Trucker Path Utilizing New Revenue Stream
Technology is a big part of trucking, and the impact of digital platforms is becoming more apparent every day. Trucker Path is a tool that has created positive results in the freight industry over the past three years.
The system is designed to connect drivers, brokers, and shippers. Not only is this great for speeding things up, but it can also provide some much-needed connectivity in an industry that has been fragmented by rough economic conditions, driver shortages, and new regulatory measures.
The Mountain View-based platform has recently lined up $30 million in debt funding to loan to drivers after they make deliveries. This will allow drivers to receive money without having to wait the standard duration of one-to-two months.
The loans will also provide another benefit – an additional revenue stream for Trucker Path, given that the makers are charging customers a bit more in interest than normal to recoup its expenses. Flexible Funding, a small but longstanding lending institution in San Francisco, is providing the financing.
Of the 1.6 million long-haul truck drivers in the United States, it is estimated that over 500,000 are already using Trucker Path according to the company’s co-founder and CEO.
The app started as a simple navigational tool, but has since become a versatile and reliable resource that drivers use to handle a variety of tasks on the road. One of the main perks of the system is that it can be used for crowdsourcing, making it easy for collaborative efforts to be handled.
The app can also be used as a type of telematics device, allowing carriers to track their shipments while they’re on the move. The app can also be used to help drivers find parking in areas they are unfamiliar with. With so many important uses, Trucker Path has made a big impact on the industry. Adding a new revenue stream provides big potential for even more benefits in the future.
What is next for this system? Management has expressed interest in turning Trucker Path into an enterprise sales force, giving shippers and receivers access to a full, self-serving digital marketplace.