163,318 truckers risk losing their CDLs when the FMCSA's new Clearinghouse rule takes effect in November. Here's what it means and how it impacts the industry.
Contrast: More optimistic forecasts suggest earlier recovery
Josh Bouk, TriumphPay’s chief partnership officer, offers a unique perspective on the freight market's future. Unlike others predicting a recovery in mid-2024, he anticipates it won't be until December 2024. His viewpoint is grounded in the company's extensive involvement in logistics transactions, amounting to nearly $50 billion annually.
Market Dynamics & TriumphPay's Role
Current State: Stagnant truckload spot rates despite retail sales growth
Brokers' Challenge: Emphasis on cost and margin management
Despite increased retail sales, 2023's market hasn't seen the expected rate rise. Brokers are advised to focus on profitability, with TriumphPay playing a key part in streamlining invoice settlements and fraud prevention.
The Broader Impact
Retail Trends: Black Friday sales rose, but overall impact on trucking is uncertain
Extended Rebound Implications: Slow balance in supply and demand
The recent trend shows a low rejection rate, aligning with Bouk's forecast of a market grappling with slower-than-expected capacity attrition. Image Source: FreightWaves SONAR
Bouk notes the recent spike in online spending and its uncertain impact on the trucking sector. For brokers, the next year is crucial for maintaining business efficiency and managing costs effectively.
TriumphPay's Expanding Role
Beyond Payments: Aiding in fraud prevention and financial balance
Future Plans: Promising new partnerships for increased industry transparency
The company is preparing to unveil new partnerships that promise greater industry insight.
The majority of respondents to our survey believe that the freight market will rebound in the second half of 2024. What's your take? pic.twitter.com/727pyS4LRq
Hi! I'm Adriana and I've been working for FreightCaviar as Head Writer for a little over a year now. Some of my favorite topics to cover are FreightTech, Green Freight, and nearshoring/reshoring.
This insightful glimpse into the world of contract versus spot freight markets is contributed by Ruslan Shamanov, the Founder & CEO of Kavkaz Express, LLC.
