The information you get is incredibly unreliable. Even with 1 person checking in hub, and relaying over teamspeak, and with multiple squads tracking the exact coordinates being relayed, and hoping that you will catch the exact encounter that the caravan may or may not have entered. More often then not you still won't be able to get in.
You also can't distress or flare the caravan.
Try it sometime.
True it's not reliable for the specific location, but it will tell you where they are heading so you can follow them/spy on the caravan numbers etc.
When I was trying to hunt them by myself (to see if it could be done to reasonable effect), I could tend to find them about half the time, but only on the routes I had taken before and knew what tiles they would cross.
Just by leaving the city when the driver does and following the path gives you a good chance of running into them (if you have a very high outdoorsman you need to backtrack occasionally).
I actually fought a Khan while I was alone in a caravan once, I can't remember who, but he came charging at me from across the map, we exchanged fire, he won (i was equipped for killing pleb NPCs is my excuse
) with about 20 HP to spare, then the driver shot and killed him