Rate Insights, a new spot market rate tool from Truckstop.com, will be available later this month for the service’s Load Board Pro and Premium customers. It uses machine learning and artificial intelligence to provide accurate, same-day rate estimates at the load level.
Rate Insights provides 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 platforms. Carriers, brokers, and shippers can access daily market rates specific to load attributes, including equipment type, location, and dates.
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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.
- 36-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 at Truckstop.com. "We are the first in the industry to use machine learning and artificial intelligence to provide customers with same-day spot rate estimates at the load level—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 in April for new and existing customers, Rate Insights will enable customers to post and negotiate competitive rates and 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.
