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Introducing Uber Freight Exchange: a reimagined procurement solution

September 28, 2023 / US
Introducing Uber Freight Exchange: a reimagined procurement solution

Following years of market volatility and disruption, the business world’s spotlight is firmly fixed on making supply chains better. Thanks to technology, the trucking industry is on the cusp of a transformative shift in procurement practices. As we move away from old procurement processes to a more data-driven, efficient and transparent approach, it’s important now more than ever for shippers to embrace these changes to keep supply chains running smoothly. 

Today, we’re reimagining procurement by introducing Uber Freight Exchange, a new software solution that brings shippers and their carriers the data, insights, and functionality needed to seamlessly secure capacity for contract freight. With built-in communication tools, easy-to-use bid functionality and historical performance reporting, Uber Freight Exchange gives logistics teams and their partners the ability to unlock operational efficiencies, strengthen relationships, and safeguard their operations—all in one tool.

The standard procurement process of using RFPs and signing annual contracts for rates is often cumbersome, time consuming, and fragmented. Shippers are evolving their sourcing strategies and leaning into shortened bid cycles as a way to manage market volatility. Meanwhile, carriers are looking for more price transparency, streamlined ways to engage with shippers, and opportunities to increase asset optimization. 

Our powerful new contract procurement tool is designed to meet shippers’ and carriers’ evolving needs, shortening decision-making cycles and powering rapid execution. With Uber Freight Exchange, shippers: 

  • Save time and money by streamlining and automating their contract freight procurement strategy and operations all in one place. Shippers can run contract bids of any size, from start to finish, and download pre-configured routing guides and rates for their TMS.
  • Make better and faster decisions for their supply chains, with actionable insights from market data, historical network data and performance history.
  • Improve collaboration with enhanced onboarding, communication, and reporting.
  • Grow networks by tapping directly into Uber Freight’s vast diverse carrier marketplace and run bids for their contract freight with ease. Uber Freight Exchange is a neutral platform that is open to all shippers and carriers—a shipper can utilize Uber Freight Exchange to run auctions with their own carriers, in addition to Uber Freight’s network of 100,000 carriers across the US. From there, carriers have the ability to bid on them with confidence and speed, ultimately expanding their horizons to bid access and winning loads.

“Moving the contract freight ecosystem out of spreadsheets and online benefits every player in the transportation industry,” said Nick Hubbard, Product Manager for Uber Freight Exchange. “But only Uber Freight can put one of the largest digital carrier networks in the US at shippers’ fingertips during a bid. There is enormous short-term and long-term value we can unlock by matching the right carriers to the right contract lanes.”

This is just the beginning for Uber Freight Exchange. In the future, the tool will expand to cover the spot market, among other features. Uber Freight Exchange joins our expanded suite of software solutions, underpinning a deep investment from Uber Freight in next generation technology for the industry. From our overhauled Uber Freight TMS to our refined managed transportation solutions, we’re the leading end-to-end enterprise suite for businesses looking to advance supply chain strategies with flexible solutions and move the world’s goods for the better. 

Get early access to Uber Freight Exchange by joining the waitlist. You can also register for our first public demo on October 10, 2023 at 1:00 pm CT, to see it in action. 

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