Truckstop.com has introduced Rate Insights, a spot-market rate tool that uses machine learning and artificial intelligence to provide same-day rate estimates at the load level.
One of the key benefits of the new Rate Insights platform is that it allows users to see same-day spot market rates instead of 30-day lane-level rates, allowing customers to negotiate rates and stay competitive in the spot market, according to the company.
Rate Insights comes standard with Load Board Pro and Premium subscriptions, providing stand-alone accessibility for shippers and API access for all customers. This more advanced rate tool feature is available within the freight-matching web and mobile experiences. Carriers, brokers and shippers can access daily market rates specific to load attributes, including equipment type, location and dates.
New Truckstop.com Rate Insights features include:
- Rate estimate – See specific rates based on unique load attributes.
- Rate comparison – Benchmark the posted rate against a data-driven estimated rate.
- Four-week trend – See spot rate trends over four weeks.
- Thirty-six-month trend – See spot rate trends over 36 months.
“Accurate and timely spot rates give brokers, shippers and carriers alike the power of negotiation and the ability to stay competitive in the market,” said Pete Lunenfeld, chief product officer, Truckstop.com. He called it a “game-changer… considering the industry standard uses 30-day lane-level rates using broad region averages. We are leveling the playing field for our customers, further enabling them to continue to move their freight and business forward.”
Available this month for new and existing customers, Rate Insights will enable customers to post and negotiate competitive rates. It is available on desktop and in the Truckstop.com mobile app, Truckstop Go, as both a load rate estimate and general rate insight tool for lane analysis.