Today, in a trucking industry first, Convoy announced that our freight marketplace is automatically matching — without human intervention — 100% of loads to trucks in top markets. These include routes from major West Coast markets such as Seattle, Portland, and Los Angeles; Midwest routes from Chicago, Cincinnati, and Milwaukee; routes from Texas markets such as Houston, Dallas, and San Antonio; Northeast routes from New York and Philadelphia; and Southeast routes from Atlanta and others.
Nationwide, Convoy is automatically matching 95% of loads to trucks, with that number climbing as new markets increasingly adopt Convoy’s technology. Convoy reached this degree of automation by empowering carriers to find and book their desired loads with the tap of a finger.
Convoy measures booking loads with carriers in two parts: 1.) finding a truck that is available and can arrive on time (matching), and 2.) agreeing on the rate at which that work will happen (pricing). We have been tracking our level of automation for both of these metrics as indicators of our progress since Convoy’s founding.
For matching, we have largely eliminated the call-intensive model for finding the right truck across Convoy’s national network. For pricing, the majority of loads are now also being handled without any human interaction. By reducing waste in the matching process, we are able to pass along these savings in three ways: 1.) reduce costs for shippers, 2.) improve earnings for carriers, and 3.) invest in new innovations.
AUTOMATION DRIVEN BY ADVANCES IN APP USE AND TECHNOLOGY INNOVATION
We’ve always been asked about where we think brokering automation will eventually go. National Match Rate is a metric we have been tracking since 2016 to measure our progress. According to DAT, labor expenses account for about 65% of a typical broker’s expenses. In the traditional brokerage model, each rep makes roughly 100 calls in order to book 10 loads. Finding the right truck is one of the most time-consuming tasks for brokers.
Achieving this milestone is a culmination of the innovations in three primary areas:
- Increased app use. Convoy has invested in building an experience to empower carriers. Unique features include No Hassle Detention, Flex Loads, and Instant Bidding. These breakthroughs have led to a rapid increase in app adoption.
- Better data on driver preference and behavior. Convoy learns from carrier behavior. With each load, we get better at recommending the next load. We introduced Request a Load, allowing carriers to directly share preferences and get them the loads they want with less effort.
- Improvements to relevance models. Convoy has continuously invested in improving our core relevance models and matchmaking mechanics to make it easier for drivers to find the jobs that best fit their needs.
BETTER AUTOMATION IMPROVES THE EXPERIENCE FOR BOTH CARRIERS AND SHIPPERS
Without the cost structure and operating model of a traditional brokerage, Convoy creates substantial benefits for both carriers and shippers:
- For shippers, Convoy’s automated matching and pricing system covers loads faster than ever. We now consistently see freight being matched within minutes of being offered. This translates to higher service levels and quality carriers. Convoy saves money for shippers with our lower operating costs.
- For carriers, the automation means a better experience and more earnings. With Convoy’s free mobile app, carriers get unique benefits they wouldn’t otherwise get with a traditional broker: Request a Load allows carriers to get more loads on their most desired lanes, free Convoy QuickPay means they get paid within days of completing a job versus weeks, and No Hassle Detention means carriers can request detention pay at a tap of a button.
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