FreightWaves SONAR has added three new data sets to our vast array of market data. As we have watched the shift in capacity supply create low rejection rates while tender volumes remain relatively steady, it is increasingly important to understand the rate at which carriers are exiting the industry. This is why FreightWaves is excited to announce a partnership with Carrier Details to bring the most up-to-date revocations data into the trusted source of truth for supply chain professionals. Three key pieces of information have been added through this partnership: Net Revocations, Total Authorities and Net Changes in Authorities.
Net Revocations reflects the volume of carriers exiting the industry. This is one of the most difficult pieces of data to gather as many trucking companies will simply stop driving and allow their authority to go inactive over time. Total Authorities captures current active authorities. Having this data within FreightWaves SONAR and being able to compare it with more than 300,000 other unique data sets provides clearer visibility into the capacity market today. This data is also updated and reflected in our Total Count of Tractors tickers, which convey tractor quantity based on fleet size.
Authority change is the most critical piece of information and quickly conveys the change in supply and demand in the trucking industry. It is also a better indicator of changes in capacity because it tells how quickly capacity is moving in either direction. Historically, we can see how much capacity was added back in 2021, and this is the foundation for our stance that there has been a significant oversupply of capacity in the market, which can be confirmed based on the drop in tender rejections while volumes have remained stable.
Government data has spikes or dips as government agencies catch up on or manage data delivery. Since carriers often let their authority expire and don’t immediately shut it down, this type of data will never be completely accurate. What is valuable is the directional change in the market and the ability to achieve real applications by comparing to other relevant data.
The co-founders of Carrier Details founded PostEverywhere and Saferwatch, similar robust and trusted data sources. The team has a true understanding of what it takes to mine and provide a real picture of each individual entity that has a USDOT number. Carrier Details’ data is unparalleled in being able to provide a profile for every authorized carrier or brokerage. If there is data available about transportation providers, Carrier Details has tapped into it. This removes the government spikes or dips in data delivery and provides data with the highest degree of frequency and accuracy possible.
“We really value the partnership because we look at FreightWaves as the source of truth in the industry, and we know that the data product we have built can support a more accurate portrayal of capacity in real time,” sais Kathy Sardelli, co-founder and director of business development at Carrier Details. “We mine the ‘boring’ data that others don’t have time for. We dial into the intricacies of each USDOT entity for an accurate profile, and when you are getting to that level, imagine what the larger view of the market can look like.”
This means users of FreightWaves SONAR can be assured that the capacity supply and demand presented in SONAR are more accurate than anywhere else, providing a proactive view of the sentiment in the carrier market. As SONAR moves forward with industry-leading data delivery, expect powerful partnerships and innovation at every turn. Stay tuned for what’s next.
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