The spot market is a fickle thing, with the potential to make or break any business in the transportation industry. So why are you still using antiquated load boards with outdated information to find and book your loads?
There’s a better way to search for and book those high paying spot market loads that you always seem to miss. So how do modern load boards help you master the spot market and secure high paying loads?
Master the Spot Market
You’ll never make any money as a fleet owner if your trucks keep driving empty. That’s half the reason the spot market exists in the first place - to match trucks without freight to freight without trucks. But why do some carriers always seem to win the highest paying loads while others get stuck with the low paying freight?
Though bidding strategy certainly comes into play, the truth is that the carriers (and shippers) who experience the most success on the spot market are the ones who find carriers or bid on loads before everyone else.
When it comes to load boards, speed is the name of the game. The faster your load board updates, the better your chance of securing a load before a competitive bid by someone using an outdated load board.
Instantaneous Bidding and Booking
When you factor in the speed at which capacity and spot market trends fluctuate, it is apparent that real-time load board updates are critical to success. But a freshly updated load board means nothing if you don’t have the market info you need to place a competitive bid.
Here, again, we see the advantage of a modern load board. While traditional load boards rely on carriers to report lane rates, modern load boards use predictive algorithms and artificial intelligence to predict spot market rates and help carriers outbid their competition. These instantly bookable loads mean the loads are not fake load posts where the broker is just trying to determine the current market rate on a load. These are real, live credible loads that are readily available to view.
When great, high-paying loads are posted on outdated load boards, it’s an all-out sprint to the phones to find out important info like location, mode, temp, etc. This process is not only inefficient; it enables your competition to sneak in behind you and book the load with another broker before you even hang up the phone.
Modern load boards, on the other hand, utilize a digital negotiation technology to provide carriers with all the load data they need to place their most competitive bid in five clicks or less, eliminating the need to call your broker.
Capitalize on the Load to Truck Ratio
Any veteran of the spot market will tell you to always check the load to truck ratio in your market area before placing a bid on a load. A high number of loads with few trucks in the area means you should bid higher. But an increased number of trucks and a low number of loads means you should do the opposite.
Modern load boards not only provide this information in real-time, but they also enable you to find the cost per mile, so you never accept rates lower than your operation costs.
Monitor Load Times
One of the simplest yet most innovative features of modern load boards is a simple clock that indicates how long a load has been on the board. The longer a load is on a board, the greater your advantage in negotiating. If the broker has been working the load all day, they’ll be more likely to accept a higher rate.
Monitoring load times also enables you to see how long a broker has until the load needs to pick up. The less time the broker has to find a carrier, the more likely they will negotiate a higher rate with you.
Bid on the Best Loads First
Though much of a modern load board appeal is in its functionality, its most significant asset is providing carriers accurate information delivered in real-time. The faster you can retrieve load info and assess the market conditions, the quicker you can leverage shipment density and place a competitive bid.