Take Advantage of Plentiful Freight to Grow your Business
“Retail Sales Explode in March”
“Third Round of Stimulus provides a huge boost to consumer economy “
“Freight Volumes Push Higher“
After a roller coaster of a year last year, 2021 is starting off hot for the economy and in turn the freight market.
As of Friday, April 16th, The DHL Supply Chain Pricing Power Index is weighted heavily in favor of carriers.
MarketFIT from ExpressFreight tells us the same thing. Designed to finally put market data in the hands of carriers, MarketFIT means we can zoom in even further. For example, here are the top ten gaining markets from last week:
- Fayetteville, AR
- Tifton, GA
- Joplin, MO
- Cape Girardeau, MO
- Rock Island, IL
- Dubuque, IA
- Savannah, GA
- Erie, PA
- Duluth, MN
- Pendleton, OR
(Click here to learn more about MarketFIT).
Let’s look at some of the signals:
Most industries are joining the party.
Economic recovery is accelerating. And it’s not just the tech industry that’s growing. 95% of S&P stocks are trading above their recent averages, which means the retail, grocery, and healthcare sectors are heading in the right direction.
The third stimulus is fueling consumer confidence.
In March, tens of millions of Americans received the third stimulus payment. Spending goes up, freight volume follows, and carriers will continue to hold the leverage in rate negotiations.
Three Ways to Take Advantage of this Market
1.) Reduce your deadhead miles
When there is plenty of freight in the market, every mile matters. It is common for deadhead miles to amount to 15% to 30% of your rolling miles annually per truck. Your ability to cut deadhead miles is only as good as your data. Pinpoint your next pickup by relying on the data brokers and shippers have historically used as leverage against you.
In this blog post, we share some surprisingly simple ways to cut your deadhead miles today.
2.) Be more assertive as you negotiate rates
When you have near-time market data riding shotgun, you have more leverage than you might think. Too many brokers and shippers have benefited from keeping drivers in the dark. In short, don’t bring gut feelings to a data fight. MarketFIT From Express Freight Finance can help. (link again to MarketFIT page?)
3.) Look for ways to grow your business beyond what it is today.
There are many routes to the ideal destination for your business. Whether you’re looking to expand your fleet, invest in new equipment, or simply optimize your cash flow, make sure you know your options. In a white-hot market like this, growth is yours for the taking. Just don’t let the opportunity pass you by.
Strike while the iron is hot.
At ExpressFreight Finance, our job is simple: To keep you on the road. We know every circumstance is different. Give us 15 minutes to understand the challenges you’re facing and we’ll develop a custom strategy to keep your momentum moving in one direction: forward.
