Interstate Capital Announces FreeFreightSearch.Com Unit Celebrates 5th Anniversary

SANTA TERESA, NM  NOVEMBER 27, 2014

INTERSTATE CAPITAL GROUP OF COMPANIES announced today that its freight matching subsidiary, FreeFreightSearch.com, celebrated its 5th anniversary in business in November 2014.

FreeFreightSearch.com is the world’s largest FREE transportation load board. “Load boards are Internet sites where trucking companies search for loads and post their trucks, matching parties with freight to move with motor carriers with available trucks nearby”, explains Interstate’s spokesperson, Tony Furman.

The site was originally known as CheckFreightBroker.com in 2009 when the company was founded as a site where trucking companies obtained free transportation credit reports. In 2010, the company expanded into freight matching, an industry that Furman estimates is a multi-hundred-million-dollar-per-year industry.  In 2013, the company was re-branded as FreeFreightSeach.com to better identity it as a load board. The site still provides free credit reports for trucking companies, but load posting is its main draw.

Since 2010, FreeFreightSearch.com has posted over 60 million truckloads of freight, allowing more than 30,000 site members to search for loads available across North America. FreeFreightSearch.com adds over 1,000 new members every month, an annual growth rate of over 100%, and projects enrolling over 50,000 total members by year-end 2015.

FreeFreightSearch.com is currently in engaged in discussion with several nationally prominent organizations to become exclusive or semi-exclusive site sponsors. An exclusive site sponsorship deal s is expected to quadruple revenue and membership growth in fiscal year 2015. “We cannot comment about the identity of possible site sponsors until a contract is executed,” Furman added. A major announcement is expected early in 2015.

“Suppliers of goods and services to wishing to reach a 100% targeted audience of 50,000+ small trucking companies cannot overlook FreeFreightSearch.com as a place they need to be seen,” predicts Furman. FreeFreighSearch.com is a 100% advertiser supported business model.  Every other major load board, by comparison, uses a “pay-to-access” model that may cost thousands of dollars a year for membership–an expense many small and start-up trucking companies simply cannot afford.

The Interstate Capital Group of Companies is a leading marketer of accounts receivable and freight bill factoring, fuel cards, freight matching, freight broker credit reports, property broker bonds, fuel advances, truck and trailer financing, freight brokerage and freight payable auction management services. Founded in 1993, Interstate Capital has provided $ billions of funding for over 5,000 motor carriers and other small businesses in the U.S., Canada, and Mexico. Interstate Capital, which celebrates its 22nd anniversary in 2015, projects to purchase in excess of $1 billion of receivables next fiscal year.  Interstate is one of the largest privately-held, non-bank transportation factoring companies in North America.  For more information, contact Cindy Graff Cohen, Director of Communications, Interstate Capital Group of Companies, at (800) 422-5995.

Interstate Capital Announces FreeFreightSearch.Com Unit Celebrates 5th Anniversary

Interstate Capital Announces “100% Fuel Advance” Feature For Truckers

SAN FRANCISCO, CA. Interstate Capital Corporation, one of North America’s leading transportation factoring companies, announced at the International Factoring Association (IFA) Annual Conference it has begun marketing  a “100% fuel advance”.  Interstate Capital president, Tony Furman, describes a fuel advance as, “a financial product that provides truckers with ‘fuel money’ as soon as freight is picked up”. Without fuel advances, truckers have to wait until after delivery of freight to be paid their freight charges. Fuel advances have become a popular financial service among credit-constrained motor carriers and owner-operators in recent years.

Until Interstate’s announcement in San Francisco, fuel advances by factoring companies were limited to about 50% of the freight charge. Interstate will continue to offer its standard (50%) fuel advance at fees ranging from $14.99 – $24.99. Furman adds,  “We think the 100% fuel advance option will be a very popular product among our smaller fleets, because of the program’s simplicity and speed of funding. The trucker gets all its money when the load is picked up, minus our fee and it’s done.” Interstate Capital has priced its 100% fuel advance product at an all-in cost that is about the same as or slightly less than what truckers pay for 50% fuel advance products elsewhere. Most factoring companies that offer fuel advances require three transactions per load: a fuel advance of about 50% when the trailer is loaded, a 30-45% disbursement upon delivery, and a final disbursement (referred to as “reserve” or “hold-back”) once the factoring company collects the freight charges from the shipper or freight broker. “That’s an awful lot for small trucking companies to keep up with, not to mention a whole lot of banking and money transfer fees”, suggests Furman.

Key to Interstate Capital’s ability to market 100% fuel advances is its proprietary technology called Freight Payables Systems (FPS) which, when integrated with Global Positioning Satellite (GPS) and other licensed technologies, allows it to manage and streamline funding operations more effectively. In January 2014, Interstate Capital announced the pairing of licensed GPS technology with its FPS, and immediately followed that announcement with a 50% cut in the pricing of its standard fuel advances. “Most factoring companies do not offer fuel advances”, Furman explains.

Without factoring companies’ fuel advances, credit constrained truckers often resort to limiting themselves to hauling cheap freight posted by opportunistic freight brokers that offer quick-pay options. In terms of value, Furman explains, “We estimate our 100% fuel advance is worth about $.06 to $.08 per mile on the average long-haul load.” The alternative to fuel advances is waiting until after delivery to obtain funding from a factoring company; or waiting for weeks after delivery to obtain payment from the shipper or freight broker.”

The Interstate Capital Group of Companies is a leading marketer of accounts receivable and freight bill factoring, fuel cards, freight matching, freight broker credit reports, property broker bonds, fuel advances, trailer financing, and freight brokerage and freight payable auction management services. Founded in 1993, Interstate Capital has provided $ billions of funding for over 5,000 motor carriers and other small businesses in the U.S., Canada, and Mexico. 

Interstate Capital Announces “100% Fuel Advance” Feature For Truckers