GUELPH, Ont. — Trans-Lucent Markets (TLM) has launched AccuFreight Index (AFI), Canada’s first web-based freight rate benchmarking tool. As of April 2, shippers, carriers and third party logistics companies (3PLs) that subscribe to the service will be able to benchmark freight rates for shipping lanes within Canada, and between Canada and the US.
Available as a web-based subscription service, AFI is designed to allow members to query the extensive and frequently updated database of North American freight rates on a lane-by-lane basis.
“We feel that this type of system is something that the transportation industry in Canada has been demanding for some time,” says Shelina Lalani, president of Trans-Lucent Markets. “Our strength currently is truckload rates, however, unlike other rate management systems, we have been able to make a massive amount of less-then-truckload rate data available within AFI. We are especially proud of the ease and speed with which a member can, from their desktop, sign in, describe a type of shipment, and receive valuable data on current market freight rates for that shipment.”
Once subscribed, members will define their searches by origin and destination, and will have the opportunity to refine their search criteria by adding container size (for truckload searches), service level, freight class (for US-bound shipments), and “charge-by” method. Details about equipment type and extra charges, such as fuel surcharges, can also be added to each search.
“The pool of rates we can draw on is growing daily, with more lanes and more shipment types available to be benchmarked using AFI. There are currently over 90,000 lanes of rates entered and verified. We feel that this will bring a new sense of standardization and market-driven competitiveness to the transportation industry in North America,” Lalani says.
“As the database grows, this subscription-based benchmarking tool could become a valuable tool for both shippers and carriers,” says Dan Goodwill of Dan Goodwill and Associates. “There are many occasions when shippers wonder if they are paying market rates or above, and carriers seek to know how their rates compares to their competitors. While freight transportation services are not a pure commodity, the ability to acquire this freight rate benchmarking information instantly has enormous value.”
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