Supply chain executives at companies ranging from freight brokerages to factoring companies discussed impacts of the freight cycle, technology and lower margins during Freightwaves’ Future of Supply Chain event in Atlanta. Here’s what you need to know.
This week, training software for the DOD is serving the freight community; CargoSense closes its Series A; a trucking company adds autonomous offerings; and Truckstop.com hires a new CFO.
The rapid introduction of new competitors and technology in freight is producing a rapid downward trend in brokerage gross margins. To remain competitive, cost visibility and controls are paramount.
OTR Solutions announced its acquisition of Epay Manager to enhance its fintech products with a distinctive audit-proof invoicing system.
Brokers and carriers are still feeling the sting of the ongoing freight recession, and factoring companies can be critical partners during this time.
Strong partnerships will be necessary to ensure carriers can keep moving — and keep getting paid — into 2024, allowing for a more measured approach for owner-operators and fleets to manage their cash flow.
FreightWaves’ Rachel Premack spoke with OTR Solutions’ EVP Clayton Griffin about the current state of freight brokerages and the risk they pose to carriers.
A white paper by factoring company OTR Solutions highlights risks it sees from the combination of 3PL bankruptcies and asset-based lending.
Convoy and OTR Solutions have issued a joint statement saying that the situation has been resolved.
“In an era where financial empowerment can impact the success of companies and the livelihood of small business owners, we’re making sure the trucking community can take advantage,” says OTR CEO Fritz Owens.
On a practical level, being dedicated to drivers includes making sure they bring home reliable, predictable paychecks. C5 Expedite has partnered with OTR Solutions to pay drivers on a weekly basis.
“Cash flow and back-office support has always been a large part of what we do. Yet there are so many other ways to help small and midsized carriers better compete in the industry, to not only survive tough market conditions but thrive during the better days as well,” said co-founder and CEO Fritz Owens.
