Understanding Market Dynamics

• Spot Rate Fluctuations:
  • Insight: Learn why spot rates vary and how they impact your bottom line.
  • Strategy: Diversify your load types and explore various routes. Keeping abreast of market trends can also help in making informed decisions.
• High Diesel Prices:
  • Approach: Adopt fuel-efficient driving practices and plan routes efficiently.
  • Savings: Utilize fuel cards and discount programs to mitigate the impact of fuel costs.

Risk Mitigation in a Volatile Market

• Choosing Reliable Brokers:
  • Importance: The current market volatility makes it essential to work with trustworthy brokers.
  • Criteria: Evaluate brokers based on their credit ratings and payment histories to ensure stability and reliability.
• The Role of Non-Recourse Factoring:
  • Advantage: Non-recourse factoring offers protection against the risk of unpaid invoices, ensuring that your business remains financially secure.

Leveraging Technology for Business Efficiency

• Digital Tools:
  • Solution: Embrace digital solutions for load matching, route planning, and financial management.
  • Benefit: Technology can streamline operations, reduce administrative burdens, and improve overall efficiency.

Cost Management and Financial Stability

• Overhead Reduction:
  • Tips: Regular vehicle maintenance, investing in efficient trucks, and managing operational expenses can significantly lower overheads.
  • Factoring Options: A simple and transparent factoring solution with a flat rate, like the one offered by BasicBlock, can help maintain consistent cash flow.
• Expanding Network and Opportunities:
  • Networking: Building a broad network is vital in today’s market. More connections mean more opportunities.
  • Factoring Services: Partnering with a factoring company that has a vast network of brokers can provide more job opportunities.

Staying Informed and Adaptable

• Continuous Learning:
  • Key to Success: Stay updated on industry trends and regulations. This knowledge is crucial for adapting to market changes.
  • Support and Education: Seek partners who offer more than just financial services – look for those who provide knowledge and support to help you navigate the industry.

Conclusion: The current freight market is challenging, but with the right strategies and tools, you can navigate these challenges effectively. Understanding market dynamics, managing risks, leveraging technology, and maintaining financial stability are critical to your success. Remember, choosing a partner who understands your needs and offers comprehensive support can make all the difference in these turbulent times.

The post Navigating Today’s Freight Market for Owner-Operators appeared first on BasicBlock.

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If you’re not familiar with freight factoring, it’s a financing option for trucking companies where they can sell their invoices to a third party to receive immediate payment. It’s a crucial part of the trucking industry, and Taylor is an expert.

FreightCaviar followers asked some great questions, so let’s jump in to get Taylor’s insights on the ins and outs of freight factoring. 

1.  What is the reason that brokers are not approved for factoring? 

We have our approved broker list for a reason. We pull criteria from credit sources, Better Business Bureau, and Carrier 4-1-1. Our system is like a living and breathing list. 

We require them to be in business for a certain period of time, and we require no bad reports on them in x amount of days. Then we look at some other unique things where we have some carriers in what I would call our best carrier segment, and we ask them to haul for brokers. That way, we can learn more about them from experience. 

The approved brokers’ list is unique in factoring, and there’s a reason for it – we’re trying to protect ourselves.

2. Why do some factoring companies have recourse in their policy? Doesn’t it defeat the purpose of factoring? 

I think factoring companies that do recourse don’t have good technology. 

If you’re good at identifying the problems with technology on these invoices and documents and all the other things associated with the load, you can generally catch what’s happening before it happens and not have to have recourse. 

Many companies have recourse to protect their mistakes, but we don’t need that. We take action only when it’s operational, and we couldn’t have done anything differently. But if we lose money, we take it on the chin, we’re gonna eat that cost.

3. What are ancillary fees? 

For an average invoice size of fifteen hundred or fourteen hundred dollars, you will pay your factoring company about 30 bucks or so. But then, if they charge you ten to fifteen dollars for a wire, that’s a significant percent increase they’re taking from you. And those are important.

These things are really important, and candidly, it makes a massive difference in your contract’s actual true rate. You’ll have companies that offer 1.5 to 2 percent, or whatever percent it is, but then what you don’t realize is they charge you an invoice processing fee of five dollars, or they charge you a wire fee, or a payment fee, or an ACH fee, or a buyout fee.  

BasicBlock doesn’t charge any extra fees or ancillary fees. We’re super transparent about what we charge. It’s two percent. For us, it’s just flat, and the other part is there are no buyout fees – no penalties for leaving for us.

4. What’s the best legal way to part ways with your factoring company? 

A factoring company we’ve been stealing a lot of customers from plans to charge a $750 fee to truckers to switch companies. That’s so shady.

Fortunately, we offer a free service to connect truckers with a lawyer who can help review their contract and determine the difficulty of switching. It’s challenging to leave some companies, but we’re available to help truckers understand what it would take to get out.

5. Can someone still use BasicBlock if they’re under contract with another factoring company? Can they factor for companies with UCC filings that include accounts receivable? 

Unfortunately, factoring requires a commitment to one company, which can be a downside because BasicBlock could win more truckers with our service alone. 

To answer the second part, UCC filings on accounts receivable may prevent BasicBlock from factoring for trucking companies. Depending on the situation, carve-outs may allow us to work with trucking companies if the UCC filing is for a different type of asset. 

That’s why BasicBlock’s agreements allow clients to leave for free, as there is no real contract.

6. With so many scams in trucking right now, how do you protect your customers from fraud? 

First, we look at a ton of variables on a load, an invoice, and a broker and carrier level. Specifically, we analyze all that to determine whether this is real and legitimate. Next, we do some data science to try and predict how and what is the likelihood of it getting paid back to us on time. Overall, we have a robust internal scoring system that we use.

So we’ve gotten good at this. That’s why investors give us millions of dollars. Moreover, many companies across the industry are coming to us to help them detect fraudulent invoices. We have some exciting partnerships with Boom Global and others to be announced soon. 

7. How should a carrier choose the best bank for them? 

As a truck driver, asking if they have RTP (Real-Time Payment) enabled when choosing a bank is important. Many banks, including major and smaller ones, are adopting this technology, but it’s important to confirm if the bank has it. 

Having RTP capability is especially important for factoring because you can get the experience of a wire at a fraction of the cost. 

Got more questions about factoring, banks, avoiding fraud, getting approved, or more? BasicBlock has got you covered! Contact the support line at (402) 242-5494 or email hello@basicblock.io to get the necessary answers to keep your business moving. Don’t hesitate to call and get the help you need today!

Want to get the full story? Listen to the full episode on the FreightCaviar Spotify. You can also read more about freight factoring from an interview with BasicBlock co-founder Brett Byman.

The post Seven Top Factoring Questions Answered By BasicBlock CEO appeared first on BasicBlock.

Everything is driven by data in trucking.

David believes in the power of data to drive his business forward. Initially, David used the money from his construction business to buy two semis he leased out. After seeing that he could do things better, he decided to start his own company.

From early on, David’s wife used Excel to collect valuable data, allowing him to predict his company’s growth and make detailed projections easily. By continuously studying the data and the market, they saw it was much more profitable to do triangle routes. He credits this strategy as one of the top ways he grew his trucking business. 

Data also showed them that they could beat out average DAT van rates by 20-30% consistently year over year, informing his decision to take a gamble and treat customers like spot rates. Now they run 50% from customers and 50% from DAT. That has allowed them to maintain a good position in the current market.

You’ll always need hard work and motivation.

When entering the industry, David didn’t have much trucking experience. He came from a carpentry and woodworking background. However, he had the motivation to excel at what he was doing and come out on top. 

““Everybody wants to know what is the success…I’m like, I just work harder than you,” he laughs. 

David was willing to sacrifice his personal life and comfort for the success of his business. For the first three years, he did not allow himself to go on vacation. For the next two years, his wife would go on vacations while he stayed behind. David says he is driven by an “obsessed motivation” to work harder than his competition.

And the current downturn hasn’t slowed him down. He says it’s the perfect time to prepare for another big leap. So it’s back to the excel sheets plugging and crunching numbers. 

“Five years ago we were at 30 trucks and today we’re at 260. So now is the time to plan and design what does a 1000 truck company look like.” 

Have a clear story and stick to your values.

Foremost, David’s goal has always been to “build a great company that enriches the lives of [his] employees.” David reveals they spent $1.5M on marketing to clearly and loudly communicate to customers what MigWay stands for as a company. 

“When you put something above money, I think everything else just starts to go to a different level, and the customers felt that,” he says.

One way David tries to change employees’ lives is by being there for them and their families in times of need. They’ve even hired a chaplain that drivers can reach out to 24/7. Prioritizing the needs of staff builds loyalty and strengthens retention. It also attracts new talent needed to grow your trucking business. 

Don’t lower your standards, and don’t lower your rates. 

“If you lower your rates, brokers will never let you raise them back up. They’ll just know you as the carrier that does two dollars a mile. We know our worth–and it always helps that we have so many trailers.”

David goes into a story about a shady dispatcher that used to work for MigWay (they didn’t last long) who tried to sneak in a load for one of their customers. The broker paid the MigWay rate, but the load didn’t make it on time because prior commitments superseded that one dispatcher’s underhanded decision. 

When the broker inevitably got upset, David didn’t sweat it. He took $500 out of their own money to pay the broker. He made it clear that MigWay delivers excellent service, and integrity is one of their highest priorities. 

“This sent a loud message that we don’t treat brokers like brokers. We treat them like customers. If the broker doesn’t appreciate our treatment, we don’t work with them–we block them–TQL was the first to go.” 

Build strong relationships that last.

To grow your trucking business, relationship-building skills are essential. During the hot season, David went all in, focusing heavily on building and maintaining relationships with customers who needed freight moved. At that time, David’s approach was to be a backup for his customers rather than commit to specific volumes. He always made sure to be transparent and always deliver on promises. 

David told customers to call whenever they had overflow, and they would pay the MigWay rate. This strategy paid off. One week he had 200 trucks on the road, and only two had come from a load board. These relationships continue to fuel MigWay’s growth. 

Catch the full episode on the FreightCaviar Spotify or Youtube channels to hear more, including David’s plans to grow his trucking business to 1000 trucks by 2029.

The post Five Ways To Grow Your Trucking Business appeared first on BasicBlock.

Mistake #1: Not Properly Planning Routes and Managing Deadhead Miles

One of the most important aspects of trucking is proper route planning. This includes not only determining the most efficient routes but also taking into account factors such as traffic, weather, and tolls. Not properly planning their routes results in wasted time and increased fuel costs. 

• Remember to check for road restrictions and weight limits using routing software.
• Routing software will consider factors like distance, time, and fuel costs to provide the optimal route. 
• Keep in mind any special requirements for the type of load you’re carrying that may affect your route. 

Additionally, often owner-operators are not aware of the concept of deadhead miles, which refers to miles driven without a load (non-revenue generating miles). These miles can add up quickly and significantly increase operating costs. Look for ways to minimize deadhead miles by seeking out backhauls or round trips. Another popular strategy is the “triangle” route. 

• Check load boards regularly to see if there are any nearby loads to pick up on your return trip. 
• Network with dispatchers and brokers to see if they have something available for you to pick up on the return. 

Mistake #2: Not Properly Maintaining Vehicles

Proper vehicle maintenance is crucial for the safety and longevity of your truck. However, new owner-operators often make the mistake of neglecting regular maintenance tasks such as oil changes, tire rotations, and brake inspections. This not only puts the truck at risk of breakdown but also increases the likelihood of accidents on the road. 

To avoid this mistake, new owner-operators should develop a regular maintenance schedule and stick to it. Additionally, you should keep detailed records of all maintenance performed on the truck, as this will be required by the Federal Motor Carrier Safety Administration (FMCSA). Typically, you should perform the following maintenance tasks at regular intervals:

• Oil and filter changes: Every 5,000-7,500 miles or as specified by the manufacturer.
• Tire rotations and replacements: Every 10,000-12,000 miles or as needed.
• Brake inspections and replacements: Every 30,000-60,000 miles or as needed.
• Engine and transmission inspections: Every 100,000 miles or as specified by the manufacturer.
• Other regular maintenance tasks: Such as checking and replacing hoses, belts, and filters, inspecting the battery and charging system, and checking the fuel and air systems.

Mistake #3: Not Using a Factoring Service

Freight factoring can be highly beneficial for new trucking companies. Of course, the main benefit is quick access to funds. Factoring allows a trucker to receive payment for invoices immediately rather than waiting for 30, 60, or even 90 days for payment from customers. This helps owner-operators manage cash flow and cover operating expenses more effectively.  

Not only that, factoring can reduce the administrative burden of invoicing, collections, and credit checks, freeing up time and resources to focus on core business activities. 

Traditional factoring companies are known for not making it easy for new and smaller trucking companies to use their services. But now companies like BasicBlock.io are changing the way things are done. 

BasicBlock removes the limitations for new owner-operators by not requiring minimum volumes of invoices, eliminating contracts that lock new companies into lengthy agreements, and offering a low factoring rate of just 2% with no additional charges.  

Mistake #4: Not Planning for Volatility and Uncertainty in the Market

The trucking industry is subject to fluctuations and changes in demand, prices, and regulations. New truckers often make the mistake of not planning for these fluctuations and uncertainties. This can lead to missed opportunities or financial losses. 

• Sign up for newsletters like FreightCaviar, which covers industry news and trends, changes in fuel prices, regulations, and customer demand and sends it directly to your inbox. 
• Diversify your customer base. Avoid relying on a single customer for the majority of your business. Work with multiple shippers and brokers to reduce exposure to market volatility.
• Build an emergency fund in a separate account to access in case of unexpected repairs or market downturns. 
• The trucking industry is cyclical, and you need to plan for slow periods when demand drops. 

Mistake #5: Not Properly Monitoring Profits and Losses

Profit and loss monitoring is crucial for the success of any business, and the trucking industry is no exception. New owner-operators make the mistake of not keeping accurate records of their expenses and revenues. Without this information, it is impossible to determine if the business is profitable or to identify areas where costs can be reduced. 

• Keep detailed records of all income and expenses, including fuel costs, insurance, maintenance, and other operating expenses. 
• Create a budget and stick to it as much as possible. This will help you understand fixed and variable expenses. 
• Minimize costs by shopping around for best costs on fuel, insurance, and maintenance. 
• Regularly analyze your financial statements to understand the strengths and weaknesses of your business and find areas of improvement. 
• Consider accounting software or working with a financial advisor to manage finances. 

It is important to avoid common mistakes such as not properly planning routes, neglecting vehicle maintenance, not using a factoring service, not planning for market volatility, and not monitoring profits and losses. With the right knowledge and experience, you can mitigate these new owner-operator mistakes and increase the chances of success for your trucking business. Stay informed about the industry, plan for fluctuations, and prioritize safety, efficiency, and profitability to build a successful trucking business.

(Image by prostooleh on Freepik)

The post Five Mistakes New Owner Operators Make appeared first on BasicBlock.

The FreightCaviar podcast dove into the fast-paced world of freight factoring with Brett Byman, the COO of BasicBlock.io. Alongside brand new FreightCaviar co-host Bob Kruz, Owner of MX Trucking and the Founder of the @usa_transportation page on Instagram, we discussed the thrilling highs and challenging lows of entrepreneurship in the trucking industry. 

Bob was there to throw out the hard questions and share his perspective as a carrier working to navigate the current downturn in the industry. With nine years of experience in the sector and a steadily growing fleet, he is pushing the limits and striving for even greater success. Bob’s aiming to have 20 trucks under MX Trucking by the end of the year. 

Bob is also a savvy social media professional, connecting with industry players and building relationships through Instagram. It was with his help that FreightCaviar grew into what it is today. FreightCaviar is lucky to have him join as co-host of the FreightCaviar podcast. 

Brett took us through starting and financing a freight factoring company and shared how BasicBlock worked to build a strong reputation in the stigmatized factoring sector. 

The Origin of BasicBlock

BasicBlock’s story is one of resilience and determination. In 2018, Brett and his partner, Taylor Monks, set out to leverage blockchain technology in trucking and transportation. They shelved that idea but kept the name and explored other products before eventually pivoting to freight factoring. 

Silicon Valley Had an Early Interest

An early investor in BasicBlock was Jason Calacanis, one of the most prominent VC investors in Silicon Valley. After having to gather a grant to afford a one-way plane ticket to San Francisco, Brett’s partner Taylor needed to come back with a check, or they’d be saying goodbye to the whole company. Taylor was able to get a 15-minute meeting with Jason Calacanis, where he told him, “Look, we have zero dollars in revenue, but we’ve pre-sold $40,000 in software.” Jason essentially thought he was crazy but figured he was going to do some amazing things and ended up writing him a $100,000 check. That was the first major capital Brett and Taylor were able to put into BasicBlock. 

Growth of the Freight Factoring Business

BasicBlock’s growth was almost too much to handle. The company quickly found itself burning through operating capital and having to repeatedly raise more funds to keep up with the growing factoring volume. Within just a matter of months, they were doing around $250,000. Brett says they were even considering “loan sharks” to get the money they needed. They were looking into every avenue to get the money to fund these invoices on the best terms possible. 

But with the help of some awesome lenders, and an $80 million round of debt and equity financing, BasicBlock has grown uninhibited. “Things were happening fast, so we had to learn a lot in a short amount of time,” Brett said. 

What has changed about how BasicBlock does business now? 

At first, Brett said the company was factoring for pretty much anyone, but as they grew, they started to work smarter and do their due diligence to figure out which brokers and carriers they shouldn’t be factoring for. 

“We’ve had bad experiences with both sides in the past.” Brett talked about how they’ve updated their standards. Now BasicBlock has really robust underwriting policies and procedures and its own tech that can augment and identify risk. This helps protect all parties involved.

“We have a team dedicated to vetting brokers and helping protect carriers,” he elaborates. 

Thoughts on the Current Market

Brett and Bob have slightly different perspectives regarding the current market. For BasicBlock, Brett says that he’s seeing many of these newer companies close their doors, but they were prepared to see that happen based on how the market was moving at the beginning of last year. 

Bob provided his insight based on the other carriers like MX Trucking around him. “From what I see, everybody’s struggling, but I feel like everyone is like, ‘I’m gonna be the last man standing,’ you know?” He sees a growing survivor mentality playing out among fellow owners. If they are on the brink of going out of business, they’re keeping it on the down low.  

As for himself, Bob said, “I’m waiting for better times…I’ve been working for two or three years since we’ve had this company, and I haven’t paid myself anything. Whatever we’re making, if anything, we’re putting it straight back into the company.” 

That’s where Brett and Bob agree. A lot of small owner-operators don’t realize how quickly money comes and goes. There are so many expenses that you don’t even realize how fast money is moving out. Brett says this is even more of a reason to work with a factoring company. 

What Sets BasicBlock Apart

“Factoring has built up a bad stigma amongst carriers over the last five to ten years,” Brett explained. And BasicBlock has a goal of changing that. BasicBlock has come in and eliminated long-term contracts, breaking free from traditional multi-year contracts that factoring companies made carriers sign. The company doesn’t feel the need to forcibly lock carriers into long-term contracts. Brett feels that the company’s transparency and dedication to serving carriers will build a reputation that speaks for itself. 

“Carriers can leave BasicBlock at any time. We rely on superior service and a superior product to keep them around.” 

BasicBlock has also done away with any ancillary fees. They advance 98% with no hidden or extra fees, so carriers know they’ll only be paying a flat 2% fee. Additionally, there are no minimums – companies can factor as many or as few invoices as they want with BasicBlock. 

For the full conversation with Brett and Bob, tune into the podcast episode on the FreightCaviar Spotify or Youtube channel. 

The post Talking Freight Factoring With Brett Byman appeared first on BasicBlock.

1. Increased adoption of electric and autonomous vehicles

One of the biggest changes in the trucking industry will be the increased adoption of electric and autonomous vehicles. Electric trucks have the potential to significantly reduce fuel costs and emissions, while autonomous vehicles could increase efficiency and safety on the roads.

Electric trucks are still in the early stages, and we’re lacking the infrastructure to make them a truly viable option for most,  but they have already shown promise as a cleaner and more efficient alternative to diesel-powered trucks. Tesla recently released its Semi, which boasts a 500-mile range, followed by competitors from Volvo, Freightliner, Kenworth, and more. 

I don’t think we’ll be seeing level-5 fully-autonomous trucks on the road in this decade, but I do believe that we’ll see more trucks integrated with autonomous software that will significantly improve safety on the roads and help eliminate human error. Some levels of automation can help companies to run their operations more efficiently by minimizing downtime caused by driver fatigue and allowing for more precise route planning. 

2. Greater use of telematics and data analysis

As technology continues to advance, we can expect to see more and more trucking companies using telematics and data analysis to improve their operations. 

Data presents so much opportunity and now powers multiple industries, and trucking is no different. If you’re not utilizing tools to capture, track, and analyze data–you’re letting money go down the drain. Telematics can give trucking companies a wealth of data on their operations, including driver behavior, vehicle performance, and fuel consumption. After analyzing this data, companies can easily identify areas to improve efficiency and reduce costs. 

Adopting telematics systems can be costly, and many companies may struggle to access the necessary funding to make this upgrade. This is where freight factoring companies like BasicBlock come in, offering a simple and efficient way for you to access your money when you need it. This frees up funds for you to invest in new technologies and stay competitive. 

3. More stringent regulations

Governments around the world are likely to impose increasingly strict regulations on the trucking industry in the coming years in order to improve safety and reduce emissions. This could include mandatory speed limiters, increased inspection requirements, and stricter fuel economy standards. This January, California’s ban on pre-2010 emissions spec engines went into effect, setting a new standard for trucking in the state. 

Regulations play a crucial role in shaping the trucking industry, and stricter regulations could have a significant impact on the industry in the coming years. For example, governments could require trucking companies to install speed limiters on their vehicles to help reduce the number of accidents caused by speeding.

Similarly, governments could require trucking companies to meet stricter emissions standards in order to reduce their environmental impact. This could lead to more companies adopting electric trucks, as well as more investment in other types of clean energy technologies.

4. Rising demand for last-mile delivery

With e-commerce continuing to grow, there is likely to be an increasing demand for “last-mile” delivery services, which involve getting packages from a warehouse or distribution center to the customer’s door. This could lead to more specialized delivery trucks, as well as more investment in warehouse and distribution infrastructure.

Consumer shopping behavior has changed. People are using their phones to make purchases of everything they need or want online, so the number of packages that need to be delivered to people’s homes is likely to continue to grow. This could lead to more specialized delivery trucks, as well as more investment in warehouse and distribution infrastructure.

For example, we may see more lightweight delivery trucks specifically designed for city use. We’ve seen companies testing last-mile electric carts, e-trolleys, and more. 

5. Increased use of logistics software

As the trucking industry becomes more complex, we expect to see more companies using logistics software to plan, execute and optimize their operations. The software can help companies to coordinate multiple carriers, routes, and loads, and it would help companies to reduce costs, increase efficiency and improve customer service.

Additionally, logistics software can also help to improve customer service by providing real-time visibility into the status of deliveries. This allows companies to quickly respond to any issues that may arise, such as delays or missed deliveries, and to provide more accurate delivery estimates to customers.

In summary, the trucking industry is facing a number of significant changes in the coming years. These changes could have a major impact on the industry, both in terms of costs and efficiency, but also in terms of safety and environmental impact. Trucking companies that can adapt to these changes will be well-positioned to succeed in the future, while those that fail to do so may struggle to keep up. Let’s drive on into the future. 

The post Five Changes in Trucking Coming in the Next Decade appeared first on BasicBlock.

Before we jump into the best brokerages, a few disclaimers: Google reviews don’t have a verification process like Glassdoor. So it helps to read through some of the comments and then decide for yourself. When we scrolled through for ourselves, the majority of the feedback came from owner-operators and company drivers. That means the carriers who’ve moved the loads heavily influence the overall ranking. 

Added to that, we started from the top. These companies made the  Transport Topics 2022 Top Freight Brokerage Firms list. Then from there, we searched each company’s local Google listing. For larger brokerages, we checked the HQ local listing. We’ve only included companies that had at least 30 individual ratings. 

So if you’re in the market for a freight broker that won’t rip you off, check out our list of the top freight brokers with the highest rankings on Google local listings.

Top 25 Highest-Ranked Freight Brokerage Firms on Google

Let’s take it a step further and talk about which freight brokers are going to actually pay you what you’re owed on time–because sometimes that outweighs the best Google ratings. According to our insiders, the freight brokers you won’t need to hound for payments are C.H. Robinson, Coyote Logistics, Armstrong Transport Group, and Gulf Intermodal. 

But what if you want the best of both worlds – top-tier service and hassle-free payments? That’s where factoring with BasicBlock comes in. They factor loads at 2% with no contract or additional fees. Stop worrying about sacrificing service for time or vice versa, and check out how BasicBlock can bridge the gap.

And there you have it, the best freight brokers to work with based on the highest Google ratings and our pro-tip for ensuring the best solution for your business. We hope this list makes your hunt for a reliable and trustworthy freight broker much easier. Happy hauling!

The post 25 of the Best Freight Brokerages to Work With According to Google Reviews appeared first on BasicBlock.

1. Aurora

Aurora innovation has set its commercial launch to mid-2024, assuring shareholders that they’ll be able to fund the deployment of its level 4 autonomous driver tech, Aurora Horizon driver. Shares are now down more than 90% from the company’s peak a year ago. 

The Silicon Valley startup was founded in 2017 and raised $2.5 billion in funding before going public in 2021. The company has made three acquisitions in its history. 

Aurora has been making headlines with the success of its self-driving truck pilot program, which has seen great results in productivity and safety. The company has piloted fleets with FedEx Corp, Schneider, Werner Enterprises, and Uber Freight. 

The company saw success with its FedEx fleet this year. “Throughout Q2, [Aurora] delivered over 335 loads by driving over 80,000 cumulative miles, with 100% on-time performance and no cancellations,” the team said. 

2. Kodiak 

Kodiak Robotics is one to watch in the autonomous truck industry, having already obtained permits to operate in a few different states and partnering with the US Army. The California-based company already hauls commercial loads using its level 4 autonomous vehicle technology. The company is wrapping up its most active year since its founding in 2018. 

Just this year, Kodiak has received a $49.9M grant from the U.S. Department of Defense, partnered with IKEA, U.S. Xpress, Werner, 10 Roads Express, and Ceva, and hauled freight in Dallas-Fortworth, Houston, Oklahoma City, and Atlanta, according to the company’s website. To date, Kodiak has raised $165 million in venture funding and took on $30 million in debt financing. 

In a recent demo, the company showed the crisis aversion capabilities of its tech in the event of a tire blowout.

3. TuSimple

TuSimple jumped into the autonomous truck space a bit sooner than its competitors, being founded in 2015 and quickly becoming a leader. 

The company has piloted fleets with UPS, DHL, Werner, Schneider, and more. Last December, TuSimple announced it completed the first autonomous “driver-out” demonstration on Arizona public roads – meaning no human was on board for the 1 hour and 20-minute trip. 

Recently, company drama has outweighed news of advancements. Last month the startup fired and replaced former CEO Cheng Lu amidst a federal probe into ties to a Chinese firm. A few weeks later, Nasdaq hit them with a warning for failing to share financial reports on time. 

It seems evident that current issues led to the end of TuSimple’s deal with OEM Navistar this month. 

4. Waymo

Waymo is a self-driving technology development company spun out of Google’s parent company, Alphabet Inc. Waymo is at the forefront of the development of autonomous vehicle technology, and most regard it as one of the leaders in the field.

When it comes to funding and years of experience, Waymo can’t be matched. Waymo began working on autonomous passenger vehicles in 2009 but didn’t branch into the heavy truck space until 2017. 

The company’s biggest accomplishments include launching the world’s first self-driving taxi service, Waymo One, in Phoenix, Arizona. 

The company has conducted several demonstrations of its self-driving trucks, including test drives on public roads in California and Arizona. In 2018, Waymo announced that it had completed a successful autonomous cross-country trip from California to New York with one of its trucks. The vehicle navigated more than 2,400 miles of highways and city streets without human intervention.

Waymo has partnerships with Daimler Trucks North America and Ryder Systems Inc. to develop autonomous trucks with Waymo technology integration for long-haul trucking. 

5. Einride

Stockholm-based Einride is a leading player in the world of autonomous trucking. Founded in 2016, the company has quickly established itself as a pioneer in the field and has already completed several successful pilots and road tests of its technology.

One of the key features of Einride’s technology is its use of electric drivetrains, which allows the company’s trucks to operate with zero emissions. Another unique feature is that Einride’s vehicles have no cab or seating area for a human driver. 

This month, Einride raised a massive $500 million Series C, including a $300 million debt financing from Barclays Corporate banking. It’s the largest autonomous mobility round in Europe’s history. 

In June, US regulators approved Einride’s operation on public roads. The company made history in October as the first cabless, autonomous, and electric vehicle to complete such a drive. 

The takeaway? 

It is difficult to make specific predictions about the future of autonomous long-haul trucking, as many factors could impact the development and adoption of this technology. Commercial success has yet to be seen. 

As e-commerce and global trade continue to expand, there will be a greater need for efficient and cost-effective trucking solutions. Autonomous trucks have the potential to meet this demand by providing reliable, high-capacity transportation at a lower cost than traditional trucking methods. Additionally, advances in autonomous vehicle technology are making self-driving trucks more practical and feasible.

How does the integration look with a company like BasicBlock? 

Freight factoring companies, such as BasicBlock, provide a range of financial services to trucking companies and independent truck drivers, including financing, credit protection, and accounts receivable management. At the core, BasicBlock helps trucking companies manage their cash flow, which is an essential aspect of running a successful business. 

Co-Founder and CEO Taylor Monks said in an interview that “The future of BasicBlock is more underwriting and credit extension, but with factoring being a key piece in the data element.” 

By leveraging the data from its factoring business, BasicBlock can provide its service to other finance-based products in the industry. For example, a financial institution considering a loan for a trucking company, autonomous or otherwise, could tap into BasicBlock’s real-time data to assess the risk level.

So, even in an industry based on autonomous trucks, freight factoring companies are likely to remain a valuable resource for trucking companies.

The post 5 Autonomous Trucking Companies to Keep An Eye On appeared first on BasicBlock.

Load boards can be helpful for smaller or newer trucking companies who can utilize load boards to seek out freight and build up their reputation and relationships with brokers and carriers. However, that is also a bit of a downside because you will need to compete with others who are just as motivated to land their first loads. That means the rates may be lower on average. 

Here we’ve compiled a list of free (and some free trial) load board systems for you to explore.  

Most Well-Known Free Load Boards

These well-known load boards do not require a subscription fee to use. However, the options won’t be as expansive as what you’d get with a paid service, but that’s to be expected. 

1. Convoy
2. Loadsmart
3. Freight Finder
4. Trucker Path
5. Trulos
6. DSSLN
7. Live Loads
8. Landstar
9. Check Freight Broker
10. NextLoad
11. Doft
12. Direct Freight

Free Load Boards from Freight Brokers and Shippers

Some brokers and shipping companies have developed load boards to post their freight. You can search for loads here, but it may not be the most convenient place to find loads quickly since you’re just looking at individual companies. 

1. Brokered Loads
2. Buchanan Hauling and Rigging
3. Greenbush Logistics
4. Harte Hanks
5. JB Hunt
6. Jones Logistics
7. Mercer
8. Prime Load
9. QT Inc
10. Reliant Transportation
11. TSH
12. Transport Investments
13. US Logistics
14. Werner
15. FindFreightLoads
16. Hoploads
17. Flock Freight

Premium Load Boards with a Free Trial Period

Your premium load boards will come with more options that help you navigate to better loads with better rates on the free boards–but they are still quite competitive. Another benefit is adding security and vetting to discourage scammers, but you should always do your due diligence. You can always try the free trial to see if the monthly cost is worth it for your company. 

1. TruckStop
2. Getloaded
3. 123 Loadboard
4. Dat

Always remember that you want these systems to work for you–not against you. While you may feel desperate to book those vital first loads, remember your cost per mile. Take some time to explore the different boards listed above to see what works best for your company’s needs. 

The post The Top Free Load Boards for Owner Operators appeared first on BasicBlock.