Ep. 14 | Spot Freight Rates Explained (What Spot Rates Are, How Long Spot Quotes Last and When to Use Them)

Beyond The Road (The Transportation Industry Podcast)

Sometimes, moving freight can be a frustrating process. Struggling to get solid pricing commitments from your transportation providers is more than frustrating though; it’s harmful to your bottom line and reputation.

In the pursuit of making yours a company that always delivers for its customers, understanding your transportation spot rates is crucial.

Too often, good businesses fall short of their goals and renege on their commitments because the rate(s) they received initially wouldn’t execute their shipment. Instead, these companies face the unfortunate reality of unplanned rate hikes which cut into their take-home margins.

Without understanding how long a typical spot rate is good for, how they’re calculated and what you can do to receive competitive ones you may face more frustration in the future.

In this episode of Beyond The Road we sit down with a transportation industry sales professional to talk all things spot rates.

Information Covered in This Episode:

• What is a Spot Freight Rate?
• When Does it Make Sense to Move To Contract Rates?
• What Do Transportation Companies Consider When Providing Spot Rates?
• How Does Urgency Impact a Spot Quote?
• What Does Pricing a Spot Quote "To Execute" Mean? & How to Choose a Rate
• How Long Are Spot Quotes Good For?
• How Does a Carrier's Size Impact Their Ability To Stand By a Spot Rate?
• Common Mistakes Shippers Make When Requesting a Spot Rate

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Related Content:

• 8 Tips For Receiving The Most Accurate Spot Quotes Possible
• How Long Are Spot Freight Rates Good For?
• The Pros and Cons of Spot Vs. Contract Rates

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1. Topic Intro (00:00:00)

2. Meet Brandon Voigt (00:01:25)

3. What is a Spot Freight Rate? (00:04:17)

4. When Does it Make Sense to Move To Contract Rates? (00:06:51)

5. What Do Transportation Companies Consider When Providing Spot Rates? (00:09:33)

6. How Does Urgency Impact a Spot Quote? (00:11:33)

7. What Does Pricing a Spot Quote "To Execute" Mean? & How to Choose a Rate (00:14:22)

8. How Long Are Spot Quotes Good For? (00:17:44)

9. How Does a Carrier's Size Impact Their Ability To Stand By a Spot Rate? (00:23:01)

10. Common Mistakes Shippers Make When Requesting a Spot Rate (00:24:47)

11. Wrap-Up and Offers (00:27:36)