3 Stories Freight Brokers Need to Know - October 2020

News in the inland freight industry is constantly evolving, as keeping up to date with these stories is important to the success of freight brokers. Cargobot's primary goal is to keep you informed with the latest trends impacting brokers to help you become more successful in the inland freight industry.

Here is an overview of the latest trends impacting freight brokers in October.

#1) New US Truck Orders Surge Despite Hiring Lags

The market for purchasing Class 8 trucks continues to quickly recover, as fleets believe there will be steady growth in the near future. Carriers also have more cash due to a significant improvement in rates. However, hiring for drivers is still lagging despite a recovery of 62% of the jobs lost between February through April due to the pandemic.

An even bigger gap remains if you compare year-over-year numbers, as for-hire trucking has 73,200 fewer employees compared to September 2019.

You can read the entire story at JOC here.

#2) Tight Truck Capacity Causes Spot Rates to Increase Nearly 50%

The holiday shipping season always contributes to a tighter truck capacity and higher rates. However, the COVID-19 pandemic had already increased truck capacity and shipping rates prior to the peak shipping season. The e-commerce market is expected to be stronger than ever due to the increasing number of people shopping online.

Brick and mortar stores will most likely continue to struggle due to fewer people shopping in crowded places. The holiday shipping season will likely continue into 2021 as retailers restock depleted inventory.

You can check out the full story at Talk Business & Politics here.

#3) Mini-Bids for Shippers Continue to Increase the Need for Data

The need for real-time collection of data continues to grow as more shippers focus on "mini-bids" with trucking partners. The ever-increasing cost of truck rates, broken transportation networks, and COVID-19 has caused digital platforms to become more mainstream.

Many of these systems include broader networks for shippers, carriers, and 3PLs to increase efficiency and reduce costs.

You can learn more by reading the entire story at JOC here.

Learn How Cargobot's Platform can Help Brokers Successfully Scale Their Business

Cargobot offers a digital platform that's focused on transforming the inland freight industry. Our platform uses state of the art technology to best meet the needs of freight brokers across the country.

Real-time shipment tracking and automatic invoicing make it easy to keep track of each shipment. You also have the flexibility to negotiate with more than 18,000 certified and pre-screened carriers on the platform. A customer service representative is always available to answer any of your questions.

Reach out to Cargobot today to learn more about our freight brokers program!