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Good morning. Cargado, the freight tech platform by Matt Silver and Rylan Hawkins, has officially launched. Plus, new anti-fraud laws have been passed, and the Port of LA just reported its busiest month ever.
??Question of the Day: What’s the average per-load cost of freight fraud according to TIA's latest report?
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?? WHAT’S COOKIN’ IN FREIGHT
?? Windrose EV Semi: A Promising Tesla Alternative? Windrose has introduced its EV semi, drawing inevitable comparisons to Tesla’s model. With a 729 kWh battery, a 420-mile range, and 0-60 mph acceleration in 7.8 seconds, the truck impresses in performance and design. Its spacious cab features a full-size bed, sunroof, and safety-focused sliding door. Despite similarities to Tesla, Windrose asserts their truck is purpose-built for aerodynamics. However, as a new startup, its success is uncertain. While unlikely to dethrone Tesla, the Windrose Semi offers a viable alternative in the rapidly growing electric trucking market.
?? Freight Fraud Led to Average Loss of $40K, TIA Reports. The Transportation Intermediaries Association (TIA) cited a 600% increase in cargo theft between November 2022 and March 2023. "The average gross cost of fraud among respondents was $402,344.47, with some companies reporting losses well over $1 million, with the per-load cost of fraud averaging $40,760.17." Key fraud types include cargo theft, unlawful brokerage, phishing, spoofing, and identity theft, particularly targeting California, Texas, and other major states. TIA stated increased tech-based vetting and collaborative efforts to fight fraud. However, the most viable solution may lie in stronger legislation and regulation for the industry.
?? LA Port Breaks Records in August. The Port of Los Angeles saw its busiest month ever outside the pandemic, handling 960,597 TEUs in August—up 16% year-over-year. Strong consumer spending and inventory replenishment drove the surge, pushing the year-to-date volume to 6.6 million TEUs, a 17% increase over 2023. Executive Director Gene Seroka expects this elevated activity to continue, fueled by ongoing demand and steady shipments of manufacturing components.
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Matt Silver’s Cargado: A New Era for Cross-Border Freight
Matt Silver has officially launched Cargado, a platform designed to tackle the unique challenges of moving freight across the U.S.-Mexico border.
Silver, well-known in the industry for his work at Coyote and as the founder of Forager, is no stranger to the industry, and the launch of Cargado marks his latest ambitious project.
In Silver’s own words:
"We’re really proud of the product we’ve built, and as it continues to grow, the impact we believe our software can have on the industry can be massive."
The Vision Behind Cargado
Cargado’s story began when Silver teamed up with co-founder Rylan Hawkins, a former leader at Convoy. Silver and Hawkins both recognized the inefficiencies and complexities of cross-border freight. They saw the need for a platform that could make U.S.-Mexico logistics more dependable and interconnected.
Reflecting on his earlier days building Forager, Silver said:
"At Forager, we thought we could replace the need for traditional freight brokerages by automating the 15 different steps it takes to move a cross-border load."
But, Silver quickly realized the importance of relationships in the industry. Instead of aiming to eliminate brokerages, Cargado is designed to support them.
The Cargado team took their experiences and created a solution tailored to the needs of brokers, 3PLs, and forwarders who handle cross-border freight.
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The Cargado Build-Up and Vision
Cargado’s journey started quietly. The company first launched a stealth version of the platform in April 2024.
Silver’s co-founder, Rylan Hawkins, adds a unique perspective with his background in product and software development from his time at Convoy. Together, they’ve built a platform that bridges the gap between technology and the relationship-driven nature of freight.
What Cargado Offers
What’s Next for Cargado?
With cross-border trade continuing to grow, Cargado is positioned to be a leader in the field. They have plans in motion with several technology partners and will be able to integrate with your TMS to ensure seamless freight movement.
"We aren’t driven by short-term growth metrics or quarterly growth reports which require us to let just anyone on the platform. We know that moving the industry forward, creating a more connected experience and delivering long-term value to our customers will result in much more long-term success," Silver says.
Matt Silver also released this today:
Visit Cargado.com to join the waitlist, get a demo, and be sure to follow their journey on Linkedin .
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Epay's platform is designed to virtually eliminate operational reliance on email and the need to audit carrier invoices for rate and delivery information thanks to its Audit Proof Invoicing feature. Backed by the power of OTR Solutions, Epay Manager now offers integrated AI-driven NLP automation and working capital solutions. See what Epay can do for you:
?? AROUND THE FREIGHT WEB
??? FMCSA Given More Power. The House Transportation and Infrastructure Committee recently passed a bill to give the FMCSA mor authority to combat widespread fraud in the trucking industry.
?? Cargo Theft Surge in Mexico. Organized crime groups are behind a rise in cargo thefts in Mexico, with an average of six incidents per day, particularly in central regions.
?? Kuehne + Nagel’s Dirty Fortune? Klaus-Michael Kuehne, worth $44 billion, built a logistics empire, but his fortune traces back to World War II. Uncover the controversial origins behind this global shipping giant.
?? Mississippi River Crisis. For the third consecutive year, historically low water levels in the Mississippi River are severely impacting barge shipping, disrupting vital US trade routes.
?? Russia's Cargo Threat. The US has warned its allies that Russia may be plotting to disrupt global cargo shipping via cyberattacks that could target Ukraine’s partners.
?? THE FREIGHT CAVIAR CORNER
In this week's episode of "The FreightCaviar Podcast," we interviewed Nick Dangles, Co-Founder at Sync Logistics Training. In this episode, learn: 1. What drew Nick into the industry 2. About the importance of employee training 3. About the power of networking and building connections through LinkedIn Watch on our YouTube page or listen on Apple Podcasts or Spotify .
FREIGHT MEME OF THE DAY
inventory management
2 个月If I may add without causing to many waves, you did a brilliant job, identifying the demands of the industry with the pertinent interconnected 'spokes' of products and logistics services ??