CN Takes Stake in Internet Transportation Marketplace
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[Montreal, CANADA] Canadian National has invested in FreightWise, Inc., a neutral and multi-modal Internet marketplace for buyers and sellers of transportation which it plans to use as a sales channel for its key intermodal services.
FreightWise launched its online marketplace with leading American shippers and carriers and is scheduled to offer coast-to-coast and transborder truckload and intermodal services in Canada in mid-2001.
CN said it will actively support and promote the use of FreightWise by Canadian shippers and carriers. Shippers will have the choice of purchasing CN's domestic Canadian and transborder (Canada/United States) intermodal services through FreightWise.
FreightWise hopes to eliminate the inefficiency and expense of the traditional paper/phone/fax process of filling last-minute capacity requirements. It provides load matching for buyers and sellers of transportation and fulfilment capability through committed carrier capacity, enabling complete multi-modal freight movements.
FreightWise also allows exchange users to conduct entire transactions online - from load matching through financial settlement. Sellers on FreightWise can offer their capacity through standard rates and auctions.
FreightWise went live at the end of October this year, after a controlled launch with a select group of shippers and carriers, including the two largest truckload companies, Schneider National and J.B. Hunt.
Shippers, particularly small shippers, should benefit from greater choice and a seamless process in using FreightWise: they can find a carrier, get a price, order equipment, and track, trace and pay online. Freight carriers gains will range from broader market reach, to increased asset utilization, to improved cash flow. FreightWise also will make it easier for carriers to find back-hauls.