MILLBRAE, Calif., Oct. 27, 2020 /PRNewswire/ -- Cargo Chief, a technology provider that enables 3PLs to more effectively and efficiently buy trucking capacity, announces the commercial release of LaneMaster, the transportation industry's first real-time full truckload (FTL) rating engine.
LaneMaster gathers true freight pricing data through a consortium of leading transportation management software (TMS) and technology providers.
"LaneMaster helps 3PLs grow their margins and speed rate negotiations with carriers by setting realistic pricing targets using the most current, accurate and relevant rate data in the industry," said Russell Jones, Chief Executive Officer and Co-Founder of Cargo Chief. "Uniquely, LaneMaster shows users what other professionals are currently paying in the requested lane to build confidence in negotiations."
LaneMaster's innovative consortium model gathers high-definition, anonymous FTL rate data the moment that loads are booked. The pricing data is updated instantly from thousands of daily transactions to include origins, destinations, mileages, trailer types, pick up dates, and rate details. Names of the shippers, 3PLs and carriers listed in the freight transactions are not shared.
"I've used the other rating tools out there, but LaneMaster has met market accuracy time and time again, winning us more opportunities," said Patrick Carroll, Director of Operations and Pricing for RoadOne LogisticSolutions, a Tampa, Fla.-based provider of end-to-end drayage brokerage and related logistics services. "Seeing transactions as they're being booked helps us from being upside down on a load by knowing actual costs instead of guessing."
LaneMaster has a sophisticated data cleansing process and uses an exclusive Algorithm developed by experienced PhD data scientists that ensures quality and consistency in FTL rating. The Algorithm updates the secure LaneMaster rate database by using modern APIs that integrate with TMS systems to capture rate details from actual freight transactions, not from "teaser" rates posted in load boards.
"As a daily export contributor of more than 1,000 loads per week, and as a user of the LaneMaster product, I know firsthand that this is the most accurate and up to date rate engine on the market," said Omar Singh, CEO of Surge Transportation, a Jacksonville, Fla.-based truckload freight broker. "We are integrating the API into Surge's real-time rate engine and our pricing department is using this information to provide customers and carriers with the most accurate rates available. I expect that this will not only increase our market share by fostering more collaborative partnerships, but also increase our EBITDA by 25%."
Market-leading transportation technology providers who have or will be integrating with LaneMaster include: AscendTMS, BrokerPro TMS, ePay Processor, Freightgate TMS, HubTek, LoadStop TMS, Navigator TMS, SwanLeap TMS and Cargo Chief's C4. All partners in the consortium are or will resell the LaneMaster services to shipper, 3PL and carrier customers.
LaneMaster is a modern consortium of freight brokers, carriers, shippers, TMSs and load processors, that share anonymized transaction data, as it is developed so LaneMaster members have an information advantage leveraging the industry's first real-time pricing engine. LaneMaster members also have access to powerful reports that score Account Executives, CRs, Lanes, Shippers and Carriers to market averages to uncover opportunities to improve operations. For more information visit www.lanemaster.com or email [email protected].