What is a spot quote / spot rate?

vdilly · #1 (**permalink**) 09-14-2009, 04:04 PM

Pretty simple question. When / Why / How is it used?

weaseltone · #2 (**permalink**) 09-14-2009, 06:54 PM

customer calls trucking co with shipment info classof frt weight where its going etc. and rate analyst quotes him a price on the "spot". usually shipments in excess of 5000#

vdilly · #3 (**permalink**) 09-14-2009, 07:38 PM

Thanks for the good response. One more question - Does this 'spot' rate end up being the final rate or just used for estimate purposes by which the customer can then call up other carriers to identify the better rates?

weaseltone · #4 (**permalink**) 09-14-2009, 07:53 PM

It is a a binding rate unless info given was wrong .{rate clerks sometime check on the freight if it is picked up by the carrier.] And yes you can get several spot quotes from different carriers, after finding one you like call the carrier back and give them the spot quote number given to you by them and log in the pickup.