Spot Rate
Also known as: Spot Pricing, Spot Market Rate, Transactional Rate
Definition
A spot rate is the current market price for shipping freight right now, without a long-term contract. It fluctuates based on supply and demand, capacity, fuel costs, and seasonal factors.
Spot Rate vs. Contract Rate
| Spot Rate | Contract Rate |
|---|---|
| One-time quote | Locked-in pricing |
| Market-driven | Negotiated |
| No volume commitment | Volume commitment |
| Higher volatility | Price stability |
| Immediate availability | Guaranteed capacity |
When to Use Spot Rates
- Occasional shipments
- Overflow capacity needs
- Testing new lanes
- Seasonal spikes
- When spot < contract
Spot Rate Factors
What drives spot pricing:
- Current truck/capacity availability
- Fuel prices
- Lane demand
- Time of year (produce season, holidays)
- Day of week
- Load characteristics
Finding Spot Rates
- Load boards (DAT, Truckstop)
- Freight brokers
- Digital freight platforms
- Carrier sales reps
- TMS spot quote features
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