Turvo's Rate Insider card

The Rate Insider card presents historical and market pricing data to help you better negotiate lane rates with your carrier network. By displaying both data sets in one place on the shipment, you can easily view and leverage historical pricing and market data to obtain the best lane rates.

Feature prerequisites

The Rate Insider Card is enabled by default for all tenants using Turvo Analytics. The Rate Insider Card uses your tenant’s Analytics data to display historical rate data for the shipment lane.

When used in conjunction with Turvo’s integration with the FreightWaves Trusted Rate Assessment Consortium (FW TRAC) service, the Rate Insider Card also features real-time spot rates and market information.

Important note: You must have a contract with FreightWaves for access to FW TRAC data before Turvo can enable the integration.

If you have a contract in place, contact your Turvo representative and provide your FreightWaves username and password to allow Turvo Support to enable the integration.

Rate Insider card requirements and criteria

Important note: Review the following list of requirements and criteria for shipments with rate Insider card data. Rate Insider card data will not display if the following criteria is not met:

  • At least one completed shipment is required before a lane's historical information displays in the Rate Insider card.
    • Turvo uses your Analytics data to display historical data for all lanes. If you do not have historical lane data in your tenant, then your lane data must build up over a period of time to help provide you the most accurate and beneficial historical lane information for your business.
  • Rate Insider cards are not displayed on shipments with more than two stops.
  • Historical data takes 24 hours to display in the rate card for completed shipments.
  • If you utilize the FW TRAC integration, real-time market data and spot rates are provided for all lanes.
  • Turvo displays market data for the top 1,500 U.S. lanes. Your lane data will need to build up over a period of time to help provide you the most accurate and beneficial lane and rate-insider information for your business. 
  • Lanes that are not in the top FreightWaves 1,500 U.S. lanes may only show historical Turvo data and not FW TRAC data.
  • Once a shipment moves to a Covered status (or any status after Covered), the Rate Insider card drops off of the shipment and is no longer available.

Where you can find the Rate Insider card

On tenants where the feature is enabled, the Rate Insider card is visible in the Summary tab of shipments in the Quote or Tender phase, and when adding an offer to a shipment in the Quote or Tender phase.

Shipment Summary tab

When viewing the Summary tab within a shipment in the Quote or Tender phases, the Rate Insider card will be visible. This card will no longer appear in the Summary tab once the shipment moves to a status in the Covered phase.

2023_R1_RateInsiderCard_SummaryTab.png

Add Offer from FAB and Carriers tab

The Rate Insider card is also displayed when creating a carrier offer via the Add Offer option in the shipment’s Fast Action Button (FAB) or from the shipment’s Carriers tab. This provides a quick view of market pricing data that you can reference while creating the offer. See the Understanding the Fast Action Button (FAB) and How to send an offer to a carrier articles to learn more about accessing the FAB to create a carrier offer. 

Add Offer Modal from Carriers tab

The Rate Insider card is also displayed when creating a carrier offer via the Add Offer option in the shipment’s Carriers tab.

2023_R1_AddOffer_CarrierTab.png

Understanding the components of the rate insider card

With the Rate Insider card, you can quickly see where different pricing information overlaps and where the primary differences are in pricing. The card is broken down into the following areas:

The pricing data displayed on the card is based on 3-digit zip codes, current and historic fuel prices for the origin region, modes, and equipment assigned to the shipment and market data brought in from FW TRAC.

Market pricing data

The top bar in the graph represents the market pricing data that is calculated and pulled in from FW TRAC. The data shown is a blend of FW TRAC line haul rates and EIA fuel data, aggregated by region.

Protip: EIA is a US government organization that calls gas stations around the country to obtain gas prices by region.

The dollar amount highlighted in blue displays the middle Market rate for the lane. Hovering over the bar shows a pop-out with the Market cost range showing the low, middle, and high rates of the lane.

 

Historical rate data

The bottom bar of the graph represents the historical lane rates over the last 13 months.

The dollar amount highlighted in the white box displays the middle historical rate for the lane. Hovering over the bar shows a pop-out with the Historical cost range showing the low, middle, and high rates of the lane and the number of historical shipments on this lane.

Note: To remove any pricing outliers, the low, middle, and high rates displayed represent the 25th, 50th, and 75th percentile of historical lane rates.

Most recent price and Pending offers/postings

The Most recent information at the top of the graph shows the date, price, and carrier information of the last time this lane was processed in your tenant:

You can also view any pending offers and/or postings currently waiting carrier acceptance are represented on the graph with small blue outlined circles:

Hovering over the circle with your mouse shows a pop-out with the post or offer information.

Protip: For information on creating offers and postings for your carrier Network, see our How to create a shipment posting and send to carriers and How to send an offer to a carrier articles.

Min and Max pay

Min and Max pay for the shipment are parameters set by your organization’s senior account teams to indicate the minimum and maximum amount you should pay for a shipment. You can see this represented in the graph by the blue lines and blue tint between the lines.

Customer bill

The red line at the bottom right of the graph represents the Customer bill of the shipment. Any prices to the right of this line will result in a negative margin and your company losing money on this shipment.

FreightWaves icon

Hovering over the FreightWaves icon above the graph shows real-time market information and spot rates for the selected lane.

Important Note: This icon is locked if you do not have the FW TRAC integration enabled for your tenant.

RIC SONAR card.png

  • Type of market: Indicates the current market, based on the data in Lane score, Origin/Destination pricing power, and Volatility. Options include:
    • Market favors shippers (score of 40 or below and a green up arrow)
    • Neutral market (score between 41 and 50 and no arrows)
    • Market favors carriers (score of 60 or above and a red down arrow).
  • Lane score: A score between 0-100. The score indicates whether the lane is more favorable for carriers or shippers. Higher scores are more favorable for carriers, and lower scores are more favorable for shippers.
  • Origin/Destination pricing power: A score between 0-100. Shows whether the Origin/Destination pricing power is more favorable for carriers or shippers. Higher scores are more favorable for carriers, and lower scores are more favorable for shippers.
  • Lane Confidence: A score between 0-100. Shows the level of certainty that a specific shipping lane is a trusted shipping route. Higher scores indicate stable and trusted shipping lanes. Lower scores indicate that shipping lanes may be unreliable and have potential risks or uncertainties associated with them.

Was this article helpful?

3 out of 3 found this helpful