride Van
16	1JJV532WX4L889976	2004	53ft Air Ride Van
16	1JJV532W14L889977	2004	53ft Air Ride Van
16	1JJV532W34L889978	2004	53ft Air Ride Van
16	1JJV532W54L889979	2004	53ft Air Ride Van
16	1JJV532W14L889980	2004	53ft Air Ride Van
16	1JJV532W34L889981	2004	53ft Air Ride Van
16	1JJV532W54L889982	2004	53ft Air Ride Van
16	1JJV532W74L889983	2004	53ft Air Ride Van
16	1JJV532W94L889984	2004	53ft Air Ride Van
16	1JJV532W04L889985	2004	53ft Air Ride Van
16	1JJV532W24L889986	2004	53ft Air Ride Van
16	1JJV532W44L889987	2004	53ft Air Ride Van
16	1JJV532W64L889988	2004	53ft Air Ride Van
16	1JJV532W84L889989	2004	53ft Air Ride Van
16	1JJV532W44L889990	2004	53ft Air Ride Van
16	1JJV532W64L889991	2004	53ft Air Ride Van
16	1JJV532W84L889992	2004	53ft Air Ride Van

16	1JJV532WX4L889993	2004	53ft Air Ride Van
16	1JJV532W14L889994	2004	53ft Air Ride Van
16	1JJV532W34L889995	2004	53ft Air Ride Van
16	1JJV532W54L889996	2004	53ft Air Ride Van
16	1JJV532W74L889997	2004	53ft Air Ride Van
16	1JJV532W94L889998	2004	53ft Air Ride Van
16	1JJV532W04L889999	2004	53ft Air Ride Van
16	1JJV532W14L890000	2004	53ft Air Ride Van
16	1JJV532W34L890001	2004	53ft Air Ride Van
16	1JJV532W54L890002	2004	53ft Air Ride Van
16	1JJV532W74L890003	2004	53ft Air Ride Van
16	1JJV532W94L890004	2004	53ft Air Ride Van
16	1JJV532W04L890005	2004	53ft Air Ride Van
16	1JJV532W24L890006	2004	53ft Air Ride Van
16	1JJV532W44L890007	2004	53ft Air Ride Van
16	1JJV532W64L890008	2004	53ft Air Ride Van
16	1JJV532W84L890009	2004	53ft Air Ride Van
16	1JJV532W44L890010	2004	53ft Air Ride Van
16	1JJV532W64L890011	2004	53ft Air Ride Van
16	1JJV532W84L890012	2004	53ft Air Ride Van
16	1JJV532WX4L890013	2004	53ft Air Ride Van
16	1JJV532W14L890014	2004	53ft Air Ride Van
16	1JJV532W34L890015	2004	53ft Air Ride Van
16	3H3V532C14T097401	2004	53ft Air Ride Van
16	3H3V532C34T097402	2004	53ft Air Ride Van
16	3H3V532C54T097403	2004	53ft Air Ride Van
16	3H3V532C74T097404	2004	53ft Air Ride Van
16	3H3V532C94T097405	2004	53ft Air Ride Van
16	3H3V532C04T097406	2004	53ft Air Ride Van
16	3H3V532C24T097407	2004	53ft Air Ride Van
16	3H3V532C44T097408	2004	53ft Air Ride Van
16	3H3V532C64T097409	2004	53ft Air Ride Van
16	3H3V532C24T097410	2004	53ft Air Ride Van
16	3H3V532C44T097411	2004	53ft Air Ride Van
16	3H3V532C64T097412	2004	53ft Air Ride Van
16	3H3V532C84T097413	2004	53ft Air Ride Van
16	3H3V532CX4T097414	2004	53ft Air Ride Van
16	3H3V532C14T097415	2004	53ft Air Ride Van
16	3H3V532C34T097416	2004	53ft Air Ride Van
16	3H3V532C54T097417	2004	53ft Air Ride Van
16	3H3V532C74T097418	2004	53ft Air Ride Van
16	3H3V532C94T097419	2004	53ft Air Ride Van
16	3H3V532C54T097420	2004	53ft Air Ride Van
16	3H3V532C74T097421	2004	53ft Air Ride Van
16	3H3V532C94T097422	2004	53ft Air Ride Van
16	3H3V532C04T097423	2004	53ft Air Ride Van
16	3H3V532C24T097424	2004	53ft Air Ride Van
16	3H3V532C44T097425	2004	53ft Air Ride Van

16	3H3V532C64T097426	2004	53ft Air Ride Van
16	3H3V532C84T097427	2004	53ft Air Ride Van
16	3H3V532CX4T097428	2004	53ft Air Ride Van
16	3H3V532C14T097429	2004	53ft Air Ride Van
16	3H3V532C84T097430	2004	53ft Air Ride Van
16	3H3V532CX4T097431	2004	53ft Air Ride Van
16	3H3V532C14T097432	2004	53ft Air Ride Van
16	3H3V532C34T097433	2004	53ft Air Ride Van
16	3H3V532C54T097434	2004	53ft Air Ride Van
16	3H3V532C74T097435	2004	53ft Air Ride Van
16	3H3V532C94T097436	2004	53ft Air Ride Van
16	3H3V532C04T097437	2004	53ft Air Ride Van
16	3H3V532C24T097438	2004	53ft Air Ride Van
16	3H3V532C44T097439	2004	53ft Air Ride Van
16	3H3V532C04T097440	2004	53ft Air Ride Van
16	3H3V532C24T097441	2004	53ft Air Ride Van
16	3H3V532C44T097442	2004	53ft Air Ride Van
16	3H3V532C64T097443	2004	53ft Air Ride Van
16	3H3V532C84T097444	2004	53ft Air Ride Van
16	3H3V532CX4T097445	2004	53ft Air Ride Van
16	3H3V532C14T097446	2004	53ft Air Ride Van
16	3H3V532C34T097447	2004	53ft Air Ride Van
16	3H3V532C54T097448	2004	53ft Air Ride Van
16	3H3V532C74T097449	2004	53ft Air Ride Van
16	3H3V532C34T097450	2004	53ft Air Ride Van
16	3H3V532C54T097451	2004	53ft Air Ride Van
16	3H3V532C74T097452	2004	53ft Air Ride Van
16	3H3V532C94T097453	2004	53ft Air Ride Van
16	3H3V532C24T097455	2004	53ft Air Ride Van
16	3H3V532C44T097456	2004	53ft Air Ride Van
16	3H3V532C64T097457	2004	53ft Air Ride Van
16	3H3V532C84T097458	2004	53ft Air Ride Van
16	3H3V532CX4T097459	2004	53ft Air Ride Van
16	3H3V532C64T097460	2004	53ft Air Ride Van
16	3H3V532C84T097461	2004	53ft Air Ride Van
16	3H3V532CX4T097462	2004	53ft Air Ride Van
16	3H3V532C14T097463	2004	53ft Air Ride Van
16	3H3V532C34T097464	2004	53ft Air Ride Van
16	3H3V532C54T097465	2004	53ft Air Ride Van
16	3H3V532C74T097466	2004	53ft Air Ride Van
16	3H3V532C94T097467	2004	53ft Air Ride Van
16	3H3V532C04T097468	2004	53ft Air Ride Van
16	3H3V532C24T097469	2004	53ft Air Ride Van
16	3H3V532C94T097470	2004	53ft Air Ride Van
16	3H3V532C04T097471	2004	53ft Air Ride Van
16	3H3V532C24T097472	2004	53ft Air Ride Van
16	3H3V532C44T097473	2004	53ft Air Ride Van
16	3H3V532C64T097474	2004	53ft Air Ride Van

16	3H3V532C84T097475	2004	53ft Air Ride Van
16	3H3V532CX4T097476	2004	53ft Air Ride Van
16	3H3V532C14T097477	2004	53ft Air Ride Van
16	3H3V532C34T097478	2004	53ft Air Ride Van
16	3H3V532C54T097479	2004	53ft Air Ride Van
16	3H3V532C14T097480	2004	53ft Air Ride Van
16	3H3V532C34T097481	2004	53ft Air Ride Van
16	3H3V532C54T097482	2004	53ft Air Ride Van
16	3H3V532C74T097483	2004	53ft Air Ride Van
16	3H3V532C94T097484	2004	53ft Air Ride Van
16	3H3V532C04T097485	2004	53ft Air Ride Van
16	3H3V532C24T097486	2004	53ft Air Ride Van
16	3H3V532C44T097487	2004	53ft Air Ride Van
16	3H3V532C64T097488	2004	53ft Air Ride Van
16	3H3V532C84T097489	2004	53ft Air Ride Van
16	3H3V532C44T097490	2004	53ft Air Ride Van
16	3H3V532C64T097491	2004	53ft Air Ride Van
16	3H3V532C84T097492	2004	53ft Air Ride Van
16	3H3V532CX4T097493	2004	53ft Air Ride Van
16	3H3V532C14T097494	2004	53ft Air Ride Van
16	3H3V532C34T097495	2004	53ft Air Ride Van
16	3H3V532C54T097496	2004	53ft Air Ride Van
16	3H3V532C74T097497	2004	53ft Air Ride Van
16	3H3V532C94T097498	2004	53ft Air Ride Van
16	3H3V532C04T097499	2004	53ft Air Ride Van
16	3H3V532C34T097500	2004	53ft Air Ride Van
16	3H3V532C54T097501	2004	53ft Air Ride Van
16	3H3V532C74T097502	2004	53ft Air Ride Van
16	3H3V532C94T097503	2004	53ft Air Ride Van
16	3H3V532C04T097504	2004	53ft Air Ride Van
16	3H3V532C24T097505	2004	53ft Air Ride Van
16	3H3V532C44T097506	2004	53ft Air Ride Van
16	3H3V532C64T097507	2004	53ft Air Ride Van
16	3H3V532C84T097508	2004	53ft Air Ride Van
16	3H3V532CX4T097509	2004	53ft Air Ride Van
16	3H3V532C64T097510	2004	53ft Air Ride Van
16	3H3V532C84T097511	2004	53ft Air Ride Van
16	3H3V532CX4T097512	2004	53ft Air Ride Van
16	3H3V532C14T097513	2004	53ft Air Ride Van
16	3H3V532C34T097514	2004	53ft Air Ride Van
16	3H3V532C54T097515	2004	53ft Air Ride Van
16	3H3V532C74T097516	2004	53ft Air Ride Van
16	3H3V532C94T097517	2004	53ft Air Ride Van
16	3H3V532C24T097519	2004	53ft Air Ride Van
16	3H3V532C94T097520	2004	53ft Air Ride Van
16	3H3V532C04T097521	2004	53ft Air Ride Van
16	3H3V532C24T097522	2004	53ft Air Ride Van
16	3H3V532C44T097523	2004	53ft Air Ride Van

16	3H3V532C64T097524	2004	53ft Air Ride Van
16	3H3V532C84T097525	2004	53ft Air Ride Van
16	3H3V532CX4T097526	2004	53ft Air Ride Van
16	3H3V532C14T097527	2004	53ft Air Ride Van
16	3H3V532C34T097528	2004	53ft Air Ride Van
16	3H3V532C54T097529	2004	53ft Air Ride Van
16	3H3V532C14T097530	2004	53ft Air Ride Van
16	3H3V532C34T097531	2004	53ft Air Ride Van
16	3H3V532C54T097532	2004	53ft Air Ride Van
16	3H3V532C74T097533	2004	53ft Air Ride Van
16	3H3V532C94T097534	2004	53ft Air Ride Van
16	3H3V532C04T097535	2004	53ft Air Ride Van
16	3H3V532C24T097536	2004	53ft Air Ride Van
16	3H3V532C44T097537	2004	53ft Air Ride Van
16	3H3V532C64T097538	2004	53ft Air Ride Van
16	3H3V532C84T097539	2004	53ft Air Ride Van
16	3H3V532C44T097540	2004	53ft Air Ride Van
16	3H3V532C64T097541	2004	53ft Air Ride Van
16	3H3V532C84T097542	2004	53ft Air Ride Van
16	3H3V532CX4T097543	2004	53ft Air Ride Van
16	3H3V532C14T097544	2004	53ft Air Ride Van
16	3H3V532C34T097545	2004	53ft Air Ride Van
16	3H3V532C54T097546	2004	53ft Air Ride Van
16	3H3V532C74T097547	2004	53ft Air Ride Van
16	3H3V532C94T097548	2004	53ft Air Ride Van
16	3H3V532C04T097549	2004	53ft Air Ride Van
16	3H3V532C74T097550	2004	53ft Air Ride Van
16	3H3V532C94T097551	2004	53ft Air Ride Van
16	3H3V532C04T097552	2004	53ft Air Ride Van
16	3H3V532C24T097553	2004	53ft Air Ride Van
16	3H3V532C44T097554	2004	53ft Air Ride Van
16	3H3V532C64T097555	2004	53ft Air Ride Van
16	3H3V532C84T097556	2004	53ft Air Ride Van
16	3H3V532CX4T097557	2004	53ft Air Ride Van
16	3H3V532C14T097558	2004	53ft Air Ride Van
16	3H3V532C34T097559	2004	53ft Air Ride Van
16	3H3V532CX4T097560	2004	53ft Air Ride Van
16	3H3V532C14T097561	2004	53ft Air Ride Van
16	3H3V532C34T097562	2004	53ft Air Ride Van
16	3H3V532C54T097563	2004	53ft Air Ride Van
16	3H3V532C74T097564	2004	53ft Air Ride Van
16	3H3V532C94T097565	2004	53ft Air Ride Van
16	3H3V532C04T097566	2004	53ft Air Ride Van
16	3H3V532C24T097567	2004	53ft Air Ride Van
16	3H3V532C44T097568	2004	53ft Air Ride Van
16	3H3V532C64T097569	2004	53ft Air Ride Van
16	3H3V532C24T097570	2004	53ft Air Ride Van
16	3H3V532C44T097571	2004	53ft Air Ride Van

16	3H3V532C64T097572	2004	53ft Air Ride Van
16	3H3V532C84T097573	2004	53ft Air Ride Van
16	3H3V532CX4T097574	2004	53ft Air Ride Van
16	3H3V532C14T097575	2004	53ft Air Ride Van
16	3H3V532C34T097576	2004	53ft Air Ride Van
16	3H3V532C54T097577	2004	53ft Air Ride Van
16	3H3V532C74T097578	2004	53ft Air Ride Van
16	3H3V532C94T097579	2004	53ft Air Ride Van
16	3H3V532C54T097580	2004	53ft Air Ride Van
16	3H3V532C74T097581	2004	53ft Air Ride Van
16	3H3V532C94T097582	2004	53ft Air Ride Van
16	3H3V532C04T097583	2004	53ft Air Ride Van
16	3H3V532C24T097584	2004	53ft Air Ride Van
16	3H3V532C44T097585	2004	53ft Air Ride Van
16	3H3V532C64T097586	2004	53ft Air Ride Van
16	3H3V532C84T097587	2004	53ft Air Ride Van
16	3H3V532CX4T097588	2004	53ft Air Ride Van
16	3H3V532C14T097589	2004	53ft Air Ride Van
16	3H3V532C84T097590	2004	53ft Air Ride Van
16	3H3V532CX4T097591	2004	53ft Air Ride Van
16	3H3V532C14T097592	2004	53ft Air Ride Van
16	3H3V532C34T097593	2004	53ft Air Ride Van
16	3H3V532C54T097594	2004	53ft Air Ride Van
16	3H3V532C74T097595	2004	53ft Air Ride Van
16	3H3V532C94T097596	2004	53ft Air Ride Van
16	3H3V532C04T097597	2004	53ft Air Ride Van
16	3H3V532C24T097598	2004	53ft Air Ride Van
16	3H3V532C44T097599	2004	53ft Air Ride Van
16	3H3V532C74T097600	2004	53ft Air Ride Van
16	3H3V532C94T097601	2004	53ft Air Ride Van
16	3H3V532C04T097602	2004	53ft Air Ride Van
16	3H3V532C24T097603	2004	53ft Air Ride Van
16	3H3V532C44T097604	2004	53ft Air Ride Van
16	3H3V532C64T097605	2004	53ft Air Ride Van
16	3H3V532C84T097606	2004	53ft Air Ride Van
16	3H3V532CX4T097607	2004	53ft Air Ride Van
16	3H3V532C14T097608	2004	53ft Air Ride Van
16	3H3V532C34T097609	2004	53ft Air Ride Van
16	3H3V532CX4T097610	2004	53ft Air Ride Van
16	3H3V532C14T097611	2004	53ft Air Ride Van
16	3H3V532C34T097612	2004	53ft Air Ride Van
16	3H3V532C54T097613	2004	53ft Air Ride Van
16	3H3V532C74T097614	2004	53ft Air Ride Van
16	3H3V532C94T097615	2004	53ft Air Ride Van
16	3H3V532C04T097616	2004	53ft Air Ride Van
16	3H3V532C24T097617	2004	53ft Air Ride Van
16	3H3V532C44T097618	2004	53ft Air Ride Van
16	3H3V532C64T097619	2004	53ft Air Ride Van

16	3H3V532C24T097620	2004	53ft Air Ride Van
16	3H3V532C44T097621	2004	53ft Air Ride Van
16	3H3V532C64T097622	2004	53ft Air Ride Van
16	3H3V532C84T097623	2004	53ft Air Ride Van
16	3H3V532CX4T097624	2004	53ft Air Ride Van
16	3H3V532C14T097625	2004	53ft Air Ride Van
16	3H3V532C34T097626	2004	53ft Air Ride Van
16	3H3V532C54T097627	2004	53ft Air Ride Van
16	3H3V532C74T097628	2004	53ft Air Ride Van
16	3H3V532C94T097629	2004	53ft Air Ride Van
16	3H3V532C54T097630	2004	53ft Air Ride Van
16	3H3V532C74T097631	2004	53ft Air Ride Van
16	3H3V532C94T097632	2004	53ft Air Ride Van
16	3H3V532C04T097633	2004	53ft Air Ride Van
16	3H3V532C24T097634	2004	53ft Air Ride Van
16	3H3V532C44T097635	2004	53ft Air Ride Van
16	3H3V532C64T097636	2004	53ft Air Ride Van
16	3H3V532C84T097637	2004	53ft Air Ride Van
16	3H3V532CX4T097638	2004	53ft Air Ride Van
16	3H3V532C14T097639	2004	53ft Air Ride Van
16	3H3V532C84T097640	2004	53ft Air Ride Van
16	3H3V532CX4T097641	2004	53ft Air Ride Van
16	3H3V532C14T097642	2004	53ft Air Ride Van
16	3H3V532C34T097643	2004	53ft Air Ride Van
16	3H3V532C54T097644	2004	53ft Air Ride Van
16	3H3V532C74T097645	2004	53ft Air Ride Van
16	3H3V532C94T097646	2004	53ft Air Ride Van
16	3H3V532C04T097647	2004	53ft Air Ride Van
16	3H3V532C24T097648	2004	53ft Air Ride Van
16	3H3V532C44T097649	2004	53ft Air Ride Van
16	3H3V532C04T097650	2004	53ft Air Ride Van
16	3H3V532C24T097651	2004	53ft Air Ride Van
16	3H3V532C44T097652	2004	53ft Air Ride Van
16	3H3V532C64T097653	2004	53ft Air Ride Van
16	3H3V532C84T097654	2004	53ft Air Ride Van
16	3H3V532CX4T097655	2004	53ft Air Ride Van
16	3H3V532C14T097656	2004	53ft Air Ride Van
16	3H3V532C34T097657	2004	53ft Air Ride Van
16	3H3V532C54T097658	2004	53ft Air Ride Van
16	3H3V532C74T097659	2004	53ft Air Ride Van
16	3H3V532C34T097660	2004	53ft Air Ride Van
16	3H3V532C54T097661	2004	53ft Air Ride Van
16	3H3V532C74T097662	2004	53ft Air Ride Van
16	3H3V532C94T097663	2004	53ft Air Ride Van
16	3H3V532C04T097664	2004	53ft Air Ride Van
16	3H3V532C44T097666	2004	53ft Air Ride Van
16	3H3V532C64T097667	2004	53ft Air Ride Van
16	3H3V532C84T097668	2004	53ft Air Ride Van

16	3H3V532CX4T097669	2004	53ft Air Ride Van
16	3H3V532C64T097670	2004	53ft Air Ride Van
16	3H3V532C84T097671	2004	53ft Air Ride Van
16	3H3V532CX4T097672	2004	53ft Air Ride Van
16	3H3V532C14T097673	2004	53ft Air Ride Van
16	3H3V532C34T097674	2004	53ft Air Ride Van
16	3H3V532C54T097675	2004	53ft Air Ride Van
16	3H3V532C74T097676	2004	53ft Air Ride Van
16	3H3V532C94T097677	2004	53ft Air Ride Van
16	3H3V532C04T097678	2004	53ft Air Ride Van
16	3H3V532C24T097679	2004	53ft Air Ride Van
16	3H3V532C94T097680	2004	53ft Air Ride Van
16	3H3V532C04T097681	2004	53ft Air Ride Van
16	3H3V532C24T097682	2004	53ft Air Ride Van
16	3H3V532C44T097683	2004	53ft Air Ride Van
16	3H3V532C64T097684	2004	53ft Air Ride Van
16	3H3V532C84T097685	2004	53ft Air Ride Van
16	3H3V532CX4T097686	2004	53ft Air Ride Van
16	3H3V532C14T097687	2004	53ft Air Ride Van
16	3H3V532C34T097688	2004	53ft Air Ride Van
16	3H3V532C54T097689	2004	53ft Air Ride Van
16	3H3V532C34T097691	2004	53ft Air Ride Van
16	3H3V532C54T097692	2004	53ft Air Ride Van
16	3H3V532C74T097693	2004	53ft Air Ride Van
16	3H3V532C94T097694	2004	53ft Air Ride Van
16	3H3V532C04T097695	2004	53ft Air Ride Van
16	3H3V532C24T097696	2004	53ft Air Ride Van
16	3H3V532C44T097697	2004	53ft Air Ride Van
16	3H3V532C64T097698	2004	53ft Air Ride Van
16	3H3V532C84T097699	2004	53ft Air Ride Van
16	3H3V532C04T097700	2004	53ft Air Ride Van
16	3H3V532C24T097701	2004	53ft Air Ride Van
16	3H3V532C44T097702	2004	53ft Air Ride Van
16	3H3V532C64T097703	2004	53ft Air Ride Van
16	3H3V532CX4T097705	2004	53ft Air Ride Van
16	3H3V532C14T097706	2004	53ft Air Ride Van
16	3H3V532C34T097707	2004	53ft Air Ride Van
16	3H3V532C54T097708	2004	53ft Air Ride Van
16	3H3V532C74T097709	2004	53ft Air Ride Van
16	3H3V532C34T097710	2004	53ft Air Ride Van
16	3H3V532C54T097711	2004	53ft Air Ride Van
16	3H3V532C74T097712	2004	53ft Air Ride Van
16	3H3V532C94T097713	2004	53ft Air Ride Van
16	3H3V532C04T097714	2004	53ft Air Ride Van
16	3H3V532C24T097715	2004	53ft Air Ride Van
16	3H3V532C44T097716	2004	53ft Air Ride Van
16	3H3V532C64T097717	2004	53ft Air Ride Van
16	3H3V532CX4T097719	2004	53ft Air Ride Van

16	3H3V532C64T097720	2004	53ft Air Ride Van
16	3H3V532C84T097721	2004	53ft Air Ride Van
16	3H3V532CX4T097722	2004	53ft Air Ride Van
16	3H3V532C14T097723	2004	53ft Air Ride Van
16	3H3V532C34T097724	2004	53ft Air Ride Van
16	3H3V532C54T097725	2004	53ft Air Ride Van
16	3H3V532C74T097726	2004	53ft Air Ride Van
16	3H3V532C94T097727	2004	53ft Air Ride Van
16	3H3V532C04T097728	2004	53ft Air Ride Van
16	3H3V532C24T097729	2004	53ft Air Ride Van
16	3H3V532C04T097731	2004	53ft Air Ride Van
16	3H3V532C24T097732	2004	53ft Air Ride Van
16	3H3V532C44T097733	2004	53ft Air Ride Van
16	3H3V532C64T097734	2004	53ft Air Ride Van
16	3H3V532C84T097735	2004	53ft Air Ride Van
16	3H3V532CX4T097736	2004	53ft Air Ride Van
16	3H3V532C14T097737	2004	53ft Air Ride Van
16	3H3V532C34T097738	2004	53ft Air Ride Van
16	3H3V532C54T097739	2004	53ft Air Ride Van
16	3H3V532C14T097740	2004	53ft Air Ride Van
16	3H3V532C34T097741	2004	53ft Air Ride Van
16	3H3V532C54T097742	2004	53ft Air Ride Van
16	3H3V532C74T097743	2004	53ft Air Ride Van
16	3H3V532C94T097744	2004	53ft Air Ride Van
16	3H3V532C04T097745	2004	53ft Air Ride Van
16	3H3V532C24T097746	2004	53ft Air Ride Van
16	3H3V532C44T097747	2004	53ft Air Ride Van
16	3H3V532C64T097748	2004	53ft Air Ride Van
16	3H3V532C84T097749	2004	53ft Air Ride Van
16	3H3V532C44T097750	2004	53ft Air Ride Van
16	3H3V532C14T098001	2004	53ft Air Ride Van
16	3H3V532C34T098002	2004	53ft Air Ride Van
16	3H3V532C54T098003	2004	53ft Air Ride Van
16	3H3V532C74T098004	2004	53ft Air Ride Van
16	3H3V532C94T098005	2004	53ft Air Ride Van
16	3H3V532C04T098006	2004	53ft Air Ride Van
16	3H3V532C24T098007	2004	53ft Air Ride Van
16	3H3V532C44T098008	2004	53ft Air Ride Van
16	3H3V532C64T098009	2004	53ft Air Ride Van
16	3H3V532C24T098010	2004	53ft Air Ride Van
16	3H3V532C44T098011	2004	53ft Air Ride Van
16	3H3V532C64T098012	2004	53ft Air Ride Van
16	3H3V532C84T098013	2004	53ft Air Ride Van
16	3H3V532CX4T098014	2004	53ft Air Ride Van
16	3H3V532C14T098015	2004	53ft Air Ride Van
16	3H3V532C34T098016	2004	53ft Air Ride Van
16	3H3V532C54T098017	2004	53ft Air Ride Van
16	3H3V532C74T098018	2004	53ft Air Ride Van

16	3H3V532C94T098019	2004	53ft Air Ride Van
16	3H3V532C54T098020	2004	53ft Air Ride Van
16	3H3V532C74T098021	2004	53ft Air Ride Van
16	3H3V532C94T098022	2004	53ft Air Ride Van
16	3H3V532C04T098023	2004	53ft Air Ride Van
16	3H3V532C24T098024	2004	53ft Air Ride Van
16	3H3V532C44T098025	2004	53ft Air Ride Van
16	3H3V532C64T098026	2004	53ft Air Ride Van
16	3H3V532C84T098027	2004	53ft Air Ride Van
16	3H3V532CX4T098028	2004	53ft Air Ride Van
16	3H3V532C14T098029	2004	53ft Air Ride Van
16	3H3V532C84T098030	2004	53ft Air Ride Van
16	3H3V532CX4T098031	2004	53ft Air Ride Van
16	3H3V532C14T098032	2004	53ft Air Ride Van
16	3H3V532C34T098033	2004	53ft Air Ride Van
16	3H3V532C54T098034	2004	53ft Air Ride Van
16	3H3V532C74T098035	2004	53ft Air Ride Van
16	3H3V532C94T098036	2004	53ft Air Ride Van
16	3H3V532C04T098037	2004	53ft Air Ride Van
16	3H3V532C24T098038	2004	53ft Air Ride Van
16	3H3V532C44T098039	2004	53ft Air Ride Van
16	3H3V532C04T098040	2004	53ft Air Ride Van
16	3H3V532C24T098041	2004	53ft Air Ride Van
16	3H3V532C44T098042	2004	53ft Air Ride Van
16	3H3V532C64T098043	2004	53ft Air Ride Van
16	3H3V532C84T098044	2004	53ft Air Ride Van
16	3H3V532CX4T098045	2004	53ft Air Ride Van
16	3H3V532C14T098046	2004	53ft Air Ride Van
16	3H3V532C34T098047	2004	53ft Air Ride Van
16	3H3V532C54T098048	2004	53ft Air Ride Van
16	3H3V532C74T098049	2004	53ft Air Ride Van
16	3H3V532C34T098050	2004	53ft Air Ride Van
16	3H3V532C54T098051	2004	53ft Air Ride Van
16	3H3V532C74T098052	2004	53ft Air Ride Van
16	3H3V532C94T098053	2004	53ft Air Ride Van
16	3H3V532C04T098054	2004	53ft Air Ride Van
16	3H3V532C24T098055	2004	53ft Air Ride Van
16	3H3V532C44T098056	2004	53ft Air Ride Van
16	3H3V532C64T098057	2004	53ft Air Ride Van
16	3H3V532C84T098058	2004	53ft Air Ride Van
16	3H3V532CX4T098059	2004	53ft Air Ride Van
16	3H3V532C64T098060	2004	53ft Air Ride Van
16	3H3V532CX4T098062	2004	53ft Air Ride Van
16	3H3V532C14T098063	2004	53ft Air Ride Van
16	3H3V532C34T098064	2004	53ft Air Ride Van
16	3H3V532C54T098065	2004	53ft Air Ride Van
16	3H3V532C74T098066	2004	53ft Air Ride Van
16	3H3V532C94T098067	2004	53ft Air Ride Van

16	3H3V532C04T098068	2004	53ft Air Ride Van
16	3H3V532C24T098069	2004	53ft Air Ride Van
16	3H3V532C94T098070	2004	53ft Air Ride Van
16	3H3V532C04T098071	2004	53ft Air Ride Van
16	3H3V532C24T098072	2004	53ft Air Ride Van
16	3H3V532C44T098073	2004	53ft Air Ride Van
16	3H3V532C64T098074	2004	53ft Air Ride Van
16	3H3V532C84T098075	2004	53ft Air Ride Van
16	3H3V532CX4T098076	2004	53ft Air Ride Van
16	3H3V532C14T098077	2004	53ft Air Ride Van
16	3H3V532C34T098078	2004	53ft Air Ride Van
16	3H3V532C54T098079	2004	53ft Air Ride Van
16	3H3V532C14T098080	2004	53ft Air Ride Van
16	3H3V532C34T098081	2004	53ft Air Ride Van
16	3H3V532C54T098082	2004	53ft Air Ride Van
16	3H3V532C74T098083	2004	53ft Air Ride Van
16	3H3V532C94T098084	2004	53ft Air Ride Van
16	3H3V532C04T098085	2004	53ft Air Ride Van
16	3H3V532C24T098086	2004	53ft Air Ride Van
16	3H3V532C44T098087	2004	53ft Air Ride Van
16	3H3V532C64T098088	2004	53ft Air Ride Van
16	3H3V532C84T098089	2004	53ft Air Ride Van
16	3H3V532C44T098090	2004	53ft Air Ride Van
16	3H3V532C64T098091	2004	53ft Air Ride Van
16	3H3V532C84T098092	2004	53ft Air Ride Van
16	3H3V532CX4T098093	2004	53ft Air Ride Van
16	3H3V532C14T098094	2004	53ft Air Ride Van
16	3H3V532C34T098095	2004	53ft Air Ride Van
16	3H3V532C54T098096	2004	53ft Air Ride Van
16	3H3V532C74T098097	2004	53ft Air Ride Van
16	3H3V532C94T098098	2004	53ft Air Ride Van
16	3H3V532C04T098099	2004	53ft Air Ride Van
16	3H3V532C34T098100	2004	53ft Air Ride Van
16	3H3V532C54T098101	2004	53ft Air Ride Van
16	3H3V532C74T098102	2004	53ft Air Ride Van
16	3H3V532C94T098103	2004	53ft Air Ride Van
16	3H3V532C04T098104	2004	53ft Air Ride Van
16	3H3V532C24T098105	2004	53ft Air Ride Van
16	3H3V532C44T098106	2004	53ft Air Ride Van
16	3H3V532C64T098107	2004	53ft Air Ride Van
16	3H3V532C84T098108	2004	53ft Air Ride Van
16	3H3V532CX4T098109	2004	53ft Air Ride Van
16	3H3V532C64T098110	2004	53ft Air Ride Van
16	3H3V532C84T098111	2004	53ft Air Ride Van
16	3H3V532CX4T098112	2004	53ft Air Ride Van
16	3H3V532C14T098113	2004	53ft Air Ride Van
16	3H3V532C34T098114	2004	53ft Air Ride Van
16	3H3V532C54T098115	2004	53ft Air Ride Van

16	3H3V532C74T098116	2004	53ft Air Ride Van
16	3H3V532C94T098117	2004	53ft Air Ride Van
16	3H3V532C04T098118	2004	53ft Air Ride Van
16	3H3V532C24T098119	2004	53ft Air Ride Van
16	3H3V532C94T098120	2004	53ft Air Ride Van
16	3H3V532C04T098121	2004	53ft Air Ride Van
16	3H3V532C24T098122	2004	53ft Air Ride Van
16	3H3V532C44T098123	2004	53ft Air Ride Van
16	3H3V532C64T098124	2004	53ft Air Ride Van
16	3H3V532C84T098125	2004	53ft Air Ride Van
16	3H3V532CX4T098126	2004	53ft Air Ride Van
16	3H3V532C14T098127	2004	53ft Air Ride Van
16	3H3V532C34T098128	2004	53ft Air Ride Van
16	3H3V532C54T098129	2004	53ft Air Ride Van
16	3H3V532C14T098130	2004	53ft Air Ride Van
16	3H3V532C34T098131	2004	53ft Air Ride Van
16	3H3V532C54T098132	2004	53ft Air Ride Van
16	3H3V532C74T098133	2004	53ft Air Ride Van
16	3H3V532C94T098134	2004	53ft Air Ride Van
16	3H3V532C04T098135	2004	53ft Air Ride Van
16	3H3V532C24T098136	2004	53ft Air Ride Van
16	3H3V532C44T098137	2004	53ft Air Ride Van
16	3H3V532C64T098138	2004	53ft Air Ride Van
16	3H3V532C84T098139	2004	53ft Air Ride Van
16	3H3V532C44T098140	2004	53ft Air Ride Van
16	3H3V532C64T098141	2004	53ft Air Ride Van
16	3H3V532C84T098142	2004	53ft Air Ride Van
16	3H3V532CX4T098143	2004	53ft Air Ride Van
16	3H3V532C14T098144	2004	53ft Air Ride Van
16	3H3V532C34T098145	2004	53ft Air Ride Van
16	3H3V532C54T098146	2004	53ft Air Ride Van
16	3H3V532C74T098147	2004	53ft Air Ride Van
16	3H3V532C94T098148	2004	53ft Air Ride Van
16	3H3V532C04T098149	2004	53ft Air Ride Van
16	3H3V532C74T098150	2004	53ft Air Ride Van
16	3H3V532C94T098151	2004	53ft Air Ride Van
16	3H3V532C04T098152	2004	53ft Air Ride Van
16	3H3V532C24T098153	2004	53ft Air Ride Van
16	3H3V532C44T098154	2004	53ft Air Ride Van
16	3H3V532C64T098155	2004	53ft Air Ride Van
16	3H3V532C84T098156	2004	53ft Air Ride Van
16	3H3V532CX4T098157	2004	53ft Air Ride Van
16	3H3V532C14T098158	2004	53ft Air Ride Van
16	3H3V532C34T098159	2004	53ft Air Ride Van
16	3H3V532CX4T098160	2004	53ft Air Ride Van
16	3H3V532C14T098161	2004	53ft Air Ride Van
16	3H3V532C34T098162	2004	53ft Air Ride Van
16	3H3V532C54T098163	2004	53ft Air Ride Van

16	3H3V532C74T098164	2004	53ft Air Ride Van
16	3H3V532C94T098165	2004	53ft Air Ride Van
16	3H3V532C04T098166	2004	53ft Air Ride Van
16	3H3V532C24T098167	2004	53ft Air Ride Van
16	3H3V532C44T098168	2004	53ft Air Ride Van
16	3H3V532C64T098169	2004	53ft Air Ride Van
16	3H3V532C24T098170	2004	53ft Air Ride Van
16	3H3V532C44T098171	2004	53ft Air Ride Van
16	3H3V532C64T098172	2004	53ft Air Ride Van
16	3H3V532C84T098173	2004	53ft Air Ride Van
16	3H3V532CX4T098174	2004	53ft Air Ride Van
16	3H3V532C14T098175	2004	53ft Air Ride Van
16	3H3V532C34T098176	2004	53ft Air Ride Van
16	3H3V532C54T098177	2004	53ft Air Ride Van
16	3H3V532C74T098178	2004	53ft Air Ride Van
16	3H3V532C94T098179	2004	53ft Air Ride Van
16	3H3V532C54T098180	2004	53ft Air Ride Van
16	3H3V532C74T098181	2004	53ft Air Ride Van
16	3H3V532C94T098182	2004	53ft Air Ride Van
16	3H3V532C04T098183	2004	53ft Air Ride Van
16	3H3V532C24T098184	2004	53ft Air Ride Van
16	3H3V532C44T098185	2004	53ft Air Ride Van
16	3H3V532C84T098187	2004	53ft Air Ride Van
16	3H3V532CX4T098188	2004	53ft Air Ride Van
16	3H3V532C14T098189	2004	53ft Air Ride Van
16	3H3V532C84T098190	2004	53ft Air Ride Van
16	3H3V532CX4T098191	2004	53ft Air Ride Van
16	3H3V532C14T098192	2004	53ft Air Ride Van
16	3H3V532C34T098193	2004	53ft Air Ride Van
16	3H3V532C54T098194	2004	53ft Air Ride Van
16	3H3V532C74T098195	2004	53ft Air Ride Van
16	3H3V532C94T098196	2004	53ft Air Ride Van
16	3H3V532C04T098197	2004	53ft Air Ride Van
16	3H3V532C24T098198	2004	53ft Air Ride Van
16	3H3V532C44T098199	2004	53ft Air Ride Van
16	3H3V532C74T098200	2004	53ft Air Ride Van
16	3H3V532C94T098201	2004	53ft Air Ride Van
16	3H3V532C04T098202	2004	53ft Air Ride Van
16	3H3V532C24T098203	2004	53ft Air Ride Van
16	3H3V532C44T098204	2004	53ft Air Ride Van
16	3H3V532C64T098205	2004	53ft Air Ride Van
16	3H3V532C84T098206	2004	53ft Air Ride Van
16	3H3V532CX4T098207	2004	53ft Air Ride Van
16	3H3V532C14T098208	2004	53ft Air Ride Van
16	3H3V532C34T098209	2004	53ft Air Ride Van
16	3H3V532CX4T098210	2004	53ft Air Ride Van
16	3H3V532C14T098211	2004	53ft Air Ride Van
16	3H3V532C34T098212	2004	53ft Air Ride Van

16	3H3V532C54T098213	2004	53ft Air Ride Van
16	3H3V532C74T098214	2004	53ft Air Ride Van
16	3H3V532C94T098215	2004	53ft Air Ride Van
16	3H3V532C04T098216	2004	53ft Air Ride Van
16	3H3V532C44T098218	2004	53ft Air Ride Van
16	3H3V532C64T098219	2004	53ft Air Ride Van
16	3H3V532C24T098220	2004	53ft Air Ride Van
16	3H3V532C44T098221	2004	53ft Air Ride Van
16	3H3V532C64T098222	2004	53ft Air Ride Van
16	3H3V532C84T098223	2004	53ft Air Ride Van
16	3H3V532CX4T098224	2004	53ft Air Ride Van
16	3H3V532C14T098225	2004	53ft Air Ride Van
16	3H3V532C34T098226	2004	53ft Air Ride Van
16	3H3V532C54T098227	2004	53ft Air Ride Van
16	3H3V532C74T098228	2004	53ft Air Ride Van
16	3H3V532C94T098229	2004	53ft Air Ride Van
16	3H3V532C54T098230	2004	53ft Air Ride Van
16	3H3V532C74T098231	2004	53ft Air Ride Van
16	3H3V532C94T098232	2004	53ft Air Ride Van
16	3H3V532C04T098233	2004	53ft Air Ride Van
16	3H3V532C24T098234	2004	53ft Air Ride Van
16	3H3V532C44T098235	2004	53ft Air Ride Van
16	3H3V532C64T098236	2004	53ft Air Ride Van
16	3H3V532C84T098237	2004	53ft Air Ride Van
16	3H3V532CX4T098238	2004	53ft Air Ride Van
16	3H3V532C14T098239	2004	53ft Air Ride Van
16	3H3V532C84T098240	2004	53ft Air Ride Van
16	3H3V532CX4T098241	2004	53ft Air Ride Van
16	3H3V532C14T098242	2004	53ft Air Ride Van
16	3H3V532C34T098243	2004	53ft Air Ride Van
16	3H3V532C54T098244	2004	53ft Air Ride Van
16	3H3V532C74T098245	2004	53ft Air Ride Van
16	3H3V532C94T098246	2004	53ft Air Ride Van
16	3H3V532C04T098247	2004	53ft Air Ride Van
16	3H3V532C24T098248	2004	53ft Air Ride Van
16	3H3V532C44T098249	2004	53ft Air Ride Van
16	3H3V532C04T098250	2004	53ft Air Ride Van
16	3H3V532C24T098251	2004	53ft Air Ride Van
16	3H3V532C44T098252	2004	53ft Air Ride Van
16	3H3V532C64T098253	2004	53ft Air Ride Van
16	3H3V532C84T098254	2004	53ft Air Ride Van
16	3H3V532CX4T098255	2004	53ft Air Ride Van
16	3H3V532C14T098256	2004	53ft Air Ride Van
16	3H3V532C34T098257	2004	53ft Air Ride Van
16	3H3V532C54T098258	2004	53ft Air Ride Van
16	3H3V532C74T098259	2004	53ft Air Ride Van
16	3H3V532C34T098260	2004	53ft Air Ride Van
17	3H3V532C54T098261	2004	53ft Air Ride Van

17	3H3V532C74T098262	2004	53ft Air Ride Van
17	3H3V532C94T098263	2004	53ft Air Ride Van
17	3H3V532C04T098264	2004	53ft Air Ride Van
17	3H3V532C24T098265	2004	53ft Air Ride Van
17	3H3V532C44T098266	2004	53ft Air Ride Van
17	3H3V532C64T098267	2004	53ft Air Ride Van
17	3H3V532C84T098268	2004	53ft Air Ride Van
17	3H3V532CX4T098269	2004	53ft Air Ride Van
17	3H3V532C64T098270	2004	53ft Air Ride Van
17	3H3V532C84T098271	2004	53ft Air Ride Van
17	3H3V532CX4T098272	2004	53ft Air Ride Van
17	3H3V532C14T098273	2004	53ft Air Ride Van
17	3H3V532C34T098274	2004	53ft Air Ride Van
17	3H3V532C54T098275	2004	53ft Air Ride Van
17	3H3V532C74T098276	2004	53ft Air Ride Van
17	3H3V532C94T098277	2004	53ft Air Ride Van
17	3H3V532C04T098278	2004	53ft Air Ride Van
17	3H3V532C24T098279	2004	53ft Air Ride Van
17	3H3V532C94T098280	2004	53ft Air Ride Van
17	3H3V532C04T098281	2004	53ft Air Ride Van
17	3H3V532C24T098282	2004	53ft Air Ride Van
17	3H3V532C44T098283	2004	53ft Air Ride Van
17	3H3V532C64T098284	2004	53ft Air Ride Van
17	3H3V532C84T098285	2004	53ft Air Ride Van
17	3H3V532CX4T098286	2004	53ft Air Ride Van
17	3H3V532C14T098287	2004	53ft Air Ride Van
17	3H3V532C34T098288	2004	53ft Air Ride Van
17	3H3V532C14T098290	2004	53ft Air Ride Van
17	3H3V532C34T098291	2004	53ft Air Ride Van
17	3H3V532C54T098292	2004	53ft Air Ride Van
17	3H3V532C74T098293	2004	53ft Air Ride Van
17	3H3V532C94T098294	2004	53ft Air Ride Van
17	3H3V532C04T098295	2004	53ft Air Ride Van
17	3H3V532C24T098296	2004	53ft Air Ride Van
17	3H3V532C44T098297	2004	53ft Air Ride Van
17	3H3V532C64T098298	2004	53ft Air Ride Van
17	3H3V532C84T098299	2004	53ft Air Ride Van
17	3H3V532C04T098300	2004	53ft Air Ride Van
17	3H3V532C24T098301	2004	53ft Air Ride Van
17	3H3V532C44T098302	2004	53ft Air Ride Van
17	3H3V532C64T098303	2004	53ft Air Ride Van
17	3H3V532C84T098304	2004	53ft Air Ride Van
17	3H3V532CX4T098305	2004	53ft Air Ride Van
17	3H3V532C14T098306	2004	53ft Air Ride Van
17	3H3V532C34T098307	2004	53ft Air Ride Van
17	3H3V532C54T098308	2004	53ft Air Ride Van
17	3H3V532C74T098309	2004	53ft Air Ride Van
17	3H3V532C34T098310	2004	53ft Air Ride Van

17	3H3V532C54T098311	2004	53ft Air Ride Van
17	3H3V532C74T098312	2004	53ft Air Ride Van
17	3H3V532C94T098313	2004	53ft Air Ride Van
17	3H3V532C04T098314	2004	53ft Air Ride Van
17	3H3V532C24T098315	2004	53ft Air Ride Van
17	3H3V532C44T098316	2004	53ft Air Ride Van
17	3H3V532C64T098317	2004	53ft Air Ride Van
17	3H3V532C84T098318	2004	53ft Air Ride Van
17	3H3V532CX4T098319	2004	53ft Air Ride Van
17	3H3V532C64T098320	2004	53ft Air Ride Van
17	3H3V532C84T098321	2004	53ft Air Ride Van
17	3H3V532CX4T098322	2004	53ft Air Ride Van
17	3H3V532C14T098323	2004	53ft Air Ride Van
17	3H3V532C34T098324	2004	53ft Air Ride Van
17	3H3V532C54T098325	2004	53ft Air Ride Van
17	3H3V532C74T098326	2004	53ft Air Ride Van
17	3H3V532C94T098327	2004	53ft Air Ride Van
17	3H3V532C24T098329	2004	53ft Air Ride Van
17	3H3V532C94T098330	2004	53ft Air Ride Van
17	3H3V532C04T098331	2004	53ft Air Ride Van
17	3H3V532C24T098332	2004	53ft Air Ride Van
17	3H3V532C44T098333	2004	53ft Air Ride Van
17	3H3V532C64T098334	2004	53ft Air Ride Van
17	3H3V532C84T098335	2004	53ft Air Ride Van
17	3H3V532CX4T098336	2004	53ft Air Ride Van
17	3H3V532C14T098337	2004	53ft Air Ride Van
17	3H3V532C34T098338	2004	53ft Air Ride Van
17	3H3V532C54T098339	2004	53ft Air Ride Van
17	3H3V532C14T098340	2004	53ft Air Ride Van
17	3H3V532C34T098341	2004	53ft Air Ride Van
17	3H3V532C54T098342	2004	53ft Air Ride Van
17	3H3V532C94T098344	2004	53ft Air Ride Van
17	3H3V532C04T098345	2004	53ft Air Ride Van
17	3H3V532C24T098346	2004	53ft Air Ride Van
17	3H3V532C44T098347	2004	53ft Air Ride Van
17	3H3V532C64T098348	2004	53ft Air Ride Van
17	3H3V532C84T098349	2004	53ft Air Ride Van
17	3H3V532C64T098351	2004	53ft Air Ride Van
17	3H3V532C84T098352	2004	53ft Air Ride Van
17	3H3V532CX4T098353	2004	53ft Air Ride Van
17	3H3V532C14T098354	2004	53ft Air Ride Van
17	3H3V532C34T098355	2004	53ft Air Ride Van
17	3H3V532C54T098356	2004	53ft Air Ride Van
17	3H3V532C74T098357	2004	53ft Air Ride Van
17	3H3V532C94T098358	2004	53ft Air Ride Van
17	3H3V532C04T098359	2004	53ft Air Ride Van
17	3H3V532C74T098360	2004	53ft Air Ride Van
17	3H3V532C94T098361	2004	53ft Air Ride Van

17	3H3V532C04T098362	2004	53ft Air Ride Van
17	3H3V532C24T098363	2004	53ft Air Ride Van
17	3H3V532C44T098364	2004	53ft Air Ride Van
17	3H3V532C64T098365	2004	53ft Air Ride Van
17	3H3V532C84T098366	2004	53ft Air Ride Van
17	3H3V532CX4T098367	2004	53ft Air Ride Van
17	3H3V532C14T098368	2004	53ft Air Ride Van
17	3H3V532C34T098369	2004	53ft Air Ride Van
17	3H3V532CX4T098370	2004	53ft Air Ride Van
17	3H3V532C14T098371	2004	53ft Air Ride Van
17	3H3V532C34T098372	2004	53ft Air Ride Van
17	3H3V532C54T098373	2004	53ft Air Ride Van
17	3H3V532C74T098374	2004	53ft Air Ride Van
17	3H3V532C94T098375	2004	53ft Air Ride Van
17	3H3V532C04T098376	2004	53ft Air Ride Van
17	3H3V532C24T098377	2004	53ft Air Ride Van
17	3H3V532C44T098378	2004	53ft Air Ride Van
17	3H3V532C64T098379	2004	53ft Air Ride Van
17	3H3V532C24T098380	2004	53ft Air Ride Van
17	3H3V532C44T098381	2004	53ft Air Ride Van
17	3H3V532C64T098382	2004	53ft Air Ride Van
17	3H3V532C84T098383	2004	53ft Air Ride Van
17	3H3V532CX4T098384	2004	53ft Air Ride Van
17	3H3V532C14T098385	2004	53ft Air Ride Van
17	3H3V532C34T098386	2004	53ft Air Ride Van
17	3H3V532C54T098387	2004	53ft Air Ride Van
17	3H3V532C74T098388	2004	53ft Air Ride Van
17	3H3V532C94T098389	2004	53ft Air Ride Van
17	3H3V532C54T098390	2004	53ft Air Ride Van
17	3H3V532C74T098391	2004	53ft Air Ride Van
17	3H3V532C94T098392	2004	53ft Air Ride Van
17	3H3V532C04T098393	2004	53ft Air Ride Van
17	3H3V532C24T098394	2004	53ft Air Ride Van
17	3H3V532C44T098395	2004	53ft Air Ride Van
17	3H3V532C64T098396	2004	53ft Air Ride Van
17	3H3V532C84T098397	2004	53ft Air Ride Van
17	3H3V532CX4T098398	2004	53ft Air Ride Van
17	3H3V532C14T098399	2004	53ft Air Ride Van
17	3H3V532C44T098400	2004	53ft Air Ride Van
17	3H3V532C64T098401	2004	53ft Air Ride Van
17	3H3V532C84T098402	2004	53ft Air Ride Van
17	3H3V532C14T098404	2004	53ft Air Ride Van
17	3H3V532C34T098405	2004	53ft Air Ride Van
17	3H3V532C54T098406	2004	53ft Air Ride Van
17	3H3V532C74T098407	2004	53ft Air Ride Van
17	3H3V532C94T098408	2004	53ft Air Ride Van
17	3H3V532C04T098409	2004	53ft Air Ride Van
17	3H3V532C74T098410	2004	53ft Air Ride Van

18	1JJV532W54L890016	2004	53ft Air Ride Van
18	1JJV532W74L890017	2004	53ft Air Ride Van
18	1JJV532W94L890018	2004	53ft Air Ride Van
18	1JJV532W04L890019	2004	53ft Air Ride Van
18	1JJV532W74L890020	2004	53ft Air Ride Van
18	1JJV532W94L890021	2004	53ft Air Ride Van
18	1JJV532W04L890022	2004	53ft Air Ride Van
18	1JJV532W24L890023	2004	53ft Air Ride Van
18	1JJV532W44L890024	2004	53ft Air Ride Van
18	1JJV532W64L890025	2004	53ft Air Ride Van
18	1JJV532W84L890026	2004	53ft Air Ride Van
18	1JJV532WX4L890027	2004	53ft Air Ride Van
18	1JJV532W14L890028	2004	53ft Air Ride Van
18	1JJV532W34L890029	2004	53ft Air Ride Van
18	1JJV532WX4L890030	2004	53ft Air Ride Van
18	1JJV532W14L890031	2004	53ft Air Ride Van
18	1JJV532W34L890032	2004	53ft Air Ride Van
18	1JJV532W54L890033	2004	53ft Air Ride Van
18	1JJV532W74L890034	2004	53ft Air Ride Van
18	1JJV532W94L890035	2004	53ft Air Ride Van
18	1JJV532W04L890036	2004	53ft Air Ride Van
18	1JJV532W24L890037	2004	53ft Air Ride Van
18	1JJV532W44L890038	2004	53ft Air Ride Van
18	1JJV532W64L890039	2004	53ft Air Ride Van
18	1JJV532W24L890040	2004	53ft Air Ride Van
18	1JJV532W44L890041	2004	53ft Air Ride Van
18	1JJV532W64L890042	2004	53ft Air Ride Van
18	1JJV532W84L890043	2004	53ft Air Ride Van
18	1JJV532WX4L890044	2004	53ft Air Ride Van
18	1JJV532W14L890045	2004	53ft Air Ride Van
18	1JJV532W34L890046	2004	53ft Air Ride Van
18	1JJV532W54L890047	2004	53ft Air Ride Van
18	1JJV532W74L890048	2004	53ft Air Ride Van
18	1JJV532W94L890049	2004	53ft Air Ride Van
18	1JJV532W54L890050	2004	53ft Air Ride Van
18	1JJV532W74L890051	2004	53ft Air Ride Van
18	1JJV532W94L890052	2004	53ft Air Ride Van
18	1JJV532W04L890053	2004	53ft Air Ride Van
18	1JJV532W24L890054	2004	53ft Air Ride Van
18	1JJV532W64L890056	2004	53ft Air Ride Van
18	1JJV532W84L890057	2004	53ft Air Ride Van
18	1JJV532WX4L890058	2004	53ft Air Ride Van
18	1JJV532W14L890059	2004	53ft Air Ride Van
18	1JJV532W84L890060	2004	53ft Air Ride Van
18	1JJV532WX4L890061	2004	53ft Air Ride Van
18	1JJV532W14L890062	2004	53ft Air Ride Van
18	1JJV532W34L890063	2004	53ft Air Ride Van
18	1JJV532W54L890064	2004	53ft Air Ride Van

18	1JJV532W74L890065	2004	53ft Air Ride Van
18	1JJV532W94L890066	2004	53ft Air Ride Van
18	1JJV532W04L890067	2004	53ft Air Ride Van
18	1JJV532W24L890068	2004	53ft Air Ride Van
18	1JJV532W44L890069	2004	53ft Air Ride Van
18	1JJV532W04L890070	2004	53ft Air Ride Van
18	1JJV532W24L890071	2004	53ft Air Ride Van
18	1JJV532W44L890072	2004	53ft Air Ride Van
18	1JJV532W64L890073	2004	53ft Air Ride Van
18	1JJV532W84L890074	2004	53ft Air Ride Van
18	1JJV532WX4L890075	2004	53ft Air Ride Van
18	1JJV532W14L890076	2004	53ft Air Ride Van
18	1JJV532W34L890077	2004	53ft Air Ride Van
18	1JJV532W54L890078	2004	53ft Air Ride Van
18	1JJV532W74L890079	2004	53ft Air Ride Van
18	1JJV532W34L890080	2004	53ft Air Ride Van
18	1JJV532W54L890081	2004	53ft Air Ride Van
18	1JJV532W74L890082	2004	53ft Air Ride Van
18	1JJV532W94L890083	2004	53ft Air Ride Van
18	1JJV532W04L890084	2004	53ft Air Ride Van
18	1JJV532W24L890085	2004	53ft Air Ride Van
18	1JJV532W44L890086	2004	53ft Air Ride Van
18	1JJV532W64L890087	2004	53ft Air Ride Van
18	1JJV532W84L890088	2004	53ft Air Ride Van
18	1JJV532WX4L890089	2004	53ft Air Ride Van
18	1JJV532W64L890090	2004	53ft Air Ride Van
18	1JJV532W84L890091	2004	53ft Air Ride Van
18	1JJV532WX4L890092	2004	53ft Air Ride Van
18	1JJV532W14L890093	2004	53ft Air Ride Van
18	1JJV532W34L890094	2004	53ft Air Ride Van
18	1JJV532W54L890095	2004	53ft Air Ride Van
18	1JJV532W74L890096	2004	53ft Air Ride Van
18	1JJV532W94L890097	2004	53ft Air Ride Van
18	1JJV532W04L890098	2004	53ft Air Ride Van
18	1JJV532W24L890099	2004	53ft Air Ride Van
18	1JJV532W54L890100	2004	53ft Air Ride Van
18	1JJV532W74L890101	2004	53ft Air Ride Van
18	1JJV532W94L890102	2004	53ft Air Ride Van
18	1JJV532W04L890103	2004	53ft Air Ride Van
18	1JJV532W24L890104	2004	53ft Air Ride Van
18	1JJV532W44L890105	2004	53ft Air Ride Van
18	1JJV532W64L890106	2004	53ft Air Ride Van
18	1JJV532W84L890107	2004	53ft Air Ride Van
18	1JJV532WX4L890108	2004	53ft Air Ride Van
18	1JJV532W14L890109	2004	53ft Air Ride Van
18	1JJV532W84L890110	2004	53ft Air Ride Van
18	1JJV532WX4L890111	2004	53ft Air Ride Van
18	1JJV532W14L890112	2004	53ft Air Ride Van

18	1JJV532W34L890113	2004	53ft Air Ride Van
18	1JJV532W54L890114	2004	53ft Air Ride Van
18	1JJV532W74L890115	2004	53ft Air Ride Van
19	3H3V532C94T098411	2004	53ft Air Ride Van
19	3H3V532C04T098412	2004	53ft Air Ride Van
19	3H3V532C24T098413	2004	53ft Air Ride Van
19	3H3V532C44T098414	2004	53ft Air Ride Van
19	3H3V532C64T098415	2004	53ft Air Ride Van
19	3H3V532C84T098416	2004	53ft Air Ride Van
19	3H3V532CX4T098417	2004	53ft Air Ride Van
19	3H3V532C14T098418	2004	53ft Air Ride Van
19	3H3V532C34T098419	2004	53ft Air Ride Van
19	3H3V532CX4T098420	2004	53ft Air Ride Van
19	3H3V532C14T098421	2004	53ft Air Ride Van
19	3H3V532C54T098423	2004	53ft Air Ride Van
19	3H3V532C74T098424	2004	53ft Air Ride Van
19	3H3V532C94T098425	2004	53ft Air Ride Van
19	3H3V532C04T098426	2004	53ft Air Ride Van
19	3H3V532C24T098427	2004	53ft Air Ride Van
19	3H3V532C44T098428	2004	53ft Air Ride Van
19	3H3V532C64T098429	2004	53ft Air Ride Van
19	3H3V532C24T098430	2004	53ft Air Ride Van
19	3H3V532C44T098431	2004	53ft Air Ride Van
19	3H3V532C64T098432	2004	53ft Air Ride Van
19	3H3V532CX4T098434	2004	53ft Air Ride Van
19	3H3V532C14T098435	2004	53ft Air Ride Van
19	3H3V532C34T098436	2004	53ft Air Ride Van
19	3H3V532C54T098437	2004	53ft Air Ride Van
19	3H3V532C74T098438	2004	53ft Air Ride Van
19	3H3V532C94T098439	2004	53ft Air Ride Van
19	3H3V532C54T098440	2004	53ft Air Ride Van
19	3H3V532C74T098441	2004	53ft Air Ride Van
19	3H3V532C94T098442	2004	53ft Air Ride Van
19	3H3V532C04T098443	2004	53ft Air Ride Van
19	3H3V532C24T098444	2004	53ft Air Ride Van
19	3H3V532C44T098445	2004	53ft Air Ride Van
19	3H3V532C64T098446	2004	53ft Air Ride Van
19	3H3V532C84T098447	2004	53ft Air Ride Van
19	3H3V532CX4T098448	2004	53ft Air Ride Van
19	3H3V532C14T098449	2004	53ft Air Ride Van
19	3H3V532C84T098450	2004	53ft Air Ride Van
19	3H3V532CX4T098451	2004	53ft Air Ride Van
19	3H3V532C54T098454	2004	53ft Air Ride Van
19	3H3V532C74T098455	2004	53ft Air Ride Van
19	3H3V532C94T098456	2004	53ft Air Ride Van
19	3H3V532C04T098457	2004	53ft Air Ride Van
19	3H3V532C44T098459	2004	53ft Air Ride Van
19	3H3V532C04T098460	2004	53ft Air Ride Van

19	3H3V532C24T098461	2004	53ft Air Ride Van
19	3H3V532C44T098462	2004	53ft Air Ride Van
19	3H3V532C64T098463	2004	53ft Air Ride Van
19	3H3V532C84T098464	2004	53ft Air Ride Van
19	3H3V532CX4T098465	2004	53ft Air Ride Van
19	3H3V532C14T098466	2004	53ft Air Ride Van
19	3H3V532C34T098467	2004	53ft Air Ride Van
19	3H3V532C74T098469	2004	53ft Air Ride Van
19	3H3V532C34T098470	2004	53ft Air Ride Van
19	3H3V532C54T098471	2004	53ft Air Ride Van
19	3H3V532C74T098472	2004	53ft Air Ride Van
19	3H3V532C94T098473	2004	53ft Air Ride Van
19	3H3V532C04T098474	2004	53ft Air Ride Van
19	3H3V532C24T098475	2004	53ft Air Ride Van
19	3H3V532C44T098476	2004	53ft Air Ride Van
19	3H3V532C64T098477	2004	53ft Air Ride Van
19	3H3V532C84T098478	2004	53ft Air Ride Van
19	3H3V532CX4T098479	2004	53ft Air Ride Van
19	3H3V532C84T098481	2004	53ft Air Ride Van
19	3H3V532CX4T098482	2004	53ft Air Ride Van
19	3H3V532C14T098483	2004	53ft Air Ride Van
19	3H3V532C34T098484	2004	53ft Air Ride Van
19	3H3V532C54T098485	2004	53ft Air Ride Van
19	3H3V532C74T098486	2004	53ft Air Ride Van
19	3H3V532C94T098487	2004	53ft Air Ride Van
19	3H3V532C04T098488	2004	53ft Air Ride Van
19	3H3V532C24T098489	2004	53ft Air Ride Van
19	3H3V532C94T098490	2004	53ft Air Ride Van
19	3H3V532C04T098491	2004	53ft Air Ride Van
19	3H3V532C24T098492	2004	53ft Air Ride Van
19	3H3V532C44T098493	2004	53ft Air Ride Van
19	3H3V532C64T098494	2004	53ft Air Ride Van
19	3H3V532C84T098495	2004	53ft Air Ride Van
19	3H3V532CX4T098496	2004	53ft Air Ride Van
19	3H3V532C14T098497	2004	53ft Air Ride Van
19	3H3V532C34T098498	2004	53ft Air Ride Van
19	3H3V532C54T098499	2004	53ft Air Ride Van
19	3H3V532C84T098500	2004	53ft Air Ride Van
19	3H3V532CX4T098501	2004	53ft Air Ride Van
19	3H3V532C14T098502	2004	53ft Air Ride Van
19	3H3V532C34T098503	2004	53ft Air Ride Van
19	3H3V532C54T098504	2004	53ft Air Ride Van
19	3H3V532C74T098505	2004	53ft Air Ride Van
19	3H3V532C94T098506	2004	53ft Air Ride Van
19	3H3V532C04T098507	2004	53ft Air Ride Van
19	3H3V532C24T098508	2004	53ft Air Ride Van
19	3H3V532C44T098509	2004	53ft Air Ride Van
19	3H3V532C04T098510	2004	53ft Air Ride Van

20	3H3V532C24T098511	2004	53ft Air Ride Van
20	3H3V532C44T098512	2004	53ft Air Ride Van
20	3H3V532C64T098513	2004	53ft Air Ride Van
20	3H3V532C84T098514	2004	53ft Air Ride Van
20	3H3V532CX4T098515	2004	53ft Air Ride Van
20	3H3V532C14T098516	2004	53ft Air Ride Van
20	3H3V532C34T098517	2004	53ft Air Ride Van
20	3H3V532C54T098518	2004	53ft Air Ride Van
20	3H3V532C74T098519	2004	53ft Air Ride Van
20	3H3V532C34T098520	2004	53ft Air Ride Van
20	3H3V532C54T098521	2004	53ft Air Ride Van
20	3H3V532C74T098522	2004	53ft Air Ride Van
20	3H3V532C94T098523	2004	53ft Air Ride Van
20	3H3V532C04T098524	2004	53ft Air Ride Van
20	3H3V532C24T098525	2004	53ft Air Ride Van
20	3H3V532C44T098526	2004	53ft Air Ride Van
20	3H3V532C64T098527	2004	53ft Air Ride Van
20	3H3V532C84T098528	2004	53ft Air Ride Van
20	3H3V532CX4T098529	2004	53ft Air Ride Van
20	3H3V532C64T098530	2004	53ft Air Ride Van
20	3H3V532C84T098531	2004	53ft Air Ride Van
20	3H3V532CX4T098532	2004	53ft Air Ride Van
20	3H3V532C14T098533	2004	53ft Air Ride Van
20	3H3V532C34T098534	2004	53ft Air Ride Van
20	3H3V532C54T098535	2004	53ft Air Ride Van
20	3H3V532C74T098536	2004	53ft Air Ride Van
20	3H3V532C94T098537	2004	53ft Air Ride Van
20	3H3V532C04T098538	2004	53ft Air Ride Van
20	3H3V532C24T098539	2004	53ft Air Ride Van
20	3H3V532C94T098540	2004	53ft Air Ride Van
20	3H3V532C04T098541	2004	53ft Air Ride Van
20	3H3V532C24T098542	2004	53ft Air Ride Van
20	3H3V532C44T098543	2004	53ft Air Ride Van
20	3H3V532C64T098544	2004	53ft Air Ride Van
20	3H3V532C84T098545	2004	53ft Air Ride Van
20	3H3V532CX4T098546	2004	53ft Air Ride Van
20	3H3V532C14T098547	2004	53ft Air Ride Van
20	3H3V532C34T098548	2004	53ft Air Ride Van
20	3H3V532C54T098549	2004	53ft Air Ride Van
20	3H3V532C14T098550	2004	53ft Air Ride Van
20	3H3V532C34T098551	2004	53ft Air Ride Van
20	3H3V532C54T098552	2004	53ft Air Ride Van
20	3H3V532C74T098553	2004	53ft Air Ride Van
20	3H3V532C94T098554	2004	53ft Air Ride Van
20	3H3V532C04T098555	2004	53ft Air Ride Van
20	3H3V532C24T098556	2004	53ft Air Ride Van
20	3H3V532C44T098557	2004	53ft Air Ride Van
20	3H3V532C64T098558	2004	53ft Air Ride Van

20	3H3V532C84T098559	2004	53ft Air Ride Van
20	3H3V532C44T098560	2004	53ft Air Ride Van
20	3H3V532C64T098561	2004	53ft Air Ride Van
20	3H3V532C84T098562	2004	53ft Air Ride Van
20	3H3V532CX4T098563	2004	53ft Air Ride Van
20	3H3V532C14T098564	2004	53ft Air Ride Van
20	3H3V532C34T098565	2004	53ft Air Ride Van
20	3H3V532C54T098566	2004	53ft Air Ride Van
20	3H3V532C74T098567	2004	53ft Air Ride Van
20	3H3V532C94T098568	2004	53ft Air Ride Van
20	3H3V532C04T098569	2004	53ft Air Ride Van
20	3H3V532C74T098570	2004	53ft Air Ride Van
20	3H3V532C94T098571	2004	53ft Air Ride Van
20	3H3V532C04T098572	2004	53ft Air Ride Van
20	3H3V532C24T098573	2004	53ft Air Ride Van
20	3H3V532C44T098574	2004	53ft Air Ride Van
20	3H3V532C64T098575	2004	53ft Air Ride Van
20	3H3V532C84T098576	2004	53ft Air Ride Van
20	3H3V532CX4T098577	2004	53ft Air Ride Van
20	3H3V532C14T098578	2004	53ft Air Ride Van
20	3H3V532CX4T098580	2004	53ft Air Ride Van
20	3H3V532C14T098581	2004	53ft Air Ride Van
20	3H3V532C34T098582	2004	53ft Air Ride Van
20	3H3V532C54T098583	2004	53ft Air Ride Van
20	3H3V532C74T098584	2004	53ft Air Ride Van
20	3H3V532C94T098585	2004	53ft Air Ride Van
20	3H3V532C04T098586	2004	53ft Air Ride Van
20	3H3V532C24T098587	2004	53ft Air Ride Van
20	3H3V532C44T098588	2004	53ft Air Ride Van
20	3H3V532C64T098589	2004	53ft Air Ride Van
20	3H3V532C24T098590	2004	53ft Air Ride Van
20	3H3V532C44T098591	2004	53ft Air Ride Van
20	3H3V532C64T098592	2004	53ft Air Ride Van
20	3H3V532C84T098593	2004	53ft Air Ride Van
20	3H3V532CX4T098594	2004	53ft Air Ride Van
20	3H3V532C14T098595	2004	53ft Air Ride Van
20	3H3V532C34T098596	2004	53ft Air Ride Van
20	3H3V532C54T098597	2004	53ft Air Ride Van
20	3H3V532C74T098598	2004	53ft Air Ride Van
20	3H3V532C94T098599	2004	53ft Air Ride Van
20	3H3V532C14T098600	2004	53ft Air Ride Van
20	3H3V532C34T098601	2004	53ft Air Ride Van
20	3H3V532C74T098603	2004	53ft Air Ride Van
20	3H3V532C94T098604	2004	53ft Air Ride Van
20	3H3V532C04T098605	2004	53ft Air Ride Van
20	3H3V532C24T098606	2004	53ft Air Ride Van
20	3H3V532C44T098607	2004	53ft Air Ride Van
20	3H3V532C64T098608	2004	53ft Air Ride Van

20	3H3V532C84T098609	2004	53ft Air Ride Van
20	3H3V532C44T098610	2004	53ft Air Ride Van
21	TBD – PENDING VERIFICATION OF VINs	2004	53ft Air Ride Van
22	TBD – PENDING VERIFICATION OF VINs	2004	53ft Air Ride Van

SCHEDULE C

Guarantors

Guarantor	State of Incorporation	Relationship to Covenant Transportation Group, Inc.
Covenant Transportation Group, Inc.	Nevada
Covenant Transport, Inc.	Tennessee	Subsidiary
Southern Refrigerated Transport, Inc.	Arkansas	Subsidiary
Star Transportation, Inc.	Tennessee	Subsidiary
Covenant Asset Management, Inc.	Nevada	Subsidiary
CTG Leasing Company	Nevada	Subsidiary

SCHEDULE D

Terms of Letter of Credit

The initial amount of the Letter of Credit (the “Credit”) shall be Two Million, Five Hundred Thousand ($2,500,000.00) Dollars. The Credit amount will be reduced after the dates and in the amounts set forth below provided that any reduction in the Credit amount shall be conditioned upon, for each quarter ending with the dates set forth below, (i) the Covenant Parent and its subsidiaries (individually and collectively, “Covenant”) being current on all amounts due TFS and not in default of any agreements with TFS; (ii) Covenant being compliant in all material respect s with all of its covenants and agreements under its credit, bank, and other financing agreements, and the Covenant Parent providing to TFS, not less than ten (10 days prior to such quarter-end, certificates evidencing such compliance, and (iii) the Covenant Parent providing to TFS, not less than ten (10) days prior to such quarter-end, a certificate stating the number of Vehicles that are then leased to Covenant under the Master Lease Agreement and the Schedules thereto held by TFS:

After March 31, 2012, reduced to $2,000,000;

After September 30, 2012, reduced to $1,500,000;

After March 31, 2013, reduced to $1,000,000;

After September 30, 2013, reduced to $500,000;

provided, however, that in the event of a variation from the Return Schedule set forth in Annex C of the CTG Schedule for any reason (including without limitation renewals, extensions, or holdovers), the reduced Credit amounts shall be the greater of (i) the amounts set forth above, or (ii) $1,000 per Vehicle leased under the CTG Schedule.

The Credit shall secure the payment and performance of any and all of Covenant’s obligations to TFS, including without limitation all obligations under the Master Lease Agreement or any Schedule thereto held by TFS, whether now existing or hereafter arising (collectively, the “Leases”).

Upon Covenant’s default under the Credit or any Lease held by TFS, TFS shall immediately be authorized to draw upon the Credit without further notice or justification. The Credit shall be for a term, and in form and substance, acceptable to TFS in all respects, shall not expire or be terminated earlier than the date on which all of the obligations of Covenant to TFS under the Leases shall expire; provided, however, that Covenant may provide TFS with one or more renewal Credits (each a “Renewal Credit”), and shall be issued by a state or national bank, acceptable to TFS in all respects, having capital in excess of Five Hundred Million Dollars ($500,000,000) (“Issuing Bank 221;). The Credit shall provide for sixty (60) days advance written notice to TFS from the Issuing Bank in the event of expiration, non-renewal, cancellation or termination (“collectively, “Termination”) of the Credit for any reason whatsoever.

The following shall be deemed a default under the Credit and/or the Leases (“Default”): (i) the Termination of the Credit, by notice to TFS or otherwise, and Covenant’s failure to obtain a Renewal Credit from their revolving credit lender, upon the same or more favorable terms as determined by TFS in its sole discretion, as the Credit, at least sixty (60) days prior to such Termination of the Credit then in effect; (ii) Covenant’s failure to furnish the Credit; (iii) the filing of a petition by or against Covenant under any bankruptcy, insolvency or similar laws; or (iv) an event of default occurring under any of the Leases.

Upon the occurrence of a Default, TFS shall have the right to draw on the Credit and to receive said monies therefrom, at TFS’ sole discretion, in a lump sum, or in several sums from time to time. TFS’ draw on the Credit shall not cause the Credit to Terminate to the extent that there is a balance remaining under the Credit.

TFS’ rights and remedies with respect to the Credit (including, without limitation, the right to draw thereon), the Leases, the Guaranty or otherwise are cumulative and may be exercised singularly or concurrently. Neither any failure nor delay on the part of TFS to draw upon the Credit or to exercise any other rights or remedies shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy preclude any other or further exercise thereof or of any other right or remedy howsoever arising. Under no circumstances shall TFS be deemed or construed to have waived its right to draw upon the Credit or to exercise any of its other rights or remedies unless such waiver is in writing and executed by a duly authorized representative of TFS. A waiver of any right or remedy on any one oc casion shall not operate as a waiver of such right or remedy on any further occasion or as a waiver of any other right or remedy.

EXHIBIT I

CORPORATE GUARANTY

Date: October 28, 2010

Transport International Pool, Inc.

530 East Swedesford Road

Wayne, PA 19087

To induce you to enter into, purchase or otherwise acquire, now or at any time hereafter, any promissory notes, security agreements, leases, and/or any other documents or instruments evidencing or relating to any lease, loan, extension of credit or other financial accommodation (collectively "Account Documents" and each an "Account Document") to or for the account of Covenant Transportation Group, Inc., a Nevada corporation, and any and all subsidiaries thereof, including without limitation the companies listed on Schedule A hereto (individually and collectively, the "Customer"), but without in any way binding you to do so, the undersigned companies, and each of them (individually and collectively, the R 20;undersigned”), for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, do hereby jointly and severally guarantee to you, your successors and assigns, the due regular and punctual payment of any sum or sums of money which the Customer may owe to you now or at any time hereafter whether evidenced by an Account Document, on open account or otherwise (including without limitation all amounts due and to become due under the Master Lease Agreement dated as of April 15, 2003 between Covenant Transport, Inc. and you, and any and all existing and future Schedules thereto that are now or may hereafter be held by you, as the same may be renewed, extended, modified, amended or restated) (the “Master Lease Agreement”), and whether it represents principal interest, rent, the charges, indemnities, an original balance, an accelerated balance, liquidated damages, a balance reduced by partial payment , a deficiency after sale or other disposition of any leased vehicle, collateral or security, or any other type of sum of any kind whatsoever that the Customer may owe to you now or at any time hereafter, and does hereby further guarantee to you, your successors and assigns, the due, regular and punctual performance of any other duty or obligation of any kind or character whatsoever that the Customer may owe to you now or at any time hereafter (all such payment and performance obligations being collectively referred to as "Obligations"). The undersigned does hereby further guarantee to pay upon demand all losses, costs, attorneys' fees and expenses which may be suffered by you by reason of Customer's default or default of the undersigned.

This Guaranty is a guaranty of prompt payment and performance (and not merely a guaranty of collection). Nothing herein shall require you to first seek or exhaust any remedy against the Customer, its successors and assigns, or any other person obligated with respect to the Obligations, or to first foreclose, exhaust or otherwise proceed against any leased vehicles, collateral or security which may be given in connection with the Obligations, it is agreed that you may, upon any breach or default of the Customer, or at any time thereafter, make demand upon each or any of the undersigned and receive payment and performance of the Obligations, with or without notice or demand for payment or performance by the Customer, its successors or assigns, or any other person. Suit may be brought and maintained against each or any of the undersigned at your election, without joinder of the Customer, any of the other undersigned or any other person as parties thereto. The obligations of each signatory to this Guaranty shall be joint and several.

The undersigned agrees that its obligations under this Guaranty shall be primary, absolute, continuing and unconditional, irrespective of and unaffected by any of the following actions or circumstances (regardless of any notice to or consent of the undersigned): (a) the genuineness, validity, regularity and enforceability of the Account Documents or any other document; (b) any extension, renewal, amendment, change, waiver or other modification of the Account Documents or any other document; (c) the absence of, or delay in, any action to enforce the Account Documents, this Guaranty or any other documents; (d) your failure or delay in obtaining any other guaranty of the Obligations (including without limitation, your failure to obtain the signature of any other guarantor hereunder); (e) the release of, extension of time for payment or p erformance by, or any other indulgence granted to the Customer or any other person with respect to the Obligations by operation of law or otherwise; (f) the existence, value, condition, loss, subordination or release (with or without substitutions of or failure to have title to or perfect and maintain a security interest in, or the time, place and manner of any sale or other disposition of any leased vehicle, collateral or security given in connection with the Obligations, or any other impairment (whether intentional or negligent, by operation of law or otherwise) of the rights of the undersigned; (g) the Customer's voluntary or involuntary bankruptcy, assignment for the benefit of creditors, reorganization, or similar proceedings affecting the Customer or any of its assets; or (h) any other action or circumstances which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor.

This Guaranty may be terminated upon delivery to you (at your address shown above) of a written termination notice from the undersigned. However, as to all Obligations (whether matured, unmatured, absolute, contingent or otherwise) incurred by the Customer prior to your receipt of such written termination notice (and regardless of any subsequent amendment, extension or other modification which may be made with respect to such Obligations), this Guaranty shall nevertheless continue and remain undischarged until all such Obligations are indefeasibly paid and performed in full.

The undersigned agrees that this Guaranty shall remain in full force and effect or be reinstated (as the case may be) if at any time payment or performance of any of the Obligations (or any part thereof) is rescinded, reduced or must otherwise be restored or returned by you, all as though such payment or performance had not been made. If, by reason of any bankruptcy, insolvency or similar laws affecting the rights of creditors, you shall be prohibited from exercising any of your rights or remedies against the Customer or any other person or against any property, then, as between you and the undersigned, such prohibition shall be of no force and effect, and you shall have the right to make demand upon, and receive payment from, the undersigned of all amounts and other sums that would be due to you upon a default with respect to t he Obligations.

The undersigned covenants and agrees that (a) it will deliver or cause to be delivered to you: (1) complete consolidated financial statements, prepared in accordance with generally accepted accounting principles consistently applied ("GAAP"), of Covenant Transportation Group, Inc., a Nevada corporation ("Parent"), certified by a recognized firm of certified public accountants within one hundred twenty (120) days of the close of each fiscal year of Parent; and (2) complete copies of the quarterly, consolidated financial statements of Parent, certified by the chief financial or accounting officer of Parent, as applicable, within ninety (90) days of the close of each fiscal quarter of Parent; provid ed, however, that the delivery requirements set forth in this paragraph shall be deemed satisfied to the extent that the required financial statements are contained in documents filed with the Securities and Exchange Commission within the prescribed time frames; and (b) it will promptly execute and deliver to you such further documents, instruments and assurances and take such further action as you from time to time reasonably may request in order to carry out the intent and purpose of this Guaranty and to establish and protect the rights and remedies created or intended to be created in your favor hereunder.

The undersigned shall be deemed to be in default hereunder ("Default") if: (a) it shall fail to perform or observe in any material respect any covenant, condition or agreement to be performed or observed by it hereunder and such failure shall continue unremedied for a period of thirty (30) days after written notice thereof to the undersigned by you; or (b) it shall (1) be generally not paying its debts as they become due, (2) take action for the purpose of invoking the protection of any bankruptcy or insolvency law, or any such law is invoked against or with respect to it or its property, and such petition filed against it is not dismissed within sixty (60) days; or (c) there is an anticipatory repudiation of its obligations pursuant to this Guaranty; or (d) any certificate, statement, representation, warranty or audit contained herei n or heretofore or hereafter furnished with respect to this Guaranty by or on behalf of the undersigned proving to have been false in any material respect at the time as of which the facts therein set forth were stated or certified, or having omitted any material contingent or unliquidated liability or claim against it; or (e) it shall be in default under any agreement with General Electric Company or any affiliate thereof, and the applicable grace period with respect thereto shall have expired; or (f) the corporate existence of the undersigned is terminated and its obligations in connection with this Guaranty are not assumed by a successor in interest reasonably satisfactory to you; or (g) it undergoes a change in controlling ownership, without obtaining your prior written consent, which shall not be unreasonably withheld.

Upon a Default hereunder, you may, at your option, declare this Guaranty to be in default by written notice to the undersigned (without election of remedies), and at any time thereafter, may do any one or more of the following, all of which are hereby authorized by the undersigned:

declare the Account Document to be in default and thereafter sue for and recover all liquidated damages, accelerated rentals and/or other sums otherwise recoverable from Customer thereunder; and/or

sue for and recover all damages then or thereafter incurred by you as a result of such Default; and/or

seek specific performance of the obligations of the undersigned hereunder.

In addition, the undersigned shall be liable for all reasonable attorneys' fees and other costs and expenses incurred by reason of any Default or the exercise of your remedies hereunder and/or under the Account Document. No right or remedy referred to herein is intended to be exclusive, but each shall be cumulative, and shall be in addition to any other remedy referred to above or otherwise available at law or in equity, and may be exercised concurrently or separately from time to time.

Notice of acceptance of this Guaranty and of any default by the Customer or any other person is hereby waived. Presentment, protest, demand, and notice of protest, demand and dishonor of any of the Obligations, and the exercise of possessory, collection or other remedies for the Obligations, are hereby waived. The undersigned warrants that it has adequate means to obtain from the Customer on a continuing basis financial data and other information regarding the Customer and is not relying upon you to provide any such data or other information. Without limiting the foregoing, notice of adverse change in the Customer's financial condition or of any other fact which might materially increase the risk of the undersigned is also waived. All settlements, compromises, accounts stated and agreed balances made in good faith between t he Customer, its successors or assigns, and you shall be binding upon and shall not affect the liability of the undersigned.

Payment of all amounts now or hereafter owed to the undersigned by the Customer or any other obligor for any of the Obligations is hereby subordinated in right of payment to the indefeasible payment in full to you of all Obligations and is hereby assigned to you as security therefor. The undersigned hereby irrevocably and unconditionally waives and relinquishes all statutory, contractual, common law, equitable and all other claims against the Customer and any other obligor for any of the Obligations, any collateral therefor, or any other assets of the Customer or any such other obligor, for subrogation, reimbursement, exoneration, contribution, indemnification, setoff or other recourse in respect of sums paid or payable to you by the undersigned hereunder, and the undersigned hereby further irrevocably and unconditionally waives and r elinquishes any and all other benefits which it might otherwise directly or indirectly receive or be entitled to receive by reason of any amounts paid by, or collected or due from it, the Customer or any other obligor for any of the Obligations, or realized from any of their respective assets.

THE UNDERSIGNED HEREBY UNCONDITIONALLY WAIVES ITS RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS GUARANTY, THE OBLIGATIONS GUARANTEED HEREBY, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN US RELATING TO THE SUBJECT MATTER HEREOF OR THEREOF, AND/OR THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN US. The scope of this waiver is intended to be all encompassing of any and all disputes that may be filed in any court (including, without limitation, contract claims, tort claims, breach of duty claims, and all other common law and statutory claims). THIS WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS GUARANTY, THE OBLIGATIONS GU ARANTEED HEREBY, OR ANY RELATED DOCUMENTS. In the event of litigation, this Guaranty may be filed as a written consent to a trial by the court without a jury.

As used in this Guaranty, the word "person" shall include any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, or any government or any political subdivision thereof.

This Guaranty is intended by the parties as a final expression of the guaranty of the undersigned and is also intended as a complete and exclusive statement of the terms thereof. No course of dealing, course of performance or trade usage, nor any paid evidence of any kind, shall be used to supplement or modify any of the terms hereof. There are no conditions to the full effectiveness of this Guaranty. This Guaranty and each of its provisions may only be waived, modified, varied, released, terminated or surrendered, in whole or in part, by a duly authorized written instrument signed by you. No failure by you to exercise your rights hereunder shall give rise to any estoppel against you, or excuse the undersigned from performing hereunder. Your waiver of any right to demand performance hereunder shall not be a waiver of any su bsequent or other right to demand performance hereunder.

This Guaranty shall bind the undersigned's successors and assigns and the benefits thereof shall extend to and include your successors and assigns. In the event of default hereunder, you may at any time inspect undersigned's records.

THIS GUARANTY AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE COMMONWEALTH OF PENNSYLVANIA (WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES OF SUCH STATE), INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. The parties agree that any action or proceeding arising out of or relating to this Guaranty shall be commenced in the courts having situs in the Eastern District of Pennsylvania and Chester County, Pennsylvania. If any provisions of this Guaranty are in conflict with any applicable statute, rule or law, then such provisions shall be deemed null and void to the extent that they may conflict therewith, but without invalidating any other provisions hereof.

All notices required to be given hereunder shall be deemed adequately given if sent by certified mail to the addressee at its address stated herein, or at such other place as such addressee may have designated in writing.

Any provision of this Guaranty which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

Each signatory on behalf of a corporate guarantor warrants that he or she had authority to sign on behalf of such corporation and by so signing, to bind said guarantor corporation hereunder.

IN WITNESS WHEREOF, this Corporate Guaranty is executed the day and year above written.

Attest: /s/ R.H. Lovin, Jr.		Covenant Transportation Group, Inc., a Nevada corporation By: /s/ M. David Hughes
Secretary/Assistant Secretary		Name: M. David Hughes
		Title: Senior Vice President
		Address: 400 Birmingham Highway Chattanooga, Tennessee 37419

Attest: /s/ R.H. Lovin, Jr.		Covenant Transport, Inc., a Tennessee corporation By: /s/ M. David Hughes
Secretary/Assistant Secretary		Name: M. David Hughes
		Title: Senior Vice President
		Address: 400 Birmingham Highway Chattanooga, Tennessee 37419

Attest: /s/ R.H. Lovin, Jr.		CTG Leasing Company, a Nevada corporation By: /s/ M. David Hughes
Secretary/Assistant Secretary		Name: M. David Hughes
		Title: Vice President
		Address: 400 Birmingham Highway Chattanooga, Tennessee 37419

Attest: /s/R.H. Lovin, Jr.		Star Transportation, Inc., a Tennessee corporation By: /s/ M. David Hughes
Secretary/Assistant Secretary		Name: M. David Hughes
		Title: Vice President
		Address: 400 Birmingham Highway Chattanooga, Tennessee 37419

Attest: /s/ R.H. Lovin, Jr.		Covenant Asset Management, Inc., a Nevada corporation By: /s/ M. David Hughes
Secretary/Assistant Secretary		Name: M. David Hughes
		Title: Treasurer
		Address: 400 Birmingham Highway Chattanooga, Tennessee 37419

Attest: /s/ R.H. Lovin, Jr.		Southern Refrigerated Transport, Inc., an Arkansas corporation By: /s/ M. David Hughes
Secretary/Assistant Secretary		Name: M. David Hughes
		Title: Senior Vice President
		Address: 400 Birmingham Highway Chattanooga, Tennessee 37419

SCHEDULE A

Customer Companies

Companies	State of Incorporation
Covenant Transportation Group, Inc.	Nevada
Covenant Transport, Inc.	Tennessee
Southern Refrigerated Transport, Inc.	Arkansas
Star Transportation, Inc.	Tennessee
Covenant Asset Management, Inc.	Nevada
CTG Leasing Company	Nevada

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EX-21 3 exhibit21.htm EXHIBIT 21 (LIST OF SUBSIDIARIES) exhibit21.htm

Exhibit 21

SUBSIDIARIES OF THE REGISTRANT

AS OF MARCH 1, 2011

Covenant Transport, Inc., a Tennessee corporation

Southern Refrigerated Transport, Inc., an Arkansas corporation

Star Transportation, Inc., a Tennessee corporation

Covenant Transport Solutions, Inc., a Nevada corporation

Covenant Logistics, Inc., a Nevada corporation

Covenant Asset Management, Inc., a Nevada corporation

CTG Leasing Company, a Nevada corporation

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EX-23 4 exhibit23.htm EXHIBIT 23 (CONSENT OF KPMG) exhibit23.htm

Exhibit 23

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Stockholders

Covenant Transportation Group, Inc.:

We consent to the incorporation by reference in the registration statements on Form S-8 (Nos. 333-134939, 033-88686, 333-2654, 333-67559, 333-37356, 333-50174, 333-88486, and 333-105880) of Covenant Transportation Group, Inc. of our report dated March 1, 2011, relating to the consolidated balance sheets of Covenant Transportation Group, Inc. and subsidiaries as of December 31, 2010 and 2009, and the related consolidated statements of operations, stockholders' equity and comprehensive income (loss) and cash flows for each of the years in the three-year period ended December 31, 2010.

/s/KPMG, LLP

Atlanta, Georgia

March 1, 2011

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EX-31.1 5 exhibit311.htm EXHIBIT 31.1 (SECTION 302 CERTIFICATION - DAVID R. PARKER) exhibit311.htm

Exhibit 31.1

CERTIFICATIONS

I, David R. Parker, certify that:

1. I have reviewed this annual report on Form 10-K of Covenant Transportation Group, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 1, 2011	/s/ David R. Parker
	David R. Parker
	Chief Executive Officer

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EX-31.2 6 exhibit312.htm EXHIBIT 31.2 (SECTION 302 CERTIFICATION - RICHARD B. CRIBBS) exhibit312.htm

Exhibit 31.2

CERTIFICATIONS

I, Richard B. Cribbs, certify that:

1. I have reviewed this annual report on Form 10-K of Covenant Transportation Group, Inc.;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 1, 2011	/s/ Richard B. Cribbs
	Richard B. Cribbs
	Principal Financial Officer

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EX-32.1 7 exhibit321.htm EXHIBIT 32.1 (SECTION 906 CERTIFICATION - DAVID R. PARKER) exhibit321.htm

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Covenant Transportation Group, Inc. (the "Company") on Form 10-K for the year ending December 31, 2010, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, David R. Parker, Chief Executive Officer of the Company, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, hereby certify, that to the best of my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: March 1, 2011	/s/ David R. Parker
	David R. Parker
	Chief Executive Officer

A signed original of this written statement required by Section 906 has been provided to Covenant Transportation Group, Inc. and will be retained by Covenant Transportation Group, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

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EX-32.2 8 exhibit322.htm EXHIBIT 32.2 (SECTION 906 CERTIFICATION - RICHARD B. CRIBBS) exhibit322.htm

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Covenant Transportation Group, Inc. (the "Company") on Form 10-K for the year ending December 31, 2010, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Richard B. Cribbs, the principal financial officer of the Company, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, hereby certify, that to the best of my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: March 1, 2011	/s/ Richard B. Cribbs
	Richard B. Cribbs
	Principal Financial Officer

Back to Form 10-K

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