OTR Solutions is more than just a factoring company.
That’s according to Grace Maher, who joined the business when it was founded in 2011 as a financial services and factoring provider with a goal to improve cash flow for motor carriers. Back then, it was known as OTR Capital.
Financial services remained the company’s core business, but the team behind it have been on a mission to do everything they can to create the tools and services so small carriers can succeed.
Doing so starts with a technical foundation, especially for smaller trucking companies. OTR Capital strived to level the playing field for them to compete with larger fleets.
“The transportation industry has been slow to adopt technology,” said Maher, chief operating officer. “We’ve identified the need to evolve and develop the technologies to help them succeed.”
Those technologies include a client portal, where owner-operators can manage multiple aspects of their business, like invoicing and integrated reporting. And when they’re on the road, truckers can use a mobile app to load funds to their fuel card or upload invoices.
As the company expanded its solutions, it offered more than just traditional financing and back office services. OTR Capital was no longer just a financing company.
“The launch of the OTR Solutions brand better defines what carriers, brokers and industry partners have come to expect from the company and what they can continue to expect for years to come.”
So, in June of 2022, the company changed its name to OTR Solutions.
“The launch of the OTR Solutions brand better defines what carriers, brokers and industry partners have come to expect from the company and what they can continue to expect for years to come,” Maher said.
Built In sat down with Maher to learn more about the rebrand and what the future looks like for OTR Solutions.
What does the rebrand mean for OTR Solutions’ customers?
In trucking, there are a number of challenges carriers face. We want to solidify our position in the industry as being the company that is committed to providing the solutions that not only help carriers stay in business, but maximize their profitability. We want to be viewed as their strategic partner. The rebrand was about the evolution of OTR being more than just trucking capital. We’re a company dedicated to trucking solutions.
Did any new products or services accompany the rebrand?
OTR Solutions is offering several new services to the trucking industry, including ELEVATE, a first-to-market solution that delivers value through branded domains and customized websites for carriers. Trucking businesses can build a professional website and “elevate” their professional presence in the industry, secure higher paying freight loads and make more money.
An expansion of OTR’s “Bolt” product will allow carriers to receive direct-to-debit payments in a timely and cost-effective manner. A new driver safety rating scorecard tool will allow carriers to monitor their Federal Motor Carrier Safety Association scores to ensure that a surprise inspection doesn’t take them off the road.
We also launched an OTR Solutions forum, called The Bridge, where carriers can trade notes on best practices with industry colleagues, identify opportunities and find new ideas to grow their business.
The fuel advance app now has expanded availability so carriers can receive advance financing in today’s high-cost fuel environment, and with the new fuel finder feature carriers can increase their fuel savings by finding the best in-network discounts along their route.
Are there any upcoming initiatives that you are especially excited about?
I’m really excited about the growth of the company and the people we are adding to the team, especially in our tech org. As a private equity-backed company, we have been able to grow, invest in our people, invest in our technology and add the additional expertise that we need to effectively innovate. Our technology team has grown more than 200 percent in the last two years, and we will continue to bring on the best talent in the business.
What does the future look like for OTR?
We continue to look for ways to help our clients maximize their success in the trucking business. In the coming months and years, we will expand our menu of services to include unique payment solutions, the industry’s best fuel card and negotiating tools to help carriers capture the best rates in the market - just to name a few.
“We continue to look for ways to help our clients maximize their success in the trucking business.”