(8th August, 2018)
"Game changer," is what Craig Fuller, CEO of FreightWaves, stated as he introduced the first tender volume indices to the first cohort of SONAR clients. "We can project how market demand for the entire trucking market is changing over time. Our latest release on SONAR can accurately tell you how many loads came out of any market vs. their historical patterns. Changes in market demand will show up within 24 hours, giving carriers, brokers, and shippers alike a chance to make better pricing and capacity decisions. For instance, we can tell you that there are 23% more loads today in Dallas than there were on March 1, 2018, while there are 12% fewer loads in Chicago now than on the March 1. Image the power of this."
Outbound tender volume indices (OTVI) are built to help market participants understand how market volumes are changing throughout the week, month, seasons, and years. They are available in all 135 markets and track the total amount of trucking freight transactions in a given market on a daily basis. Subscribers to SONAR get the volume indices included in their standard subscription.
The index values are set for the volume on March 1, 2018, relative to the entire US market, but change daily based on the relative movements to that reference date.
To see outbound tender volume data (number of accepted load tenders in a market) on SONAR search: OTVI.CITYCODE. An example of this is if someone wanted to see how many loads were accepted in Atlanta, they would enter: OTVI.ATL
Since SONAR was introduced at Transparency18 over 600 companies have signed up for demos of the first freight market dashboard. New data-set types are being introduced every night with tens of thousands more planned over the next year.
FreightWaves has introduced tender reject indices, tender lead time indices, DAT Truckload Spot Indices, economic data, employment data, retail fuel prices, commodity data, GPS location data, trucks in market data, used truck prices, and dozens of other index data types.