An economic indicator sheds light on the trucking industry

The spot market rate can help us indicate not only the economy within trucking but for the nation at large as well. Most use a contract market to get their shipments and orders, having to wait weeks at a time, or use they can use a spot market as another option. Spot markets provide a market for drivers at any given moment and location. An everyday example of spot market is Uber or Lyft. Creating and adapting a similar module to the trucking industry can create more efficiency at a time where logistic, operation, and transportation costs are on the rise for trucking companies all over. As prices soar, spot markets are becoming more and more popular in the industry and are competing with contracted hauls. Considering the increase in demand for goods since the pandemic, paired with the rising costs and multiple factors slowing the trucking industry down, it is vital that we pay attention to different technologies that bring the trucking industry back on track.

The hope is that as we slowly exit the pandemic, and current international affairs and economic statuses stabilize, the spot market will be way more efficient. Demands for goods will slow down, and trucking technology will continue to improve, only setting the trucking industry up for success.