Know where freight rates will head in the future.
SONAR’s predictive freight rate tool uses market data and artificial intelligence to forecast spot rates for today, next week, next month, next quarter, six months and a year from now. The predictive trucking rates widget calculates mileage and shows a total with or without a fuel surcharge.
The SONAR Predictive Rates app forecasts trucking rates for the route between any two locations. Using FreightWaves’ extensive data sources, SONAR aggregates estimated future rates for your selected route up to a year in advance and even calculates the low, high and median prices.
Rates are forecasted by looking at the historical rates and future direction of the market, taking into consideration seasonal effects.
To use the top logistics rate forecasting platform, simply input your route’s origin and destination and you will see a breakdown of freight rate forecasts for dates that from today up to one year in the future. The SONAR freight forecast model adapts to current freight market conditions and changes based on a real-time and historical freight market data models.
SONAR’s Predictive Rates app gives you the option to choose between van rates or reefer rates (beta). Having the ability to choose which equipment type you would like to view will give the user more information and help them make more informed decisions.
SONAR Predictive Rates will automatically calculate a range of future rates for your selected route. Users even have the option to adjust the line-haul calculation using a fuel surcharge.
SONAR tracks routing guide compliance by tracking tender rejections and other data to determine if routing guides are likely to break down in the near future. This data is then compiled and compared to other data sets, including over $200 billion of financial and operational data from hundreds of carriers, brokers and shippers.
Combine SONAR’s Predictive Rate tool with various data sets to make powerful decisions.
In every single market, a portion of the capacity is destination-agnostic. In other words, carriers don’t have a preference of destination for their trucks and are willing to take loads anywhere. Once this discretionary capacity leaves the market, shippers may be willing to, or forced to, pay unexpectedly higher or lower rates for trucks.
Load board-driven freight data is heavily skewed and you see extreme changes in the load-to-truck ratios that do not truly represent the market. In order to truly understand market activity, you should look at actual loads that have been tendered and avoid using load board data alone.