LoadExpress, Inc. is launching its freight auction and matching marketplace, a web-based automation, transaction and management platform that small-medium shippers and carriers can use to manage their truck freight business.
LoadExpress enables FMCSA-qualified carriers in its network to bid directly for shipments posted by shippers. Once a bid is accepted, the wining carrier and shipper will deal directly with each other throughout each job and complete the transaction on the platform. Both parties can track the shipment and transaction, communicate and get alerts in real time; all documents, notes, signatures, images are generated, verified and stored on the platform; payments are settled; and each party will rate the other after each transaction. Transaction data and analytics also will be available to help users optimize their freight operations.
Shippers will lower their freight costs considerably by multiple carriers bidding for their shipments directly, instead of getting limited quotes from brokers with high margins built in, or having to go to multiple brokers’ or carriers’ sites to get the best rate. Pricing and all terms and conditions are totally transparent on the platform visible to both parties. Service and productivity also will increase since shippers can communicate directly with carriers and their drivers, there is real-time load tracking and alerts, and all business terms, documents and notes are all accessible on the marketplace. The LoadExpress workflow is in stark contrast to the current process where brokers control the information flow, and the simplest request, such as, “where’s my shipment,” may require a five-party call ending in, “I’ll get back with you,” after an hour and much frustration.
LoadExpress is different from other load matching services in two major ways:
- It is an end-to-end solution from posting/searching loads to payment settlement and ratings, as well as exceptions handling for detention, accessorials and other disputes. Others are partial services that lack all the features in LoadExpress.
- Other services are either some form of online broker or use a database to determine pricing. LoadExpress is an auction marketplace where carriers and shippers settle pricing between themselves via an auction mechanism—the most efficient pricing model.
“We’re using proven web-based technology to wring out billions of dollars of operational and price inefficiencies from the truck freight industry,” says Ken Liu, vice president of business development at LoadExpress. “When you eliminate the middlemen and all the inefficiencies that come with them, carriers will make more money, shippers will lower their costs, and both will enjoy higher productivity and customer satisfaction.”
LoadExpress is free to join, easy to sign up, and users will be up in minutes. There is no downtime required. Shippers pay one transaction fee for each completed shipment on LoadExpress.