PORTLAND, Ore.--()--TransCore introduces Truckload Rate Exchange program for spot market rates. The Truckload Rate Exchange is a consortium currently comprising truckload intermediaries (freight brokers and 3PLs) that anonymously pool rate data based on actual invoiced spot market transactions to provide an accurate, timely barometer of spot market rates for vans, reefers, and flatbeds across U.S. lanes as well as lanes between the United States and Canada. The result is a database of rates that reflect actual spot market transactions.
“We have reached a point where we can expand the Rate Exchange program to a limited number of new members, extending comprehensive spot market lane coverage for all equipment types in the United States and Canada.”
To join the Truckload Rate Exchange, members must meet certain requirements, in exchange for which they receive U.S. and Canadian spot market rates. To avoid compromising proprietary information, members’ identities are kept anonymous and strict privacy policies apply.
The Truckload Rate Exchange is an outgrowth of a program involving hundreds of brokers and 3PLs who have provided actual spot market rates paid by brokers to carriers in order to create the initial spot market rate database. The database is based on $14 billion in aggregated transactions, and is updated daily with current spot market rates. The Truckload Rate Exchange had an early screening at the Transportation Intermediaries Association annual conference earlier this month with roughly 20 percent of the attending companies among the initial contributors to the Exchange program.
“The members of the Truckload Rate Exchange have been delighted with the spot market rate information,” said Don Thornton, TransCore’s senior vice president of Sales, Freight Services. “We have reached a point where we can expand the Rate Exchange program to a limited number of new members, extending comprehensive spot market lane coverage for all equipment types in the United States and Canada.”
TransCore has added the spot market rate data to its Truckload Rate Index which previously featured contract freight lane pricing for 12 million reported line haul rates. With the Exchange, Truckload Rate Index becomes the first and only rating service featuring actual invoiced rates that brokers have paid carriers. This is in contrast to services that use bid rates or factored rates, two systems of measure not based on actual transactions.
About TransCore’s Commercial Technology Group:
TransCore’s Commercial Technology Group is a leading provider of transportation solutions in the United States and Canada serving brokers, carriers, owner-operators and shippers with best-in-class products. Load boards include Loadlink in Canada and 3sixty Freight Match powered by the DAT Network in the United States, which has set the industry standard for the spot freight marketplace since 1978. TransCore’s asset tracking and in-cab communications solutions feature the industry’s fastest response times and state-of-the-art satellite networking. TransCore provides fleet compliance, distribution and intermodal services, automated carrier safety and insurance monitoring, truckload rate indices for contract markets, and the most popular broker logistics software. TransCore is also the largest global manufacturer of transportation-based radio frequency identification (RFID) applications with 37 million RFID tags and 58,000 readers distributed in more than 40 countries throughout the world. TransCore RFID products support the toll, traffic management, rail, access control, homeland security, and parking markets.
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