Truckstop.com: The Wheels of Tech Keeps America Moving

The Wheels of Tech Keep America Moving

BY HEATHER HAMILTON-POST

Whether you’re a carrier or a broker, Truckstop. com promises to save you time and money by utilizing technology to digitally manage your business. They’re what’s known as a digital load board, which is a marketplace where truck owners/operators, shippers, and freight brokers gather to figure out how to keep freight moving. The company also offers TMS software, cargo insurance, truckload payments, spot market rates, and additional freight solutions.

If you’re not in the industry, this may be news to you- -Truckstop.com, which is headquartered in tiny New Plymouth, was founded in Idaho in 1995, but many Idahoans aren’t exactly sure what’s going on there. “Our name is a bit of a misnomer,” laughs CEO Paris Cole. “We don’t actually own any truck stops--we’re a technology company.”

Cole grew up in Caldwell, and, though he has traveled and lived elsewhere, was happy to get back to his home state. “This is where my roots are. My wife and I, our families, they’re both still in Idaho. I love the lifestyle,” he says. It’s also a great place for startups--business friendly, and now brimming with talented, motivated professionals--350 of which work for Truckstop.com.

They’re a company poised for growth, and they’ve

already grown so much. Just last year, Truckstop.com caught the attention of Iconiq Capital, a San Francisco private equity firm who made a serious investment that made Truckstop.com one of the most valuable tech companies in the state. Prior, the company was privately held until 2016, when Bregal Sagemount offered a minority equity investment.

Cole explains that it can be tricky to raise capital in Idaho, since most of the capital centers are on the coast-- New York and San Francisco being the primary hubs. “It can be a challenge to get those firms to take notice,” he says. At a certain point though, Truckstop.com was hard to ignore. Now, they’ve got offices in Fruitland, Boise, Phoenix, Chicago, Toronto, Hebron, North Dakota, and Fox River Grove, Illinois and around 550 employees in total.

Cole says that, for most people, not much changed when Truckstop.com started working with Iconiq. “Most investors are very hands off, meaning they don’t get into the day to day. The changes were in the longer term strategy of the business, which is where investors like to spend their time,” he says. “It’s a misconception that investors come in and dramatically change an organization. For us, working with Iconiq allowed us to essentially double our product and development teams over the span of about a month.”

Truckstop.com selected Iconiq because they had a

background working with major entrepreneurs on great products, and Cole says they know they could help accelerate Truckstop’s roadmap to bring exciting new things to customers more quickly.

As a tech company, speed and adaptability are important-- when Cole started at Truckstop.com seven years ago, he says the transportation and logistics industry was considered a technology laggard. “Now that’s changed dramatically. All of our large customers are becoming technology companies--how it applies to their trucks and to their drivers. There’s been a significant mindset shift, and they’re looking at how technology can help business grow,” he says.

The industry will likely continue to change, but Cole says he’s not sure that humans will ever rely entirely on self driving trucks because of the potential for damage in the event of hackers. He says that Truckstop.com is positioning themselves to accommodate change, however it may look.

For now, that change comes “Truckstop helped enable the by way of a global pandemic. For movement of freight in this Truckstop.com employees, this has country, and I think it’s something meant working 100% remotely, that, until recently, people which Cole says has been smooth took for granted. But, because thanks to the professionalism of of things like supply chain each of their employees. For the trucking industry, the change has been more pronounced. Flatbed freight, which tends to be more shortages, people have a greater appreciation for this industry, and we’re a vital part of that.” industrial, dropped overnight. Refrigerated freight spiked. “Then, all types of freight declined to levels that we haven’t seen since the Great Recession of ‘08 and ‘09. We’ve never seen that level of decline in such a short period of time in our company’s 25 year history,” Cole says.

But things are coming back--Cole says that freight volumes are increasing, and if they continue as is, may even exceed what they were in 2019. Like all of us, Truckstop.com is persevering, helping truckers move the freight that keeps us moving. “Truckstop helped enable the movement of freight in this country, and I think it’s something that, until recently, people took for granted. But, because of things like supply chain shortages, people have a greater appreciation for this industry, and we’re a vital part of that. We strive to help our customers--to make it easier for them to keep the country running. I’m extremely proud of that, and this little company that started in New Plymouth, Idaho,” Cole says.

Photos courtesy of Truckstop.com