On the spot market, services or goods are sold to the highest bidder. The term comes from “on the spot”, which describes the short-term handling of business (from delivery to payment) within two days. Another term for it is cash market. On spot markets, the trading objects are commodities, agricultural products, currencies, bonds, etc. The opposite of the spot market is the futures market, where the transaction needs to fulfilled by both contracting parties at least three trading days after the conclusion of the transaction.
On spot markets in the area of transport and logistics, referred to as a digital freight exchange or vehicle exchange, freight and trucks that have become available are offered on a daily basis. The company posts the goods to be transported, and transport service providers can submit quotes. The customer selects the most fitting quote and places an order.