With 99% of U.S. for-hire carriers are fleets of less than 50 trucks, it’s paramount not only for independent truckers, but for the industry to reassess company strategies and technology providers.
FreightWaves reported almost 195,000 new carriers entered the market from July 2020 to June 2022. A dramatic increase from the previous record for the same time seeing 86,000 new carriers. At the same time, revocations of trucking authorities accelerated in May and June.
To add to the news, spot rates currently match 2019 before adjustments for inflation. With such high competition, low market rates, and increasing costs, industry commentators emphasize the need for tech that allows smaller carriers to not just maximize the upside of a hot market, but to weather market downturns.
Small carriers can lose 15-25% of revenue because without direct access to shippers, they rely heavily on freight brokers or serve larger carrier networks. And as recent industry pressures have led to increased deadhead trucking, high driver turnover and productivity struggles constantly persist.
How can a tech provider help trucking?
With an intelligent TMS, the smallest carriers can:
- Leverage optimal carrier load pricing.
- Analyze vast numbers of available loads to identify the best opportunities.
- Comply with HOS regulations while maximizing revenue.
- Take a seat within a robust community of carriers and shippers.
- Gain buying power and get access to discounts large carriers enjoy.
- Simplify tax preparation for tax drivers through digital document management.
Optym works to democratize the trucking industry by providing our clients with technology to thrive in any market conditions. Our software interfaces with load boards to provide you with the widest range of opportunities. These are presented with empirical data, like distance, potential profit and more.
Learn more about how Optym can help your business be its best.