The U.S. Truck Stop Economy: An Ultimate Guide to Full‑Service Travel Plazas

Truck Stop At 2325 Sierra Lakes Pkwy, Rialto, CA 92377 - Aerial View - Source: MMCG

Introduction: Full-service truck stops (or travel plazas) are critical infrastructure in American freight transport, combining fuel, food, rest facilities, and services for professional drivers and motorists. They have evolved from simple gas-and-diner stops into multi-revenue stream enterprises that can exceed 20 acres in size. For investors and developers, understanding the truck stop economy is key to identifying feasible projects. This guide provides an in-depth look at the industry’s history, demand drivers, site selection best practices, revenue and cost structures, financial benchmarks, future trends, competitive landscape, and the role of a comprehensive truck stop feasibility study in project planning.

Overview of the U.S. Truck Stop & Travel Plaza Industry

Historical Context: The concept of “truck stops” emerged alongside America’s highway system. Early examples in the 1930s were 24-hour roadside facilities on routes like U.S. 66 and U.S. 1, offering fuel and meals long before the interstate system existed. By the 1950s, the postwar economic boom and the creation of the Interstate Highway System rapidly increased long-haul trucking, and oil companies began establishing dedicated truck stop divisions. Traditional mom-and-pop truck stops with a few pumps and a diner gradually gave way to larger franchised travel plazas in the 1960s and 70s, offering more amenities. By the 1980s, owners worked to shed the seedy reputations of old, transforming sites into sprawling, family-friendly travel centers with features like movie theaters, gift shops, and even museums. This evolution culminated in the modern full-service travel plaza – a one-stop facility for fuel, food, rest, and vehicle support.

Industry Scale and Current Trends: Today the U.S. truck stop and travel plaza industry is both substantial and dynamic. There are over 5,000 travel centers nationwide (defined by industry criteria as having diesel fuel, ample truck parking, and amenities such as showers), with annual sales exceeding $200 billion. In fact, when including smaller fuel stops, the number of locations serving truckers climbs even higher – an estimated 2,500 full-service truck stops and another ~6,000 smaller facilities selling diesel without full amenities. Major chains dominate a large share of these locations (discussed later), yet hundreds of independents still operate across the country. The industry’s growth has mirrored the rise in freight demand and automobile travel. By 2025, truck stops remain an integral part of supply chains, adapting to new trends in technology and sustainability. For example, travel plaza operators are embracing digital innovations (mobile apps, self-checkout, contactless payments) to improve customer experience. They are also investing in alternative fuels – many sites now offer biodiesel or renewable diesel, and partnerships for electric vehicle (EV) charging are expanding to position travel plazas as charging hubs as EV adoption grows. Environmental upgrades like LED lighting, solar panels, and improved waste management are increasingly common as the industry strives for sustainability. In short, the truck stop sector in 2025 is a mature but evolving industry, blending its historic “oasis of the highway” role with modern conveniences and forward-looking investments.

Key Demand Drivers for Truck Stops

Several economic and regulatory forces drive demand for truck stop services, creating the business case for new travel plaza developments:

• Freight Transportation Growth: The volume of freight moved by trucks in the U.S. continues to rise, ensuring a growing customer base of truck drivers. The American Trucking Associations projects truck freight tonnage will reach nearly 14 billion tons by 2035 (up from ~11.3 billion in 2024). Even as other transport modes expand, trucks are expected to carry about 76.8% of domestic freight by 2035. This steady growth in freight translates to more trucks on the road and higher demand for fuel, food, and rest stops. In dollar terms, trucking industry revenue is forecast to surge from $906 billion in 2024 to $1.46 trillion by 2035, underscoring the economic opportunity for supporting infrastructure like travel plazas. Notably, robust e-commerce and distribution networks are putting more long-haul and last-mile trucks in circulation than ever. The boom in online shopping and just-in-time delivery means more trucks on highways at all hours, intensifying the need for driver services.

• Hours-of-Service Regulations and ELD Mandate: Truck driver work hours are strictly regulated for safety. Federal Hours-of-Service (HOS) rules limit drivers to 11 hours of driving in a 14-hour workday, followed by mandatory rest periods. The 2017 implementation of electronic logging devices (ELDs) to enforce HOS compliance has had a profound impact on truck stop demand. With ELDs, drivers can no longer “fudge” logbooks to extend driving time – they must stop when their hours run out. This has increased demand for safe parking and rest facilities at regular intervals. Drivers now often race a running clock to find a parking spot as they approach their HOS limit. Consequently, the shortage of truck parking has become a crisis: there is only about 1 parking space for every 10–11 trucks on the road. Studies find drivers can spend an hour or more searching for parking, wasting time and fuel. The ELD-induced urgency has made truck stops and rest areas even more essential. The U.S. Department of Transportation has acknowledged this safety issue – for example, in 2025 USDOT allocated $275 million in grants to expand truck parking capacity nationwide, including a project adding 917 spaces along a high-traffic Florida corridor. HOS rules also require a 30-minute break after 8 hours of driving, boosting demand for places where drivers can pull off for short rest and a meal. Overall, regulatory requirements for driver rest directly translate into truck stop usage.

• Freight Patterns and Infrastructure Developments: The geography of freight movement drives where truck stops are most needed. Locations along major freight corridors naturally see higher demand – for example, coast-to-coast Interstates like I-40 or north-south routes like I-95 carry heavy truck volumes daily. Highways connecting to big ports, rail intermodal terminals, or border crossings will funnel steady truck traffic in need of service. Conversely, new logistics hubs can create fresh demand in areas that were previously quiet. The rise of large distribution centers and warehouse clusters (often on the outskirts of metro areas or at crossroads of interstates) means more trucks converging in certain regions, increasing the need for nearby fueling and rest options. Infrastructure investments like new highway extensions or toll road projects can also create opportunities. A truck stop feasibility study will typically analyze freight flow data and planned infrastructure – e.g. using state DOT traffic counts for trucks – to pinpoint locales where drivers naturally must refuel or rest. Even seasonal patterns(harvest seasons, holiday shipping peaks) and regional industries (oil field trucking in energy states, agricultural trucking routes, etc.) influence demand. In summary, truck stop usage rises and falls with freight volume and route density – a critical consideration for investors evaluating potential sites.

• Driver Shortage and Lifestyle Needs: The trucking industry’s labor shortage and lifestyle challenges also drive demand for quality truck stops. With tens of thousands of driver positions unfilled, carriers compete by offering better conditions – including assurances that drivers will have safe, comfortable places to stop. Modern truck stops with reliable parking, clean showers, healthy food, and amenities like Wi-Fi can be selling points for carriers trying to retain drivers. Regulations against idling in many jurisdictions (to reduce emissions) mean drivers need places where they can plug in or be comfortable during overnight breaks without running the truck’s engine. Travel plazas that offer electrified parking stalls or convenience features help meet these needs. Additionally, long-haul drivers often plan their routes from one known truck stop to the next. The loyal customer base of truckers tends to favor stops that consistently meet their needs. This creates demand for new travel centers in areas currently lacking full-service options – drivers will actively seek out good new stops once word spreads, especially if it alleviates pain points like overcrowded parking. In short, trends affecting drivers (shortage, stricter safety rules, quality of life expectations) all point to continued strong demand for well-located, well-run truck stops.

Bottom line: Growing freight volumes, mandated rest requirements, and evolving trucking patterns are ensuring that demand for truck stops in the U.S. remains robust. The combination of more trucks on the road and a persistent parking shortfall (the trucking industry loses an estimated $4.4 billion annually due to parking inefficiencies) indicates significant unmet needs. Public and private efforts are underway to expand capacity, from federal grants for parking to aggressive network growth by major truck stop chains. For investors, these demand drivers underscore the opportunity: a feasible truck stop project taps into an essential market created by the flow of goods and the practical limits of human drivers.

Best Practices for Location Planning and Site Selection

In real estate, location is paramount – and this is especially true for truck stops. The viability of a travel plaza often hinges on being in the right place relative to traffic patterns and competitor distribution. Key best practices for planning a winning location include:

• Highway Visibility and Access: A successful truck stop must be easily accessible from a major highway or trucking route. Ideally, this means siting at or very near a highway interchange (exit). Truckers value convenience highly – “time is money,” and few will detour far off their route for fuel or rest. A general rule is that if a location isn’t visible and immediately off the exit ramp, it will struggle. Even a few extra miles off an interstate can drastically cut traffic. As one guide puts it, “the farther you are from an exit, the fewer customers you’ll serve”. When evaluating sites, developers should confirm that adequate ingress/egress can be built (considering large truck turning radii) and ideally that two-way access (for both travel directions) is possible via the road network. Visibility from the highway is a huge plus – signage and the station itself should be noticeable to drivers well in advance. In some states, regulations even stipulate that a “truck stop” must be within a certain distance of a highway to qualify for specific licenses (for example, Louisiana defines that a truck stop property line must be within 2,000 feet of a state or interstate highway). Early due diligence should include checking state and local siting requirements.

• Traffic Volume Analysis: Before committing to a site, investors perform traffic count analysis – specifically, truck traffic counts on the adjacent highway. High overall vehicle counts with a healthy percentage of trucks are a positive indicator of potential fuel sales. For instance, a location along a corridor carrying 20,000 vehicles per day with 30% trucks would be very attractive. However, raw traffic volume isn’t everything: even sites with moderate counts can succeed if they serve a critical logistic need (e.g. the only fuel stop in a long stretch). Feasibility studies will typically consider what fraction of passing traffic might realistically stop (capture rate), factoring in competition and trip distance. Over-reliance on assuming a fixed percentage of all traffic will stop is a common mistake – instead, the analysis should be nuanced, looking at where trucks are coming from and going to, and whether this location is at a natural “stop point” (such as near the maximum hours a driver can go before resting, or at a route junction). Seasonal and directional patterns should also be examined. For example, southbound lanes might see more freight certain times of year, or nights might have heavy truck flow even if daytime car traffic is light. A thorough traffic study (often using state DOT continuous count station data or freight models) is fundamental for site selection.

• Proximity to Freight Generators and Hubs: Locations near major distribution centers, ports, manufacturing complexes, or trucking terminals can have built-in demand. Drivers often seek fuel or rest either right before picking up a load or right after a delivery. For example, a travel plaza located in an industrial park area with large warehouse employers can capture trucks waiting for appointment times or leaving facilities. Similarly, sites near border crossings or inland ports benefit from clustering of trucks. When planning a truck stop, survey the region for current or planned logistics hubs – these could include big e-commerce fulfillment centers, food processing plants, intermodal rail yards, or industrial parks. If a site is within a short drive of such hubs (or on the corridor leading to/from them), it will have an advantage. Additionally, proximity to urban centers (within an hour or two) can be beneficial if positioned where outbound drivers need their first stop or inbound drivers need a last pause before city congestion. Investors sometimes strategically pick locations “one to two hours outside a major city” where land is cheaper but they still capture trucks servicing that metro. This offers a sweet spot: land affordability plus demand density.

• Competitive Radius and Market Gap: Assessing the competitive density of existing truck stops is critical. A new entrant in an oversaturated interchange will face an uphill battle, whereas a lone travel plaza in 50+ miles can practically guarantee steady business. Developers often draw a radius (e.g. 50-mile or one-hour drive radius) and inventory all existing truck stops and large gas stations within that area. The goal is to identify an underserved gap on the map. For instance, if two major travel centers sit 100 miles apart on a highway, a midpoint location might be ideal to capture trucks that can’t make the full distance without stopping. Conversely, if a prospective site is only 10 miles from a big chain truck stop, one must evaluate if there’s enough traffic for both or a differentiator to pull drivers away. Spacing matters: many trucking companies and drivers plan stops roughly 2–4 hours of driving apart. Being that “next logical stop” can make a new travel plaza immediately viable. It’s also wise to analyze the services competitors offer – if nearby competitors lack something (say, limited parking, or no tire shop, or poor food options), a new stop can exploit that weakness. If surrounded by competitors, success will require strong differentiation. As one industry source notes, “if you’re the only truck stop for 100 miles, and your prices are reasonable, your business will be solid. But if your stop is surrounded by others, distinguishing yourself is key.”. Differentiation could mean more parking, better amenities, exclusive partnerships with fleets, or loyalty rewards. Tapping into fleet fuel networks or reward programs can effectively capture customers even in competitive areas. Overall, perform a market gap analysis to ensure the location either fills a clear void or can out-compete neighbors.

• Adequate Land and Zoning Considerations: A full-service travel plaza typically requires a substantial parcel of land – often 10 to 25+ acres depending on the planned scale. The site must accommodate wide turning lanes, parking for possibly hundreds of trucks, fuel canopies, the main building, and perhaps additional amenities (repair shop, hotel, etc.) with buffers. Thus, verifying that suitably large parcels are available (and affordable) is an early step. Equally important is the zoning and local regulatory environment. Truck stops are usually allowed in highway commercial or industrial zones. Local zoning codes may have specific definitions or requirements for truck stops or travel centers. For example, some jurisdictions mandate minimum distances between truck stop facilities and residential areas – e.g., one county requires truck parking areas to be at least 300 feet from any residential zone, with buffer landscaping. Noise ordinances might prohibit truck idling if near homes or schools. Developers should engage local planning authorities early to ensure the intended use is permitted or to seek a special use permit if needed. Be prepared to address typical community concerns during zoning approval: traffic impact, noise, lighting, environmental risks (fuel spills), and crime. Modern truck stop designs and technologies (like noise barriers, downward-shielded lighting, security cameras, etc.) can mitigate these issues. Demonstrating these mitigations can ease the path through planning commissions. Environmental permits may also be needed (for underground fuel tanks, stormwater management, etc.). All these factors fold into site feasibility. In short, the ideal location has proper zoning, minimal residential neighbors, and a community receptive to development, or else a strategy to overcome opposition (sometimes emphasizing job creation and tax revenue can help).

• Future-Proofing the Location: When choosing a site, it’s wise to think 10–20 years ahead. Consult transportation plans for any future highway projects or rerouting that could affect traffic flow. As one tipster cautions, don’t invest in what looks like a prime spot only to find out a highway might be rerouted or a new bypass will divert traffic away. Check state DOT long-range plans and talk to local officials about any forthcoming infrastructure changes. Also consider space for expansion – a site that can accommodate growth (more parking, adding EV charging areas, etc.) will have more long-term value. Some travel plazas today are already adding dedicated electric truck charging lots or extra parking in anticipation of future needs. Securing slightly more land than initially needed can pay off later. Furthermore, access to utilities (power, water, sewer) in sufficient capacity is crucial from the start, but also anticipate future high electrical loads (for EV chargers, electrified parking, etc.).

By following these best practices – high-traffic, high-visibility highways; logistic “sweet spot” placement; careful competitive analysis; proper zoning; and future-ready site characteristics – investors can significantly improve the odds that a new truck stop location will thrive. Remember that a great location cannot guarantee success without good execution, but a poor location is extremely difficult to overcome in this business.

Revenue Streams of Full-Service Truck Stops

Modern travel plazas are diversified businesses, generating revenue from multiple streams beyond just selling diesel. A mix of offerings not only creates additional profit centers but also makes the stop more attractive to drivers (who often choose stops based on available amenities). Key revenue components include:

• Fuel Sales (Diesel & Gasoline): Fuel is typically the largest revenue generator for a truck stop by dollar volume. An active truck stop can sell millions of gallons of diesel per year, plus gasoline to passenger vehicles. For many locations, fuel might represent 70% or more of total revenue. For example, in 2022 TravelCenters of America’s network had about $8.7 billion in fuel revenue out of $10.8 billion total (roughly 80%). However, fuel has thin margins – it’s often considered a high-volume, low-margin product that drives traffic for higher-margin sales inside. Truck stop operators measure fuel profitability in cents per gallon. Typical diesel profit margins range from around $0.15 up to $0.30 per gallon for retail truck stop sales to independent drivers. Fleet fuel sales (with bulk discounts) may yield slightly less per gallon but can be made up in volume. In periods of volatility, margins can vary; one chain reported an average of ~$0.30 per gallon in late 2022. Overall, fuel gross margins might only be on the order of 5–10% of the retail price. Thus, while fuel pays the bills (and is essential to attract drivers), the real profit engine lies in converting fuel customers into in-store customers. Many truck stops offer loyalty programs or discounts to encourage fueling drivers to come inside for that reason. It’s worth noting that diesel fuel sales at travel plazas significantly benefit from professional drivers’ needs – a single Class-8 truck can take 100–200+ gallons per fill, meaning one truck customer could be a $400+ sale. Gasoline sales to travelers are also important (especially at stops near tourist routes or where locals fill up), though gasoline margins per gallon are typically even thinner than diesel and the goal is to draw those car travelers into the convenience store.

• Convenience Store & Retail: The convenience store (c-store) inside a travel plaza is a major profit center and often the highest-margin segment. These stores sell a broad array of products: snacks, drinks, packaged food, tobacco, truck accessories (like lights, CB radios, oil, coolant), clothing and gifts, electronics, and more. While fuel might dwarf retail in revenue, virtually any item inside the store carries a healthier profit margin than a fill-up at the pump. Gross margins on c-store merchandise often range from 25% up to 50% or more, depending on the category. For instance, beverages and prepared food can have high markups. Industry insiders note that “fuel may bring customers in, but it’s the convenience store where you stand to make money”. Truck stops typically see a larger percentage of their overall profit from non-fuel sales, even if those sales are a minority of revenue. For example, in one quarter TA’s non-fuel gross margin was ~$315 million on $518 million in non-fuel sales (~61% margin), whereas fuel gross margin was $168 million on much higher fuel sales. Key c-store sales drivers at truck stops include beverages (especially coffee and energy drinks), grab-and-go foods, and trucker-specific needs (log books, gloves, shower supplies, etc.). Many travel centers also have a section for truck parts and accessories – everything from spare hoses and fuses to chrome accessories – which can be lucrative niche retail sales. Some large plazas incorporate gift shops or regional souvenir sections as well. Theft and shrinkage can be challenges in convenience retail (and require security measures), but overall, a well-run store can significantly boost the stop’s profitability.

• Restaurant and Food Service: Food is a cornerstone of full-service travel plazas. Most large truck stops feature one or more restaurants, which may include fast-food franchises (Subway, McDonald’s, Arby’s, etc.), fast-casual or fast-prepared concepts (pizza, deli, coffee kiosks), and sometimes a full-service sit-down restaurant (like a diner or buffet that operates 24/7). Quick-service restaurants (QSRs) provide the speed and familiarity many drivers and travelers want. They can be run in-house or via franchise leases. Having multiple food options on-site encourages travelers to stop and spend more time (and money). Full-service restaurants (FSRs), on the other hand, have traditionally been a hallmark of legacy travel centers (e.g. TA’s Country Pride or Petro’s Iron Skillet restaurants). These offer broader menus and a place for drivers to have a plated meal and take a real break. When run well, restaurants can be strong revenue generators with decent margins – food cost is a controllable expense and a popular restaurant can draw customers specifically to that location. In fact, a good reputation for food is a competitive advantage; **“a good truck stop restaurant can draw truckers to a location more than any other amenity”*. Margins in food service vary – quick-serve franchises might operate on 5–15% profit margins after royalties, whereas an in-house grill could do better if volume is there. One metric used is sales per seat or per transaction; some industry data suggests that average sales at a full-service travel center restaurant are a key figure operators watch (though those figures require access to industry guides). Many travel plazas now also offer healthier options and fresh food to align with changing driver preferences. Additionally, driver dining preferences have shifted – while buffets and 24/7 diners still exist, there’s a trend toward fast, quality food that can be eaten on the go or taken to the truck. As a result, food courts with multiple QSR brands have become common, and some operators experiment with food trucks or local food offerings to stand out. Overall, food service is both a revenue stream and a traffic draw – even if profit margins in a franchise are modest, it increases fuel and store sales through higher foot traffic.

• Truck Maintenance and Repair Services: Many full-service truck stops include an on-site repair shop or service bay for trucks. These can range from tire repair and oil changes (light maintenance) to certified truck service centers that handle brakes, engine diagnostics, and more. Chains like TA/Petro and Love’s have well-known truck maintenance brands (TA Truck Service, Love’s Speedco). Maintenance services typically have high profit margins on parts and labor – margins on tire sales or minor repairs can be sizable (50% or more on labor, parts marked up from wholesale). A truck stop service center benefits from captive demand: a driver who discovers a mechanical issue on the road may limp to the nearest truck stop garage. Also, fleets may direct their drivers to specific network stops for routine services if they have national account agreements. The downside is that repair shops have limited throughput – they can only handle so many trucks per day due to staffing and bay constraints. They also require skilled, certified diesel technicians, which can be hard to find (especially in remote areas). Despite lower volume compared to fuel or food, a service shop’s contribution to profit can be significant. Additionally, offering maintenance is a driver convenience that can increase overall stop loyalty. Some travel centers also partner with tire companies or have tire sales (new and retread) which are high-ticket sales. Truck washes are another related revenue source – while not every stop has one, those that do (either self-operated or leased to companies like Blue Beacon) can earn steady income from trucks wanting tractor-trailer washouts or exterior cleaning. In summary, maintenance, repair, and wash services provide ancillary revenue with healthy margins, complementing the core fuel business by keeping drivers on-site longer (where they spend on other things too).

• Lodging (On-Site Hotels): A number of larger travel plazas incorporate a small hotel or motel on the property (or adjacent to it). These are often limited-service hotels (perhaps 30–100 rooms) under economy brands (e.g. Super 8, Days Inn) or even proprietary brands in the case of some chains. The logic is to capture business from drivers who want to sleep in a real bed (team drivers, or those waiting out a 34-hour restart), as well as families and travelers who prefer the convenience of staying at a highway plaza. Hotels provide revenue through room sales and can be quite profitable if occupancy is high – though they also entail significant staffing and maintenance costs. Love’s, for example, has a hospitality division and has built dozens of hotels at its travel stops. For an investor, adding a franchised hotel can diversify income, but the feasibility depends on local demand for accommodation (including non-trucker traffic). Some travel centers opt instead for a smaller lodging option like a few paid “sleeping rooms” for drivers or simply focus on parking for those who sleep in-cab.

• Parking and Premium Amenities: Historically, truck stop parking was free – the expectation was that drivers buying fuel or food would park at no charge. However, with the parking shortage, many operators have introduced paid parking or reservation systems as a revenue stream. Typically, a portion of the parking lot (e.g. 5–50 spots) is set aside as “reserved parking” that drivers can pay for, either in advance via app or on the spot, guaranteeing them a space. Fees might range from $5 to $20+ for an overnight. While some drivers resent paid parking, the reality of limited space and the cost of providing and maintaining that space have made it increasingly common. As one operator noted, simply providing and maintaining a large paved lot involves significant cost (permits, environmental drainage, paving and frequent repaving), and offering it for free is no longer sustainable when fuel margins don’t guarantee those parkers will spend inside. Thus, charging for parking is an acknowledgment that the service has value. Many major chains now earn revenue through their parking reservation programs (e.g., TA’s “Reserve-It” or Pilot’s reserved parking). In addition to parking fees, other premium amenities bring in revenue or at least offset costs: showers typically cost around $12–15 (often waived for fuel customers who fuel a certain number of gallons). Showers are a needed facility and can be a modest income source, especially from drivers who don’t fuel but stop to shower. Laundry facilities (coin-operated washers/dryers) on-site generate small revenue and are appreciated by long-haul drivers. Wi-Fi access is another example – truck stops often provide free Wi-Fi for a limited time and charge for extended use. Drivers who stream video or handle personal business might pay a few dollars for premium internet access. Some locations have arcades or game rooms, which can bring in some coin-operated machine revenue. In certain states, truck stops even have gaming rooms or casinos (for instance, video poker is allowed at Louisiana truck stops, providing significant revenue to those stops). Other amenities like business centers, barber shops, or even dentists and chiropractors (as famously found at the Iowa 80 Truckstop) may not directly yield large profits but enhance the stop’s draw. Ultimately, every service from parking to showers to ATMs presents a chance for incremental revenue – and together, these ancillary sales improve the overall financial performance.

Revenue Mix Benchmark: In a well-rounded travel plaza, the goal is to balance the revenue streams. A hypothetical breakdown might be: 65–75% fuel sales, 15–25% store/retail, 5–10% restaurant/food, and a few percent maintenance and other services – but profits might be the inverse, with fuel contributing perhaps 30–40% of gross profit and non-fuel contributing 60–70%. One industry metric ties store sales to fuel volume: studies have found in-store (non-fuel) sales often range from about $0.80 to $1.40 per gallon of fuel sold. This means if a truck stop sells 1 million gallons a month, it might expect roughly $800,000 to $1.4 million in combined store/food/service revenue. Higher ratios indicate strong retail performance. Investors should strive to maximize each revenue source – for example, by franchising known food brands to increase food sales, or by marketing paid amenities like reserved parking to monetize parking real estate. A diversified revenue profile also buffers the business in downturns (if freight slows and fuel gallons dip, perhaps local gasoline and restaurant sales keep up, or vice versa).

In summary, fuel brings the trucks in, but the suite of additional services yields the real profitability. Successful travel plazas excel at cross-selling: a driver who stops for fuel also pays for a reserve parking spot, grabs dinner, buys snacks for the road, takes a shower, and maybe gets a tire replaced – resulting in far more revenue than fuel alone. Creating a one-stop environment where drivers can address all needs is the surest way to boost spending per visit.

Operating Expenses and Cost Structure

Operating a full-service truck stop involves managing significant expenses across fuel procurement, labor, utilities, and facility upkeep. Understanding the cost structure is vital for investors to gauge profit potential and required sales volumes. Key operating expenses include:

• Fuel Supply Costs: By far the largest expense line is the cost of fuel itself (diesel and gasoline) – essentially the cost of goods sold for the primary product. Truck stops purchase fuel from suppliers (refiners or wholesalers) at rack or dealer prices, then resell it at retail. Given the volume, this can mean laying out hundreds of thousands of dollars for each fuel delivery. Fuel inventory management is crucial – prices fluctuate daily and holding too much inventory in a falling market can create losses. Operators may use fuel price risk management or adjust retail prices rapidly to maintain margins. Additionally, credit card fees on fuel sales are a significant expense: when a trucker charges a $500 diesel fill on a card, the stop might pay ~2-3% ($10–$15) in processing fees, which eats into the thin per-gallon margin. Many truck stops accept specialized fleet cards (Comdata, EFS, etc.) which have fees as well. Some costs are mitigated by fleet agreements – big trucking fleets often negotiate fuel discounts or cost-plus pricing with truck stop chains, exchanging lower margin for guaranteed volume. There’s also the expense of fuel logistics (delivery): either contracting tankers or operating a fleet to haul fuel from terminals to the site. Finally, regulatory compliance for fuel storage adds cost – maintaining leak detection systems, insurance for environmental liability, regular tank inspections, and permits. All told, fuel-related costs often account for the lion’s share of operating expenses, which is why fuel gross margins are closely monitored (often in the range of only a few percent of fuel sales). In the earlier example of TA, fuel COGS was about 98% of fuel revenue (since fuel gross margin was ~1.5–2% of fuel sales). This highlights how most fuel revenue immediately flows out as cost.

• Labor and Staffing: A full-service travel plaza is a labor-intensive operation, typically running 24/7/365. It’s not uncommon for a single large truck stop to employ 50 to 100 people across all departments. Staff are needed for the fuel desk and cashiers, store clerks, restaurant cooks and servers (if in-house restaurant), fast-food staff (if franchised QSRs, sometimes operated by separate franchisees), maintenance and custodial crew (to clean showers, restrooms, lot, etc.), security personnel (at least during late hours), and mechanics or technicians if there’s a repair shop. Labor can easily be the second-largest expense category after cost of fuel. Many positions are entry-level or low-wage, which unfortunately leads to high turnover (employee turnover in truck stops and convenience retail can be very high, often over 100% annually). Constantly hiring and training new employees is itself a cost. Some operators have found that offering slightly higher wages or benefits pays off by reducing turnover and improving service – “paying workers a bit more may increase short-term costs, but can be cost-effective long-term” due to better retention. Given that at any time multiple functions must be staffed (fuel desk, store floor, kitchen, etc.), managers have to schedule carefully to control overtime and excess hours. Many truck stops also need at least one or two managers on duty for oversight. Payroll taxes and benefits (if offered) add roughly 15–20% on top of wages. For analysis, investors often look at labor as a percentage of non-fuel sales (since fuel operations themselves require minimal staffing beyond cashiers). In a truck stop with restaurant, labor can be 30% or more of restaurant sales and perhaps 10–15% of store sales. Overall, labor might be, say, 10–20% of total gross revenue in a large plaza. Managing labor efficiency (through cross-training, good scheduling, and retention) is key to profitability.

• Facility Maintenance and Operations: The physical size and heavy usage of a travel plaza mean maintenance costs are significant. Parking lot and pavement upkeep is one major expense – pavement takes a beating from heavy trucks. Regular lot sweeping, pothole repairs, re-striping, and every few years a major repaving or sealing is needed. As noted earlier, just building and maintaining a large lot can cost “tens of thousands of dollars” in permits, drainage, and paving work, and ongoing re-paving again and again over the years. Building facilities (store, bathrooms, showers) need constant cleaning and periodic renovations (e.g. fixtures, flooring replacement). Utilitiesfall under operating costs as well: a 24-hour operation with high-power lighting (parking lot floodlights, canopy lights, interior lights), climate control for large buildings, refrigeration for coolers, and often high hot water usage (showers, laundry) will have a hefty electric and gas bill. Water/sewer bills can also be substantial given restroom and shower usage. Some truck stops offset this by installing energy-efficient systems (LED lights, smart thermostats) or even on-site solar panels, but utilities remain a notable cost. Supplies for cleaning, restrooms (e.g. stocking soap, paper towels), and general upkeep add up too. If the site has a truck scale, there’s maintenance and certification costs for that equipment (though the scale operator like CAT Scale often shares revenue and handles maintenance). Environmental compliance also triggers expenses: maintaining spill containment kits, testing underground storage tanks for leaks, and so forth. Many stops have wastewater treatment interceptors (for truck wash or diesel runoff) that require servicing. Snow removal in winter, landscaping, HVAC maintenance – it’s a long list of line items that collectively form a sizable chunk of the cost structure.

• Rent, Lease, or Franchise Fees: Depending on the business model, a truck stop may have property lease costs or franchise royalties. Some operators lease the land or facility instead of owning outright – in which case monthly rent is a fixed expense. Others might engage in sale-leaseback deals where they sell their real estate to an investor and then pay rent, improving liquidity at the cost of ongoing expense. If the travel plaza includes franchised restaurants or brand affiliations, royalties or franchise fees are due. For example, having a fast-food franchise may require paying 4-8% of that outlet’s sales to the franchisor. Similarly, branding the fuel (like being a Shell or Pilot dealer) might involve fees or adherence to pricing policies. Membership in a network (such as being an Ambest or Roady’s independent) could come with dues or revenue share for national accounts. While these fees can be considered “cost of sales” for those segments, they effectively reduce the net revenue from those operations and need to be accounted for in the cost structure.

• Insurance and Security: Travel centers need comprehensive insurance – including general liability (given the risk of accidents on site or environmental spills), property insurance for buildings and equipment, and often underground storage tank insurance as required by law for potential leaks. Insurance premiums for a large truck stop can be considerable, reflecting the fact that they operate fuel pumps (fire/explosion risk), restaurants (food liability), showers (slip-and-fall risk), etc. In addition, some locations invest in on-site security or hire local police off-duty, especially if the area has concerns about cargo theft or personal safety. While many truck stops simply use camera surveillance, others have patrols or a security guard at night – which adds to payroll. Loss prevention measures to combat theft (both shoplifting and fuel theft/drive-offs) are also part of operations. Fuel theft is mitigated nowadays by pay-before-pump policies for cars and by secure fleet card systems for trucks, but occasionally stops may experience fuel payment issues or even fuel fraud.

• Depreciation and Financing Costs: Although not a cash operating expense, depreciation of the facility and equipment is a real cost of doing business, given the need to eventually reinvest in upgrades. Truck stop assets like fuel pumps, POS systems, restaurant equipment, and buildings have finite useful lives. An investor will consider the depreciation schedule as part of the cost structure to ensure adequate maintenance CAPEX is budgeted. If the project is financed with loans, then interest expense is another cost that must be covered by operations (though interest is below operating profit in financial statements, it impacts net profitability and cash flow). A highly leveraged truck stop will have to earn enough to service its debt in addition to covering direct operating costs.

In summary, running a travel plaza comes with substantial ongoing costs. Fuel purchases swallow most fuel sales revenue. Labor and benefits costs are high to keep a round-the-clock, multi-department facility running (with turnover adding hidden costs). Operating a large physical plant – from asphalt to rooftop – entails continuous maintenance and utility expenses. And on top of all that, rent or franchise fees and compliance costs take their share. These expenses underscore why high volume and strong ancillary sales are critical: the fixed costs of a truck stop (labor, utilities, property) mean that profitability often depends on achieving sufficient scale. Economies of scale help – a busy truck stop will have better expense ratios (e.g. labor as % of sales) than a slow one. That’s why investors aim for locations that can generate high throughput; the cost structure can then be more easily absorbed. Well-managed truck stops keep a close eye on expense control (scheduling staff efficiently, preventive maintenance to avoid big repairs, energy-saving upgrades, etc.), knowing that a few points improvement in operating cost percentage can make a big difference in net margins given the tight overall margins of the industry.

Financial Viability and Benchmarks

Assessing a truck stop project’s financial viability involves analyzing profit margins, break-even volumes, and investment returns. The industry’s economics mix slim margins on core products with higher margins on supplemental sales. Here we outline typical benchmarks and considerations:

• Profit Margins by Revenue Stream: As discussed, margins differ widely between fuel and non-fuel categories. For fuel sales, a truck stop might earn on the order of 5–15 cents per gallon in gross profit for diesel (though this can spike higher when wholesale prices drop faster than retail). In percentage terms, if diesel is $4.00/gal, $0.20 margin is 5%. Retail gasoline margins can be even thinner (a few cents per gallon) unless market conditions allow more. Overall, fuel gross profit margins are often in the low single-digit percent range. Truck stops closely monitor cents per gallon and adjust pricing or sourcing accordingly; for instance, TA reported an average diesel gross margin of about $0.30/gal in Q4 2022 due to favorable conditions. In contrast, in-store and service salescarry much higher gross margins. Convenience merchandise often has a 30%–40% gross margin, truck repair labor can be marked up significantly, and restaurant food can have a 60%+ markup from ingredient cost (though labor then eats into net margin). In aggregate, TA’s non-fuel gross margin was ~61% of non-fuel sales in one period. It’s not uncommon for the store/restaurant/services combined to have a gross margin in the 50–65% range. These high margins are why the feasibility of a new truck stop heavily depends on its ability to drive non-fuel revenue – fuel brings in cash flow but not much profit by itself. A common benchmark ratio is the “fuel-to-nonfuel sales ratio”. Healthy travel centers might aim for $0.50 – $1.00 of non-fuel revenue for every $1 of fuel revenue (which corresponds to the earlier figure of ~$1.00 per gallon sold in non-fuel sales). This indicates the site is effectively converting fuel traffic into additional spending. Net profit margins (after all expenses) for truck stops are generally low – often in the low single digits as a percentage of total revenue. It’s not unusual for a well-run truck stop to have a net margin of perhaps 2–5%. Publicly traded TravelCenters of America, for example, historically had razor-thin net margins (around 1–2% in many years) due to high cost structure, though improvements in 2021–2022 saw slightly higher net margins. EBITDA margins (earnings before interest, taxes, depreciation, amortization) can be a better measure of operating performance; these might fall in the high single digits (say 5–10% of revenue) for a solid travel plaza, given the heavy cost of goods and labor.

• Break-Even Analysis: Determining the break-even point is crucial during the feasibility stage. Break-even can be thought of in terms of fuel volume or sales needed to cover fixed costs. For example, if a planned truck stop has $X in fixed operating costs per month (labor, utilities, rent, etc.) and earns an average gross profit of $0.25 per gallon of fuel, plus additional gross profit from store and other sales roughly proportional to gallons (say another $1.00 of non-fuel sales per gallon at 50% margin, i.e. $0.50 gross profit per gallon), then total gross profit per gallon equivalent might be ~$0.75. If fixed costs are, hypothetically, $150,000 per month, the site needs to sell about 200,000 gallons per month to break even at $0.75 gross profit per gallon. That’s roughly 6,667 gallons per day – which might be, for instance, 35 trucks fueling per day at ~190 gallons each, plus some car fuel. This simplistic illustration shows how combining fuel and in-store margins is vital to break-even. A feasibility study will typically produce a detailed pro forma to identify the break-even point: e.g., it might show that at 300,000 gal/month and $300,000 in monthly non-fuel sales, the site covers all expenses and debt service. Below those volumes, it loses money; above, it turns profit. Because fuel sales can fluctuate with freight cycles and prices, break-even analysis often includes stress testing – e.g., what if fuel margins drop by 5¢ or diesel volumes are 10% lower than expected? Will the venture still break even? Lenders will want to see a comfortable cushion above break-even in the projections.

• Capital Investment and ROI: Building a full-service travel plaza is capital intensive – ground-up construction can easily exceed $20 million for land, construction, equipment and initial inventory. Even smaller projects (say a fuel stop with limited amenities) often run in the several million dollars. Therefore, investors look at the return on investment (ROI) or internal rate of return (IRR) relative to this outlay. Many will set a hurdle rate – for example, a project should demonstrate a potential IRR of, say, 15%+ to compensate for the risk. This can correspond to achieving payback on equity in perhaps 5-7 years. Industry benchmarks can help inform viability: for instance, knowing that a well-run truck stop might net 2–4 cents on each dollar of revenue, an investor can back into what sales volume is needed to make an adequate return. If $20 million is invested and the target is a 15% annual return on that (i.e. $3 million per year in operating profit needed), and if net profit margin is anticipated at 3% of sales, then the site would need about $100 million in annual revenue ($3m/0.03) to hit that target. That might equate to roughly 30–40 million gallons of fuel (depending on diesel prices) plus the associated retail sales. These are very rough calculations, but they illustrate the scale: very high throughput is required to generate strong investor returns given modest net margins. Another approach is comparing to EBITDA multiples seen in the industry. When existing truck stops are sold, they might trade at, say, 6–8 times EBITDA (depending on factors like property ownership, location strength, etc.). A new project, then, should aim to reach an EBITDA such that its value (at similar multiples) exceeds the development cost. For example, if a project costs $20M, and a reasonable exit multiple is 7x EBITDA, it would need to achieve about $2.85M EBITDA to be worth $20M (7 * 2.85 = 20) – anything above that, and the development creates value. Feasibility studies will often show pro forma financials with profitability benchmarks: gross margin percentages, EBITDA margin, net margin, return on equity, etc., to ensure they align with industry norms and investor expectations.

• Benchmarks for Specific Metrics: Investors often reference specific unit metrics. Some examples: gallons sold per parking space (a measure of how effectively the real estate is utilized – high volume stops might sell 10k+ gallons per day per diesel lane); sales per square foot in the store (comparing to convenience store averages); restaurant sales per seat (comparing to typical diner benchmarks); annual revenue per employee (as a productivity metric); and fuel sales per day (top locations may sell 20,000+ gallons/day of diesel). For truck parking, a metric is revenue per available space – including any parking fees, which in many cases are still a minor share, but growing. Another critical figure is cost per gallon of fuel sold for operating expenses (excluding cost of fuel). If a stop spends (in OPEX) say $0.50 for every gallon sold (after converting all non-fuel costs to a per-gallon basis), and it makes $0.75 gross per gallon (fuel + inside), then $0.25 per gallon is operating profit to cover overhead and profit. These unit metrics help sanity-check the financial viability.

• Financial Breakeven Timing: A truck stop typically does not open at full capacity; it ramps up as word of mouth and driver habits develop. A feasibility analysis should consider the ramp-up period and whether the project can sustain itself until it hits stability. Often, year 1 might operate at a loss or slim profit, year 2 improves, and by year 3 the stop reaches its projected steady state. This ramp-up needs to be financed (working capital). Lenders or investors will look at whether the project has sufficient liquidity to cover any early shortfalls. Conversely, a strong opening (perhaps due to pent-up demand in a previously unserved location) can accelerate payback.

In conclusion, financial feasibility is a balancing act: high fixed costs and low margins mean volume is king, but achieving volume requires an attractive site and value proposition for drivers. The “truck stop feasibility study” plays a vital role here (detailed in the next section) – it stitches together all the benchmark data and market analysis to ensure projections are realistic and that the project meets profitability thresholds. Investors should insist on conservative assumptions and plan for some volatility (fuel price swings, economic cycles) in evaluating financial viability. When done right, a travel plaza can produce steady cash flows and appreciate in asset value, but the margins leave little room for error, highlighting the importance of diligence and prudent financial planning.

Industry Forecast and Emerging Trends

The truck stop industry in the U.S. faces a future of both opportunity and disruption. Looking ahead 5–10 years, investors should consider several forecasts and trends that will shape travel plaza performance:

• Freight Growth and Trucking Outlook: The macro outlook for trucking remains positive. The U.S. Department of Transportation’s long-term forecasts expect truck freight tonnage to grow ~44% by 2045, reflecting continued economic and population growth. Even as rail intermodal and other modes expand slightly, trucks will retain the dominant share of freight movement. In the nearer term, after cyclical ups and downs, industry groups predict a return to freight volume growth of around 1.5–3% annually in the next decade. For truck stops, this implies a larger base of potential customers over time. More trucks on the road = more fuel purchased and more demand for driver services. Revenue from fuel may see a boost simply from volume (though partially offset by improving truck fuel efficiency). The growth of last-mile and regional delivery (spurred by e-commerce) could also change patterns – more smaller trucks might use travel plazas for quick stops. However, these are often urban and may frequent smaller gas stations instead. Long-haul trucking – the bread and butter of travel plazas – should remain robust for the foreseeable future, especially with continued constraints on rail capacity and the rise of near-shoring (manufacturing in Mexico/US requiring trucking). The industry might see short-term fluctuations (as in early 2020s with pandemic effects), but over a multi-year horizon, the trajectory is upward. A potential challenge is the driver shortage – if not enough drivers are hired, freight growth could be constrained. That said, the shortage also pressures improvements in driver conditions, indirectly benefiting well-equipped travel stops as a driver retention tool.

• Technology: Electric Vehicles (EVs) and Alternative Fuels: One of the biggest questions is how the shift to alternative propulsion will impact truck stops. Electric vehicle adoption is accelerating for passenger cars and light trucks – many travel centers are already adding high-speed EV chargers to serve motorists. For heavy-duty trucks, battery electric technology is emerging (e.g. Tesla Semi and other models have started limited operations), but widespread adoption for long-haul is likely at least several years away due to range and infrastructure challenges. Nonetheless, planning for EV charging is underway. Major chains have announced partnerships: Pilot Flying J is installing EV fast chargers (with partners like GM and EVgo), TA has teamed with Electrify America and its parent BP to roll out chargers, and Love’s is also piloting chargers. In the next decade, travel plazas could become key charging points for regional haul electric trucks (e.g. those running 150-300 mile routes that can top up en route). However, EV charging business models differ from fuel – longer dwell times (20-60 minutes for charging) might encourage more spending inside but also require more parking space per vehicle for charging. There’s also the question of who bears installation costs (often partially covered by government grants such as the federal NEVI program). For investors, incorporating EV charging capability (sufficient power infrastructure, space for charging islands) is a forward-looking move. Another alternative is hydrogen fuel cell trucks: if hydrogen becomes viable, truck stops might add hydrogen refueling pumps in the 2030s, especially along major freight corridors designated as hydrogen corridors. In the interim, renewable fuels are a near-term trend – many truck stops are starting to offer renewable diesel or biodiesel blends to appeal to fleet sustainability goals. Some are also adding CNG/LNG(compressed or liquefied natural gas) pumps for trucks that run on natural gas, though adoption of natural gas trucks has been niche. The key for travel centers is to remain fuel agnostic and flexible: in the future, a plaza might have diesel, DEF (diesel exhaust fluid), biodiesel, LNG, hydrogen, and electric charging all on site. This diversification can open new revenue streams (e.g., selling electricity or hydrogen), but also requires capital investment. Technology is also improving the fuel dispensing process – for example, better automation of fuel authorization, mobile payments, digital fuel receipts, etc., which can improve throughput and customer experience.

• Digitalization and Automation: Beyond vehicle technology, digital tech is transforming truck stops. Loyalty apps and smartphone-based services are on the rise. All major chains have mobile apps that let drivers find locations, see real-time fuel prices, reserve parking, and even mobile-order food. This trend will likely deepen: expect more digital pre-ordering of services (e.g. reserving a shower in advance via app, or scheduling a maintenance slot). In-store, self-checkout kiosks and AI-powered checkout (grab-and-go technology) could reduce wait times and labor costs. Some stops are experimenting with automated baristas or vending for hot food to supplement labor. IoT (Internet of Things) sensors are being deployed for facility maintenance (like monitoring fuel tank levels, restroom cleanliness alerts, etc.) – improving efficiency. For freight companies, integration of truck stop data into route planning is increasing: e.g., systems that direct drivers to stops with available parking or minimal fueling wait. An emerging concept is “autonomous truck yards” or transfer hubs: as autonomous trucks eventually start running on highways, they might still need human-staffed hubs at highway exits for refueling and swapping trailers. Truck stops could evolve to serve that role, with automation for the highway portion and human services for first/last mile. The timeline for fully autonomous trucks is uncertain, but some pilot projects are underway on select routes. If driverless trucks proliferate (perhaps within dedicated freeway lanes or corridors by 2030s), it could reduce the traditional driver-oriented sales (no need for food or showers for a machine). However, those trucks will still need energy (battery swap or hydrogen/diesel fueling) and maintenance, so truck stops might shift to a more fleet service model for autonomous trucks – possibly with fewer retail amenities and more focus on quick turnarounds of vehicles. In the medium term, platooning technology (where a lead truck is manned and followers are driverless) could actually increase the importance of designated stopping points where a driver can assemble/disassemble a platoon. Overall, automation will change some aspects of the business but also create new service demands.

• Driver Demographics and Amenities: The driver workforce is gradually skewing younger and more diverse, and their expectations for amenities are rising. We anticipate continued pressure on truck stops to offer cleaner, more modern facilities and perhaps services like fitness rooms, healthy food options, and conveniences such as package lockers or even telemedicine kiosks for drivers. Travel plazas might also expand their role as “home bases” on the road – safe, well-lit environments where drivers feel comfortable during mandated rests (some are adding things like dog parks for drivers traveling with pets, or improved lounge areas). Providing reliable high-speed internetand perhaps entertainment options caters to drivers who spend long evenings at stops. All of these can differentiate a stop and potentially allow premium pricing (e.g., drivers might favor a stop with superior amenities, boosting that stop’s revenue).

• Economic and Regulatory Risks: On the risk side, investors should keep an eye on factors that could compress margins or reduce demand. One is fuel price volatility: sustained high diesel prices can actually hurt truck stop margins (if prices rise too fast to pass on, or if drivers cut discretionary spending inside due to fuel costs). Conversely, rapid fuel price drops can temporarily squeeze retail margins until inventory costs adjust. Regulatory changes could also impact operations: for example, future emissions rules might require expensive retrofits (like adding electric truck charging to remain relevant or comply with state zero-emission mandates). There’s also periodic discussion about tolling or congestion charges that could alter freight routes (possibly diverting trucks away from some stops). A significant potential regulatory change would be if the longstanding federal ban on commercializing interstate rest areas were lifted – if states could put fuel stations or convenience stores in highway rest areas, that would introduce government/third-party competition directly on highways, threatening private off-exit truck stops. NATSO and others lobby against this and it’s unlikely to change soon, but it’s a policy risk to note. Autonomous trucks, as mentioned, pose a longer-term risk to the traditional revenue model (no driver means no food or convenience purchases), but the consensus is that even by 2035, autonomous trucks will complement rather than fully replace human drivers for most routes.

• Consolidation and Competition: The truck stop sector has seen consolidation (e.g., BP’s acquisition of TA in 2023, and Berkshire Hathaway taking majority ownership of Pilot). It’s likely that major players will continue to acquire smaller chains or independent sites to expand networks. Larger networks can exert more buying power and invest more in upgrades and technology, potentially making life harder for small operators. However, consolidation could also create opportunities for niche independents that offer unique experiences or target local traffic. From an investor perspective, an exit strategy might well be selling a successful independent stop or small chain to a major chain at an attractive multiple. Also, new competitors are nibbling at edges – for instance, warehouse complexes developing their own private truck parking facilities for drivers waiting on loads, which could reduce some stop visits (though those facilities usually don’t offer full services). On the flip side, distribution centers often don’t allow early arrivals, forcing drivers to wait at nearby truck stops – which can boost demand.

In summary, the industry forecast is one of steady growth in demand tempered by evolving technology. Travel plazas will likely remain vital in 2030 and beyond, but they will be selling a more diversified set of products (including electrons or hydrogen), catering to a slightly different driver profile, and operating with more advanced systems. The best positioned truck stops will be those that can adapt – installing new fuel infrastructure when needed, embracing digital tools to streamline operations, and continuously enhancing the driver experience. For investors, staying attuned to these trends – and building flexibility into new projects – will be key. For example, when designing a new site, it may be wise to oversize electrical capacity now to accommodate EV charging in the future, even if it’s not an immediate revenue source. Likewise, cultivating a variety of revenue streams can cushion against disruptions (if fuel volume dips, perhaps EV charging or increased food sales fill the gap). The truck stop industry has historically shown resilience and adaptability (surviving oil crises, recessions, and changing regulations), and that resilience will be tested and proven again in the coming years.

Competitive Landscape: Major Players vs. Independent Operators

The U.S. truck stop arena is a mix of national chain operators and independent truck stops, each with its own strengths and strategies. Understanding the competitive landscape is crucial for benchmarking a new project or deciding whether to go independent or franchise with a chain.

Major Truck Stop Chains: A handful of large companies dominate a significant portion of the market by location count and revenue:

• Pilot Flying J (Pilot Company): Headquartered in Knoxville, TN, Pilot Flying J is the largest network of travel centers in North America with over 870 locations across 44 U.S. states and 6 Canadian provinces. Pilot Flying J (now officially “Pilot Company”) operates under the Pilot and Flying J brands, and also a subsidiary brand called “One9 Fuel Network” for smaller independent fueling locations. The chain began in 1958 and grew aggressively; in recent years it took on Berkshire Hathaway as a major investor (Berkshire now owns ~80% as of 2023). Pilot’s sites are known for their broad amenities – most have multiple fast-food franchises (e.g., Subway, Wendy’s), branded convenience stores, showers, laundry, and often trucking amenities like CAT scales and truck maintenance. Pilot has partnerships for truck maintenance (in 2024 they planned to add 30 more truck service shops at their locations). The chain also has a robust loyalty program (“myRewards”) used by many truckers and integrated with fleet fuel cards. Pilot’s competitive edge is scale and consistency: drivers know they can find a Pilot/Flying J off most major highways, and fleets often have fuel accounts with Pilot. Pilot leverages its scale to have strong fuel purchasing power and was an early adopter of tech like mobile fueling apps and reserved parking. For a new entrant, Pilot represents formidable competition, but also an example of operational efficiency and diversified services. In some cases, Pilot Company also franchises or licenses its brand to dealers, meaning not all Pilot locations are corporate-run (though the majority are).

• Love’s Travel Stops & Country Stores: Love’s, based in Oklahoma City, is a family-owned chain that has expanded rapidly in recent decades. As of 2024, Love’s operates more than 650 locations in 42 states and is continuing to grow (with plans to open 20–25 new stops per year). Love’s differentiates itself by focusing on a clean, friendly image and often slightly smaller footprint locations than TA or Pilot (though newer Love’s are getting larger). Many Love’s are built brand-new at strategic interstate junctions. They typically feature a Love’s-branded convenience store with a fast-food restaurant (often McDonald’s, Hardee’s, Chester’s Chicken, or similar) and Speedco or Love’s Truck Care centers for tires and light mechanical work (Love’s acquired the Speedco tire service chain, integrating maintenance services widely). Love’s also places emphasis on adding amenities like dog parks, CAT scales, and even RV hookups at some locations to attract a broad range of travelers. A unique aspect is Love’s venture into hospitality – they have built adjacent hotels at dozens of locations (under brands like Sleep Inn, Microtel, etc.), tapping another revenue source and offering synergy for motorists. Love’s has a loyalty program (“My Love Rewards”) and is known for competitive pricing, especially on diesel, in many markets (leveraging its fuel buying and vertical integration – Love’s also owns Trillium, a CNG fuel provider). Love’s has been a fierce competitor, often locating in areas that pressure independents. Their strategy of restraint in some saturated markets but aggressive builds in underserved areas has paid off. From an independent investor’s view, Love’s is also a potential exit or partnership – they sometimes acquire existing stops or partner with landowners to develop new ones. Love’s remains privately held, giving it flexibility in decision-making and reinvestment of profits into growth and renovations.

• TravelCenters of America (TA) / Petro Stopping Centers: TA, based in Westlake, OH, has been a prominent full-service truck stop operator known for some of the largest facilities on the road. As of early 2024, TA celebrated reaching 300 travel centers in its network, including both its own “TA” branded locations and the “Petro” brand (Petro was a separate chain acquired by TA in 2007). TA has been unique as the only publicly traded truck stop company (until its acquisition by BP in 2023). The TA/Petro locations tend to be big – often 20+ acres – with extensive amenities: large parking lots (200+ spaces common, Petro Raphine in Virginia boasts over 700 spaces, one of the largest in the country), full-service sit-down restaurants (TA’s Country Pride or Petro’s Iron Skillet), multiple fast-food outlets, large convenience stores and gift shops, driver lounges, and full truck service centers (TA Truck Service). TA’s business historically focused on professional drivers; many Petro sites even have fitness centers and driver theaters. TA also has been early in offering alternative fuels and is now installing EV charging (BP Pulse chargers) and biodiesel blending as part of its post-acquisition strategy. The chain also franchises some locations; a number of TA and Petro sites are run by franchisees (often converting former independent stops). Under BP’s ownership, TA is expected to get capital for upgrades and expansion, potentially meaning a more competitive stance in coming years. Differences between chain and independent are stark with TA: they bring corporate support, purchasing power, and a national fleet sales team that directs volume to their sites. However, TA had a reputation for slightly higher prices on goods and fuel (in part due to catering to fleet fuel programs with cost-plus pricing). Now, with 300+ locations, TA still covers fewer locations than Pilot or Love’s, but usually in strategic spots. For an investor, being a TA franchisee could be an avenue to get branding and fleet business, though it comes with franchise fees and standards.

• Other Chains and Networks: Beyond the “Big Three,” there are some regional chains and smaller networks. Petro is part of TA, but a few Petro franchises are operated by other companies. Sapp Bros. is a midwestern chain with around 17 locations known for very clean facilities and a loyal following. Bosselman Travel Centers is another regional player (with the famous Bosselman in Grand Island, NE being one of the earliest big truck stops). Roady’s is not a chain per se but a marketing network of independent truck stops – over 370 independent locations band together under the Roady’s banner for purchasing and loyalty programs. Similarly, AMBEST is a cooperative of independently owned stops (around 150 locations) pooling resources for branding and discounts. Pilot’s “One9” network is a concept where select independent or small chain stops join Pilot’s network (accepting Pilot fleet cards, etc., without being full Pilot-branded locations). Marathon Petroleum and other fuel refiners have some presence via branded “Travel Plaza” programs, but those are essentially independents flying a fuel brand flag. State-run facilities exist on certain toll roads (like service plazas on the Ohio Turnpike, New Jersey Turnpike, etc.), which are a different competitive element – they often have fuel and fast food but no parking for trucks beyond a rest area, and on toll roads trucks may be required to use them due to limited exit access. Investors typically won’t compete directly with state plazas unless their site is at an exit just off a toll road where drivers might choose to exit for potentially cheaper fuel or better amenities.

Differences: Chain vs Independent:

• Economies of Scale: Chains benefit from bulk purchasing (fuel, food supplies, retail inventory) at lower cost, and often from centralized fuel hedging and logistics. They also spread corporate overhead across many sites. Independents buy fuel at standard rack rates and merchandise from wholesalers, typically at higher cost per unit than a chain buying directly or in bulk. This can make it challenging for independents to match chain fuel prices or promotions. Additionally, chains typically have proprietary fuel cards or fleet agreements that funnel volume to their locations – e.g., a large carrier might instruct drivers to only fuel at Pilot, TA, or Love’s where they have negotiated discounts. Independents must rely on accepting those fleet cards (with fees) and hope drivers deviate from preferred networks when necessary.

• Customer Loyalty and Brand: The big chains have national brand recognition among truckers. A driver knows what to expect at a Love’s or TA, whereas an independent might be an unknown quantity until experienced. Chains invest in loyalty programs (points, shower credits, free drinks, etc.) to retain customers. For example, with Pilot’s myRewards, drivers earn points per gallon that can be redeemed for food or showers – something an independent can’t easily match unless they join a network. However, independents can build loyalty on a local level by superior service or niche offerings (some independents become legendary for their hospitality or unique perks). Still, for an investor, affiliating with a known brand can provide a faster ramp-up of customer trust and fleet traffic.

• Amenities and Services: Generally, chain locations have standardized amenity sets – one can expect clean showers, CAT scales, a tire shop (in many Love’s/TA), and at least one fast food option. Independents vary widely: some are bare-bones (just fuel and a small store), while others are truly over-the-top (Iowa 80 in Walcott, IA, is independent and features a trucking museum, multiple restaurants, barber, dentist, etc., earning it the title “World’s Largest Truck Stop”). Chains are increasingly focusing on amenity upgrades as a competitive tool – for instance, Love’s is adding dog parks and expanding parking, TA is modernizing restrooms and adding workout rooms at some stops, etc. An independent must gauge what the local market needs and what it can afford. Sometimes independents find a niche: e.g., a truck stop with an attached casino in Nevada, or an independent known for a particular cuisine in its restaurant that draws drivers from long distances. Chains, due to scale, can also afford new investments like EV chargers more readily (often via partnerships).

• Fuel Pricing and Profit Strategy: Chains often operate on a high-volume, lower margin strategy for fuel – they can afford to make a few cents less per gallon because they drive huge volume and make it up in inside sales and network-wide economics. Independents might need slightly higher margins on fuel to cover costs, unless they have other strong income. This can lead to price disparities: you might see a chain stop selling diesel a few cents cheaper than a nearby independent. Over the course of thousands of gallons, drivers notice. However, independents can sometimes undercut chains if they have lower overhead or if they are trying to build traffic – some independents use fuel price as their draw (maybe selling at cost or slight loss) and hope to profit from the store/restaurant. It’s a delicate balance.

• Flexibility and Entrepreneurship: Independents have the advantage of agility. They can implement new ideas quickly without corporate approval – whether that’s hosting a barbecue event for drivers, installing a unique service, or adjusting store inventory to local tastes. They can cultivate a personal touch; many independent truck stops are family-run and have a reputation for friendlier, more personal service than some corporate stops. For example, an independent might remember regular customers by name, or offer a complimentary coffee to a driver who’s fueled there for years – small gestures that build loyalty. Chains, with corporate policies, might be less flexible on such fronts (though they have their own loyalty rewards structure). An independent developer could also diversify offerings in non-standard ways – perhaps adding a truck dealership, or a local artisan shop, or operating a towing service from the stop – whereas chains stick to their core template.

• Consolidation Trend: As noted, chains are expanding via new builds and acquisitions. For an investor, one strategy is to develop a successful independent stop and then sell it to a chain. Chains often seek to fill gaps in their network by buying strong independent sites. The NATSO Foundation recently highlighted growth through acquisitions as a trend – building new can take years, while buying an existing site can bring immediate revenue. They cited that new builds costing >$20M sometimes make acquisitions more cost-effective. This suggests a healthy market for independent owners to exit profitably if they create a desirable asset. On the flip side, independents that don’t keep up may slowly get squeezed out; we’ve seen some beloved one-off stops close in recent years due to retirement or inability to compete (often their real estate gets bought out by competitors or other developers).

Competitive Landscape Summary: The “Big Three” (Pilot, Love’s, TA) control thousands of locations and have loyalty from large segments of the trucking population, largely due to convenience of network and consistent services. They continuously reinvest in improvements (fuel dispensers, food franchises, parking expansion) and technology (mobile apps, etc.) to maintain an edge. Regional chains and networks provide some competitive balance, giving independents tools to band together (for instance, Roady’s members benefit from collective fuel purchasing and a rewards program to attract drivers). For a new entrant, aligning with a chain or network can provide immediate advantages in fuel purchasing and customer draw – but at the cost of fees and some independence. Going independent means competing on differentiation: either location (being where others are not), superior service, or unique amenities.

Major players also differ in atmosphere: Love’s and Pilot are often described as more “corporate gas station” style – bright, efficient, family-friendly – whereas TA/Petro fosters the classic truck stop vibe with bigger restaurants and driver-centric facilities (though this is evolving). Drivers themselves have varied loyalties; some swear by a chain (for points or preference) while others seek out the “mom-and-pop” stops for better food or less crowded parking.

As an investor or developer, it’s important to survey competitors within 50-100 miles. Identify: Where is the nearest Pilot/Love’s/TA? How many parking spots do they have, do they fill up? Are their diesel prices notably high or low? What services do they lack (maybe the TA 60 miles away has no tire shop – an opening for you to include one)? Also consider future moves: If Love’s has announced building 20 new locations in the state, is one planned near your site? Competitive intel can influence site selection and design (e.g., build larger showers or a better restaurant if competitors have poor ones; or focus on being the cheaper, quick-stop alternative if competitors are pricey full-service stops).

In conclusion, the truck stop competitive environment is characterized by big chains leveraging scale vs. independents leveraging niche advantages. Both have roles, and drivers ultimately benefit from the variety. A successful new travel plaza must understand its competition and carve a position – whether that’s joining forces with a major brand or standing out as a superior independent.

The Role and Structure of a Truck Stop Feasibility Study

Before investing millions in a new truck stop or major expansion, it is prudent – often required – to conduct a truck stop feasibility study. A feasibility study is an in-depth analysis that evaluates the project’s potential for success, covering market demand, financial projections, and risks. It provides an objective “go/no-go” assessment and guides project planning to maximize viability. Here’s what a comprehensive truck stop feasibility study entails and why it’s invaluable:

Purpose: The feasibility study’s primary goal is to determine if and how a proposed travel plaza can be profitable and sustainable. Unlike some businesses where you have pre-secured contracts or tenants, a truck stop is largely a speculative build – “if you build it, will they come?” depends on many factors. A truck stop feasibility analysis thus must examine all those factors: location logistics, traffic patterns, competition, design, and financial outcomes. Lenders (especially SBA or USDA loan programs) and investors generally require a feasibility study from an experienced consultant to validate the project’s assumptions. In fact, for SBA loans, an independent feasibility report is often mandatory, and for USDA-guaranteed loans (common in rural development, which includes many truck stops) a professional study is typically needed. In short, the feasibility study serves as both a decision tool for the developer and a due diligence document for financing.

Key Components of a Truck Stop Feasibility Study:

1. Market Analysis and Demand Assessment: This is the foundation – analyzing the trucking demand in the area. It includes mapping truck routes and understanding logistic patterns: Where are trucks coming from and going to? How many pass by? The study will gather traffic count data, particularly the average daily truck traffic on the adjacent highways. It will also look at driver hours-of-service considerations – e.g., is this location at a natural point where drivers running out of hours would stop? It answers questions like: Is the route long-haul or short-haul dominated? Are there seasonal peaks (harvest, holiday shipping) that spike traffic? As one feasibility consultant noted, “it’s about logistics – where are they going, how many hours on the road?” and whether the site is logistically sound (in a place trucks need to stop). The demand analysis might use data from sources like the FHWA’s Freight Analysis Framework, state DOT freight studies, or ATRI (American Transportation Research Institute) trucking data. It will estimate potential stop usage – e.g., X trucks per day needing fuel, Y needing parking, etc., based on freight volumes. Crucially, traffic counts are examined but not taken at face value – a good study recognizes that even lower traffic highways can support a truck stop if it’s the only convenient option (logistics > raw traffic count). Conversely, high traffic doesn’t guarantee success if the site is ill-positioned or competition is fierce. The market section may also consider regional economic drivers (major shippers/receivers, industrial developments) that will contribute to ongoing demand.

2. Competitive Analysis: The feasibility study will inventory all existing truck stops and fuel stations serving trucks in the market area. This includes mapping distance to the nearest stops in each direction on the highway, their brand (chain or independent), and their amenities and approximate volumes. If competitors are present, the study evaluates their strengths/weaknesses: fuel price competitiveness, parking capacity (and whether it overflows, indicating unmet demand), services offered (does a rival have a shop? What food brands?). It might find, for example, that within a 50-mile stretch there are two chain stops that fill up their 100 parking spots nightly by 7pm – indicating a shortage of parking, hence room for another stop. Or it may find an area where drivers have complained (via driver apps or CB chatter) that there’s “nowhere decent to stop.” The feasibility report should address whether the new project will complement the market or simply cannibalize existing stops. This is important if seeking financing – lenders don’t want to back a project that only splits revenue with an incumbent and doesn’t grow the pie. The study may include driver surveys or feedback (sometimes consultants will interview truck drivers or fleet managers about the location). It will also consider future competition – known chain expansion plans or highway projects that could introduce new competitors (or remove some, e.g., if an older stop might close or get bypassed). Ultimately, this section justifies that there is a market gap or competitive advantage for the proposed stop.

3. Site Analysis and Layout Feasibility: Here the study examines the specific site or parcel. It looks at site size and configuration – e.g., is there enough acreage for the desired facilities (remember TA’s model suggests ~23 acres for a full-featured travel center). It addresses accessibility – can trucks easily get on/off the property? Will any road improvements be needed (acceleration/deceleration lanes, traffic signals)? The study reviews zoning and any land use restrictions, ensuring the site can legally operate a truck stop (and noting any conditions like buffer requirements or limitations such as local bans on overnight parking or idling). Environmental factors are reviewed: need for stormwater retention ponds, environmental site assessment (to check for issues like wetlands or contamination that would hinder development). If the site needs to be assembled from multiple parcels or requires rezoning, the feasibility report will outline that process and gauge the likelihood of approvals. The site analysis will often include a conceptual site plan or at least a narrative of what can fit: e.g., “The site can accommodate a 10,000 sq ft store/restaurant building, 8 diesel fueling lanes, 4 gasoline islands, and parking for 80 trucks and 50 cars.” It will point out if any design challenges exist (sloped terrain requiring grading, limited frontage length, etc.). Basically, this ensures the physical feasibility matches the market ambition.

4. Facilities and Services Plan: A good feasibility study outlines which revenue streams and amenities the project will include, based on market needs. Using market and competitive findings, it will recommend things like: How many parking spaces to build initially (vs. future expansion)? How large a store and what product mix (heavy on trucker merchandise or more touristy, etc.)? What dining options (maybe the study finds demand for a certain QSR brand that isn’t in the area)? Whether to include a repair shop, truck wash, or other services and of what scope. For instance, it may advise “Include at least 2 maintenance bays, as the next closest repair is 60 miles away” or conversely “Focus on fuel/food and parking; a full service garage isn’t justified given one already exists at the nearby TA.” The study might also discuss store size benchmarks – noting that recent projects have 7,500–12,500 sq ft stores, and where within that range this project should aim based on expected customer volume. Essentially, this component shapes the business model: fueling operations, restaurant (leased or owner-operated?), convenience retail, parking policy (free vs paid mix), any unique offerings (e.g., electric charging, overnight RV facilities if on a tourist corridor, etc.). This directly feeds the financial modeling.

5. Financial Projections (Pro Forma): This is the heart of the feasibility in terms of numbers. The study will construct multi-year pro forma financial statements for the project, typically projecting 5–10 years out. It starts with revenue projections by category: fuel gallons sold (diesel and gas) and price/margin assumptions, inside sales (store, restaurant, etc.) often estimated as a function of fuel volume – indeed, many analysts model inside sales per gallon, e.g., $1.00 of non-fuel revenue per gallon sold, based on industry ratios. The feasibility consultant noted that they’ve seen in-store sales range $0.80–$1.40 per gallon, so they might choose a conservative $1.00/gal in-store for the projection. They’ll apply a gross margin to those sales (say 60% on store, 50% on food, etc.), and add other revenues like parking fees or shop labor, with respective cost of sales. The pro forma then lists operating expenses: payroll (maybe broken down by department), utilities, maintenance, insurance, administrative, etc. Many of these can be estimated from industry benchmarks – for example, labor as X% of total sales, or certain dollars per parking spot for lot maintenance annually. If the project is taking on debt, interest and principal payment schedules are included to ensure cash flow can cover them. The result is projected EBITDA, net income, and importantly cash flow to judge debt service coverage and return on investment. Within this, key profitability metrics are highlighted: fuel gross profit per gallon (assumed perhaps $0.25/gal for diesel, etc., consistent with industry averages), non-fuel gross margin (target ~60%), and overall EBITDA margin. The financial model will also incorporate ramp-up – maybe year 1 is 70% of full volume, year 2 is 85%, and year 3 onward 100%, to reflect build-up of clientele. The study may present a break-even analysis – e.g., break-even at X gallons per month or $Y total sales – to show the safety margin. It often tests scenarios (sensitivity analysis): What if fuel margins are 5 cents lower? What if only half the projected trucks stop? This helps stakeholders see risks. Ultimately, the pro forma aims to show that under realistic assumptions the project yields acceptable returns – e.g., a certain IRR or cash-on-cash return by year 5. It uses real data from comparable stops when possible to ground truth the numbers.

6. Economic and Socioeconomic Impact: Some feasibility studies (especially if used for public or grant applications) will outline the project’s broader impacts – number of jobs created, economic benefit to the region, etc. For a purely private investment, this is less critical, but still, pointing out that “the project will create 50 permanent jobs and generate local and state tax revenue” can be useful if seeking local support or incentives.

7. Risk Assessment and Mitigations: The study will acknowledge risks and how to mitigate them. For example, it might list: risk of fuel price swings (mitigate with fuel hedging and dynamic pricing), risk of new competitor (mitigate by securing a strong franchise that ties in fleet loyalty), risk of lower demand (mitigate by phasing development – e.g., build extra parking or amenities only as demand grows), etc. It will also address unique project risks: if the site requires extensive permitting, that timeline risk should be noted. If a large percentage of expected fuel sales depends on one nearby distribution center, that concentration risk is noted. Mitigation strategies (like securing a fuel supply agreement or initial anchor fleet customers) might be recommended.

8. Conclusion and Recommendations: The feasibility study ends with a clear verdict – is the project feasible as proposed? It might be an unconditional yes, a yes with recommendations, or a no (feasible only with major changes). Many times, studies give recommendations to improve feasibility: for instance, “Project is feasible if a national food franchise is secured to drive food sales” or “The location can support 100 truck parking spaces, but we recommend building 60 initially and land-banking the rest for expansion once utilization consistently exceeds 80%.” These practical recommendations ensure that the developer can take an informed approach. If the study finds, say, that current demand would only support a smaller operation (like just a fueling station with limited services), it will state that, saving the investor from overbuilding.

   
   

Importance for Financing: As mentioned, banks and loan guarantors rely on the feasibility study. A “bankable” feasibility study is one performed by an independent, credentialed firm that gives conservative, well-supported projections. It increases confidence that the project can repay its loans. For SBA 7(a) or 504 loans, or USDA Business & Industry loans, a positive feasibility study covering the above points is often a checkbox item for approval. Equity investors or partners will similarly use it to justify the allocation of capital.

Why Developers Benefit: Beyond just numbers, the feasibility process often uncovers insights that shape the project for the better. It might reveal, for example, that drivers really want a certain service at that location (through survey feedback) – giving the developer a chance to include it and differentiate. Or it could identify a potential stumbling block like a zoning nuance or a competitor’s planned expansion, allowing proactive management of those issues. Essentially, it pressure-tests the concept in a way that an internal optimistic projection might not. As one consultant put it, many questions must be answered in a truck stop feasibility study – it’s better to address them on paper than to be surprised after investing capital.

To illustrate, if a feasibility study finds that per-gallon in-store sales might realistically be $0.80 rather than the $1.20 the developer hoped, that has huge implications on revenue. Better to know and adjust the plan (maybe scale down the store size or add a second revenue like a truck wash) than to build assuming overly rosy ratios. Another example: the study finds most trucks on that route are short-haul that go home nightly – meaning overnight parking demand might be lower than thought. The developer could then allocate more space to car/RV traffic or other uses instead of 200 truck spots that stay half-empty.

In sum, a truck stop feasibility study is an indispensable step that brings together market research, engineering considerations, and financial analysis into one roadmap. It validates that a given location and concept can attract enough trucks and generate diversified revenue to cover the substantial operating costs and provide a return. It identifies the key success factors (be it capturing a certain percent of highway traffic or securing a particular business partnership) and thus guides management focus. And crucially, it provides the credibility and confidence needed to secure funding – showing lenders that the project is backed by data and professional scrutiny, not just optimism.

For any investor or developer considering a truck stop project, integrating the phrase “truck stop feasibility study” into your planning isn’t just about SEO or buzzwords – it’s about embracing the comprehensive due diligence that underpins successful travel plaza ventures. A thorough feasibility study will save costly mistakes, refine your business plan, and increase the likelihood that your truck stop will thrive as a profitable investment serving the trucking community for decades to come.

January 22, 2026, by a collective of authors at MMCG Invest, LLC, truck stop and fueling station feasibility study company

Sources:

1) TravelCenters of America Inc. (2023, February 28). TravelCenters of America Inc. Announces Fourth Quarter and Full Year 2022 Financial Results. Business Wire.

2) TravelCenters of America Inc. (2023). Exhibit 99.1: Fourth Quarter and Full Year 2022 Financial Results (EDGAR filing exhibit). U.S. Securities and Exchange Commission.

3) TravelCenters of America Inc. (2023). Form 10‑K (Fiscal Year Ended December 31, 2022). U.S. Securities and Exchange Commission (EDGAR).

4) U.S. Energy Information Administration (EIA). (2016, May 4). Almost all U.S. gasoline is blended with 10% ethanol. Today in Energy.

5) U.S. Energy Information Administration (EIA). (2024, April 1). How much ethanol is in gasoline, and how does it affect fuel economy? (FAQ).

6) U.S. Energy Information Administration (EIA). (2022, December 28). Gasoline explained. EIA Energy Explained.

7) NATSO. (2024, June 20). Building a Travel Center? Fuel Offerings 101. NATSO (Articles & News).

8) NATSO Foundation. (2025, June 4). Travel Centers See Increased Focus on Forecourt Diesel. NATSO (Articles & News).

9) NATSO Foundation. (2025, July 31). Travel Center See Increase in Technology at the Backcourt Pump. NATSO (Articles & News).

10) NATSO. (2025, July 9). NATSO Testifies on EPA’s Proposed 2026 and 2027 Renewable Volume Obligations. NATSO (Articles & News).

11) NATSO & NATSO Foundation. (2024, June). Answers to the Top 18 Questions About the Travel Center Industry (Updated June 2024) [PDF]. (Hosted by Global Convenience).

12) NATSO. (2024). Travel Center Comprehensive Operational Checklist 2024 [PDF]. NATSO.

13) Cummins Inc. (2016, January 4). 6 Answers About Diesel Exhaust Fluid. Cummins News.

14) Cummins Inc. (2018). Diesel Exhaust Fluid (DEF) for Tier 4 Final/Stage IV Engines with SCR (document file posted July 2018) [PDF].

15) Mansfield Energy. (2022, August 10). What Is It – Diesel Exhaust Fluid (DEF). Mansfield Energy.

16) Heavy Equipment Guide. (2015, October 2). Understanding Diesel Exhaust Fluid (DEF) (Cat Tier 4 Final Diesel Exhaust Fluid (DEF) | Overview). HeavyEquipmentGuide.ca.

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A) Pricing / margins context (US diesel & gasoline)

1) U.S. Energy Information Administration (EIA). Gasoline and Diesel Fuel Update (weekly price series + “what we pay for in a gallon” breakdown).

2) U.S. Energy Information Administration (EIA). U.S. Gasoline and Diesel Retail Prices (weekly time series table).

3) U.S. Energy Information Administration (EIA). Weekly U.S. No. 2 Diesel Retail Prices (downloadable historical series).

4) U.S. Energy Information Administration (EIA). Diesel Fuel Explained: Factors Affecting Diesel Prices.

5) U.S. Energy Information Administration (EIA). Diesel fuel explained: Diesel prices and outlook.

B) Truck travel & demand outlook (proxying “fuelable traffic”)

6) Federal Highway Administration (FHWA). (2025, Oct 10). 2025 FHWA Forecasts of Vehicle Miles Traveled (VMT) (includes single‑unit and combination truck VMT forecast highlights).

7) Bureau of Transportation Statistics (BTS). Combination Truck Fuel Consumption and Travel.

C) Regulatory context for biofuels blending economics (biodiesel/renewable diesel exposure)

8) U.S. Environmental Protection Agency (EPA). Overview of the Renewable Fuel Standard (RFS) Program.

9) U.S. Federal Register. (2025, June 17). Renewable Fuel Standard (RFS) Program: Standards for 2026 and 2027… (proposed rule publication).

D) Alternative fuels / charging – location benchmarking + competitive mapping

10) U.S. DOE Alternative Fuels Data Center (AFDC). Alternative Fueling Station Locator.

11) AFDC. Alternative Fueling Station Counts by State.

12) Data.gov. Alternative Fueling Station Locations (dataset landing page).

E) “Major players” citation-ready starting points (operator statements, growth, footprints)

13) bp. (2023, Feb 16). bp agrees to purchase TravelCenters of America (press release).

14) Love’s. (2025, Jan 23). Love’s previews plans for 2025 (company news release).

15) Pilot Company Newsroom. (2024, Mar 5). Pilot Travel Centers LLC continues growth in 2024… (company news release).

16) Road Ranger. Store Locations Map / Find a Road Ranger (amenities + site-level competitive benchmarking).