Are you a small Fleet owner with one to three trucks? In this week’s episode of the Freight Guru Podcast, our host, Luis Lopez talk about how to generate $10,0000 in revenue on the spot market per truck, per week alongside guest, Jeffrey Aranguran, Operations Manager at FTL Hub, Full Truckload diction using DAT Load Board.
Listen to the full Episode here
First of all, let’s clarify what is a spot rate, “It’s when a carrier offers a shipper a rate on the spot market to move a load, usually urgently from one point to another.” These types of rates compared with contracts are dynamic and can change multiple times in one day.
Contracted rates are somewhat dependent on supply chains and their requirements like weight, destination shipping, reconvening requirements, and, sometimes truck or trailer types. For example, there are two types of 53-foot trucks, reefers (refrigerated) or temperature-controlled, and flatbeds.
Take a listen to these past episodes to set yourself up for success in the trucking industry:
How To Start A Business in 2021 – The Freight Guru Podcast Ep. 20
Owning VS Leasing Trucks – Truck Industry Entrepreneurs
“Learning how to find ways to improve my business” – The Conference Room
Choosing to work with the spot market can fluctuate and more attention is needed, however, it allows more flexibility on the types of loads and destinations you want to go to using DAT.
TIP: Depending on the state of the market, you want to book your loads far in advance. However, in a bearish market, you want to beat the competition and get up as early as possible to book your loads. Also, you want to pre-book your loads the day before if given the opportunity to secure your cargo.
DAT is a load board where brokers and shippers post non-contracted loads to be booked or “spotted.” If you have a valid DOT number you can subscribe to power.dat.com to book your loads. It is an innovative alternative to long hours of cold calling or email blasting to procure a load. Also, you can post a truck, letting brokers know that you are in need of a load, and you can get as specific as you like.
DAT Zone Map (Downloadable PDF) is a great resource to be aware of the current state of the market, what are accurate rates per tuck and load in your location. It provides an estimated cost per mile depending on your chosen destination. This way you can estimate your budget and ROI per load.
Accurately calculate your miles using TruckHub mileage calculator, a free TSA connecting shipper, brokers, and drivers for any load and any tuck on our website FreightGuru.io
Top 3 on How to make more out of DAT:
Stay consistent on the Spot Market – be aware of the state of the market and ask yourself if loads are staying on the board? If loads are disappearing as soon as they’re posted on DAT then it’s a bearish market and you need to do your due diligence.
Have the proper infrastructure – hire the right drivers, invest in the right trucks, find the best options for your business like considering leasing vs. owning your vehicles.
Be data-driven – Use minimal and simple web-based solutions to make your day-to-day operations a success. Subscribe to DAT, learn the zones, and book your loads.
Next Episode 22: Luis and Jeff take us step-by-step on how to book a load on DAT and how to generate $10,000 revenue per week.
Download a Free DAT Zone Map here
- Dead haul – When a drive is on route with an empty trailer or truck; It usually happens when a driver is on their way to pick up a load or has left a load.
- ELD – Electronic Logging Device
- Head haul – A load that is heading to its destination.
- Back haul – Route a driver takes to reach the head haul market, or pick up desired load and route.
Recommended Logistics and Trucking companies:
LTL Services – https://goltlhub.io
Hazmat Services – https://gohazmathub.io
TMS – https://mytruckhub.com
Logistics Services – https://gofreighthub.io
Fulfillment – https://www.sunshipecommerce.com
Warehousing – https://gowhsehub.io