CHATTANOOGA, Tenn. — FreightWaves announced during its F3: Future of Freight Festival on Wednesday new SONAR features as well as data contributor growth for its Trusted Rate Assessment Consortium (TRAC), which provides daily transactional spot rate data.
“We’ve added seven new contributors and now we have several dozen contributors that represent the largest logistics service providers in the country,” Daniel Pickett, chief data and technology officer, told the audience in Chattanooga, Tennessee.
With its additional contributor relationships, FreightWaves has built data partnerships with 30% of the top 100 brokers and 3PLs, adding to TRAC’s reliability and accuracy.
TRAC data also will be added to SONAR’s Supply Chain Intelligence (SCI) platform, enabling customers to leverage the data while managing their RFP processes. The TRAC Benchmarking tool will give customers a unique way to see how their businesses stack up against the industry.
Flatbed rates
FreightWaves SONAR has been collecting flatbed freight data since 2019, although the velocity of that data had not reached certain thresholds for analysis.
Pickett on Wednesday confirmed that flatbed spot rate pricing, currently available to clients via an API connection, will soon be available in TRAC.
“You’ll be able to quote flatbeds to and from key market areas. … [Flatbed now pulls] the data density that we feel good about quoting and is accurate to the transaction level,” said Pickett. “This is a long time coming and we’re excited to get it out there, get feedback and ultimately hope that we have more companies who want to join the consortium, contribute their data and continue to make our data products superior.”
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