The company announced what it calls a "controlled launch" involving only select participants. On the carrier side they include the nation’s two largest truckload carriers, Schneider National and J.B. Hunt. Shippers include Hershman Recycling, American Rice and Robert D. Marturana & Co.
Railroad giant Burlington Northern Santa Fe, also headquartered in Fort Worth, is majority owner of FreightWise. General Electric is both an investor and a participant in the exchange. Long-term plans for FreightWise involve all modes of freight transportation, including truck, air, rail and maritime.
For now, however, shippers bid on available truckload capacity posted by carriers. Bids can be made as flat offers or mileage rates. Carriers are not required to accept any particular bid. Transaction details are settled online; Freightwise handles the money and guarantees payment. Revenue comes from a 3 percent commission evenly split between carrier and shipper.
According to a FreightWise spokesperson, the exchange plans a public launch to coincide with the National Industrial Transportation League meeting later this month.