brokers

Flexport expands Convoy Platform to connect more brokers, carriers

Flexport announced Monday it is expanding the Convoy Platform for brokers by giving them access to thousands of carriers in its network across the country.

The global supply chain solutions provider acquired Convoy’s technology and intellectual property in November, after the digital truck brokerage shut down permanently in October.

The Convoy Platform was launched in February, aiming to build a one-stop shop to ship products around the world.

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https://www.freightwaves.com/news/flexport-expands-convoy-platform-to-connect-more-brokers-carriers

Carriers need True Non-Recourse factoring as brokers continue to close up shop

Last year was a treacherous time to be in the logistics industry. While experts are more optimistic about 2024, flipping the calendar over to January did not offer instantaneous relief. 

Brokers and carriers are still feeling the sting of the ongoing freight recession, and factoring companies can be critical partners during this time. This is especially true as freight brokers – ranging from small companies to household names – continue to enter and exit the market at breakneck speeds. 

When a...

https://www.freightwaves.com/news/carriers-need-true-non-recourse-factoring-as-brokers-continue-to-close-up-shop

Brokers must bring operations, accounting teams together to boost cash flow

Brokers know that cash flow is one of the most critical aspects of their companies’ success — or failure. Despite this, the primary focus of popular industry technologies lies in freight delivery, not necessarily extending to proof of delivery or payment collection.

“When we think about TMS offerings and freight applications, we typically only focus on freight getting delivered. The conversations drop off drastically after that, but POD recovery is super critical,” Tai Software CEO Walter...

https://www.freightwaves.com/news/brokers-must-bring-operations-accounting-teams-together-to-boost-cash-flow

Parade secures $17M from I Squared Capital for AI endeavors

Capacity management platform Parade announced Thursday it has closed a $17 million venture round led by I Squared Capital to continue enhancing its product.

“We’re excited to lead Parade’s funding round at a transformative time for the freight industry, which is on the cusp of a tech revolution. Parade’s AI-driven solutions are poised to unlock huge productivity gains in this industry often characterized by cautious adoption of technology,” said Kevin Crull, global infratech fund partner at I...

https://www.freightwaves.com/news/parade-secures-17m-from-i-squared-capital-for-ai-endeavors

Is there relief in sight for trucking companies?

Earlier this month, less-than-truckload giant Yellow filed for bankruptcy, leading to over 30,000 lost jobs and an intense bidding war over the defunct company’s terminals. It also led to a sudden LTL capacity nosedive. 

The market is still depressed, but recent layoffs and closures have fueled enough uncertainty to make some players wonder about changing market tides.

“The LTL industry is unique right now. Rates are increasing and yet carriers are laying off, or in Yellow’s case, closing their...

https://www.freightwaves.com/news/is-there-relief-in-sight-for-trucking-companies

Freight agent autonomy: What does it take?

For freight agents attempting to navigate today’s volatile market, partnering with the right company can mean the difference between success and failure.

California Freight believes in letting independent brokers do what they do best: be brokers. Agents sell the freight, while California Freight handles carrier and shipper administration, as well as other necessary back-end functions. 

California Freight has worked to design an agent program that promotes both autonomy and profitability. To do...

https://www.freightwaves.com/news/freight-agent-autonomy-what-does-it-take

TMS to release new user interface with improved mobile functionality

The way that people work has changed dramatically in the last two decades, but most noticeably over the last few years with the rise of remote work.

According to a Pew Research Center survey from February, of those who can work remotely, roughly 35% work remotely all of the time and 41% work a hybrid schedule.

The trucking industry is not immune to this trend, with positions like dispatchers, fleet managers, safety personnel, administrative staff, as well as freight brokers, being able to conduct...

https://www.freightwaves.com/news/tms-to-release-new-user-interface-with-improved-mobile-functionality

Improving broker reputation starts with integrity

Logistics is a relationship-based business. It is no surprise then that players across the industry pour into partnerships and place a premium on service. For carriers, this means living up to service agreements and delivering on key performance metrics. For shippers, it often means taking steps to become a “shipper of choice.”

For brokers, excellence lies in standout customer service. The problem, however, is that most brokerages have a customer service problem, according to Waggon Founder...

https://www.freightwaves.com/news/improving-broker-reputation-starts-with-integrity

It is time for brokers to leverage integrations as selling points

Connectivity has become a hot topic in the logistics industry. Shippers are increasingly embracing integrations as a way to connect with partners, save money and automate tasks. That means brokers are being pushed to up their integration game. 

Bitfreighter CEO, Brad Perling, founded the company with the goal of helping brokers scale integrations and provide the connectivity shippers crave. 

“I felt there was nobody out there that really wanted to help brokerages do that,” Perling said. “It is...

https://www.freightwaves.com/news/it-is-time-for-brokers-to-leverage-integrations-as-selling-points

Small carriers, owner operators remain lifeblood of transportation during market downturn

Small carriers and owner operators make up the large majority of the nation’s carrier base. Very small carriers – fleets with one to six tractors – account for 86% of total U.S. carriers, according to recent FMCSA data. Small carriers – those with 7 to 19 tractors – make up another 9%. All together, these fleets provide over 30% of the industry’s available power units.

Despite their prevalence in the market, these players tend to be the most affected during market downturns. Smaller teams means...

https://www.freightwaves.com/news/small-carriers-owner-operators-remain-lifeblood-of-transportation-during-market-downturn

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