Convoy, the freight brokerage most recently valued at $3.8 billion, stopped showing all available loads on Wednesday, which a company representative blamed on "an app error."
Meanwhile, FreightWaves reported the company was “taking several necessary steps to prepare Convoy’s business for a transition that we will have more details on in the next 48 hours.”
A Convoy representative on Wednesday did confirm that the company had cancelled all loads, but denied it was going out of business. The representative blamed a technical error that their team was working to correct.
Truck drivers shared screenshots of the load board with this publication, saying they hadn't seen anything like it.
Large fleets and brokerages have struggled in the recent harsh market to stay above water. J.B. Hunt, for example, reported that Marketplace (also called Carrier 360), the digital freight network of the fleet's brokerage's division, had seen revenue drop to $169 million in Q3 of 2023 vs. $391 million in Q3 of 2022.
If you have been in touch with Convoy or were hauling a load for them, please get in touch with [email protected].
