freight brokers

Bosch’s RevX rolls up available spot loads 

If freight brokers weren’t so preoccupied with celebrating competitor missteps, one of them might have beaten Robert Bosch to RevX — a spot load aggregation tool that also flags double brokering.

The cloud-based RevX is the second product from the German auto supplier’s global Logistics Operating System (L.OS), aimed at simplifying technology and operational processes in transportation and logistics. L.OS launched in December with a goal of generating more than $540 million in freight-related...

https://www.freightwaves.com/news/boschs-revx-rolls-up-available-spot-loads

Landstar sees continuation of soft freight market in Q4

Broker Landstar System reported an in-line third-quarter result Wednesday after the market closed. However, its fourth-quarter outlook was light of expectations.

Landstar (NASDAQ: LSTR) reported third-quarter earnings per share of $1.71, in line with the consensus estimate but $1.05 lower year over year (y/y). The company reported a 29% y/y decline in total revenue to $1.289 billion. Both results were near the middle of management’s guidance ranges.

Total truck transportation revenue was off 27%...

https://www.freightwaves.com/news/landstar-sees-continuation-of-soft-freight-market-in-q4

Edge Logistics fighting through the freight brokerage winter

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Surge Transportation declared bankruptcy in July. Convoy shut down its freight operations in...

https://www.freightwaves.com/news/edge-logistics-fighting-through-the-freight-brokerage-winter

Widespread double brokering wreaks havoc on brokers and carriers in Q2

In Q2 2023, 85% of respondents to a survey — consisting notably of freight brokers and carriers — were impacted by double brokering.

That financial impact to their spend was steep, with nearly 56% of businesses experiencing a loss up to $50,000 and 18% seeing a drain of $50,000 to $150,000. An additional unlucky 10% experienced costs that ranged from $150,000 to $500,000, and 1% saw a loss greater than $500,000.

These results were among the most telling findings in FreightWaves and TriumphPay’s...

https://www.freightwaves.com/news/widespread-double-brokering-wreaks-havoc-on-brokers-and-carriers-in-q2

How to expedite the process of getting per-load all-risk insurance

Diversifying lanes served and freight capabilities is a strategic way for freight brokers and carriers to expand their networks and grow margins. Because of this, cross-border, high-value and less-than-truckload opportunities are increasingly attractive to transportation and logistics service providers.

Formerly a freight broker for eight years, Mark Vickers, executive vice president and head of international logistics at Reliance Partners, experienced this firsthand. 

He knew earnings...

https://www.freightwaves.com/news/how-to-expedite-the-process-of-getting-per-load-all-risk-insurance

The crucial role of cyber liability insurance for your business

Cybercrime poses an increasing financial threat to individuals and businesses. According to the FBI’s Internet Crime Complaint Center annual report, cybercrime complaints more than doubled from 2018 to 2022. During the same time, losses skyrocketed from $2.7 billion to $10.3 billion.

Logistics and supply chain businesses are often targeted for cyberattacks due to the industries’ critical role in the economy. This includes freight brokers, who, as the intermediary between carriers and shippers,...

https://www.freightwaves.com/news/the-crucial-role-of-cyber-liability-insurance-for-your-business

Check Call: Breaking down the FIFA Women’s World Cup

Welcome to Check Call, our corner of the internet for all things 3PL, freight broker and supply chain. Check Call the podcast comes out every Tuesday at 12:30 p.m. EDT. Catch up on previous episodes here. If this was forwarded to you, sign up for Check Call the newsletter here.

In this edition: breaking down the 2023 FIFA Women’s World Cup, the unforeseen side effect of rising demand in Mexico, and Yellow officially declares Chapter 11 bankruptcy. 

(Image: know your meme)

Over the weekend the...

https://www.freightwaves.com/news/check-call-breaking-down-the-fifa-womens-world-cup

DAT, Convoy drop lawsuits against each other

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Load board DAT Solutions and digital freight brokerage Convoy have agreed to drop their lawsuits...

https://www.freightwaves.com/news/dat-convoy-drop-lawsuits-against-each-other

How freight brokers can protect themselves against LTL claims

If you’re only shipping a handful of pallets, it makes sense that you should only pay for that amount of space, right?

Less-than-truckload shipping makes it possible for businesses to cost effectively send smaller shipments. In recent years, it has become an important part of many retailers’ shipping strategies. 

As such, more freight brokers and 3PLs are handling LTL shipments domestically, cross-border and internationally and require extra insurance coverage in case of the unexpected.

While...

https://www.freightwaves.com/news/how-freight-brokers-can-protect-themselves-against-ltl-claims

Load boards are broken — fixing them is critical

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Ghost loads. Bait-and-switch posts with inaccurate origin and destination information. Double...

https://www.freightwaves.com/news/load-boards-are-broken-fixing-them-is-critical

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