Prior to deregulation, the market was dominated by two carriers, Traiiways and Greyhound. At the time of deregulation, the industry was in decline. After deregulation, new competition did not immediately emerge, and the industry decline continued. Some evidence of subsequent activity after deregulation can be seen in the table below. The number of competitors fell, and the percentage of routes serviced by one carrier had risen. In 1988, Greyhound acquired Trailways. Despite its market concentration, Greyhound was not an unusually profitable enterprise. INTER-CITY BUS COMPETITION: SELECTED STATISTICS INDUSTRY CHARACTERISTIC Number of inter-city bus competitors 261 Percentage of routes with one carrier Percentage of routes with Greyhound presence Percentage of routes with one or more potential competitors