Pittsburgh-based TFM Truckload, a division of parent company Target Freight Management, Inc. (TFM), is proud to be ranked #461 in the latest edition of the Inc. 5000, Inc. magazine’s annual list of the fastest-growing companies in the U.S. This marks the 4th straight year that TFM has had a company named to the Inc. 500/5000., which represents the efficiency and consistency of the company’s close-knit team as well as the visionary leadership of its president and founder, Mike Wagner.
In addition to its #461 spot on the overall Inc. 5000, TFM Truckload also ranks #19 nationwide in Inc.’s category of Top Logistics & Transportation companies, #14 in Top Pennsylvania companies, and #4 in Top Pittsburgh companies. TFM was recently lauded as #8 of the region’s Fast 50 honorees by Pittsburgh Business Times. Regarding its noteworthy year-over-year growth, TFM Truckload has achieved a 3-year growth rate of 1,107%, which culminated in a total revenue of $7.1 million in 2017.
“We are thrilled to have a TFM company recognized by the Inc. 5000 for the fourth consecutive year,” says TFM president Mike Wagner. “When I began this company in 2011, I had big plans and big dreams. It’s been the dedication and innovation of our team members that has helped those dreams take shape as one of Pennsylvania’s fastest-growing companies for four years and counting — and that’s a streak I look forward to extending for years to come.”
Target Freight Management, Inc., is an industry leader in less-than-truckload and full truckload transportation management systems (TMS). Using their innovative and proprietary TMS, Target Freight empowers its customers to ship freight of all classes and weights across the country with confidence. TFM has developed a full range of logistics solutions, from time-saving back-office applications to their patented Freight Innovation Density Analytics (FIDA) technology, which maximizes carrier space and efficiency while protecting TFM customers from unexpected overages and fees.
KEY ISSUES AFFECTING FREIGHT FOR US INDUSTRIES
A nationwide shortage of truck drivers is affecting every corner of the freight business, perhaps none more visibly than flatbed hauling.
“Everyone I talk to is having trouble covering flatbeds,” says TJ Henderson, Vice President of Operations at Pittsburgh-based Target Freight Management. “These driver shortages mean carriers have all the leverage in pricing. We’re seeing $1500 flatbed loads going for $4000.”
What Henderson and his TFM team also see in this moment is an opportunity: brokerage.
“Every other broker posts their shipments on a load board and wait for a driver to call,” Henderson explains. “But because of the nature of our business, we’re already traveling around the country and meeting face-to-face with flatbed companies and drivers. We decided to step and start helping both sides negotiate rates. This provides steady coverage for our customers and consistent business for our drivers.
As an example, Henderson’s team recently found a potential client in Virginia that was having trouble finding drivers. “So we reached out and met with several flatbed companies within a 30 mile radius of this manufacturer,” says Henderson. TFM’s strategy worked: drivers were found, shipments went out, and his client could focus on keeping the rest of the business moving.
When there’s a driver shortage, all people see are numbers — but that’s where they’re wrong, says Henderson: “The market always fluctuates; it’s all about relationships and building trust.”