CHICAGO, May 16, 2024 (GLOBE NEWSWIRE) -- Uber Freight, the leading end-to-end enterprise suite powering intelligent logistics, today announced Uber Freight Exchange: Spot, allowing carriers to leverage intelligent search, bidding, upfront pricing, and automated tendering for spot freight fulfillment. This is the latest enhancement to Uber Freight Exchange, the flagship software solution built to be the simplest, fastest procurement platform for shippers and carriers to confidently secure capacity and service freight. The contract procurement tool, Uber Freight Exchange: Contract, experienced rapid adoption following its 2023 launch. To date, more than 900 carriers have access to hundreds of millions of dollars of freight, with Exchange: Contract experiencing a 7x QoQ increase in lanes quoted.
“It is exciting to have Uber Freight as part of the Tosca transportation team, offering cutting-edge technology like the new Uber Freight Exchange,” said Robert Chase, Director of Transportation and Reverse Logistics at Tosca. “In an increasingly volatile freight market, uniting carriers and shippers on a single platform to efficiently procure and service freight at a large scale is essential for Tosca's success. We look forward to the opportunities this collaboration will bring.”
The spot market is highly volatile and carriers must be equipped with real-time knowledge and automated tools to move fast and make informed decisions. Traditionally, carriers turned to fragmented online and offline resources to find and book freight. This can lead to inefficiencies, such as limited visibility, time-consuming searches, and disjointed communication – ultimately hindering carriers' ability to react quickly and make optimal decisions in an ever-changing spot market.
Carriers want a single destination to book spot freight across all load providers. Exchange: Spot aims to aggregate spot freight for carriers, starting with loads from hundreds of shippers in Uber Freight’s managed transportation business and brokerage.
“Uber Freight Exchange was inspired, in part, by the neutrality and efficiency of marketplaces like the New York Stock Exchange,” said Eric Berdinis, Head of Carrier Product Management at Uber Freight. “We wanted to create the choice Exchange for freight. Building on two decades of experience operating spot auction platforms, we’re excited to expand our procurement technology to all shippers and carriers. By integrating contract and spot market workflows, Uber Freight Exchange is a major pillar in our mission to revolutionize freight logistics.”
Raj Subbiah, Head of Product at Uber Freight, added, “What the team built here is a great example of innovation with purpose. Our carrier and shipper customers wanted us to make booking spot loads simpler and more efficient and that's exactly what Uber Freight Exchange: Spot does.”
Exchange: Spot offers carriers a one stop shop, bringing together Uber Freight’s Carrier Web Portal and FAM (Freight Allocation Module) to create the industry’s destination for combined book-it-now load pricing, bidding, and automated tendering. Supported by Uber Freight’s proprietary algorithms and scalable workflows, carriers can tap into more loads and manage fulfillment in one place, with access to Uber Freight’s expansive network of shippers. Carriers can bid quickly and confidently with upfront load requirements and personalized search and recommendations. They can also increase consistency using Dedicated Lanes, Uber Freight’s proprietary bundling of spot freight into mini-contracts, and view recommendations for backhaul and reload loads.
“As we make our way through one of the toughest freight recessions and prepare for the road ahead, Uber Freight Exchange: Spot brings carriers and shippers the ultimate win-win,” said Tony Guardado, Logistics Network Director at GOJO. “We have freight that needs to move and we need experienced carriers to access our freight the moment it becomes available. By bringing carriers and shippers a trusted destination to procure and service freight, at this scale and level of efficiency, changes the game for the industry. Gojo was one of the first customers to work in the new platform. It was a smooth transition and has had a positive impact on our business operations.”
The vision behind Uber Freight Exchange is to offer a comprehensive procurement platform for carriers and shippers, providing real-time market access, curated insights, and integrated solutions to manage all their fulfillment and procurement needs. Uber Freight Exchange: Contract was the first meaningful step to realize this vision, serving as the all-in-one procurement tool for shippers to secure quality capacity and for carriers to bid on contract freight with confidence and speed. With the addition of Exchange: Spot, Uber Freight continues to build on the broader vision to simplify the movement of freight.
To get started with Uber Freight Exchange, visit www.uberfreight.com/carrier/freight-bidding-exchange.
ABOUT UBER FREIGHT
Uber Freight is a market-leading enterprise technology company powering intelligent logistics. With a suite of end-to-end logistics applications, managed services and an expansive carrier network, Uber Freight advances supply chains and moves the world’s goods. Today, the company manages over $18 billion of freight and one of the largest networks of carriers. It is backed by best-in-class investors and provides services for 1 in 3 Fortune 500 companies, including Del Monte Foods, Nestle, Anheuser-Busch InBev and more. For more, visit www.uberfreight.com
For media inquiries, please contact: Sam Hallock, Corporate Communications at Uber Freight, press@uberfreight.com
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