11 Mar From the Summit – Week of 3/11/19
Summit Expedited’s newsletter featuring current market trends and other exciting news at Summit.
Depending on the lanes you are looking to move, we have encountered a wide variety of feedback from carriers. The overall spot market has dropped by a penny per mile for dry vans since our last newsletter, but specific markets such as Southern California and Chicago have seen a spike in rates.
The national per mile rate is currently at $1.88, but the outbound Los Angeles market is averaging 20 cents higher at $2.08 per mile and Chicago is even higher at $2.27. This has been in connection with a surge of freight within both markets that has consumed a generous amount of available capacity.
Although rates have been on the decline, we should not get comfortable with that trend. The Chicago and Los Angeles markets are likely an indicator of what’s to come. As we say goodbye to winter, officially welcoming spring next week, temperatures should start rising with truckload prices following suit. Looking back to 2018, the national rate per mile for spot freight began climbing in February and we did not see any relief until July. Rates topped out in June at an average of $2.32 per mile.
More New Members to the SEL Team
Summit Expedited is continuing to grow fast! From left to right; Jonathan Abaud, John Warneke, and Patrick Good have joined the SEL team as National Account Executives. Abaud will be working at the LAX station in Torrance, CA while Warneke and Good will be located in the SEL Chicago office. Compared to this time last year, SEL has seen a 50% growth in employees, with the number of Account Executives jumping from 8 to 21. This continuous growth is seen across the board, where we saw a 35% growth in revenue for 2018 and we believe we will have the ability to reach 35% growth in revenue again in 2019. As we continue this growth, we aim to maintain the close knit environment that we have achieved throughout the years. Welcome to the team, we are excited for what is to come!