McLeod Software integrates FreightWaves TRAC truckload spot rates with PowerBroker, LoadMaster
Chattanooga, Tennessee - December 19, 2022: Birmingham, Alabama-based transportation management system provider McLeod Software recently announced that it had integrated FreightWaves’ TRAC truckload spot rates into its core software products, PowerBroker and LoadMaster.
”We’re excited to offer visibility of the TRAC rates from FreightWaves into our application,” said Dacia Gulledge, Product Owner of Interfaces at McLeod Software. “This integration gives customers a powerful tool in the load buying and selling process to ensure they remain both competitive and profitable.”
McLeod Software is a leading transportation technology company that has built TMS software for the trucking industry for 35 years and established a broad base of 1,200 customers in North America. FreightWaves, founded in 2016, has become the nerve center of global supply chain intelligence, specializing in high-frequency fundamental freight market data.
This integration is now live, pushing spot rate data via API into McLeod’s products for truckload carriers, freight brokerages, and 3PLs.
The rates are built by FreightWaves from electronic truckload booking transactions submitted by members of the Trusted Rate Assessment Consortium, representing approximately $16 billion in annual spend.
“I'm thrilled to have FreightWaves SONAR data available in McLeod's suite of tools,” said Daniel Pickett, Chief Technology Officer at FreightWaves. “McLeod has a great team down the road from us in Birmingham. The McLeod team has decades of experience and they understand the day-to-day business of trucking in a way that very few technology companies ever will. We've been meeting with them and talking about how to help our mutual customers for several years now. Finally, PowerBroker and LoadMaster users will be able to take advantage of the most timely, high-frequency trucking data available. With the extreme rate and diesel volatility, McLeod users will now have the ability to use data from yesterday, instead of a few weeks ago. SONAR plus McLeod is a competitive advantage in this tough market, and we can't wait to hear the success stories from our mutual customers."
Lane-level market average rates from TRAC are available in McLeod’s rate index calculator, a tool in PowerBroker and LoadMaster. In the rate index calculator, users enter an origin-destination pair and a trailer type to return a market average truckload spot rate.
The user can click “Swap” to automatically swap the origin and destination to see the average rates coming the other way. Users can configure automated target and max pay calculations using FreightWaves TRAC rates, making their pricing more responsive to the market. The Rate Index integration also supports single-click access to the FreightWaves SONAR web portal for each rate listing that opens a browser window with that rate information pre-populated.
FreightWaves TRAC spot rate data is integrated throughout McLeod’s workflow, available for orders, movements, quotes, offers, and load tenders.
FreightWaves TRAC rates are also available in McLeod’s optional Pricing and Bid Management module. The third-party rate data from the Pricing and Bid Management module can be compared against internal rates, and the rate comparison can be customized to select which of the third-party rates is included.
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About FreightWaves TRAC
FreightWaves Trusted Rate Assessment Consortium (TRAC) spot rates can be used for benchmarking, analyzing, monitoring, and forecasting rates for brokers, carriers, and shippers. FreightWaves TRAC collects data daily from a consortium of key market-driving companies adhering to a standardized protocol. With the International Organization of Securities Commissions (IOSCO) compliance, the FreightWaves TRAC Spot Rate methodology uses high-frequency data to provide better insights into freight pricing and help you make profitable decisions.