The trucking industry is a vital part of the North American economy. Trucks transport goods across the continent, connecting producers with consumers. The truckload (TL) freight sector focuses on full truckload shipments, where a trucker is contracted to transport an entire trailer from origin to destination. There are several large players operating truckload freight marketplaces in North America which connect shippers (companies with goods to transport) with truckers looking for loads. This article will explore the major truckload freight marketplaces operating in North America and analyze which is the largest based on membership, load volume, revenue, and other factors.
What is a Truckload Freight Marketplace?
A truckload freight marketplace is essentially an online platform that connects shippers looking to move full truckloads with truckers/carriers who have capacity available. Shippers can post their loads on the marketplace while carriers can browse available loads and bid on them. These marketplaces aim to streamline the procurement and management of full truckload freight, thereby reducing inefficiencies and Benefits of using a truckload freight marketplace include:
- Shippers can easily access a large network of carriers and manage the bidding/tendering process.
- Carriers get access to loads from many different shippers in one place.
- Reduces time and effort to secure loads/trucks compared to traditional phone calls and faxes.
- Increased transparency in pricing.
- Automated processes for booking, tracking, payments etc.
The biggest truckload freight marketplaces operate nationwide networks with thousands of shippers and carriers as members. They leverage technology to optimize matching of loads and trucks. Load boards, real-time tracking, rating systems, and digital document management are some common features. There are also regionally focused truckload marketplaces operating in North America.
Major Truckload Marketplaces in North America
Some of the largest truckload freight marketplaces operating in North America include:
Truckstop.com
Truckstop.com is one of the biggest digital freight matching platforms in North America with over 650,000 members. The marketplace connects shippers and carriers for all kinds of freight including dry vans, flatbeds, refrigerated, LTL, intermodal etc. But truckload freight matching is a major focus. Key statistics of truckstop.com include:
- Over $5 billion in freight transactions annually
- Around 6.5 million loads posted per year
- Over 90,000 companies as members
- 530,000+ drivers using the load board
- 120,000+ fleets and brokers as members
It offers shippers spot market and contract rates for truckload freight while carriers can find loads across van, reefer, flatbed and other equipment types. The Truckstop.com platform also includes digital document management, tracking, carrier profiles, freight-matching and other tools. It generates revenue through membership fees, transaction fees and advertising.
DAT Solutions
DAT Solutions operates several leading digital freight platforms including DAT load boards, rate view, trucker tools, and broker software. Key stats for this network include:
- Around $68 billion in annual freight transactions
- Over 1 million load postings per week
- 750,000+ trucking companies and brokers using DAT load boards
- RateView has 700 million+ contract rates and $110 billion in annual volume
DAT’s load boards help carriers find spot market dry van, refrigerated and flatbed truckload freight across North America. The DAT network is one of the largest in the region covering the US, Canada and Mexico. Shippers and 3PLs can post, track and manage truckload freight while carriers can search, filter and bid on available loads.
Uber Freight
Uber Freight is a relatively newer digital truckload marketplace launched in 2017, but it has quickly grown to become one of the top players. Key stats:
- Over 400,000 drivers in the Uber Freight carrier network
- 50,000+ shippers as customers
- $11+ billion in annual freight transactions
- 750+ freight brokers
- Operates in US and Canada
The Uber Freight platform leverages technology and logistics expertise to optimize truckload freight matching. Shippers can access capacity to move full truckloads (dry van, reefer etc) based on real-time rates and carrier availability. There is focus on simplifying pricing and load tendering. Uber Freight uses APIs to integrate with shipper transportation management systems.
Convoy
Convoy is a digital freight network built around algorithmic matching of truckload freight. Key details:
- Over 500,000 trucks in the Convoy carrier network
- 10,000+ shippers and brokers connected
- 95% of loads matched within 30 seconds
- $4.2 billion in freight moved in 2020
- Mainly focused on dry van TL freight
- Operates in Lower 48 states
The company uses machine learning models to automate bidding, matching, and pricing of truckload freight. This gives shippers access to guaranteed capacity at competitive rates. Convoy’s app and APIs also allow tracking, digitized paperwork and real-time communication between shippers and carriers.
Which is the Largest Truckload Freight Marketplace in North America?
Analyzing the major freight marketplaces based on key metrics like membership, load volume, annual revenue, shipper base and other factors provides insights into relative market position and leadership:
Truckstop.com
Truckstop.com is likely the largest truckload freight marketplace overall in North America based on total membership (over 90,000 companies), load volume (6.5 million annually), and estimated annual revenue. However, it focuses on spot market truckload freight across van, reefer and flatbed.
DAT Solutions
DAT operates the largest load boards for dry van spot market TL freight. RateView also provides extensive contract rates. However, DAT is more carrier-focused compared to other marketplaces.
Uber Freight
Even though Uber Freight is relatively new, it has quickly emerged as a top player in the truckload freight marketplace segment. Uber’s brand recognition, scale and technology resources give it an advantage.
Convoy
While Convoy doesn’t disclose financials, the asset-light digital model indicates strong growth. Convoy has raised significant funding and focuses on automating TL freight markets.
Conclusion
The truckload freight marketplace is still highly fragmented with several large players competing. Truckstop.com likely leads the market currently in terms of membership, load volume and annual revenue. DAT Solutions operates the largest spot market load boards. Uber Freight and Convoy are growing fast leveraging technology and automation. But the market is still evolving quickly and leadership positions could change in coming years. Rapid innovation focused on digital connectivity, automation and analytics will be the key success factors to grow share in the North American truckload freight marketplace industry.