Earlier this month, Uber Freight made an announcement that the company was placing self-driving vehicles on the back burner. However, Uber Freight is not fading away from the trucking industry. Instead, they are doubling down on the other side of the business by offering more robust ways for truckers to make additional revenue through their mobile app.
Uber Freight is Doubling its Investment
Ahead of the official public offering, Uber Freight doubled its investment to push growth in the trucking industry. The capital will be used to boost their mobile app, which will have more features and offer options for drivers to take long-haul deliveries throughout the continental United States. The goal is to double the number of users with corresponding loads every quarter.
Potential Setbacks for Uber Freight
Uber Freight launched its mobile app in May 2017. The app was designed and launched well before the mandate for electronic logging devices went into effect. Drivers looking to carry extra deliveries may be fighting an uphill battle with extra hours of on-road service. The limitations placed on drivers by the ELD mandate may be counterproductive when attempting to haul extra shipments independently.
The second factor working against Uber Freight is the current driver shortage. Fleet drivers and independent owner operators are already inundated with shipments. New drivers are being hired with sign-on bonuses and other perks, and are immediately given assignments. Even smaller truck companies are being used to offset the burdens placed on larger fleets to carry shipments the extra mile.
Much like when it launched over a year ago, the new Uber app may be a victim of bad timing.
Improving Cash Flow
Uber’s app launched as a means for drivers to get faster access to revenue. For owner operators, that method already exists through freight load factoring. Factoring converts invoices to cash within 24 hours, speeding up the access to revenue for owner operators and fleets, alike. Factoring allows truckers to get revenue here and now, as opposed to chasing potentially available loads and racking up unnecessary hours of service.
Express Freight Finance has worked directly with fleets and owner operators to ensure their needs are met. From comprehensive freight load factoring services to fuel cards and beyond, our business is to ensure your trucks keep rolling and that you get paid for your hard work. Contact Express Freight Finance to learn more.