FreightWaves added a series of monthly benchmarking indices for asset based truckload carriers this week. The Truckload Carriers Association (TCA) has developed best practices groups consisting of top-level executives with similar operating concerns, challenges, and opportunities. They have agreed to share their information in order to see how they compare to similar companies to foster improvement. They have also actively pursued standardizing reporting so the numbers are truly comparable and consistent.
Most of the metrics will be familiar to asset based carrier executives and operations personnel. Metrics including average length of haul and operating ratio have been utilized internally for years as a means of evaluating efficiency. SONAR users will now be able to see how they compare with the asset based community letting them know whether they are outperforming or underperforming the industry.
The indices are as follows:
DRRAT - Driver to Non-Driver Ratio
OPRAT - Operating Ratio
LOADM - Loaded Miles (%)
INSURE - Insurance Expense (%)
NFEPCT - Net Fuel Expense (%)
NFEMIL - Net Fuel Expense per Mile
EMPTY - Empty Miles (%)
OWNOPS - OO Driver %
TDRAT - Truck to Driver Ratio
MAINT - Maintenance Expense per Mile
ALOHA - Average Length of Haul
MILTR - Miles per Truck per Week
NETREV - Net Revenue per Truck per Week
DRVREV - Revenue per Driver per Week
LODTR - Loads per Truck per Week
BROREV - Brokerage Revenue (%)
DRVTO - Driver Turnover (%)
These indices are offered in five granularities:
CF - Company Fleet - These are the metrics associated with drivers who do not own their truck and are actively employed by the company.
OO - Leased Fleet - These are metrics associated with the owner operators working under contract for the company.
CFOO - These metrics consist of both owner operator and company fleet inputs.
CNS - Consolidated. These metrics will have the total company involved—brokerage division and the asset based side.
BR - Brokerage division statistics
Note that not all granularities will be available for each metric due to their nature.
An example ticker for net revenue per truck per week for the company fleet would be NETREV.CF.
The map now has a weather overlay feature. SONAR users can see the weather on top of active SONAR data on the map in order to see exactly how weather is impacting each market. Weather plays a major role in daily freight movements from winter snow and ice storms to tropical events like hurricanes. SONAR users will have this information in one place so they can make tactical decisions based on the daily data and weather. To activate the weather overlay, the user simply clicks on the cloud button at the bottom center of the map screen.