TransVix LLC, the company looking to become the first Trucking Futures Exchange, has announced the move of its corporate headquarters to Chattanooga, TN, from Fort Worth, TX.
TransVix said it is working to revolutionize the trucking industry by addressing one of the most significant challenges in freight transportation today— rate volatility.
“Currently, shippers, carriers and freight brokers have no effective way to protect their market exposure on the volatility of trucking spot market pricing,” according to the company. “TransVix is leveraging advanced technology to create an Exchange to help mitigate the pricing risks associated with the $726B trucking industry and enhance the way participants currently buy and sell trucking capacity.”
Freight Futures have been traded in the maritime market and listed on exchanges around the world in London, Shanghai, and Singapore. TransVix noted it would be the first exchange in the world to focus on trucking freight and will be based in Chattanooga.
According to TransVix CEO Craig Fuller, the move to Chattanooga was necessitated by its significant growth and desire to capitalize on the strengths “Gig City” is poised to offer. “Over the past decade Chattanooga has transformed into an entrepreneurial hotspot and the city is on its way to becoming the nation’s capital of supply chain, logistics and transportation technology.”
“Talking with business leaders, both here and across the country, it’s clear that assets like our fiber-optic Gig infrastructure and Innovation District make Chattanooga a leader and global competitor in the 21st Century economy,” said Chattanooga Mayor Andy Berke. “I am proud that a future-focused company like TransVix wants to call Chattanooga home and look forward to seeing what innovations they’ll create with our technology assets at their fingertips.”
TransVix noted its own solution aligns with Gig City’s future. “We intend to establish Chattanooga as a global hub for trucking commodities trading similar to other major U.S. cities by leveraging the Gig City's high-speed internet and deeply seeded trucking industry network,” Fuller said.
Chattanooga is globally recognized as a highly populated hub of logistics, freight transportation and 3PL companies. With three major Interstates, an estimated 80% of the nation’s freight moves through Chattanooga at some point. The area is number one in the nation for freight volume, according to Cambridge Systematics, and boasts the largest per capita basis of people involved in freight transportation among mid-sized cities.
Many carriers and supply chain logistics firms with a significant presence or headquarters in Chattanooga include, U.S. Xpress, Covenant Transport, Kenco, and Coyote Logistics. Also, helping to attract talent is Chattanooga-based Dynamo, a supply chain technology incubator drawing leading supply chain professionals and startups to the area.
“Our hope is that locating in Chattanooga will create a multiplier effect that will drive and motivate even more companies with interest in the freight economy to locate operations here in Chattanooga,” Fuller continued. “After all, Chattanooga is the center of ‘Freight Alley’.”