The COLLAPSE of Convoy | What Went Wrong?

The COLLAPSE of Convoy | What Went Wrong?
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This week news broke on the collapse of trucking startup & digital brokerage, Convoy. In this video, Liam breaks down the latest news surrounding this closure and highlights important messaging from industry VPs and CEOs who weigh in on the seemingly sudden fallout.

What do you think of this video? How do you feel about the future of digital brokerages? Leave a comment below!
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📚 Chapters
00:00 Introduction- Convoy, Seattle based trucking startup
00:49 How Convoy was created
01:10 Convoy introduced a digital broker service
01:31 Convoy raised $260 Million 18 months before closing
02:10 Challenging year for trucking industry and Convoy
02:32 JP Morgan extended a credit line of $150 million to Convoy
02:57 What caused Convoy collapse?
04:10 Freightwaves CEO comment on Convoy
04:51 Convoy announced $1 Billion annual revenue
05:45 Convoy CEO Dan Lewis statements
07:13 Freight demand dipped and revenue decreased
07:24 Industry analyst statements
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[jmacd]

And I'm sure the CEO got a nice golden parachute.

[DubyaW]

I pulled a few loads for them few years back..they were not that bad and their bidding was great in my opinion..Far worse brokers out there and still in business TQL Coyote

[MAXED-TRUCKING]

Uber freight needs to go too. They wont let me haul for them because of my old uber driver account😂. Waste of space in the logistic industry.

[jallow]

The only thing good about Convoy was their customer service, they always picked the phone within 3 minutes or less. Now if their rates was nearly that good, they would still be in business. Next TQL!

[sarfrazsae]

Any trade opportunity should start from a single employee to its all client (interest parties) while investors play it's possible role. In other words, in transportation you have a broker, shipper, receiver, trucking involved then in trucking there are few more sub-parties work together. Like drivers, truck owners, dispatch etc but all of the pricing factors are hidden from drivers or owners of the truck which is very useful to manage in their (owner and driver) point of view while dispatch is allowed to cheat however he likes to. Actually, need a clean and effective cell phone app system, like people work in Uber, Lyft etc then 2nd important role in trucking and cost effective issues are investment who can provide brand new trucks and trailers at a reliable price or can have used but should provide maintenance, towing, or other workshop service.

[dmitriyrebro]

Why can’t the industry limit amount of new o/o that’s opening up. Seems like as soon as per mile went up there was a slew of new DOT numbers and all the drivers that are in the game for a long time lose business with the new players that don’t know what they’re doing. I think if they somehow could limit amount of new companies piping up it would make a difference like if a company is at capacity they won’t hire more workers. I understand it’s a free market but there is a capacity to everything, otherwise we have this problem too many trucks on the road. I also believe to keep the prices as low as possible stores are pressing prices down for freight I mean something gotta give

[sandro]

They owe me 2000$, plus have replaced tire on their trailer and was approved for reimbursement…. Never got money

[sdhillon]

No 1 mistake they made was getting into power only it looks nice on paper to make profit but they had no idea that owning assets in the most loosing money

[chrisalan]

LaneAxis is what is next. Direct loads from shippers to carriers and eliminating the wasted cost of brokers.

[brianwalker]

I'm no Einstien but seems deregulation in the 80, s was the writing on the wall.

[adriatic]

Well, trucking companies and classic brokers survived while digital counterparts could not. They obviously had a bad business model, similar to food delivery companies that struggle in the EU while brick-and-mortar Supermarkets with traditionally big overhead strive. I wonder what do VC investors use pitch presentations for. In VC industry they invest in someone that is socially connected to them, not the brightest guy with best idea. This whole VC business model is a failure.