Factoring company OTR Capital announced on Tuesday that it has moved to OTR Solutions, moving from traditional experience in factoring and back offices to providing customer clients for owner-operators and small and medium-sized operators to build and scale their business and compete with large ones. fleets.
In an exclusive interview with FreightWaves co-founder and CEO Fritz Owens explained that the transition to rebranding as a solution provider was “just a more accurate description of who we are today and where we are going in the future”.
“Cash flow and back office support have always been a significant part of what we do,” Owens said. “However, there are so many other ways to help small and medium-sized carriers better compete in the industry to not only survive in tough market conditions, but also thrive on better days.”
Along with the rebranding announcement, OTR Solutions will offer new products to customers through the operator’s existing portal. These products include Bolt, a way for carriers to receive “direct debit” payments; safety assessment of the driver, who constantly monitors the assessment of the Federal Administration for the Safety of Road Carriers; fuel advance app to receive an advance even with high fuel economy; and instant funding for one-time fixed-fee fees of $ 9.
“When we started in 2011, most drivers didn’t have smartphones in the cab,” Owens said. “But with the technology available to us, we are no longer limited to traditional banking hours and certain payment methods. Our carrier customers now have the opportunity to integrate with our partners into our transportation ecosystem to provide items such as real-time tracking status, cargo availability, security and compliance information. ”
Owens also noted a new service called Elevate, which will give more than 10,000 operators in the company’s network a platform for creating branded domains and customizable websites, giving small and medium-sized businesses the ability to mimic the technology footprint of their big competitors.
“Many small transportation companies don’t have a professional online presence,” Owens said. “According to our internal data, on average, those companies that do not have this presence pay 5-10% less than the load when they sell via Hotmail, AOL or Yahoo. … We believe we can really help them build a professional business and end up getting more hard work. ”
Providing solutions outside of factoring is not new to the OTR brand. The company has partnered with a number of transportation-related companies to build relationships between them and OTR’s carrier customers.
For example, OTR has partnered with Marquee Insurance Group to provide competitive insurance offers and benefits, and with brokerage firm Nolan Transportation Group to help find cargo. It is also linked to freight knowledge platforms such as the Transportation and Logistics Clubhouse, the MadGaines transport law platform and the Leading Ladies of Logistix to help set up network operators and gain an understanding of how to scale and maintain a transport company.
For Grace Maher, Chief Operating Officer of OTR Solutions, this step forward for the company is also to open lines of communication between 97.4% of domestic carriers operating 20 or fewer trucks and logistics providers helping to keep these carriers. ‘the wheels are moving.
“While this is our core business and we do it better than anyone else, our mission has been to do our best to help the small carrier succeed and to help brokers enter into transactions efficiently and effectively with a wide market segment,” he said. Maher. . “With these solutions we now have, the technology we create, and the partners we have attracted, we are going to continue to expand our menu of tools and services when we officially change our brand to OTR Solutions.”
Contributing to this report is staff writer Corey Smith.
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