In A Tight Market, Are The Only Freight Rate Options Contract Or Spot?

Knowing the supply chain gobbles up 60-90% of a company’s spend, you better bet your bottom dollar that supply chain efforts have a huge impact on a company’s bottom line. Efficiently managing the supply chain has become the new competitive advantage for many manufacturers. One important effort, within the supply chain, is effectively managing costs to transport goods from point A (warehouse) to point B (end customer). A large percent of a shipper’s trucking services are sourced through long-term contractual rate agreements with preferred or primary carrier networks. Contracted rates provide long-term security on price and capacity, and in 2019 ran with a 95% acceptance rate. In 2020, contracted capacity is tight and acceptance rates have dropped by more than 20%. Shippers have been forced to enter what we call the “feeding frenzy”- the volatile spot market. Once a load hits the spot market, the shipper loses control and the feeding frenzy begins. No matter the market condition, multiple brokers begin fighting over the same load. They each post the load multiple times, across multiple boards, making it look like demand for trucks has increased. Carriers then see this exaggerated “built-up” demand as an opportunity to bid higher- increasing the overall price to move the load. But what if there was another option? What if a shipper could have a contingency plan in place to avoid the feeding frenzy? Well guess what, there is another option. Sleek Fleet was designed to help supplement preferred networks as a high-quality backup. In addition to all the regular brokerage benefits, Sleek Fleet provides 100% rate transparency so a shipper knows true market cost on their specific...

Looks Like August May See Higher Freight Volumes Than Expected

Carriers have begun to report stronger earnings than expected, contradicting expert predictions that a healthy rebound would not be seen until 2021. Multiple data sources are suggesting that volume will continue to rise throughout August as the industrial sector, along with imports, gets back to full production levels. "We moved a healthy amount of freight last week, almost 3 times more than the last week in May", said Oleg Yanchyk, Sleek Fleet CIO. "Contracted freight can't keep up with the increased demand, so Sleek Fleet is supplementing primary and preferred networks to help our shipper customers avoid the costly spot market". #SleekPOV Join our newsletter. click here

Companies Continue To Transition To New Workforce Models

Many companies have worked around the clock to transition in-office workers to remote, placing a big drain on important company resources. For example, IT had to solve for new telecommunications needs, while HR had to develop new protocols to ensure remote employees had the tools needed to remain focused and stay on task. "Sleek Fleet is unique because we are a 100% remote workplace, which requires trust and transparency between the employer and employee", said Kira Meinzer Sleek Fleet CPO. "Remote work is our way of doing business, so we were not forced to make changes as other companies have been. We are lucky because all of our resources have continued to focus on our core mission to simply logistics." Other companies are relying on a hybrid approach where high-risk employees work from home, while the rest are required to make it into the office. "Even though an employee may be physically able to go into the office, we oftentimes forget about the mental-health aspect that can sometimes take a deeper toll on the employee and his or her family", said Meinzer. "As a remote company, I'm glad we are not in a position to force any team members back into a physical location". FreightWaves recently reported that a large US broker, using the hybrid model, saw an increase in positive COVID cases amongst workers who were back in the office. To read the FreightWaves article, click here: Join our newsletter. click here

Carriers may face penalties, shutdowns under Virginia COVID-19 regs

Recently, FreightWaves reported that the state of Virginia will soon require companies to classify employees by risk-level based on job duties. Since truck drivers are on the front lines and oftentimes require less than 6 feet of separation when picking up and dropping off freight, they will most likely be impacted. "For everyone's safety, it makes sense for employers to proactively develop a preparedness plan in case someone exhibits symptoms", said Dean Corbolotti Sleek Fleet Shipper Engagement Director. "It's still too early to understand the impact on the transportation industry. We hope there are no negative ramifications. Carriers, and shippers, have already endured so much". To learn more, here's a link to the FreightWaves article: #SleekPOV Join our newsletter. click here

Proprietary Machine Learning Tool Finds Perfect Driver For Every Load

Scalable machine learning platform, Sleek Match Engine, powers automatic load distribution for Sleek Fleet customers, and registered carriers, fueling company growth. Chicago, IL, May 18, 2020 ( - Sleek Fleet, a transportation technology company,  is excited to announce the launch of their proprietary machine learning (ML) engine, Sleek Match Engine. Sleek Match Engine uses millions of truck location points, along with other data to automatically match ideal drivers to available loads. “We are utilizing Sleek Fleet proprietary data coupled with external transportation data sources to match the right driver to the right load creating efficiency and savings for our customers,” said Oleg Yanchyk, Sleek Fleet CIO. Sleek Match Engine utilizes a combination of internal and external data. Internal data leverages historic load information from the Sleek Fleet carrier network, and includes data variables such as geography, equipment, and load characteristics to map a specific driver’s preferences. Sleek Match Engine utilizes multiple external data sources, including DOT reports, to cross-reference and supplement internal data when needed. Sleek Fleet’s leadership, which boasts over 100 years of transportation expertise, along with data scientists who live and breathe machine learning, built Match Engine as an agile, cloud based engine ready to scale and adapt as new trends emerge within the transportation industry. “Sleek Match Engine uses machine learning, and smart business rules to gauge the likelihood of a specific driver to have interest in a particular load”, said Mike Nervick, Sleek Fleet CEO. “We will continue to invest in Match Engine, knowing as the engine collects data and makes recommendations, it gets smarter driving more efficiency and savings for our customers”. Building a smart...