FreightWaves TRAC (Trusted Rate Assessment Consortium) Spot Rates

FreightWaves Customer SuccessSONAR Features, Uncategorized

What is it?

Average buy (to the carrier) rate derived from 3PL and freight brokerage reported by booked or covered date. TRAC contributors provide daily load data consisting of rate-information for hundreds of thousands of unique loads (i.e., different combinations of dates, modes, and zip3-lanes). More than a simple average, FreightWaves weights the values based on:

  1. Proximity to the specified origin/destination with a maximum of a 300 mile radius and 
  2. Length of time to the current date. 

The further away in geographical or temporal distance a load is to the user specified lane, the lower the weight. 

For a lane to be reportable it has to meet the minimum criteria of at least 5 contributors with no one contributor comprising more than 25% of the total volume of a lane. These rates are reported daily with yesterday’s data updating at 11 am ET. 

TRAC Spot Rates are reported in the SONAR Market Dashboard application that provides additional context around the rates. 

Who is interested?

Anyone who is involved in truck transportation. Brokers, Carrier Pricing, Carrier Sales, Load Planners, Transportation Managers

What does it tell me?
TRAC Spot Rates tell the user what an average spot rate negotiated directly with the carrier might be on a daily basis along with giving its direction in a given lane. When viewed in the Market Dashboard users will be able to see how pricing conditions are changing over time by viewing the rate history as well as seeing where the market may have opportunities when paired with other data points such as tender rejections or capacity trend scores.