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Technology / Uncategorised

Spot market: connecting truckers with shippers

Spot market: connecting truckers with shippers

There are really only two things truckers want to know: when will I get home and when will I get paid?

Which is why freight brokers are constantly looking at technology to improve efficiency and better connect trucks with shippers. It all seems simple enough: the more transparent the rate information, the faster the freight will move, the happier the driver.

The stats show that loads posted with rates are claimed at least four times faster than those with no rate information, with many carriers unable to find enough loads unless they post.

The key is understanding not just who is posting but who is searching, allowing better matching of carrier to shipper. Plus, if a company knows how long a driver is willing to be on the road, the better the connection.

Perhaps, the current issues within the trucking industry are less about driver shortages and more about misuse of drivers?

Add to that excessive detention times which can lead to trucks being used for less than seven hours a day, and it’s clear something needs to change.

The never-ending flow of real-time information can help streamline future plans. Looking at data about how different lanes perform on different days, for example, can help brokers plan ahead.

But with spot and contract rates expected to reduce over the coming months, carriers who have increased drivers’ pay in order to stay competitive need to tread carefully once those rates come back down again.

What’s your experience of the spot market?

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