Introduces Shipper Savings model to the pricing ecosystem to help shippers mitigate risk during peak season and beyond
Transfix, Inc. (“Transfix”), the Intelligent Freight Platform™, today announced the launch of Transfix TrueRate+ (TTR+), a fresh approach to transportation pricing that guarantees tender acceptance, helping to reduce reliance on RFPs, and can deliver anticipated savings of upwards of 10% on average freight cost.
Rate opacity is a leading source of distrust across the transportation industry. Add to that the time-consuming RFP process, and transportation executives find themselves faced with a cumbersome process that lacks visibility and accountability, one that can often lead to higher costs with a degradation of service. Shippers that rely solely on the traditional spot and contract programs leave their supply chains susceptible to more risk across service and rates. Transfix TrueRate+ is designed to address these challenges and introduce a new level of ease, transparency, and trust.
“We’ve heard repeatedly that traditional cost-plus products on the market make shippers feel as if they’re writing a blank check,” said Jonathan Salama, co-founder and CTO of Transfix. “Transfix TrueRate+ is designed to be a true partnership with our customers by providing them full visibility into costs, the benefit of our reliable service, and the peace of mind that comes with having a trustworthy partner amidst a volatile market.”
Transfix TrueRate+ incorporates real-time market data and a blend of machine learning and industry expertise to derive a projected Market Rate. With TTR+, Transfix takes on a higher percentage of the costs if procuring above the Market Rate, while sharing a higher percentage of the savings with shippers when procuring below the Market Rate. As a result, TTR+ can offer prices upwards of 10% lower than the industry average.
Additionally, by utilizing TTR+ and Transfix’s powerful AI technology, logistics expertise, and strategic network of nearly 30,000 carriers, shippers can benefit from guaranteed tender acceptance, the opportunity to simplify the RFP process with a potential for reduced operations overhead providing more time to focus on their core business initiatives, and reduced reliance on the spot market.
For more information about Transfix TrueRate+, please visit this link (https://experience.transfix.io/pr-transfix-truerate-plus)
Additional Information
As announced on September 21, 2021, Transfix has entered into a definitive business combination agreement, as subsequently amended, with G Squared Ascend I Inc. (“G Squared Ascend I”) ( NYSE: GSQD), a special purpose acquisition company sponsored by affiliates of G Squared, that is expected to result in Transfix becoming a publicly listed company. Completion of the business combination is subject to customary closing conditions.
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