• Convoy to launch new program for real-time market prices

    Convoy announced the launch of Dynamic Backup, a new program that gives shippers real-time market prices for their backup freight.
    Aug. 15, 2018
    2 min read

    Convoy announced the launch of Dynamic Backup, a new program that gives shippers real-time market prices for their backup freight. According to the company, the program will help reduce spot and short-notice shipments and ultimately maintain predictable tender acceptance and pricing even with changing market conditions.   

    The standard process for offering loads to a shipper’s backup network leads to unpredictable and costly freight. When the static rate doesn’t match market opportunities, brokers and carriers may reject tenders, which means more loads end up on spot.

    Additionally, each carrier may take an hour or two to make an accept/reject decision. As more time is needed to cover the load, prices increase, as does the risk of the load going to spot, increasing the possibility of a service failure.

    “With Dynamic Backup, shippers get a real-time and guaranteed market rate that is instantly bookable into the routing guide, allowing them to immediately cover loads," according to Convoy. “We have built technologies that rely on real time market signals to secure the most competitive price and most relevant carrier for a specific load. This means that when Dynamic Backup inserts a real-time rate in the routing guide, we guarantee coverage at that price and will never give the load back, leading to benefits like operational efficiency, increased load coverage and freight cost savings.”

    About the Author

    Fleet Owner Staff

    Our Editorial Team

    Kevin Jones, Editorial Director, Commercial Vehicle Group

    Cristina Commendatore, Executive Editor

    Scott Achelpohl, Managing Editor 

    Josh Fisher, Senior Editor

    Catharine Conway, Digital Editor

    Eric Van Egeren, Art Director

    Sign up for our free eNewsletters

    Voice Your Opinion!

    To join the conversation, and become an exclusive member of FleetOwner, create an account today!