PORTLAND, Ore. — To help carriers get an actual read on spot market rates, TransCore is introducing a Truckload Rate Exchange program.
The Truckload Rate Exchange is a currently based on an anonymous pool of rate data from truckload intermediaries – freight brokers and 3PLs. The rates are based on actual invoiced spot market transactions of spot market rates for vans, reefers, and flatbeds across U.S. lanes and lanes between the U.S. and Canada.
The result, says TransCore, is a database of rates that reflect accurate and timely, actual spot market transactions.
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 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.
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