Leonard’s Express, an asset-based transportation provider located in Farmington, New York, has joined a pilot program to test a truckload rate forecasting tool from DAT Solutions that generates rate predictions based on current market conditions, price momentum, and five years of historic data.
“With a fleet of 450 trucks, we’re looking for ways to be predictive rather than reactive to market conditions,” said Mike Riccio, Chief Marketing Officer at Leonard’s Express. “Joining the pilot was a no-brainer for us, given our level of trust in DAT’s data and technology and our desire to make fast, data-based decisions about pricing. Forecasting data is what a carrier needs to profitably deploy equipment and ensure that they’re getting a rate that’s predicated on objective, high-quality information.”
The data forecasts spot and contract rates and accounts for short-term market effects, seasonal impacts, and long-term price trends, providing brokers and carriers with unmatched perspectives on the market. It leverages the power of DAT RateView, a database of $68 billion in annual market transactions and the industry standard in truckload pricing.
The rate forecasting data will be incorporated into a suite of new predictive rate and analytics tools that DAT will make commercially available in April, joining DAT Market Conditions Index, a new supply and demand indicator based on load and truck post and searches, transaction behavior, and historical trends; and Book Now, a one-click tendering feature that eliminates phone calls, lengthy negotiations, and manual processes for online booking.
Leonard’s Express is one of nearly a dozen carriers, freight brokers, third-party logistics companies, and shippers that are part of DAT’s early access pilot program. It has been a DAT load-board customer since 2001 and manages dry van and refrigerated freight, most of it under contract.
“At a time when insurance and other costs are causing tighter margins, Leonard’s Express can use our rate forecasting data to anticipate changes before as they occur and develop pricing strategies that improve their bottom line,” said Claude Pumilia, DAT Solutions CEO and President. “We’re excited to work with them and value their insight.”
About DAT Solutions
DAT operates the largest truckload freight marketplace in North America. Transportation brokers, motor carriers, news organizations, and industry analysts rely on DAT for market trends and data insights based on 183 million freight matches and a database of $68 billion in annual market transactions. As the industry standard in truckload pricing, DAT’s freight rate database also provides the index prices for freight futures contracts. Founded in 1978, DAT Solutions LLC is a wholly owned subsidiary of Roper Technologies (NYSE:ROP), a diversified technology company and constituent of the S&P 500, Fortune 1000, and Russell 1000 indices.