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Digital freight network
- Convoy is a digital freight network solving problems in the $800B trucking industry. We partner with the best trucking companies and shippers to move millions of truckloads, rethink freight fundamentals, and design innovative solutions that address supply chain inefficiencies.
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The Convoy Platform. Smart matches. Smoother hauls. Built to unlock efficiency with every shipment, the Convoy Platform connects carriers to high-quality freight, increasing drivers’ earnings, as brokers streamline operations and reduce costs. For carriers. Earn more with less hassle.
- Convoy and The Truck Freight Industry
- The Problem of Scaling
- The Flywheel and Unit Economics
- Convoy: The Future of Truck Freight
- Notes
In building an online freight marketplace, Convoy has had to solve four key industry frictions: (1) a highly fragmented market, (2) complex supply and demand matching requirements, (3) an industry-wide driver shortage, and (4) opaque and highly volatile truck-prices and capacity. Each of these problems drives up costs and time spent for both shippe...
The specificities of the freight marketplace make implementing and scaling more complex than other online marketplaces. Unlike Airbnb, where guests are usually only looking for one home at a time, a large shipper is looking to ship across multiple lanes simultaneously (e.g., an enterprise shipper is looking to ship from Chicago to Tampa, Houston to...
When we met Convoy, even though the company was growing quickly, it was still trying to make the unit economics work (the contribution margin was negative on each load). We invested anyway. As Hamilton Helmer outlines in 7 Powers: The Foundations of Business Strategy, it is important to look beyond short-term economics to long-term potential. We be...
We cannot overstate the opportunity Convoy presents. Freight is a critical industry that is only getting more important in the face of work from home and online retail trends. In a status quo scenario, increased shipping demand might trigger prohibitively high prices, leading to large scale economic consequences once those prices are reflected in t...
1. American Trucking Association ↩ 2. FMCSA Registration Statistics ↩ 3. Convoy data ↩ 4. Per BLS, the average hourly wage for brokers is $26.50 ($40.15 including non-wage benefits). Assuming 1–2 hours of human time and $40.15 of cost per hour, it costs a traditional broker $40–80 per load for matching. Note: Shippers can use load boards, but these...
Feb 22, 2024 · Carriers can once again use the Convoy app to find, bid on, and haul loads from brokers. Convoy, one of the early “ Uber for Freight ” tech brokerage startups, closed its doors on its digital...
A load board is an online marketplace or matching system that allows shippers and freight brokers to find carriers for their loads, while helping carriers find loads to keep their truck full and maximize their earnings.
The Convoy Platform enables carriers to find high-quality freight from known brokers across the United States via the Convoy app and carrier web. Brokers post loads on the Convoy Platform, which carriers can bid on and book to keep their trucks full and earning on the lanes they like to run.
