The Freight Marketplace with Brent Hutto
Joe Lynch and Brent Hutto discuss the freight marketplace and its importance, dynamics, and huge impact on the U.S. economy. Brent works at Truckstop.com, a company that provides the technology, data, trust, and relationships that make the freight marketplace so efficient.
About Brent Hutto
Brent Hutto joined Truckstop.com seven years ago and currently serves as the Chief Relationship Officer for which includes ensuring the health of all of Truckstop.com’s external relationships with hundreds of transportation technology companies. In his 23 years in the transportation and logistics industry, he has developed extensive experience covering the market including positions of leadership in sales, marketing, media, and communications. Hutto has specific experience with carriers, brokers, shippers, industry suppliers, technology leaders, media companies, and financial firms. Presently, he serves on the boards, committees, and has membership with the Transportation Intermediaries Association (TIA), National Strategic Shippers Transportation Council (NASSTRAC), Specialized Carriers & Rigging Association (SC&RA), Women In Trucking (WIT), American Trucking Association (ATA), Truckload Carriers Association, National Private Truck Council (NPTC), Intermodal Association of North America (IANA), and National Industrial Transportation League (NITL) and proudly serves on the board of the American Logistics Aid Network (ALAN). Brent earned a Bachelor of Business Administration and Marketing from Auburn University. He has been happily married to his wife Teresa for 24 years, and they have six children.
Truckstop.com is a leader in transportation technology and freight matching solutions. Founded in 1995 as the first load board on the internet, Truckstop.com offers logistics solutions for transportation professionals through load planning, transportation management, real-time rates, and negotiation tools, as well as the largest industry credit reporting entity helping industry professionals find trusted freight partners. With Truckstop.com, brokers can post loads and carriers can search for available loads in real-time. For over 20 years, Truckstop.com has helped carriers and brokers successfully run their businesses and find a better way to move freight.
Key Takeaways: The Freight Marketplace
- The freight marketplace is huge and makes up approximately 10% of the annual U.S. Gross Domestic Product (GDP).
- The freight marketplace consists of approximately 400K carriers, 18K 3PLs and brokers, and 4 million shippers (and growing).
- There are over 750 million shipments per year and approximately 100 million of those shipments are on the spot market.
- The freight marketplace, especially the spot market, is the leading indicator for the economy.
- Because the economy and the needs of the shippers are so dynamic so too is the freight marketplace.
- The marketplace is constantly evolving and adapting to better serve the shippers and the public at large.
- Until recently, the freight business was largely manual with lots of emails and phone calls.
- Communication, data, technology, and marketplace platforms like Truckstop have greatly improved the efficiency of the marketplace.
- Both shippers and logistics companies are now armed with the latest and greatest data, which enables them to make better business decisions – fast.
- Truckstop partners with over 75,000 companies and the vast majority are small and mid-size companies.
- Carriers, brokers, and 3PLs all benefit from working with Truckstop. Truckstop’s community, load boards, data, innovation, and technology make them the perfect partner.
- The Truckstop team is proud to serve the freight community and drive the efficiency of the freight marketplace.