Everyone can succeed when the sun is shining. But when there’s a downpour, you need a metaphorical umbrella and the tools to plan the adventures you’ll have when the sun shines. If you’re reading this, it means you have the largest umbrella on the planet, DAT analytics.
Click here to access “Freight Focus,” our annual report reviewing 2023 and looking ahead to 2024
Pricing
It’s no secret that spot pricing has been declining all year. This has been a challenging market as the number of spot load posts are down 41% year over year (November 2022 to November 2023) and truck postings are down 18%. Brokers and carriers have faced extreme financial pressure this year. There are fewer opportunities, and it’s paramount to make each count toward your margins. DAT’s collection of $150B in contributor spend, coupled with our pricing tools, gives brokers the confidence to price and maximize margins in the storm.
Volatility
As if the steadily declining spot pricing hasn’t been enough, several events made the market more volatile. These events include but are not limited to an auto workers strike, a potential UPS strike, the exiting of Yellow, Meadow Lark, and Convoy, among others. We take the ripple effects of the market seriously. Your business isn’t a joke – that’s why we offer resources like DAT iQ Live, where our experts break down the market and its implications for you.
Get the clearest, most accurate view of the truckload marketplace with data from DAT iQ.
Tune into DAT iQ Live, live on YouTube or LinkedIn, 10am ET every Tuesday.
Fraud
At DAT, we’re taking proactive steps to protect against cyber threats via:
- Implementing stronger password criteria
- Round-the-clock third-party security monitoring and testing
- Enabling two-factor authentication
- Creating a fraud protection resource library and a live dashboard, where you can check for alerts
- Enhanced network participant vetting processes
- Maintaining a 100% response rate to reports
DAT has also created a new risk-assessment engine that uses machine learning and AI to aggregate data and produce the industry’s most comprehensive, real-time measure of a motor carrier’s risk exposure to the broker. The engine factors several types of information into its assessment:
- Monitors data exclusive to DAT, including search and posting behaviors on DAT One.
- Continuously checks the completeness and accuracy of carrier profile information.
- Automatically flags suspicious activity.
By integrating MFA with in-depth identity verification data, we can now provide an unparalleled assessment of risk, ensuring even tighter access to the DAT marketplace.
How everyone can fight bad actors
- Study DAT’s resources – Knowledge is power. Familiarize yourself with the latest news and updates about fraud in logistics with DAT’s library of fraud protection resources.
- Report bad actors – Have you encountered fraudulent actors in your network? Don’t let them get by – report them to us so we can ensure other users won’t encounter them and they are removed from DAT’s ecosystem. We maintain a 100% response rate to these reports. Additionally, if you become the victim of a cyber crime, immediately report it to IC3.gov.
- Don’t hesitate to ask questions – As always, DAT is here to help. If you’d like to speak to our compliance department, please call 800-547-5417 or email us at compliance@dat.com.
It’s time to plan
The year is almost over. We are likely to face similar challenges early next year, but at some point, the sun will come out. As sure as the sun rises, the freight market ebbs and flows. Now is the time to be thinking about your brokerage’s short and long-term strategy.
What is your plan for Q1, 2, and 3 next year? How will you know when the market will turn and make your pricing decisions? Ratecast can help.
How do you build a capacity solution for the next downturn? DAT One and Lanemakers can help.
Please reach out to your customer success team member if you have any questions or if you would like more information about how DAT can help your brokerage use any of our tools.
