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When I attended the annual NASSTRAC conference a few weeks ago, Bob Costello, the Chief Economist for the American Trucking Association commented that we’re definitely in a recession with respect to the freight markets. What does this mean for shippers and carriers? At the conference, senior executives from LTL and truckload carriers revealed that they're seeing a very high level of bid activity, which confirms that savvy shippers see this as a buyers' market and are looking at conducting an LTL sourcing event.
If you are one of those companies that is looking to conduct a world-class sourcing event, then consider these tips:
First, make sure that the quality of your data is outstanding. In the LTL environment, density and dimensional base pricing create a different set of variables to share with carriers. More accurate data will result in more effective bids.
Second, take a look at the carriers you're inviting to bid. Given the changes that carriers have made in their networks, it makes sense to include both incumbents and alternative carriers in the process. And make sure to focus on carriers that have networks that make sense for your freight and locations.
Third, get help along the way. Find help by calling us at 630-833-0890 or send us an email. Having conducted billions of dollars in sourcing events we have a wealth of information that we can share with you. It's not going to cost you a dime to ask us questions. Or start by having us benchmark your rates at no cost.
You’ll wish you’d talked to us sooner! We're on your team, we're here to help, and we're passionate about seeing you be successful.
