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Outlining an IT project to send its contractors three load offerings with every dispatch, Howard said. The offerings would be optimally determined by software.Then it found a better option.Mobile load boardLast year, Celadon partnered with FreightRover, an Indianapolis-based startup that developed a cloud-based freight exchange marketplace. Several employees at the company, including President Michael Pecchia, had previously worked at the Celadon Group.Owner operators can download the FreightRover app to their personal smartphone or tablet devices. After drivers enter basic profile information, FreightRover automatically validates the driver as an authorized contractor.Partner InsightsInformation to advance your business from industry suppliersFreightRover is integrated with Celadon’s IT systems and gives drivers a large selection of available freight from the company’s asset and non-asset logistics divisions.The app gives recommendations but drivers are free to choose any load they wish. Celadon sets a few parameters to help such as limiting driver visibility to loads that have deadhead less than 500 miles, Howard said.“Ultimately, we have seen that owner-operators are benefiting more than what we could have done,” said Howard, referring to Celadon’s initial strategy to offer drivers an optimized choice of three loads. “They are getting a longer length of haul and a better rate.”Creating a freight marketCeladon currently uses FreightRover in a closed environment similar to a private load board. The company plans to use the Select Board feature in FreightRover, however, that will allow contractors to select loads offered directly by shippers and third-party carriers and brokers. Leased contractors can use Celadon’s motor carrier

FreightRover LLC, a provider of supply chain management and payment solution technology for the transportation industry, announced it has closed on a new financing facility of up to $500 million with Crayhill Capital Management LP ("Crayhill") and other investors. The new facility will support the supply chain and factoring operations conducted by FreightRover's affiliate, Rover180 LLC ("Rover180"). Rover180 recently launched as a trade finance company focused on facilitating quick pay financing options for suppliers, with a special emphasis on transportation providers.Rover180's supply chain financing and factoring solutions allow buyers to benefit from extended pay terms while providing suppliers with accelerated receivables. "The capital resources provided by Crayhill and other investors, combined with our advanced technology platform, will enable FreightRover to fund the myriad of supply chain micro-payments across a highly fragmented supplier group," said Eric Meek, CEO of FreightRover. "Traditional supply chain finance offers limited flexibility and often lacks automated efficiencies. Our capital and technology structure uniquely address both challenges for prospective clients.""Crayhill is excited to partner with FreightRover's experienced management team to scale its innovative Rover180 platform for transportation supply chain finance," said Josh Eaton, Managing Partner of Crayhill Capital. "We are impressed by FreightRover's ability to offer value-added technological and management solutions in the transportation industry and are well-positioned to help Rover180 leverage this expertise to bring efficiencies and scale to the supply chain finance markets. Crayhill's expertise in providing asset-based capital solutions to trade finance and specialty finance companies, combined with our collaborative approach to assisting our partners in optimizing and executing their business plans, is well suited to help Rover180 capture this attractive market opportunity."According to The Hackett Group, top buyer timetables in the US have extended to an average of nearly 57 days to pay suppliers. Managing delayed cash payments is increasingly difficult for small

Unlock stock picks and a broker-level newsfeed that powers Wall Street. In This Article: T19_BannerAd.png The fallout from Celadon's legal catastrophe continues to roil the world of freight. FreightRover, the Indianapolis-based freight financing firm providing factoring, insurance, load board and fleet management tools, has removed two key executives, CEO Eric Meek and COO Danny Williams, from its leadership team page. FreightRover is not a bank or similarly regulated financial institution. Scott Prince, president of FreightRover, responding to an email request for a comment on the departure of Williams and Meek, wrote "it's FreightRover's policy not to comment on the status of current or former employees." Meek was previously the president and chief operating officer of Celadon Group and Williams was president of Quality Companies, a Celadon subsidiary, during a nearly year-long period of accounting irregularities and securities fraud that lasted from June 2016 to April 2017. Celadon ultimately had to re-state several years of financial results and the stock crashed and was de-listed. FreightWaves reported on recent divestments Celadon made in order to deleverage its balance sheet. In the past month, A&S Kinard and Buckler Transport were sold to Day & Ross; the intermodal business was sold to Bison Transport; and the truckload brokerage operation was snapped up by PS Logistics. Last week, Williams pleaded guilty to one count of Conspiracy to Commit Securities Fraud, to Make False Statements to a Public Company's Accountants, and to Falsify Books, Records, and Accounts of a Public Company. Williams' plea agreement indicated that he is aware of the maximum penalty carried by the charge – five years in prison and a fine of $250,000, or twice the gross gain or loss from the offense, whichever is greater, and three years of supervised release after imprisonment. The charge concerned a fraudulent scheme while he was president of Quality Companies. Quality was a truck-leasing business that owned trucks and leased them to owner-operators and independent contractors. Quality Companies had several hundred sub-par trucks that it was having trouble leasing; and Celadon's books said they were worth approximately $70 million, when in fact they were worth far less. Williams admitted to working out a scheme with an Indianapolis-based truck dealer – known as "Truck Dealer A" in the filing – by which Quality could offload its old trucks at inflated prices and buy new ones, also at inflated prices, in such a way as to hide millions of dollars of Celadon's losses. Williams said he then lied to Celadon's auditors, an independent accounting firm, about the true value of the trucks on Celadon's books.

Authority.Any of the above entities can sign up with FreightRover as customers. Celadon will be able to choose the companies it partners with to share load visibility with independent contractors.The app shows drivers the rate, availability and appointment time for loads from Celadon and other parties, says Pecchia. It also shows drivers the equipment requirements and deadhead miles from their current location.When a driver selects a load, the system will tender it to them upon verifying that the driver has the right equipment and is not already dispatched on another load.The platform gives Celadon visibility of the driver’s load selection and load tracking updates.Upon delivery, drivers scan their delivery paperwork using a feature in the app. Once the delivery is verified, Freight Rover releases funds to the carrier to initiate the settlement process, Pecchia said.The platform accounts for pre-negotiated deductions applied in the settlement process. If a driver associated with Celadon pulls a load for a third party using a Celadon trailer, for example, the trailer rent is automatically withheld from the settlement, Howard said.The app also captures the number of miles that drivers run for Celadon and other carriers for IFTA fuel tax reporting. This and other relevant data can be passed among parties, Pecchia said.Celadon has seen a significant increase in driver retention from the FreightRover platform. Contractors that use the app have a 33 percent higher retention rate than those who do not, Howard said.