Convoy’s April/May Market Update highlights trends we’ve seen recently and expect to see this spring. The driver shortage, while nothing new to the freight industry, has become a hot topic in the news since the ELD mandate officially went live on April 1, 2018 after a 3-month grace period.
But what does this actually mean for the freight industry? It’s still uncertain. While most shippers have yet to see any impact the new law has on their freight, some brokers have struggled to maintain their carrier base due to ongoing ELD compliance issues on top of the ongoing driver shortage. On the carrier side, many have been able to demand higher rates and select the type of loads they haul due to a hot market and higher load-to-truck ratios.
More than ever, it is important to invest in technology-based partners who can help you access the long tail of supply and make your freight as attractive as possible to carriers. Take a glance at Convoy’s monthly market update to see our recommendations and outlook for the next few weeks.