The National Transportation Exchange (NTE), an online freight matching service based in Downers Grove, IL, said that it achieved higher than expected revenues and business volumes in the fourth quarter of 2001.
Compared to the same period in 2000, NTE said its revenues went up 300%, trading activity in its public electronic marketplace went up 250% and its customer base doubled to 2,000 members. NTE added that activity on its Internet site – which is the principal way its customers transact and connect to NTE's core service – quadrupled from a year ago as the company recorded more than 17 million hits, or about 280,000 hits per business day.
For all of 2001, NTE said its sales went up 340%, the majority of which came from its Exchange service. NTE generates Exchange revenues from trades that occur as buyers and sellers use its automated, online service. NTE is also now more focused on truckload moves, which represents 70% of its business. Two years ago, the company focused more on the LTL market.
"Electronic commerce has moved from a novelty to a necessity for transportation services companies seeking a competitive edge," said Jim Davidson, NTE president & CEO. "Customers are telling us loud and clear that there is a better, more efficient way to manage and execute transportation services."