Truckstop.com and FTR Release First Lane-Specific Rate Forecasting
Truckstop.com, in partnership with FTR, introduced a Rate Forecasting tool recently — an industry-first, lane-by-lane rate forecast which projects spot market rates using more than 10 years’ of paid rate data.
The rate forecasting service is designed to enable customers to plan based on how rates are expected to fluctuate in the days, weeks and months ahead. It also can provide rate analysis for specific markets and down to the lane level.
“Brokers, carriers and shippers can benefit from this information through improved budgeting, benchmarking and business planning,” said Brent Hutto, Truckstop.com Chief Relationship Officer. “We’re offering specific information that can help our customers adjust, anticipate and predict rates and make more informed business decisions.”
Rate Forecasting uses big data to analyze 10 years of trends from across the Truckstop.com marketplace, as well as FTR’s proprietary economic modeling algorithm that measures 13 million data points each month.
The result is a forecast showing the very different trends on each of 160,000 lanes (state to state and 3-digit zip) and 6 million origin/destination pairs.
“We look at how the market has been trending and what’s been driving that trend such as the economy, fuel prices and productivity,” said Noël Perry, who serves as FTR and Truckstop.com’s Chief Economist.
“When presenting a quote to a customer or prospect, predicting future rate trends has been a major challenge,” said Zach Green, senior analyst for Ryder Logistics.
“Rate Forecasting balances seasonal, geographic, random, economic, regulatory, and permanent trends on each lane with deep statistical modeling, better than a human can on the fly,” concluded Perry.
Category: Featured, General Update, News
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