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Analyst Report: Upgrade for access Relay on Demand Is the Uber of the Trucking Industry
Relay on Demand solves the trucking shortage by directly connecting drivers and carriers on its platform. But it needs more truckers.
- Company: Relay On Demand
- Security Type: Equity - Preferred
- Valuation: $30,000,000
- Min Investment: $100
- Platform: Wefunder
- Deadline: Mar 15, 2023
A Millennial Shortage
There I was, waiting for a package that was supposed to arrive on my doorstep after seven business days. I eagerly checked the tracking website… just to see that it was delayed for another week. It said, “We apologize for the delay. There are more delays occurring than usual because of the supply chain crisis.”
After digging some more, I discovered that there has been an ongoing nationwide truck driver shortage. That shortage peaked in 2021, reaching as high as 81,258. But according to the American Trucking Association, the problem has persisted ever since the late 1980s.
This is a huge pain point. Trucks are responsible for more than 70% of domestic cargo shipments. Simply put, the U.S. economy doesn’t work without trucking.
If a recession arrives this year as many expect, the industry could see a rare balance of driver supply and demand. But it won’t last. And with the economy projected to recover beginning next year, truck drivers will once again be in short supply.
This is a big problem for the country, the economy, and for trucking companies (also known as “carriers”). No single company can solve it. The issue is going to be with us for quite a while. But at least one company is tackling it in a way that makes life easier for both drivers and carriers. That company is Relay on Demand.
Relay on Demand aims to provide a solution to truck drivers who need work-life balance and to carriers who struggle with driver retention. Typically, truck drivers are sleep deprived because they work for 60 to 70 hours a week. They also have no control over what they haul and where or how far they travel.
However, Relay on Demand has created a platform that matches truck drivers with carriers in real time. These pre-vetted truck drivers take control of what hauls they accept, where they travel, and most importantly, their own work-life balance. It’s like an Uber for truck drivers. Uber drivers get to choose when and how long they work. Relay on Demand gives truck drivers the same level of control and convenience — perhaps even more because truck drivers don’t need to own a truck.
For carriers, the platform is designed to optimize their operations and minimize idle trucks. Only Relay on Demand enables carriers to hire two or three drivers per truck so that it can run around the clock. Trucking companies simply need to post the job along with its details (period of time, distance, and pay rate) on Relay on Demand’s website or mobile app.
Relay on Demand makes money from membership fees and network transaction fees. Carriers pay membership fees starting from $99 (the least expensive membership tier) to $499 (the fourth and most expensive tier). On top of that, they also pay a 5% to 25% transaction fee on each run completed. Drivers also must pay an onboarding cost of $45 to $55.
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