- Freight Technologies (“Fr8Tech”) is a North American transportation logistic technology company
- The company is keen on simplifying cross-border shipping in the U.S.-Canada-Mexico Agreement (“USCMA”) region by capitalizing on the advanced capabilities of its Fr8App platform
- Fr8App seamlessly connects shippers in the U.S., Canada, and Mexico with an extensive network of reliable carriers and drivers
- Through Fr8App, Fr8Tech is participating in the trucking and freight market’s ongoing paradigm shift, which has seen more and more shippers opt for brokerage services instead of dealing directly with carriers
- Freight brokers are handling over 20% of all trucking freight, up from 6% in 2000
Freight brokers are changing the face of the trucking industry, upending decades-old preferences that previously forced them to operate on the fringes. Brokers now handle over 20% of all trucking freight, up from 6% in 2000. This growth is attributed partly to brokerages’ investments in customer service and technology, which enabled them to offer a “more compelling product” than asset-based carriers and take on a “greater role in routing guides,” according to a recent article (https://ibn.fm/zdexO). As a result, brokers now handle higher quality cargo than in 2000 and are often assigned highly desirable, carrier-friendly freight.
The growth is also due to a number of other factors, chief among them being the fact that brokerages have built extensive databases of reliable carriers and frequent shippers. This means that shippers can lean on brokers for reliable carriers who will ensure their loads are shipped and delivered on time. On the other hand, carriers look to brokerages for a continual supply of business.
On top of providing reliable leads, the role of brokers has also expanded. Freight brokers manage traffic for shippers and act as sales agents for carriers. They also take on sales and customer service roles that are too expensive for small carriers – which make up about 97% of the roughly 531,000 carriers in the U.S. – to afford.
But perhaps more importantly, freight brokerages provide a regular flow of freight for many of these small carriers. In fact, freight brokers have been able to maintain load volumes even when the trucking market has softened in what has altered the typical freight cycle. Combined, these factors are increasingly making freight brokers indispensable, effectively turning the tide.
Participating in the trucking and freight market’s paradigm shift is Freight Technologies (NASDAQ: FRGT), often abbreviated as Fr8Tech, a North American transportation logistics technology company. Through its primary operating subsidiary, Fr8App, a cutting-edge digital broker, Fr8Tech is simplifying cross-border shipping in the U.S.-Canada-Mexico Agreement (“USCMA”) region.
Fr8App utilizes one of the most connected and intelligent freight-matching platforms, eponymously named Fr8App. The platform seamlessly connects shippers in the U.S., Canada, and Mexico, with an extensive network of reliable carriers and drivers, ensuring reliable and efficient freight transportation. It promises competitive and transparent prices – charging fixed rates with no hidden fees – and prescreens each carrier on multiple criteria to make sure they meet the desired standards and safety checks.
With live 24/7 GPS tracking on desktop or mobile, Fr8App provides complete visibility of shipments as they traverse country and state borders. But that’s not all. The platform’s chat feature facilitates real-time, direct, and constant communication between shippers and carriers, enhancing coordination. Fr8App offers other features, including route optimization, payment management, and advanced data analytics.
As freight brokers continue to revolutionize the trucking industry, playing the increasingly indispensable role of matching shippers with reliable carriers, Fr8Tech’s Fr8App is staking a claim by harnessing the power of its advanced technology, real-time capabilities, and an extensive suite of features.
NOTE TO INVESTORS: The latest news and updates relating to FRGT are available in the company’s newsroom at https://ibn.fm/FRGT
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