Following DOT Roadcheck, which took place May 14-16, 2024, the industry will continue to observe its implications over the coming weeks and months. Also known as DOT Blitz Week, this annual event by the Commercial Vehicle Safety Alliance (CVSA) involves comprehensive inspections of commercial motor vehicles and drivers to ensure adherence to safety regulations. This year, the focus was on brakes and controlled substance checks.
As is common during this annual event, many drivers opted to stay off the road, taking time off to avoid the rigorous checks, leading to a decrease in available capacity and ultimately an increase in spot rates. Notably, according to insights from ACT Research, this year was different than last in that it was the first time to see a market event move rates in almost two years. This could suggest that the market is likely approaching a state of equilibrium with rates on an upward trajectory over the coming weeks.
At Fetch Freight, our logistics experts gather data from diverse platforms and collaborate with industry experts. Utilizing Fetch IQ, our customized TMS, we leverage the power of AI automation to optimize shipping options for our customers.