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Speaker 1: Hi one, and welcome to Bloomberg Intelligence Talking Transports Podcast.

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Speaker 1: I'm your host, Lee Laskow, senior freight, transportation and logistics

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Speaker 1: analysts at Bloomberg Intelligence, Bloomberg's in house research arm of

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Speaker 1: almost five hundred analysts and strategists. Before diving in a

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Speaker 1: little public service announcement, your support is instrumental to keep

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Speaker 1: bringing great guest onto the podcast like the one we

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Speaker 1: have today. If you haven't already, please do take a

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Speaker 1: moment to follow rate and share the Talking Transport podcast

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Speaker 1: with your friends and family. We appreciate your support. Also,

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Speaker 1: if you have an idea for a future episode or

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Speaker 1: just want to talk transports, please sit me up on

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Speaker 1: the Bloomberg terminal, on LinkedIn or on Twitter at logistics Lee.

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Speaker 1: We're delighted to have Shannon Breen, co CEO of frate Vana,

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Speaker 1: a firm he co founded in twenty twenty one. Shannon

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Speaker 1: joined the logistics industry in twenty twelve with Night Transportation.

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Speaker 1: In twenty fifteen, he garnered leadership responsibilities over the logistics

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Speaker 1: segment of the business, and at the time of the

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Speaker 1: merger with Swift in twenty seventeen, he led the Center

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Speaker 1: Synergy team focused on combining the non asset organizations. In

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Speaker 1: twenty eighteen, he garnered additional responsibilities overseeing the intermodal businesses

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Speaker 1: for the combined night Swift Enterprises. Thanks for joining us

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Speaker 1: on the Talking Transport podcast, Shannon, Thanks for being here.

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Speaker 2: Lee, thanks for having me man. So it's a pleasure.

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Speaker 1: So freight Vanna, not fright Vanna, it's it's it's frate Vanna.

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Speaker 1: We wanted to want to know a little bit more

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Speaker 1: about that company, So why don't you tell us about

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Speaker 1: the organization that you founded a couple of years ago.

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Speaker 1: So it's it's a pretty it's a pretty new organization,

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Speaker 1: but it's it's been growing pretty steadily over the last

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Speaker 1: couple of years.

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Speaker 2: Yeah, we've definitely outperformed overall, Marcus.

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Speaker 3: Right. I think everybody that follows your show, and certainly

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Speaker 3: you and the team there understand kind of the status

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Speaker 3: of the freight markets.

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Speaker 2: But now we've been doing well as a group.

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Speaker 3: Ly. We started in June of twenty one as a

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Speaker 3: new organization, had about two dozen you know, professional logisticians

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Speaker 3: that joined me day one, and we've been growing ever since.

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Speaker 2: So it's been a fun journey.

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Speaker 3: We're really heavily focused on our obviously our tech deployments

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Speaker 3: and certainly our trailer pools.

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Speaker 2: That's kind of what sets us apart.

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Speaker 3: And then with a really talented group of people that

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Speaker 3: we have, it's been really cool to win, win the

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Speaker 3: favor and win some opportunities with America's largest shippers based

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Speaker 3: on what we're bringing to market, our creativity and certainly

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Speaker 3: our execution. So I know it's kind of table stakes

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Speaker 3: to talk about, but it's created a lot of momentum

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Speaker 3: for us the way we've shown up and continue to

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Speaker 3: invest in the industry in those interesting trailers and technology. Right.

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Speaker 1: So, Freight Vana for those that do know, it's a

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Speaker 1: very tech heavy, broke broke freight broker. And you specialize

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Speaker 1: in truckload or or do you do all modes?

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Speaker 3: No? Technical, yeah, technical service, mostly full truckload, a majority

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Speaker 3: of drive in. We do a lot of work out

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Speaker 3: of the courts and what some refer but the majority

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Speaker 3: of our business is certainly full truckload drive in.

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Speaker 1: Okay, Well, you know you are a private company, so

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Speaker 1: I know you might be limited in what you're willing

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Speaker 1: to divulge here, but can you talk a little bit

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Speaker 1: about like the size of your organization.

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Speaker 3: Yeah, I mentioned where we started with a couple dozen people.

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Speaker 3: We've quadrupled that since we started. I would share this

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Speaker 3: that going into next year we will break into the

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Speaker 3: top one hundred class as far as the sizing based

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Speaker 3: on revenue, so certainly been a pretty strong run for

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Speaker 3: us the top one hundred. I think, you know, based

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Speaker 3: on last reports, I saw starts right around one hundred

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Speaker 3: and thirty hundred thirty five million dollar mark. So certainly

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Speaker 3: a significant growth path. And I think what sets it

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Speaker 3: apart is in the face of the kind of freight

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Speaker 3: recessionary headwinds let's call it, that we've all been experiencing.

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Speaker 3: So we've continued to outper form in that regard and

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Speaker 3: excited about next year.

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Speaker 2: And Beyon certainly.

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Speaker 1: Yeah, you guys really started the business kind of in

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Speaker 1: an interesting time. You went from you know, super tight

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Speaker 1: market conditions to super loose market conditions. Could you talk

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Speaker 1: about you know, you know that process as a founder

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Speaker 1: of a new company.

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Speaker 2: Yeah, was that a scary time for you? Well?

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Speaker 3: Look, I think you know when you quit your corporate job, right,

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Speaker 3: I tell people you work for from in my case

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Speaker 3: about over two decades to you know, grow within organizations

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Speaker 3: you've got corporate titles, certain levels of compensation that come

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Speaker 3: without responsibilities, and then you give it all back. So

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Speaker 3: I guess the freight markets weren't as scary as the

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Speaker 3: day that you walk in you resigned lee, right, I mean,

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Speaker 3: to be honest with you, that's the day. And I

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Speaker 3: tell people all the time like that's you, that's your

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Speaker 3: burn the boat's moment, right, and so part scary. You know,

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Speaker 3: I have little kids at home, and like everybody else,

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Speaker 3: I've got bills and responsibilities for the family and life. Surely,

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Speaker 3: but uh, that was the scariest. And then I think

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Speaker 3: as you start to step through the gates, you realize

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Speaker 3: that you know there's opportunity head And I like the

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Speaker 3: way you framed we started, you know, kind of in

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Speaker 3: the type mark, and we did. But when we started,

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Speaker 3: you know, like most companies, we started, we didn't have

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Speaker 3: a TMS, we didn't have customer tracks, we didn't have carriers,

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Speaker 3: we didn't have credit. We started the way everybody else started, right. So,

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Speaker 3: coming from the environment that I came from to kind

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Speaker 3: of like reset literally from ground zero. We didn't even

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Speaker 3: haul our first low tel August or September of twenty

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Speaker 3: so we didn't really get much of the you know

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Speaker 3: people talk about the heyday and and all that stuff, like,

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Speaker 3: we weren't built that way number one, and we didn't

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Speaker 3: have any freak to be doing that number two. So

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Speaker 3: by the time we got kind of up and running

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Speaker 3: and just through our early early endingsly, you know, the

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Speaker 3: market had started to shift come February March, as everybody

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Speaker 3: well knows, and it's only kind of precipitously fall since then.

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Speaker 3: So for us, we've never really known until whend looks like,

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Speaker 3: so to speak. But surely would love to find that

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Speaker 3: balance and a little bit more equilibrium here in the

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Speaker 3: months ahead.

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Speaker 1: Right, Let's let's hope. So, you know, before we talked

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Speaker 1: more about Freyvana, I just want to you know, ask you.

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Speaker 1: You know, you you came from Night and then Night

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Speaker 1: Swift Knight's very well known, uh in the industry as

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Speaker 1: being an extremely well run, discipline trucking transportation company. What

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Speaker 1: what kind of values did you take from that organization?

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Speaker 3: Uh?

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Speaker 1: You know, I guess the best practices that you learned

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Speaker 1: at Night and and kind of brought them to Freyvana.

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Speaker 3: You know, you said one of the words in your

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Speaker 3: in your lead up there which was discipline, right, and

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Speaker 3: when I think about how that organization was built from

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Speaker 3: the ground up, definitely a discipline, definitely a cost discipline,

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Speaker 3: not getting out over your skis.

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Speaker 2: Not a lot of ego in it. You know from

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Speaker 2: from the founding group that I got chance to work

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Speaker 2: next to the.

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Speaker 3: And the Keith and Kevin Knights, and so I think

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Speaker 3: the discipline from a functional business perspective was one. And

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Speaker 3: then I would say the humility and hard work, and

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Speaker 3: specifically you.

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Speaker 2: Know the Knight family.

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Speaker 3: I mean I'd walk into Keith's office and he'd be

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Speaker 3: the first one in. He'd be the first one to

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Speaker 3: ask you about your family. You'd be the first one

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Speaker 3: to ask you about a sick family member, which is

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Speaker 3: you know, always really endearing for me. And so you

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Speaker 3: talk about lessons learned one. You know, that type of

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Speaker 3: leadership regardless of economics, right, showing up for your people,

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Speaker 3: working hard. And then I think functionally on the business side,

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Speaker 3: the discipline of growing up business and making sure that

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Speaker 3: you build it in a way that it's sustainable, which

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Speaker 3: quite honestly, we're seeing some of the pains of folks

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Speaker 3: that have come before get a little bit too loose

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Speaker 3: and too fast with other people's cash, and then you

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Speaker 3: go through, you know, the economics of what we've experienced

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Speaker 3: over the last few years, and you realize that you

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Speaker 3: can't really live at that stratosphere that you thought, and

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Speaker 3: you really you know, while you have money in the bank,

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Speaker 3: those dollars they spend fast too. And so definitely wanted

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Speaker 3: to bring a blend of the agility of a logistics

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Speaker 3: company and the discipline and all the humility and experiences

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Speaker 3: from a leadership perspective that I got along the way.

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Speaker 1: Yeah, I've been covering transports a little over twenty years

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Speaker 1: and I've been during that time, I followed night and

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Speaker 1: ego is one word I would definitely not describe the

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Speaker 1: senior management and the founding family, at least that the

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Speaker 1: interactions that I have very very nice people over there

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Speaker 1: at night. So let's switch scears. Let's talk about freight

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Speaker 1: Vona specifically. So you know you mentioned earlier drop trailers.

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Speaker 1: Everyone listening in might not know what the heck of

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Speaker 1: drop trailer is? Can you talk about why you're focusing

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Speaker 1: on what is the drop trailer? Why are you focusing

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Speaker 1: on it, and kind of how does that fit in

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Speaker 1: your overall strategy over at Freyvana.

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Speaker 2: Yeah, I love that.

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Speaker 3: So obviously people understand the traditional assets. You mentioned the

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Speaker 3: twenty years of coverage. People understand traditional non asset companies.

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Speaker 3: There's plenty of all the known names in the brokerage space.

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Speaker 3: Really feel like there's an opportunity for a segment in

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Speaker 3: the middle, which is kind of an amalgamation of both

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Speaker 3: of those strengths, right, the.

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Speaker 2: Capital assets of trailers.

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Speaker 3: So for us, we've got our branded trailers, they're tech enabled.

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Speaker 3: We can create pools throughout the country for manufacturer CpG companies,

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Speaker 3: the biggest retailers to compete against some of the larger

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Speaker 3: trucking institutions. And at the same time, we have the

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Speaker 3: agility of a third party broker, meaning we can go

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Speaker 3: access that long tail of that carrier base, those regional

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Speaker 3: powerhouse carriers that you know, everybody knows the stats like

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Speaker 3: those carriers make up eighty five percent of the total

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Speaker 3: capacity in the US. And so by creating a trailer pool,

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Speaker 3: making the secure, bringing the tech to the table, allowing

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Speaker 3: these small regional carriers to have access to that pool

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Speaker 3: and then hence those customers, we're kind of finding that

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Speaker 3: convergence between some really good parts of a large asset

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Speaker 3: traditional asset partner and the utility of a large brokerage partner.

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Speaker 3: So we talk about power only we're dropping trailers. We're

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Speaker 3: creating pools. We maintain them, we manage them, we reposition them,

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Speaker 3: we optimize them, and then we you know, like a

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Speaker 3: traditional broker we're getting freight from large customers.

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Speaker 2: We're matching that up and we're bringing in carriers that

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Speaker 2: we trust and vet really heavily in order to operate

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Speaker 2: that fleet for us.

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Speaker 1: And so a drop trailer because of the additional expenses

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Speaker 1: of repositioning, leaving, and I'm assuming some people just use

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Speaker 1: them for storage as well. How does that work from

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Speaker 1: a rate perspective? Is it just additional pricing on top

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Speaker 1: of the per mile or is it part of the

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Speaker 1: per mile? How does that work?

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Speaker 3: We I mean, we obviously know our costing and so

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Speaker 3: we build it into our permile, but there's nothing extra.

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Speaker 3: It's no different than you look at any other RFP

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Speaker 3: that a traditional shipper would look at in an RFP,

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Speaker 3: and they're going to collappify assets and non asset companies

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Speaker 3: and evaluate them differently. They're going to look through, HEYKHO

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Speaker 3: can create a pool, How does that look? How does

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Speaker 3: that affect my operation? So we just give a standard rate. Internally,

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Speaker 3: we obviously are trying to lower our overall fixed costs

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Speaker 3: all the time through optimization, through maintenance programs or all

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Speaker 3: the stuff that we're doing. But yeah, there's nothing different

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Speaker 3: than anybody else would show up in an RFP. What

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Speaker 3: I think's really coolly is over the years, I've seen

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Speaker 3: it change and now we even have shippers that really

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Speaker 3: understand what this solution can be, which is exciting. And

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Speaker 3: so as they're doing their RP analysis, there's literally hand

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Speaker 3: dozens and dozens of our current shippers that just put

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Speaker 3: it through its own special lens because of the uniqueness

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Speaker 3: of it, which I think it has been a really

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Speaker 3: nice trend to see and clearly something that benefits a

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Speaker 3: company like us as we continue to grow.

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Speaker 1: And so roughly how many pieces of trailing equipment do

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Speaker 1: you guys own?

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Speaker 3: Yeah, approached seven hundred, so definitely sizable. We've got pools

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Speaker 3: all the way in Maine, all the way in California,

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Speaker 3: and California is probably our biggest market. Just obviously we

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Speaker 3: know all the freight that flows through there and all

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Speaker 3: the different distribution centers. So California is our biggest market,

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Speaker 3: but all the way to Maine, and got a nice

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Speaker 3: partnership with Wilbash who manufactures the trailers, so our trailers

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Speaker 3: come out of the Great Midwest there in Indiana, so

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Speaker 3: we can create pools pretty quickly and very efficiently. And

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Speaker 3: I think the other part of that execution factor with

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Speaker 3: my experience team is when we get our opportunities. I

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Speaker 3: think people are really surprised how well we are able

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Speaker 3: to operate seamlessly the opportunities we get. And so that's

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Speaker 3: been something that's been a real stalwarth of ours as

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Speaker 3: we continue to grow the organization and continue to win

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Speaker 3: over some new customers with obviously being a relatively new

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Speaker 3: brand in the space.

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Speaker 1: Right, are you guys looking to build on that seven

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Speaker 1: hundred fleet? Is there like, is there like a target,

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Speaker 1: like a long term target that you would like to

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Speaker 1: get to.

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Speaker 3: Oh, I think there's potential to be ten thousand and beyond. Okay,

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Speaker 3: I you know, I think there's plenty ample room. I

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Speaker 3: think the market has an appetite for it. I think density.

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Speaker 3: You know, a lot of times when people build networks,

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Speaker 3: obviously there's always the I mean, how many times you've

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Speaker 3: heard the density story right here. Now, density synergies all

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Speaker 3: well used, but look, if you're going to build a

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Speaker 3: trailer network, you're going to get efficiencies, and you're going

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Speaker 3: to compete with large networks like some of the large

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Speaker 3: asset providers we both know well, have to seek density.

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Speaker 3: Otherwise you're underserved and your competitive advantage or your competitive

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Speaker 3: disadvantaged disadvantage is just too large to actually compete. And

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Speaker 3: so I think through that size and density, we can

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Speaker 3: achieve that. And you know what's really exciting is we've

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Speaker 3: got other people that believe that that's possible.

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Speaker 2: People believe when it was a PowerPoint in the story.

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Speaker 3: League. We've certainly proved that the PowerPoint in the story

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Speaker 3: have tangible benefit fits based on what we've done the

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Speaker 3: last three years. And coincidentally, we have some other people

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Speaker 3: that believe that based on what we've done. They're really

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Speaker 3: excited to see this play out for us, and so

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Speaker 3: that becomes a really exciting and fulfilling place to sit,

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Speaker 3: despite you know, the market trends and some of the

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Speaker 3: all the downward pressure and some of the the pain

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Speaker 3: that I guess people are feeling. So kind of seeing

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Speaker 3: through that with what we've done outperformed the market and

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Speaker 3: really excited about the next phase for us.

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Speaker 1: Right, So you mentioned earlier that you know you hope

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Speaker 1: to break into the top one hundred. When you're looking

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Speaker 1: at yourself relative to other freight freight brokers out there,

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Speaker 1: where are your margins? Are they where they need to be?

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Speaker 2: Is are they?

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Speaker 1: Are they lower than average because you're still in growth

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Speaker 1: mode and you're just trying to build build scale. You

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Speaker 1: just talk about your overall profitability. I know you're not

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Speaker 1: going to give too much some specifics because you're unless

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Speaker 1: you want to because you're a private company, but like

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Speaker 1: it'd be interesting to hear like how you're doing relative

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Speaker 1: to your peers, because it's tough out there right now

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Speaker 1: for freight brokers.

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Speaker 2: You can't run with the capital asset expogure we have.

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Speaker 3: You can't run that size of a capitally intensive, cost

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Speaker 3: intensive network and run similar margins to just your pure

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Speaker 3: traditional non asset brokers. So we do have better margins

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Speaker 3: than that, and so as we continue to build like

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Speaker 3: we would think that that would continue to be the case.

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Speaker 3: I don't think that would ever make sense from an

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Speaker 3: ROIC perspective to be investing at that level to make

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Speaker 3: less than the folks that have no investments, I would say, no,

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Speaker 3: but no capital investments like trailers. So we do make

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Speaker 3: an improved margin on that. We've done really well as

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Speaker 3: a team through that discipline that we talked a little

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Speaker 3: bit about earlier, of growing, but growing in a fashion

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Speaker 3: that we think is responsible, responsible growth. And I think,

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Speaker 3: you know, no knock on anybody else, but seeing some

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Speaker 3: participants in the space grow, and I would say the

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Speaker 3: story in the market conditions, and now the current stories

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Speaker 3: would say that that probably was a little irresponsible in

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Speaker 3: some in some in some ways. And so it's a metered, strategic,

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Speaker 3: responsible growth path that is predicated by getting better than

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Speaker 3: industry standard traditional brokerd margins, especially if we're deploying world

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Speaker 3: class equipment on the backside of it.

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Speaker 1: All right, and can you talk a little bit about

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Speaker 1: your ownership or are you owned by private equity? Is

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Speaker 1: it just the management team?

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Speaker 3: Just the management team. Yeah, we have a couple we

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Speaker 3: had seed round investors. I mentioned a couple of people

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Speaker 3: that believed in us when we were a PowerPoint in

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Speaker 3: the dream. Those folks own a stake our employees. A

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Speaker 3: large group of our employees have a stake in our

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Speaker 3: company and then the management team, so that also gives

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Speaker 3: us a lot of flexibility we think about what we

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Speaker 3: want to go do next. So that's that autonomy and

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Speaker 3: flexibility has been a superpower for us over the last

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Speaker 3: three years.

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Speaker 1: Sure, okay, So I know, like technology with brokers nowadays

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Speaker 1: can really be the secret sauce for a lot of

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Speaker 1: a lot of companies. I've gotten to know fright Vona

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Speaker 1: over the years. You know, I've met your CTO, Don

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Speaker 1: Everhart at a number of conferences. He's a passionate person

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Speaker 1: when it comes to technology. Could you talk about, you know,

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Speaker 1: what your technology does relative to peers and why maybe

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Speaker 1: you're building a better mouse trap?

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Speaker 2: Yeah, I love that. And I say, you know, behind Don,

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Speaker 2: you've got a Reagan Daniels.

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Speaker 3: She's got twenty five years experience working at some large

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Speaker 3: national brands, and so you know you've got a team

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Speaker 3: around that that is that is highly experienced. And I said, say,

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Speaker 3: you mentioned my prior experience. It's also a little different

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Speaker 3: when you go from a place that's moving fifty sixty

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Speaker 3: thousand loads a week and what you learn and see

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Speaker 3: and then start at zero. So I think for us

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Speaker 3: It's a little interesting because the perspective is so powerful

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Speaker 3: of even at fifty sixty, what's possible, what's not being done?

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Speaker 3: And so it's a weird spot to go from those two.

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Speaker 3: But to answer your question on technologyly, I think number one,

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Speaker 3: let's go back to the trailers. Right.

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Speaker 2: It's a huge investment, So how are you going to

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Speaker 2: show up? Differently?

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Speaker 3: We both follow the space, the security demands of the space,

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Speaker 3: the theft being up five to six hundred percent, So

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Speaker 3: how do we utilize those trailers, the satellite tracking, the

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Speaker 3: cargo sensors. How do we show up as a provider

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Speaker 3: that can provide a different level of security and service experience.

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Speaker 3: So that's one, and I think technology is a huge

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Speaker 3: driver of that for us. So buying the trailer one

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Speaker 3: thing that's table stakes.

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Speaker 2: There's millions of trailers on the road. How you show up,

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Speaker 2: how you integrate the intelligence that you get from those trailers.

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Speaker 3: That's mightily unique, and so when we show up, that's

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Speaker 3: one of the passion projects we do, and that's how

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Speaker 3: we deliver. I think the other stuff is relatively you know,

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Speaker 3: I mean somewhat stand You have automation, you have automatic

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Speaker 3: load booking, but I'd say the real secret sauces is

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Speaker 3: is how we look on carrier onboarding, how we look

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Speaker 3: at the various tools out there and utilize our own

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Speaker 3: process to kind of muddle through that for a security perspective.

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Speaker 3: And I think secondarily our obsession over the trailers, the

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Speaker 3: trailer optimization, the trailer security. That's different than most people

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Speaker 3: have to wake up and think if you're in a

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Speaker 3: traditional three PELF space.

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Speaker 1: And I'm assuming you know technology outside of the trailers

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Speaker 1: is a big spend for Frapana.

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Speaker 2: Yeah.

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Speaker 3: We when we started, I'd say, you know, with that

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Speaker 3: twenty four people, I think a third of our team

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Speaker 3: was on the technology side, so that would be highly unique.

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Speaker 3: We've continued to invest into that group. We can continue

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Speaker 3: to invest in the tooling and one of the biggest

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Speaker 3: sources and uses as we continue to grow is continue

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Speaker 3: to bolster that team not only for our needs lead.

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Speaker 3: One of the cool parts of what Don and team

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Speaker 3: have Bill like, we're taking on bespoke projects for our

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Speaker 3: partners now because of that prior experience that you know

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Speaker 3: and you mentioned of what we're how we're positioned here,

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Speaker 3: because of the things we're learning, we are now asked

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Speaker 3: regularly from some of our partners, both shippers and carriers,

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Speaker 3: like hey, would you guys be willing to kind of

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Speaker 3: what do you guys think about this? Can you help

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Speaker 3: me build that? So we're positioning the company a really

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Speaker 3: interesting way to be able to take on those projects.

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Speaker 3: That also makes us really unique from that you know,

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Speaker 3: traditional sense of just moving loads from me to be

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Speaker 3: like we see that being a growth arm for us,

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Speaker 3: and it's been really really positive for not only our learnings,

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Speaker 3: but helping us develop and learn as it growup even

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Speaker 3: faster for the own tools that we want to build.

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Speaker 3: So it's been it's been fun.

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Speaker 1: And when carriers are interacting with you, is it through

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Speaker 1: an app? Is that how their their their interaction? Most

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Speaker 1: of their interactions are.

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Speaker 2: A lot of it are apps.

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Speaker 3: Heavily relegated once again back to those trailers, right security

404
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Speaker 3: in chain, checking them in checking them out updates on that.

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Speaker 3: We do have plans naturally to expand that in twenty five,

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Speaker 3: but our first iteration of a lot of our carrier

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Speaker 3: technology in hand and would all be relegated to our

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Speaker 3: trailers and making sure we've got really good eyes and

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Speaker 3: focus on those.

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Speaker 1: You mentioned theft earlier and you know, we're talking about

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Speaker 1: carriers and we're talking about onboarding. What are you guys

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Speaker 1: trying to do or doing to kind of reduce the

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Speaker 1: fraud Because there's there's a lot of a lot of stories,

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Speaker 1: a lot of crazy stories that I'm sure you've been

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Speaker 1: hearing as well over the last couple of years about

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Speaker 1: how much fraud has really creeped into the trucking industry.

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Speaker 1: And it's not just you know, one guy, it's it's

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Speaker 1: organ it seems to be organized crime. So what are

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Speaker 1: you guys doing to try to mitigate that?

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Speaker 2: Yeah, I think, look we're blasted. We've got a really

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Speaker 2: good partner in Travelers.

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Speaker 3: I don't know if you've ever got a chance to

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Speaker 3: meet Scott Cornell, but he is an absolute pro in

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Speaker 3: the space. And Scott lives here locally in the Phoenix area,

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Speaker 3: and so he's stopped by many at times and helped

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Speaker 3: us kind of understand the space, understand them the merging trends.

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Speaker 2: And I think you hit on that Leek.

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Speaker 3: It's not just onesie twosie stuff. This is organized at

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Speaker 3: this point. And if you talk to Scott and you

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Speaker 3: follow this, stat's like it's not going anywhere. This isn't

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Speaker 3: like a market driven trend line that then from a

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Speaker 3: tide perspective, subsides anytime soon. So I think, you know,

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Speaker 3: everybody's seeing the pain hoping that that's something that subsides,

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Speaker 3: just like they hope the market changes. I don't think

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Speaker 3: that's going to happen. And so things that we're doing

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Speaker 3: so many good tools out there. We don't have a

437
00:22:29,920 --> 00:22:32,240
Speaker 3: one tool fits all, but we take a variety of

438
00:22:32,320 --> 00:22:35,000
Speaker 3: the tools that exists in the market and we bring

439
00:22:35,119 --> 00:22:37,359
Speaker 3: those in and then we on top of that, have

440
00:22:37,480 --> 00:22:40,400
Speaker 3: an entire team that utilizes those toms and then does

441
00:22:40,480 --> 00:22:42,000
Speaker 3: our own assessments.

442
00:22:43,119 --> 00:22:44,960
Speaker 2: Hartually to protect us from all the fraud.

443
00:22:45,560 --> 00:22:47,760
Speaker 3: Let's go back to those trailers again, partly to protect

444
00:22:47,840 --> 00:22:50,359
Speaker 3: us because every time we give loads and they're hauling

445
00:22:50,880 --> 00:22:53,400
Speaker 3: a you know, forty thousand dollars plus piece of equipment

446
00:22:53,480 --> 00:22:55,280
Speaker 3: for us, we have a lot of liability in that,

447
00:22:56,240 --> 00:22:56,919
Speaker 3: certainly a lot of.

448
00:22:56,960 --> 00:22:57,600
Speaker 2: Investment in that.

449
00:22:57,880 --> 00:23:01,399
Speaker 3: So we we have a pretty high bar standard for

450
00:23:01,560 --> 00:23:04,720
Speaker 3: the carriers that all for us, which then coinctently turns

451
00:23:04,760 --> 00:23:07,720
Speaker 3: into customers getting a certain experience from us. So I

452
00:23:07,880 --> 00:23:11,440
Speaker 3: like to say it's not all purely altruistic in that

453
00:23:11,600 --> 00:23:14,919
Speaker 3: it protects us. But in that protection that we deployed

454
00:23:15,000 --> 00:23:18,520
Speaker 3: to protect ourselves, then you have shippers that naturally get

455
00:23:18,600 --> 00:23:21,479
Speaker 3: those same benefits working with a company like ours here

456
00:23:21,480 --> 00:23:21,919
Speaker 3: at Free.

457
00:23:21,800 --> 00:23:24,399
Speaker 1: Long So and most of the carriers that are on

458
00:23:24,480 --> 00:23:26,840
Speaker 1: your network, they're mostly owner operators. They own one or

459
00:23:26,840 --> 00:23:27,760
Speaker 1: two trucks.

460
00:23:28,119 --> 00:23:30,879
Speaker 3: Not mostly actually, like we really work a lot with

461
00:23:31,040 --> 00:23:34,400
Speaker 3: the mid tier fleet. So i'd say, you know, ten

462
00:23:34,480 --> 00:23:37,920
Speaker 3: trucks and above. We certainly work with owner operators, but

463
00:23:38,400 --> 00:23:41,200
Speaker 3: a lot of our freight because of the trailer pool. Again,

464
00:23:41,240 --> 00:23:42,879
Speaker 3: in order to say that a lot here on a

465
00:23:43,000 --> 00:23:46,720
Speaker 3: trailer pool count on our talking transport here, it's probably

466
00:23:46,920 --> 00:23:51,240
Speaker 3: be high. But a lot of those those those folks

467
00:23:51,280 --> 00:23:53,560
Speaker 3: that are hauling our trailers, they're hauling them in dedicated lanes.

468
00:23:53,600 --> 00:23:58,919
Speaker 3: And so those mid tier, mid size carriers really are

469
00:23:59,119 --> 00:24:02,240
Speaker 3: are our life blood for for finding those committed freight

470
00:24:02,560 --> 00:24:04,919
Speaker 3: uh and running our committed freight because they build their

471
00:24:04,960 --> 00:24:07,399
Speaker 3: networks around what we're building, which which makes it very

472
00:24:07,480 --> 00:24:10,119
Speaker 3: strong and we feel like gives it a lot of

473
00:24:10,200 --> 00:24:14,440
Speaker 3: strength especially in the changing market potential whenever that does occur.

474
00:24:15,040 --> 00:24:19,040
Speaker 1: Gotcha, And and the technology that you have, you know,

475
00:24:19,240 --> 00:24:23,440
Speaker 1: it's it's it's helping you fight fraud. It's it's it's

476
00:24:23,520 --> 00:24:28,119
Speaker 1: providing security for your trailers and all that. Uh what

477
00:24:28,440 --> 00:24:30,919
Speaker 1: what else does it kind of do for the shipper,

478
00:24:31,000 --> 00:24:33,560
Speaker 1: for the customer uh of freight Bana?

479
00:24:33,880 --> 00:24:36,360
Speaker 3: Yeah, I think look, when you start talking about pool optimization,

480
00:24:37,040 --> 00:24:42,800
Speaker 3: automatic pool reports, being able to provide uh, accessorial information

481
00:24:42,960 --> 00:24:47,119
Speaker 3: in real time without the old school you know, clipboard

482
00:24:47,200 --> 00:24:49,880
Speaker 3: and yard walk and yard checks, we're able to show

483
00:24:50,040 --> 00:24:52,840
Speaker 3: and really be efficient on that provide data back to

484
00:24:52,920 --> 00:24:56,520
Speaker 3: the shipper when we're asking for ascessorils without like abundance

485
00:24:56,560 --> 00:24:59,640
Speaker 3: of other checks and manual paperwork checks. So the way

486
00:24:59,680 --> 00:25:03,359
Speaker 3: that we can integrate connect our trailers, our cargo sensors,

487
00:25:03,840 --> 00:25:06,639
Speaker 3: and all that data back to our shipper makes it

488
00:25:06,720 --> 00:25:10,320
Speaker 3: a very fluid experience for the for the shipper, and

489
00:25:10,520 --> 00:25:12,800
Speaker 3: one that the you know, I would say that we've

490
00:25:13,480 --> 00:25:16,080
Speaker 3: seen from our shippers from a sentiment perspective, they thoroughly

491
00:25:16,280 --> 00:25:19,920
Speaker 3: enjoy from us. Compared to, you know, someone that asked

492
00:25:19,960 --> 00:25:22,880
Speaker 3: to show up with a variety of different styles of equipment.

493
00:25:23,119 --> 00:25:25,920
Speaker 3: Maybe the technology doesn't work, and you know, then you

494
00:25:26,000 --> 00:25:30,119
Speaker 3: get relegated to maybe EEDI maybe the old school emails,

495
00:25:30,520 --> 00:25:33,520
Speaker 3: maybe spreadsheets are Google docs to get passed back and forth,

496
00:25:33,840 --> 00:25:37,159
Speaker 3: and honestly, like there's just too many things moving for

497
00:25:37,520 --> 00:25:39,720
Speaker 3: all of us in an environment where everyone's kind of

498
00:25:39,760 --> 00:25:42,639
Speaker 3: undermanned and undergone transport, both on the shipper and the

499
00:25:42,720 --> 00:25:45,080
Speaker 3: provider side and on the carrier side.

500
00:25:45,160 --> 00:25:46,280
Speaker 2: So we have to be able to.

501
00:25:46,280 --> 00:25:50,040
Speaker 3: Deliver those things to add enhanced efficiency to the supply

502
00:25:50,200 --> 00:25:51,280
Speaker 3: chain that's desperately needed.

503
00:25:51,960 --> 00:25:55,280
Speaker 1: And from a technology standpoint, you know, either looking what

504
00:25:55,440 --> 00:25:58,360
Speaker 1: the industry is doing or specifically what fray Van is doing,

505
00:25:58,480 --> 00:26:01,439
Speaker 1: is there something that you know that you're really excited

506
00:26:01,440 --> 00:26:05,359
Speaker 1: about that's coming down the pike that people you know

507
00:26:06,280 --> 00:26:07,640
Speaker 1: might get excited about as well.

508
00:26:08,880 --> 00:26:11,040
Speaker 3: Yeah, I think there's some interesting stuff on the security

509
00:26:11,119 --> 00:26:13,880
Speaker 3: side with camera systems and different things that can help

510
00:26:13,920 --> 00:26:16,480
Speaker 3: you with with fight fraud and track equipment. So that's

511
00:26:16,560 --> 00:26:20,159
Speaker 3: one that I think is wildly interesting internally for us.

512
00:26:20,240 --> 00:26:25,960
Speaker 3: What I find really exciting is like an intelligent repositioning,

513
00:26:26,240 --> 00:26:30,920
Speaker 3: pool distribution, pool management kind of algorithm that's operating, and

514
00:26:30,920 --> 00:26:34,160
Speaker 3: it really gives us kind of that airlines type feel

515
00:26:34,280 --> 00:26:37,040
Speaker 3: of being able to offer certain solutions at certain times

516
00:26:37,119 --> 00:26:39,920
Speaker 3: at certain price points depending on our needs, depending on

517
00:26:40,000 --> 00:26:42,760
Speaker 3: the freight dynamics. Right, I think that is something that

518
00:26:42,880 --> 00:26:45,639
Speaker 3: we're really patched about building internally for us that we

519
00:26:45,760 --> 00:26:48,159
Speaker 3: feel like is going to be a game changer as

520
00:26:48,200 --> 00:26:50,600
Speaker 3: we continue to invest tens, if not hundreds of millions

521
00:26:50,600 --> 00:26:51,959
Speaker 3: of dollars into this trailer pool here.

522
00:26:52,200 --> 00:26:55,440
Speaker 1: All right, So more of a dynamic dynamic pricing, Yeah,

523
00:26:56,160 --> 00:27:01,879
Speaker 1: tool definitely very cool. So you know, you're you're in

524
00:27:01,960 --> 00:27:04,880
Speaker 1: the freight brokerage industry, you're dealing with the trucking industry.

525
00:27:05,720 --> 00:27:08,000
Speaker 1: People want to know. Uh, you know, I get a

526
00:27:08,040 --> 00:27:12,080
Speaker 1: lot of calls from you know, our customers at Bloomberg

527
00:27:12,280 --> 00:27:16,119
Speaker 1: and also from our my colleagues in the news side,

528
00:27:16,200 --> 00:27:18,440
Speaker 1: because you know, we get to see what's going on

529
00:27:18,520 --> 00:27:23,080
Speaker 1: in the overall economy. What is what are your customers

530
00:27:23,119 --> 00:27:27,000
Speaker 1: telling you about, you know, peak season demand? Because you know,

531
00:27:27,400 --> 00:27:29,479
Speaker 1: at the time of recording this, we're in the beginning

532
00:27:29,520 --> 00:27:33,479
Speaker 1: of the fourth quarter in mid October, so people are

533
00:27:33,560 --> 00:27:37,119
Speaker 1: gearing up to really prepare for peak. So what are

534
00:27:37,200 --> 00:27:39,080
Speaker 1: you hearing from your customers?

535
00:27:39,680 --> 00:27:41,720
Speaker 3: Yeah, I'll give you a couple of couple shift or

536
00:27:41,760 --> 00:27:46,959
Speaker 3: sentiments from my purview. One peak not anything more explosive

537
00:27:47,040 --> 00:27:49,679
Speaker 3: than last year. I think it's kind of same compared

538
00:27:49,720 --> 00:27:52,280
Speaker 3: to like a twenty three. Based on volumes, I don't

539
00:27:52,320 --> 00:27:54,080
Speaker 3: see any you know, I have a few few.

540
00:27:54,000 --> 00:27:55,199
Speaker 2: Retailers that may have.

541
00:27:57,040 --> 00:28:01,000
Speaker 3: A little bit more bolishness in regards to the stuff,

542
00:28:01,000 --> 00:28:03,879
Speaker 3: but on average, i'd say lead kind of flat as of,

543
00:28:04,080 --> 00:28:06,480
Speaker 3: you know, kind of copy paste from last year. I

544
00:28:06,560 --> 00:28:09,960
Speaker 3: think obviously we know where the inflation, interest rates, and spending.

545
00:28:10,280 --> 00:28:12,359
Speaker 3: You follow the economics of most of these folks, Like

546
00:28:12,520 --> 00:28:15,280
Speaker 3: no one's putting up like record numbers, and so it

547
00:28:15,640 --> 00:28:18,360
Speaker 3: kind of flat looks to be kind of like it's

548
00:28:18,400 --> 00:28:20,320
Speaker 3: not going away. People are still going to buy do

549
00:28:20,400 --> 00:28:22,680
Speaker 3: their stuff. It's going to look very similar to last year.

550
00:28:23,200 --> 00:28:26,080
Speaker 1: Did you guys experience any like pull forward demand because

551
00:28:26,119 --> 00:28:27,960
Speaker 1: of whether people were afraid of what was going on

552
00:28:28,080 --> 00:28:31,480
Speaker 1: in the ports or any of the other kind of

553
00:28:31,840 --> 00:28:33,920
Speaker 1: dislocations that we saw on the supply chain.

554
00:28:35,040 --> 00:28:37,359
Speaker 3: Not more than usual, because I feel like one of

555
00:28:37,400 --> 00:28:39,560
Speaker 3: the trends I've seen over the last three or five

556
00:28:39,640 --> 00:28:42,480
Speaker 3: years is everybody's pulled forward, right because there is you know,

557
00:28:42,640 --> 00:28:45,400
Speaker 3: Black Friday. You know, I to date myself, but I've

558
00:28:45,440 --> 00:28:47,880
Speaker 3: been doing this fourteen years now. Like Black Friday used

559
00:28:47,880 --> 00:28:50,440
Speaker 3: to be a thing. It still is a thing, but

560
00:28:50,560 --> 00:28:52,440
Speaker 3: now you've got every company that wants to so pre

561
00:28:52,560 --> 00:28:56,160
Speaker 3: Black Friday, and so everybody's pulled all of that forward,

562
00:28:56,240 --> 00:28:58,520
Speaker 3: So we didn't particularly feel it. You know, I don't

563
00:28:58,640 --> 00:29:02,200
Speaker 3: sit you know, in the necessarily the shippers. Obviously between

564
00:29:02,240 --> 00:29:05,800
Speaker 3: the unfortunate storms we had port delays, I mean, sutare

565
00:29:05,840 --> 00:29:07,840
Speaker 3: that caused a little bit. But as far as pull

566
00:29:07,920 --> 00:29:10,640
Speaker 3: forward for Pete, I think people are well prepared and

567
00:29:10,760 --> 00:29:13,680
Speaker 3: because of the volumes and the marketer into such a place,

568
00:29:13,760 --> 00:29:15,720
Speaker 3: I think everybody's in a really good position. So I

569
00:29:15,760 --> 00:29:19,280
Speaker 3: don't see anything that seismically changed as far as demand

570
00:29:19,600 --> 00:29:23,200
Speaker 3: or rush or anybody getting caught like flat footed on

571
00:29:23,320 --> 00:29:26,400
Speaker 3: their overall you know, imports or distribution plans.

572
00:29:26,520 --> 00:29:27,360
Speaker 2: From where I.

573
00:29:27,400 --> 00:29:31,280
Speaker 1: Sit, so from from from where you guys are are sitting.

574
00:29:31,440 --> 00:29:34,880
Speaker 1: You know, we had two terrible hurricanes, as you mentioned.

575
00:29:35,120 --> 00:29:37,440
Speaker 1: You know, you know, my heart goes out to everyone

576
00:29:37,520 --> 00:29:42,280
Speaker 1: that was impacted by those storms. But are you guys

577
00:29:42,440 --> 00:29:45,400
Speaker 1: have you seen like a big uptick in demand for

578
00:29:46,560 --> 00:29:50,520
Speaker 1: inbound freight in those regions following the storms, because you know,

579
00:29:50,600 --> 00:29:53,720
Speaker 1: a lot of the relief and recovery efforts probably underway.

580
00:29:54,280 --> 00:29:56,480
Speaker 3: Yeah, and then some of the big partners have you know,

581
00:29:56,560 --> 00:29:58,840
Speaker 3: are certainly out there seeking that the ones you'd expect

582
00:29:58,920 --> 00:30:01,600
Speaker 3: the big box retailer, especially the home improvement ones they're

583
00:30:01,640 --> 00:30:04,400
Speaker 3: they're having. You know, you've got water demand and and

584
00:30:04,440 --> 00:30:07,040
Speaker 3: different stuff like that. So i'd say typical to other

585
00:30:07,840 --> 00:30:10,960
Speaker 3: unfortunate catastrophes. You've definitely seen a little bit of an

586
00:30:11,280 --> 00:30:15,160
Speaker 3: uptick there. And you know, I not the one to

587
00:30:15,240 --> 00:30:17,800
Speaker 3: follow the news of the weather, I think, and unfortunately

588
00:30:17,800 --> 00:30:19,160
Speaker 3: it may not be over. I've heard there's may be

589
00:30:19,200 --> 00:30:21,360
Speaker 3: even a couple other storms, which you know, let's let's

590
00:30:21,360 --> 00:30:22,560
Speaker 3: all hope that that doesn't.

591
00:30:22,320 --> 00:30:26,960
Speaker 1: Happen, right, Absolutely not kind of wood. So when you

592
00:30:27,000 --> 00:30:29,480
Speaker 1: guys are looking at twenty twenty five, yeah, it's only

593
00:30:29,480 --> 00:30:32,080
Speaker 1: a couple of months away. Here, what are you expecting

594
00:30:32,320 --> 00:30:34,440
Speaker 1: for the industry to grow? I'm assuming you want to

595
00:30:34,480 --> 00:30:36,840
Speaker 1: grow more than the industry give given you know you're

596
00:30:36,920 --> 00:30:39,840
Speaker 1: in in high growth mode. So can you just talk about,

597
00:30:39,920 --> 00:30:43,000
Speaker 1: you know, what you're expecting for the truckload industry? And

598
00:30:43,280 --> 00:30:44,920
Speaker 1: I don't know when you talk about it, are you

599
00:30:45,000 --> 00:30:46,840
Speaker 1: specifically talking about the dry van market.

600
00:30:48,120 --> 00:30:50,080
Speaker 2: I'd say all all the markets.

601
00:30:50,120 --> 00:30:53,320
Speaker 3: I mean, look, I think everything's experienced, you know, different levels,

602
00:30:53,360 --> 00:30:56,000
Speaker 3: whether it's flatbed refer drive in so I'd say all

603
00:30:56,160 --> 00:31:01,320
Speaker 3: is probably directly going to accurate. I think, look, we've

604
00:31:01,640 --> 00:31:03,600
Speaker 3: experienced the twenty eight months of the fall.

605
00:31:03,760 --> 00:31:05,160
Speaker 2: I think we'll get through this year.

606
00:31:05,800 --> 00:31:09,240
Speaker 3: I think people are starting to see the continued fallout

607
00:31:09,240 --> 00:31:12,080
Speaker 3: by the carrier base. Certainly if you follow the stats

608
00:31:12,120 --> 00:31:14,920
Speaker 3: on like the brokerage community, and they're starting to go, uh,

609
00:31:15,520 --> 00:31:17,440
Speaker 3: you know, continue to go out of business, you know,

610
00:31:17,560 --> 00:31:20,280
Speaker 3: kind of an increasing pace. So I think you know

611
00:31:20,360 --> 00:31:22,120
Speaker 3: it's some Here's what I would tell you is like

612
00:31:22,160 --> 00:31:25,160
Speaker 3: as we go into bid season. In years prior, it

613
00:31:25,280 --> 00:31:30,320
Speaker 3: was all about like pretty swathy savings and conversations on that.

614
00:31:30,920 --> 00:31:35,800
Speaker 3: I would tell you that now in conversations it's it's hey,

615
00:31:36,160 --> 00:31:39,320
Speaker 3: could you do this flat? And there's some conversations around

616
00:31:39,760 --> 00:31:43,000
Speaker 3: you know, single digit kind of great improvement, which I

617
00:31:43,040 --> 00:31:44,640
Speaker 3: think is a healthy side, which makes.

618
00:31:44,520 --> 00:31:46,040
Speaker 2: Me feel like, hey, the bottom.

619
00:31:46,120 --> 00:31:47,920
Speaker 3: Like, look, there's always going to be people that find

620
00:31:47,960 --> 00:31:50,400
Speaker 3: the bottom, and it always depends on where they currently sit.

621
00:31:50,720 --> 00:31:53,280
Speaker 3: But I think to answer your question, Lee, I think

622
00:31:53,400 --> 00:31:59,040
Speaker 3: you'll see mid single digit improvement. I'm also not you know,

623
00:31:59,200 --> 00:32:02,840
Speaker 3: the one that sees hockey stick type move As far

624
00:32:02,920 --> 00:32:06,400
Speaker 3: as the rate change in the market, I believe that

625
00:32:07,720 --> 00:32:09,960
Speaker 3: what we're going to see next is going to be metered.

626
00:32:10,000 --> 00:32:12,440
Speaker 3: It will increase, It will come off the floor because

627
00:32:12,480 --> 00:32:15,200
Speaker 3: it has to, because a lot of the rates that

628
00:32:15,280 --> 00:32:17,680
Speaker 3: are out there in the market are well beneath the

629
00:32:18,280 --> 00:32:21,040
Speaker 3: cost to operate. And over time, I just think the

630
00:32:21,120 --> 00:32:23,240
Speaker 3: market will correct and I think it's going to be

631
00:32:23,280 --> 00:32:27,560
Speaker 3: a sequential increase. Spot markets will inflect. So then you're

632
00:32:27,600 --> 00:32:29,040
Speaker 3: going to see, folks, you know a little bit of

633
00:32:29,080 --> 00:32:32,120
Speaker 3: that change will happen when the spot market strategy, which

634
00:32:32,240 --> 00:32:35,239
Speaker 3: was a haven for savings, now may not be that thing,

635
00:32:35,320 --> 00:32:36,719
Speaker 3: and so you're going to see a move for more

636
00:32:36,800 --> 00:32:39,280
Speaker 3: committed freight in the middle grounds, which which should be

637
00:32:39,360 --> 00:32:42,480
Speaker 3: overall healthy for truckers and brokers alike to my opinion.

638
00:32:42,840 --> 00:32:45,600
Speaker 1: All Right, and just roughly speaking, what percentage of your

639
00:32:45,840 --> 00:32:51,920
Speaker 1: business with your shippers is contractual versus spot.

640
00:32:52,560 --> 00:32:56,200
Speaker 3: Yeah, we're about eighty four to eighty seven percent committed

641
00:32:57,640 --> 00:33:00,600
Speaker 3: on any given day and week. So that's a great question.

642
00:33:01,120 --> 00:33:03,240
Speaker 3: I'll say it again goes back to having those assets.

643
00:33:04,000 --> 00:33:05,760
Speaker 3: You definitely want to be in a position where you're

644
00:33:05,800 --> 00:33:10,440
Speaker 3: building consistent networks, you're building routing guides, you're getting the

645
00:33:10,520 --> 00:33:13,800
Speaker 3: network efficiencies. So and I don't think for us, we'll

646
00:33:13,840 --> 00:33:16,960
Speaker 3: ever be in a position where we're anywhere, you know,

647
00:33:17,440 --> 00:33:20,120
Speaker 3: under that eighty percent committed rate, just because in order

648
00:33:20,160 --> 00:33:24,280
Speaker 3: to build and invest like that, consistency comes with dedicated

649
00:33:24,400 --> 00:33:26,800
Speaker 3: or say committed freight as opposed to the term dedicated,

650
00:33:26,800 --> 00:33:29,600
Speaker 3: but that committed freight is really the stall worth of

651
00:33:29,640 --> 00:33:31,560
Speaker 3: what we're trying to build here at Crevana.

652
00:33:31,680 --> 00:33:35,040
Speaker 1: Right, And you know you mentioned committed freight, So like,

653
00:33:35,120 --> 00:33:38,160
Speaker 1: are these like one year agreements that you have with shippers.

654
00:33:37,920 --> 00:33:39,600
Speaker 3: Most of them, yeah, I mean some have moved to

655
00:33:39,680 --> 00:33:42,320
Speaker 3: like the quarterly or hey, let's review it on six months.

656
00:33:42,360 --> 00:33:44,760
Speaker 3: But the shippers also don't want to churn that out, right.

657
00:33:44,840 --> 00:33:46,720
Speaker 3: I mean they may set it up to be revealing

658
00:33:46,840 --> 00:33:49,040
Speaker 3: on a semi annual basis, but if you're doing a

659
00:33:49,120 --> 00:33:52,400
Speaker 3: good job, there's very few shippers that are going to come,

660
00:33:52,600 --> 00:33:54,760
Speaker 3: you know, switch that out because of the disruption it

661
00:33:54,840 --> 00:33:57,760
Speaker 3: causes that, and they don't want the maintenance that and

662
00:33:57,800 --> 00:33:58,360
Speaker 3: then the pain.

663
00:33:59,520 --> 00:34:01,320
Speaker 2: And so by doing a really good job.

664
00:34:01,280 --> 00:34:04,160
Speaker 3: Executing bringing some of those levels of delight that I

665
00:34:04,240 --> 00:34:07,080
Speaker 3: told you, with the trailers and our execution, you're going

666
00:34:07,160 --> 00:34:10,080
Speaker 3: to be able to stay on consistent lanes even if

667
00:34:10,120 --> 00:34:12,279
Speaker 3: someone goes to a quarterly or some annual basis in

668
00:34:12,320 --> 00:34:13,680
Speaker 3: my opinion, right and.

669
00:34:13,719 --> 00:34:16,640
Speaker 1: Talking to other brokers, you know, they've been talking about

670
00:34:16,760 --> 00:34:19,440
Speaker 1: like how they're how their shippers and their customers are

671
00:34:19,480 --> 00:34:23,280
Speaker 1: looking to do business with less brokers or less carriers,

672
00:34:24,239 --> 00:34:27,000
Speaker 1: and a lot of the decision making is really based

673
00:34:27,040 --> 00:34:29,600
Speaker 1: on technology. So could you talk a little bit about

674
00:34:30,600 --> 00:34:34,040
Speaker 1: are you seeing the same things and is that a

675
00:34:34,080 --> 00:34:35,200
Speaker 1: good thing for Frayvana?

676
00:34:36,760 --> 00:34:39,480
Speaker 3: H It has been because I think we're differentiated, right,

677
00:34:39,600 --> 00:34:43,560
Speaker 3: And I think I would tell you what's interesting over

678
00:34:43,560 --> 00:34:46,160
Speaker 3: the last three years, and there's not one shipper that

679
00:34:46,480 --> 00:34:48,919
Speaker 3: woke up, walked into a strategy session with their team

680
00:34:48,960 --> 00:34:50,440
Speaker 3: and was like, hey, you know, I think we need

681
00:34:50,920 --> 00:34:55,759
Speaker 3: more brokers, right, that conversation hasn't happened. Now, if we

682
00:34:55,840 --> 00:34:57,879
Speaker 3: flip the script and you see our growth, you see

683
00:34:57,880 --> 00:35:01,640
Speaker 3: our customer you know on boarding, you see the folks

684
00:35:01,719 --> 00:35:04,000
Speaker 3: that are making bets on us, I think that highlights

685
00:35:04,040 --> 00:35:07,919
Speaker 3: our true differentiation in the face of a space where

686
00:35:08,040 --> 00:35:10,320
Speaker 3: people are pulling down the people that they work with.

687
00:35:10,600 --> 00:35:14,560
Speaker 3: So between our technology platform, between those trailers, between our team,

688
00:35:15,400 --> 00:35:18,280
Speaker 3: we're starting to garner that respect, I've said of the market,

689
00:35:19,000 --> 00:35:21,880
Speaker 3: but in general, it also follows the cycle. When the

690
00:35:21,920 --> 00:35:26,000
Speaker 3: cycle goes down, people want less providers. But just like

691
00:35:26,120 --> 00:35:29,839
Speaker 3: those conversations on rate, there are shippers now talking about, hey,

692
00:35:29,880 --> 00:35:31,520
Speaker 3: we really got to be prepared to maybe on board

693
00:35:31,600 --> 00:35:34,240
Speaker 3: some more folks because of it inflex and those inflationary

694
00:35:34,600 --> 00:35:36,680
Speaker 3: they're going to want more people just from a pure

695
00:35:36,880 --> 00:35:39,960
Speaker 3: pyramid perspective to be able to participate this step in.

696
00:35:40,160 --> 00:35:42,160
Speaker 3: So I think that that is a trend that I've

697
00:35:42,200 --> 00:35:46,000
Speaker 3: seen four times in my career now, and so I

698
00:35:46,040 --> 00:35:49,040
Speaker 3: don't think that that's too odd. It's and then also

699
00:35:49,080 --> 00:35:51,319
Speaker 3: there's a pressure on the shippers, right, Let's be honest,

700
00:35:51,360 --> 00:35:53,160
Speaker 3: Let's put myself in their shoes, and I work with

701
00:35:53,200 --> 00:35:55,520
Speaker 3: a lot of them and have close relationships. They don't

702
00:35:55,560 --> 00:35:58,720
Speaker 3: have an abundant amount of resources, Their companies aren't knocking

703
00:35:58,800 --> 00:36:01,799
Speaker 3: it out of the park, so they are pretty tight

704
00:36:01,920 --> 00:36:06,400
Speaker 3: on their manpower, their tech investments, their systems. So naturally,

705
00:36:06,440 --> 00:36:09,120
Speaker 3: by working with less people, it absolves a little bit

706
00:36:09,160 --> 00:36:11,360
Speaker 3: of that pain for where they sit too. So I

707
00:36:11,440 --> 00:36:14,799
Speaker 3: think strategically, yes, the market will demand it, their economics

708
00:36:14,840 --> 00:36:17,360
Speaker 3: will demand it, but naturally as it switches, they'll be

709
00:36:17,400 --> 00:36:19,120
Speaker 3: looking for more people to come in to try to

710
00:36:19,200 --> 00:36:22,040
Speaker 3: help them from a pure precurement perspective, because they.

711
00:36:22,000 --> 00:36:23,719
Speaker 2: Have to right right.

712
00:36:24,160 --> 00:36:26,520
Speaker 1: And you mentioned something earlier about the brokerage. I think

713
00:36:26,560 --> 00:36:28,719
Speaker 1: you were talking about brokers. You were saying more leaving

714
00:36:28,800 --> 00:36:31,120
Speaker 1: the market. Yeah, I know you were talking about the

715
00:36:31,120 --> 00:36:34,160
Speaker 1: truckload carriers, but you're also talking about brokers. So what's

716
00:36:34,360 --> 00:36:36,759
Speaker 1: what's forcing these brokers out the out of the market.

717
00:36:36,880 --> 00:36:38,680
Speaker 1: Is it just they're not able to generate a profit

718
00:36:38,840 --> 00:36:39,880
Speaker 1: or is there something else here?

719
00:36:40,719 --> 00:36:43,120
Speaker 3: I think I think it's the well two things. One,

720
00:36:43,560 --> 00:36:45,239
Speaker 3: the folks that have been in a long time maybe

721
00:36:45,280 --> 00:36:47,520
Speaker 3: got too far to their skis, whether that's offices, whether

722
00:36:47,600 --> 00:36:48,920
Speaker 3: that's compensation plans.

723
00:36:49,640 --> 00:36:54,760
Speaker 2: So that's a pain point. I think. Naturally there are.

724
00:36:55,640 --> 00:36:57,719
Speaker 3: If you're going to win on price, and it's a

725
00:36:57,920 --> 00:37:00,719
Speaker 3: market that's driven solely by price, and that's your differentiator,

726
00:37:00,800 --> 00:37:02,840
Speaker 3: Like you can only raise so far before it drops

727
00:37:02,880 --> 00:37:07,480
Speaker 3: below your economics and then it comes a cash flow problem. Unfortunately,

728
00:37:07,560 --> 00:37:10,280
Speaker 3: going back to that term discipline, a lot of businesses

729
00:37:10,280 --> 00:37:13,560
Speaker 3: aren't built with it, and so when you experience, you know,

730
00:37:13,760 --> 00:37:19,000
Speaker 3: sequential multi year drop off and probably without profits, only

731
00:37:19,040 --> 00:37:22,040
Speaker 3: certain businesses are able to kind of sustain, which is

732
00:37:22,400 --> 00:37:25,400
Speaker 3: just kind of standard market dynamics. Right, So the strong

733
00:37:25,520 --> 00:37:28,480
Speaker 3: will survive. But if you made bad decisions, if you

734
00:37:28,560 --> 00:37:30,839
Speaker 3: were too reliant on one big shipper and you lost

735
00:37:30,920 --> 00:37:35,280
Speaker 3: that account, like in look, three years of a downward

736
00:37:35,320 --> 00:37:37,719
Speaker 3: market trend will make people. I think that's the other

737
00:37:37,760 --> 00:37:40,040
Speaker 3: piece to consider in this industry. I know a lot

738
00:37:40,120 --> 00:37:44,000
Speaker 3: of folks as they are leaving, they're not only they're

739
00:37:44,080 --> 00:37:47,800
Speaker 3: leaving jobs or getting moved, they're actually considering jobs in

740
00:37:48,360 --> 00:37:51,520
Speaker 3: other arenas, in other industries, right, because of the cyclical

741
00:37:51,600 --> 00:37:54,040
Speaker 3: nature of this and it's been been a tough market.

742
00:37:54,160 --> 00:37:56,440
Speaker 3: So for some respects, it's it's time for people just

743
00:37:56,520 --> 00:37:58,200
Speaker 3: to hang it up and they realize they don't want

744
00:37:58,200 --> 00:38:01,160
Speaker 3: to go through the ups and downs that the transport

745
00:38:01,239 --> 00:38:03,520
Speaker 3: markets is wildly known for.

746
00:38:04,360 --> 00:38:08,480
Speaker 1: Right. So you know, is there anything as a leader

747
00:38:08,520 --> 00:38:12,799
Speaker 1: of an emerging and a growing transportation company that keeps

748
00:38:12,840 --> 00:38:13,400
Speaker 1: you up at night?

749
00:38:14,120 --> 00:38:14,319
Speaker 2: Yeah?

750
00:38:14,400 --> 00:38:18,319
Speaker 3: I mean we talked about fraud. It's really hard when

751
00:38:18,360 --> 00:38:19,920
Speaker 3: you feel like you're doing all the right things and

752
00:38:20,000 --> 00:38:21,520
Speaker 3: you're still not in pervious to it, right.

753
00:38:21,600 --> 00:38:22,920
Speaker 2: I know, I got a lot of folks out there

754
00:38:22,960 --> 00:38:23,360
Speaker 2: that do that.

755
00:38:24,440 --> 00:38:28,800
Speaker 3: I think just in general, being an entrepreneur and everybody

756
00:38:28,880 --> 00:38:31,840
Speaker 3: who is an entrepreneur. That's you know, listening to you

757
00:38:32,040 --> 00:38:35,319
Speaker 3: and us knows like you have a responsibility that's much

758
00:38:35,360 --> 00:38:38,080
Speaker 3: bigger than yourself. So as you're fighting for all the things,

759
00:38:38,640 --> 00:38:40,200
Speaker 3: you realize you've got a lot of people that depend

760
00:38:40,280 --> 00:38:43,839
Speaker 3: on you to make the right decisions to lead them

761
00:38:44,000 --> 00:38:48,080
Speaker 3: through these choppy waters. And so as far as staying

762
00:38:48,120 --> 00:38:49,960
Speaker 3: up at night, like it keeps me sharp, but it's

763
00:38:49,960 --> 00:38:52,080
Speaker 3: certainly a concern because I know it's bigger than just

764
00:38:52,160 --> 00:38:55,200
Speaker 3: providing for myself and my family. I've got a lot

765
00:38:55,280 --> 00:38:57,920
Speaker 3: of folks and continue to add, folks that depend on

766
00:38:58,120 --> 00:39:01,360
Speaker 3: us being strong and healthy and smart and growing.

767
00:39:01,480 --> 00:39:05,120
Speaker 2: And so you know that's something that is highly motivated.

768
00:39:05,160 --> 00:39:08,279
Speaker 3: I love the position, but but I would be lying

769
00:39:08,320 --> 00:39:10,200
Speaker 3: to you Lee to tell you that there's not times

770
00:39:10,320 --> 00:39:12,440
Speaker 3: just staring at that ceiling fan at three am and

771
00:39:12,520 --> 00:39:14,600
Speaker 3: things are running through your head that you wish you

772
00:39:14,640 --> 00:39:16,479
Speaker 3: were you wish you were getting that few extra hours

773
00:39:16,520 --> 00:39:18,600
Speaker 3: of sleep. But there's many times that I am not, sir.

774
00:39:19,360 --> 00:39:24,720
Speaker 1: Right, Well, here's to better night's sleep. Better keep ahead.

775
00:39:25,280 --> 00:39:27,719
Speaker 1: So you know, at the top of the podcast, we

776
00:39:27,840 --> 00:39:30,120
Speaker 1: talked about, you know, when we introduced you, your un

777
00:39:30,200 --> 00:39:33,759
Speaker 1: he came from night. How did you first get into

778
00:39:33,840 --> 00:39:36,799
Speaker 1: the transportation industry, because you're either if I find you're

779
00:39:36,840 --> 00:39:39,200
Speaker 1: either born into where you step into it. So how

780
00:39:39,239 --> 00:39:40,759
Speaker 1: did you get into transports?

781
00:39:41,040 --> 00:39:42,040
Speaker 2: Not born into it?

782
00:39:42,200 --> 00:39:47,719
Speaker 3: So I went to high school, uh played intramural football

783
00:39:48,280 --> 00:39:51,960
Speaker 3: and knew a guy and still know a guy that

784
00:39:52,160 --> 00:39:55,799
Speaker 3: is now the CEO of all of night Swift named

785
00:39:55,840 --> 00:40:00,040
Speaker 3: Adam Miller. And then Adam and I grew up. We

786
00:40:00,080 --> 00:40:02,000
Speaker 3: knew a lot about each other, a lot of mutual respect.

787
00:40:02,080 --> 00:40:03,960
Speaker 3: He got out of college and enjoyed Night.

788
00:40:05,480 --> 00:40:05,640
Speaker 2: Man.

789
00:40:05,680 --> 00:40:07,239
Speaker 3: I'll probably go all the way back to like two

790
00:40:07,239 --> 00:40:08,840
Speaker 3: thousand and two or three, right, I don't want to

791
00:40:09,040 --> 00:40:10,120
Speaker 3: mess up his career arc.

792
00:40:10,239 --> 00:40:12,000
Speaker 2: I'm sure he's doing quite well. He won't care about

793
00:40:12,000 --> 00:40:12,359
Speaker 2: the start.

794
00:40:12,480 --> 00:40:16,000
Speaker 3: It's ending well or it's going well, but either way,

795
00:40:16,600 --> 00:40:18,200
Speaker 3: we had just talked to you know, I'd been in

796
00:40:18,320 --> 00:40:21,600
Speaker 3: finance and done some stuff and we had talked and

797
00:40:21,680 --> 00:40:24,640
Speaker 3: he just became CFO of night in the summer of

798
00:40:24,640 --> 00:40:27,080
Speaker 3: twenty twelve or right before that, and we started having

799
00:40:27,120 --> 00:40:29,320
Speaker 3: discussions and I knew nothing about transport.

800
00:40:29,600 --> 00:40:31,200
Speaker 2: Where he's like, hey, like this would be a really

801
00:40:31,239 --> 00:40:32,040
Speaker 2: cool opportunity.

802
00:40:32,080 --> 00:40:32,319
Speaker 1: And so.

803
00:40:34,120 --> 00:40:35,560
Speaker 3: I was looking to get out of an FP and

804
00:40:35,600 --> 00:40:38,000
Speaker 3: a job and do some different things, and I you know,

805
00:40:38,320 --> 00:40:41,920
Speaker 3: got introduced to the wild world of trucking and logistics

806
00:40:42,000 --> 00:40:45,200
Speaker 3: and like most people and they say, like it just

807
00:40:45,320 --> 00:40:47,680
Speaker 3: captured me. I love the people, I love the chaos.

808
00:40:48,480 --> 00:40:51,520
Speaker 3: It suited my personality and I think it's right for opportunity.

809
00:40:51,760 --> 00:40:54,480
Speaker 3: So I would say that I'd have to credit him

810
00:40:54,600 --> 00:40:57,320
Speaker 3: for charting the way right when we left college and

811
00:40:57,400 --> 00:40:59,080
Speaker 3: then you know, opening the door at least giving me.

812
00:40:59,080 --> 00:41:01,200
Speaker 2: An opportunity to to earn my stripes from there.

813
00:41:01,800 --> 00:41:04,759
Speaker 1: That's great. And I was mentioning earlier like there's no

814
00:41:04,920 --> 00:41:08,160
Speaker 1: ego at night and Adam is one of those individuals

815
00:41:08,280 --> 00:41:10,920
Speaker 1: with you know, not a lot of ego and a

816
00:41:10,960 --> 00:41:13,960
Speaker 1: lot of insights and you know, doing a good job

817
00:41:14,040 --> 00:41:17,080
Speaker 1: over there at night. Swift, I guess you know you

818
00:41:17,280 --> 00:41:19,120
Speaker 1: mentioned the things that keep you up at night, But

819
00:41:19,239 --> 00:41:22,000
Speaker 1: what's the favorite what's your favorite part of you know,

820
00:41:22,160 --> 00:41:26,440
Speaker 1: being a co founder and running a large transportation company.

821
00:41:27,120 --> 00:41:31,640
Speaker 3: Yeah, no, no offense for the aforementioned publicly traded companies

822
00:41:31,680 --> 00:41:37,200
Speaker 3: out there, but that comes with a certain level of

823
00:41:38,600 --> 00:41:44,320
Speaker 3: pacing and requirements and let's call it red tape or

824
00:41:44,360 --> 00:41:46,640
Speaker 3: whatever you will. Like, there's drama, and there's stuff everywhere,

825
00:41:46,719 --> 00:41:50,000
Speaker 3: But I particularly love the agility of.

826
00:41:50,160 --> 00:41:55,279
Speaker 2: Being a at a growth company in a really cool

827
00:41:55,400 --> 00:41:56,560
Speaker 2: time in our.

828
00:41:56,920 --> 00:42:00,239
Speaker 3: Businesses evolution, being able to make decisions on the fly,

829
00:42:00,480 --> 00:42:04,080
Speaker 3: like agility ends up being a superpower, and so that's

830
00:42:04,120 --> 00:42:07,160
Speaker 3: probably my favorite partly. And look, part of that is

831
00:42:07,360 --> 00:42:09,359
Speaker 3: you make the decisions you you you have to deal

832
00:42:09,400 --> 00:42:12,040
Speaker 3: with the pain, made plenty of those, right not not

833
00:42:13,400 --> 00:42:15,960
Speaker 3: not too proud to admit that, but at the same time,

834
00:42:16,080 --> 00:42:18,960
Speaker 3: like you can pivot so quickly, and I think that

835
00:42:19,160 --> 00:42:21,279
Speaker 3: is that is the thing I love best, is that

836
00:42:21,360 --> 00:42:24,320
Speaker 3: you really have your hand on the control and you

837
00:42:24,400 --> 00:42:27,480
Speaker 3: can just make things happen, especially if you're surrounded by

838
00:42:27,480 --> 00:42:29,920
Speaker 3: a really talented group like I am. And so I'm

839
00:42:30,000 --> 00:42:33,279
Speaker 3: blessed in that and so ultimately humbled every day I

840
00:42:33,360 --> 00:42:35,520
Speaker 3: walk in. You know, for all those people that decided

841
00:42:35,560 --> 00:42:36,960
Speaker 3: they want to take me on a crazy you know,

842
00:42:37,040 --> 00:42:39,719
Speaker 3: go on this crazy journey only were once again a

843
00:42:39,760 --> 00:42:42,200
Speaker 3: PowerPoint in the dream. So a lot of respect, a

844
00:42:42,239 --> 00:42:45,240
Speaker 3: lot of humility for those folks and then everybody that's.

845
00:42:45,160 --> 00:42:47,120
Speaker 2: Joined us to continue to build on this brand.

846
00:42:47,239 --> 00:42:50,520
Speaker 3: Like so it's the fulfillment loop is much different when

847
00:42:50,560 --> 00:42:53,680
Speaker 3: it's when it's your own much different feeling, and I'd

848
00:42:53,680 --> 00:42:57,279
Speaker 3: say the agility that comes with being positioned this way

849
00:42:57,320 --> 00:43:00,680
Speaker 3: without maybe some of the red tape that the overall

850
00:43:00,800 --> 00:43:04,960
Speaker 3: markets UH provide you when you're structured different.

851
00:43:05,560 --> 00:43:09,320
Speaker 1: Right, And as an entrepreneur and someone that's in transportation industry,

852
00:43:09,400 --> 00:43:10,800
Speaker 1: is there book that you've read that you know you

853
00:43:10,840 --> 00:43:12,920
Speaker 1: could recommend to folks that are listening that you know,

854
00:43:13,440 --> 00:43:16,160
Speaker 1: really really made a dent in the how the way

855
00:43:16,400 --> 00:43:17,880
Speaker 1: you think or do business.

856
00:43:18,320 --> 00:43:20,839
Speaker 2: It didn't change me personally, but I love learning about

857
00:43:20,840 --> 00:43:21,480
Speaker 2: the science of it.

858
00:43:21,560 --> 00:43:23,879
Speaker 3: I've said this a couple of times to other folks,

859
00:43:23,960 --> 00:43:26,960
Speaker 3: but I love the book Grit, you know, because there's.

860
00:43:26,800 --> 00:43:27,839
Speaker 2: The science in it, right.

861
00:43:27,960 --> 00:43:30,600
Speaker 3: It's it's like you grow up with it and then

862
00:43:30,640 --> 00:43:33,360
Speaker 3: you realize, like through the studies, like either you have

863
00:43:33,520 --> 00:43:36,279
Speaker 3: it or you don't, and then you kind of you know,

864
00:43:36,400 --> 00:43:39,200
Speaker 3: I'm my mid forties now, right, I'm very one of

865
00:43:39,360 --> 00:43:41,839
Speaker 3: the older guys here at the company, But like then

866
00:43:41,880 --> 00:43:43,879
Speaker 3: you kind of go back to all of your life

867
00:43:43,960 --> 00:43:46,840
Speaker 3: experiences and you're like, I didn't really know the science

868
00:43:46,880 --> 00:43:48,600
Speaker 3: of it, like I did it for a certain reason.

869
00:43:48,719 --> 00:43:51,440
Speaker 3: So I just found it fascinating the way that she

870
00:43:51,600 --> 00:43:54,600
Speaker 3: broke that down and that even the military was looking

871
00:43:54,640 --> 00:43:54,840
Speaker 3: at it.

872
00:43:55,000 --> 00:43:56,759
Speaker 2: High performing companies were looking at it.

873
00:43:56,960 --> 00:44:00,439
Speaker 3: Certainly something we look for and try to that out

874
00:44:00,480 --> 00:44:02,960
Speaker 3: in our hiring process, right, trying to find those people

875
00:44:03,040 --> 00:44:05,840
Speaker 3: that like, right, it's about that buyer and that passion

876
00:44:05,880 --> 00:44:08,560
Speaker 3: and that you know, that willingness to to kind of

877
00:44:08,640 --> 00:44:11,200
Speaker 3: go beyond, because that's kind of what it takes. And

878
00:44:11,320 --> 00:44:15,160
Speaker 3: that's that's what the high performing uh, you know, groups organizations.

879
00:44:15,200 --> 00:44:18,319
Speaker 3: That's how I uh have have always sought myself as

880
00:44:19,000 --> 00:44:20,840
Speaker 3: and so I really love that book frame, but that

881
00:44:20,880 --> 00:44:21,400
Speaker 3: hasn't read it.

882
00:44:21,520 --> 00:44:22,359
Speaker 2: I think it's a great one.

883
00:44:22,600 --> 00:44:24,400
Speaker 1: Yeah, it's on the back of my shelf behind me

884
00:44:24,520 --> 00:44:28,080
Speaker 1: somewhere in that mess not that goodly, No, it's it's blurry.

885
00:44:28,080 --> 00:44:30,719
Speaker 1: It's blurry. It's pretty messy and glory behind me. So

886
00:44:30,960 --> 00:44:35,080
Speaker 1: you know, you're you're based in in Arizona, So I

887
00:44:35,120 --> 00:44:37,080
Speaker 1: guess you get to do the outdoors a lot. Or

888
00:44:37,080 --> 00:44:37,800
Speaker 1: are you a golfer?

889
00:44:37,960 --> 00:44:40,080
Speaker 2: Like, what do you do for fun? I am lee,

890
00:44:40,200 --> 00:44:42,719
Speaker 2: I was a better golfer before startup life. Let me

891
00:44:42,760 --> 00:44:45,280
Speaker 2: tell you that. Uh, and I was our better golfer.

892
00:44:45,360 --> 00:44:48,360
Speaker 3: Everybody told me like, hey, because you know, love my

893
00:44:48,480 --> 00:44:51,000
Speaker 3: golf before startup life and you got young kids. But

894
00:44:51,080 --> 00:44:53,200
Speaker 3: here's what young kids don't do. Young kids aren't in

895
00:44:53,640 --> 00:44:56,040
Speaker 3: like two and four year olds aren't in club sports.

896
00:44:56,120 --> 00:44:59,560
Speaker 3: So if someone would told me what club soccer would be, yeah,

897
00:45:00,000 --> 00:45:02,560
Speaker 3: I had an idea, but what I didn't realize was

898
00:45:02,760 --> 00:45:04,880
Speaker 3: the three nights a week that we're at the soccer

899
00:45:05,000 --> 00:45:10,600
Speaker 3: field the weekends of multiple games every Saturday. So that

900
00:45:10,719 --> 00:45:14,839
Speaker 3: has changed my golf availability league. Between that and startup life,

901
00:45:14,920 --> 00:45:17,080
Speaker 3: I have a very small windows and don't play as

902
00:45:17,120 --> 00:45:18,160
Speaker 3: many rounds as i'd like to.

903
00:45:18,280 --> 00:45:19,160
Speaker 2: Let me put it to you that way.

904
00:45:19,200 --> 00:45:20,800
Speaker 1: All right, Well, if you ever get to New Jersey

905
00:45:20,840 --> 00:45:24,120
Speaker 1: and you want to play, we'll, we'll, we'll, we'll hack

906
00:45:24,160 --> 00:45:24,799
Speaker 1: it up out there.

907
00:45:25,040 --> 00:45:26,759
Speaker 2: I will take you up on that one, all right.

908
00:45:26,920 --> 00:45:29,960
Speaker 1: Fantastic. Well, I really want to, you know, thank you

909
00:45:30,040 --> 00:45:32,320
Speaker 1: for your time Shannon and your insights today. This is

910
00:45:32,360 --> 00:45:33,520
Speaker 1: a fantastic conversation.

911
00:45:34,560 --> 00:45:36,359
Speaker 2: I appreciate Lee. I love what you're doing.

912
00:45:37,239 --> 00:45:39,680
Speaker 3: I listened to a lot of your different guests and

913
00:45:39,760 --> 00:45:43,560
Speaker 3: podcasts and I really find it insightful and interesting.

914
00:45:43,600 --> 00:45:44,680
Speaker 2: So keep doing what you're down.

915
00:45:44,640 --> 00:45:46,520
Speaker 1: Too, and I'm sure this episode is going to be

916
00:45:46,560 --> 00:45:53,319
Speaker 1: your favorite. No, I'm not that style, all right, well,

917
00:45:53,320 --> 00:45:55,000
Speaker 1: I want to thank everyone for tuning in if you

918
00:45:55,080 --> 00:45:57,720
Speaker 1: If you liked the episode, please subscribe and leave a review.

919
00:45:58,160 --> 00:46:01,280
Speaker 1: We've lined up a number of fantastic guests for the podcast,

920
00:46:01,360 --> 00:46:06,680
Speaker 1: so please check back to hear conversations with C suite executives, shippers, regulators,

921
00:46:06,719 --> 00:46:10,239
Speaker 1: and decision makers within the freight markets. Also, if you

922
00:46:10,280 --> 00:46:13,160
Speaker 1: want to learn more about the freight transportation markets, check

923
00:46:13,200 --> 00:46:15,880
Speaker 1: out our work on the Bloomberg Terminal at BIG and

924
00:46:16,040 --> 00:46:19,040
Speaker 1: on social media. Take care and let's keep those supply

925
00:46:19,200 --> 00:46:20,960
Speaker 1: chains moving. Thanks everyone, Bye bye.