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Roseanne Stanzione, founder of LaneHoney, steps on to the New York Launch Pod to discuss her platform to bring transparency to the trucking industry by creating an efficient open digital supply network and publishing live spot market prices between truckers and shippers.
The majority of trucking shipments is coordinated through truck brokers who conduct most of their business over the telephone. Truck brokers, who connect shippers that send goods across the country make money by taking the spread between what the shipper pays and what they pay truckers. As a result, there is a lot of inefficiency, inconsistency, and lack of transparency in the trucking market with unduly large spreads.
Roseanne, who has a background in trade automation and was a trucking industry analyst on Wall Street, saw an opportunity to use new mobile technology to challenge spread-building brokers and let truckers and shippers find and transact with each other more efficiently.
With the vast majority (95%) of truckers owning 1-4 trucks and 120% turnover among truckers, LaneHoney creates a digital supply network for shippers, by automating the process to have truckers “on-board” to the platform, making sure they have the required insurance and safety profile, and tracking every shipment through delivery.
Most revolutionary, however, Lane Honey provides the first truly transparent marketplace for shippers and carriers to know the price of a route without the broker bias and to have the tools to transact directly.
Rather than have brokers dictate price, LaneHoney crowdsources quotes and transacted prices so both truckers and shippers see live price movements and know what their peers are paying and earning. As a result, shippers are able to see the true cost of their shipment and for tuckers in an industry where there is no minimum wage, this has been very meaningful even opening up more “lanes”.
Listen to the episode to go behind the scenes of the trucking industry and learn how LaneHoney wants to change the game. How important is trucking? As the saying goes, if you bought it, a truck brought it.
Transcript of the episode available here: http://nylaun.ch/lanehoneyt
More on LaneHoney: https://lanehoney.com/
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