What does a Chief Relationship Officer do? How does Truckstop.com, an early mover in the digital freight marketplace, continue to add value? These questions and more are answered during this episode of the Freightvine podcast.
Brent Hutto as Chief Relationship Officer is the face of trust within the Truckstop.com organization. Every day, Hutto works to establish trust among technology players, media, and industry influencers as well as generally stay connected to the broader freight marketplace. And the stakes are high given the trillion-dollar size of the North American freight market. Truckstop.com wants to be a trustworthy partner while serving the needs of carriers (i.e., independent owner-operators) and brokers/third-party logistics providers. Over the last 24 years, Truckstop.com has helped grow the amount of freight shipped on the spot market from 4% to greater than 25% by creating data transparency that is trustworthy for both buyers and sellers. Both sides have access to the same price intelligence, creating fluidity in a very dynamic environment and enabling all parties to operate their respective business faster and more efficiently.
While technological shifts continue to change the behaviors of independent owner-operators — which furthers the evolution of technology — Truckstop.com will remain at the center and adapt to the marketplace. To that end, the speed in which freight is secured via a load-board will continue to get faster. Independent owner-operators, historically laggards in implementing new technology, are also expected to adjust their behaviors due to mandated electronic logging devices (ELDs) by end of 2019. These devices will enable cost-adjustments based on how they track all stages of a shipment, from load time to haul time to unload time. As a result of this proliferation of data from ELDs, time-based pricing is likely a shift that will be realized in the marketplace in the near future.
This episode recap was written by Reid Johnson, FMIC Product Manager.
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Market Update & Forecast: 24 October 2019
Dry Van
Active rates are flat, spot rates decreased 1%, and replacement rates (i.e., new contract rates) decreased 3%.
Temp-Control
Active rates decreased 0.5%, spot rates increased 0.5%, and replacement rates decreased 4%.
Intermodal
Active rates dropped 0.5%, spot rates fell 1%, and replacement rates decreased 4%.
Overall, the trend heading into Q4 is there will likely be further decreases (which is favorable for shippers). Specifically for Dry Van and Temp-Control, there is no indication that the current downward trajectory will change. And the message for shippers remains the same: If you took a rate increase in 2018, now is the time to evaluate your rates and reset to current market conditions.
