The Ledger
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Trucking platforms face lower supply acquisition costs than Uber and Lyft
“They said, let's take people that don't do this as their full-time job and get them to come become drivers and build up a new supply of drivers. So if you're trying to get someone to leave their old job or whatever they were doing to make money before and star…”
Convoy lowers prices by reducing broker costs and using matching technology
“It does. And over time it allows us to drive the price down even more. We can take out some of the operating costs of running a brokerage, which makes it so we can run a little bit more efficiently. We can also find more convenient trucks because we can see al…”
Convoy operates healthily below the industry standard 18% to 20% take rate
“Our business model can be healthy at a lower percentage.”
Amazon receives no data or operational learnings from Convoy
“Yeah, I can't comment on Amazon's plans, but it's certainly not the case where they're learning or getting data from Convoy. There's no relationship like that.”
Convoy generates millions of dollars in revenue every week
“And we're doing, you know, millions of dollars in revenue every week.”
Convoy's key operational metrics: volume, market density, and automation percentage
“The key metrics for us are thinking about how much freight we're moving how much for removing in each of our markets, because we want to build healthy, you know, dense networks as we build this business out. And what percentage of the time is the work is the f…”
Convoy primarily partners with small fleets of one to four trucks
“The relationships that we have are with the, you know, small trucking companies. Many of them own their own trucks. So it's one, two, three, four trucks in a small business. And that's who we serve. And that's who we partner with.”
Convoy automatically generates round trips and multi-stop tours for drivers
“We actually have things that automatically generate round trips and back hauls for them. So if they have a freight going one way from convoy, we'll automatically find freight going back the other way. We'll create tours, multiple stop jobs things like that tha…”
Traditional freight brokerage industry take rate averages 18% to 20%
“I can tell you that the industry rate today is about 20%, 18 to 20%.”
Convoy has 5,000 to 10,000 active trucking companies on platform monthly
“We have you know, five, 10,000 active trucking companies in our platform every month.”
Average US small trucking company operates two to three trucks
“The average one has two, three trucks.”
Reid Hoffman excels at refocusing Convoy's board on major long-term outcomes
“You know, I think what he's been really good at is I'll call it breaking through a conversation where we're kind of focusing in on something, right? Maybe debating some nuances of something, exactly how much we should raise, when we should raise again you know…”