Uber Freight posted year-over-year revenue growth of a whopping 43%, citing its Freight Enterprise offering as a key reason for improved performance. CFO Nelson Chai said there was a 45% quarter over quarter increase in the number of active shippers using Uber Freight’s API and Enterprise offerings. That sparked discussion between Kevin Hill and Michael Vincent in this episode of the Midday Market Update.
The latest COVID-19 relief measure may help protect multiemployer pension funds in danger of failing; the House Ways and Means Committee is championing a bill to allow pension plans extra time to improve contribution rates, limit benefit accruals and maintain funding.
Some manufacturing companies have plans to relocate supply chains this year, according to a survey from BDO Manufacturing that said 24% of company CFOs said they plan to move, and the US was ranked the most stable place to source materials from.
A massive ice storm moving through the South has caused havoc in the Dallas-Fort Worth metroplex, with a 100-plus vehicle pileup closing I-35W and causing at least five fatalities, according to the Fort Worth Police Department.
Special purpose acquisition companies (SPACs) have made many headlines as startups seek partnerships to go public and FreightWaves reporter Alan Adler joins the show to explain if the SPAC bubble will keep growing or pop. “You can’t stop this train,” Adler says, with more than 100 companies already announcing SPAC partnerships compared to just over 200 total in 2020.
Uber Freight Head of Operations Bill Driegert makes an appearance to discuss the company’s gains. He says the new Enterprise product has been a great improvement in visibility for Uber Freight’s clients.
“It’s ultimately tech allowing our carriers to make better decisions,” says Driegert, who thinks combining Enterprise and Uber’s solution of bundling freight could put capacity favor securely in carriers’ hands.
You can find more Midday Market Update recaps and recaps for all our live podcasts here.
Brokerage Compliance Symposium
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
F3 Awards Dinner
The night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
F3: Future of Freight Festival
Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowThe night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now