June 7, 2021
1 min read

2021 North Carolina Market Guide

North Carolina is an excellent foundation for business. Business centers like the Charlotte metropolitan area host transportation industry leaders with a strong economy, low gas prices, and rich natural resources. Overall, the state won the #1 Best State for Business in Forbes magazine from 2017 through 2019. It is all tied together by interstates like the I40 and I85, achieving the second largest state-maintained highway network in the U.S. Consumers and businesses alike recognize the great transportation industry possibilities in North Carolina, with the right technology your business can take advantage of this potential.

Insights for North Carolina Businesses Brought to You by COOP 

The technology that will give your business the cutting edge is finally in NC. Introducing COOP by Ryder®, the leading commercial vehicle-sharing platform that connects businesses with under-utilized trucks, tractors or trailers with companies that need to rent vehicles.  From Wilmington to Asheville commercial fleets are using the COOP platform to flex their fleets up and down and generate revenue when their vehicles are sitting, or find vehicles when they need extra capacity. 

COOP is proud to provide metric-based insights on North Carolina’s transportation rental trends. This guide can help your North Carolina company make educated business decisions: if you want to rent out your own vehicles, learn how to get the most out of your fleet through industry seasonality. Or if you want to rent vehicles, learn when to reserve the capacity you need ahead of times of high rental demand.

North Carolina’s Commercial Fleet Trends

North Carolina businesses enjoy a thriving business climate with abundant opportunities. Gain insight into when industries have seasonal demand highs. This way, you can align when you make your fleet available on COOP with your businesses’ low-utilization periods to find profitable partnerships. Understanding the commercial vehicle rental needs of consumers is a good first step to maximizing your business network.

NC Industries to Leverage for Business Growth

The growing Business and Personal Services industry is a big draw to companies looking for a strong market to grow in. The Research Triangle, driven by startup culture and STEM, has commercial fleet rental needs out of Raleigh, Durham, and Chapel Hill. Additionally, North Carolina has the Furniture Capital of the World from which U.S. and international retailers manufacture and distribute furniture. These two services are driven by smaller scale dry fleets meaning that businesses see yearlong rental demand for box trucks, 26’ trucks, and sprinters. As this forerunner industry adapts to a growing population, the need for short-term truck rentals of versatile brands like Mercedes-Benz and Isuzu will be constant. 

The construction industry also has a high demand for commercial vehicles, largely caused by projects to accommodate the number of people moving to North Carolina. Examples of the many projects include the installation of fiber optic wires and the 5-year infrastructure improvement plan of Wilmington. In the Piedmont region, sprawling cities like Charlotte and Raleigh require long-term trailer rentals that can handle transporting heavy equipment. Meanwhile, in the mountainous region near Asheville you see more demand for flatbed trucks and stake trucks for forestry work such as pine logging and needle harvests. Day cab tractor brands like International and Freightliner will see increasing demand. In 2021, due to construction projects breaking ground across the state, heavy-duty fleet rental demand will continue to grow. 

The success of the Food and Beverage industry is also projected to continue. As food distribution, events, and tourism begin to return to normal we predict an increased need to rent vehicles for final-mile food distribution. In 2018 alone, North Carolina generated over $11 billion in agricultural cash receipts and was the source of over half the sweet potatoes sold in the U.S. Harvest season is a huge revenue opportunity for Owners of day cabs, sleepers, and reefer trailers that have capacity for food pallets. Owners can quickly and regularly rent idle units out to companies in the North Carolina these industries with COOP. 

2021 North Carolina Vehicle Rental Demand Predictions

As businesses return to normal, a dramatic trend is taking place where rental demand is spiking. Many North Carolina commercial vehicle renters have looked to COOP to meet their increased capacity needs. Exciting as this is, we expect the overall trend to return to those that we traditionally see.

In a state with over 50% of its rental demand coming from trucks, it’s critical to pay special attention to the final mile trend driven by a 2020’s increased delivery demand. This means that Renters should be sure to reserve these in-demand vehicles ahead of when they think they will need them so they don’t miss out. Likewise, Owners should never let final-mile commercial vehicles sit idle when they could easily be rented out with COOP. 

Top North Carolina Seasonality Trends to Look For

Summer and Fall are traditionally key periods of activity for North Carolina businesses. What does this mean for your business? That depends, as peak demand informs Renters and Owners differently. For Renters, use this information to ensure you get predicted capacity needs fulfilled and reserve vehicles ahead of the trend. For Owners, these peaks present an opportunity to make idle fleet available on COOP with confidence that the units will see high demand. 

Summer is when we see the peak activity for tractor trailers. As indicated by rental days, these vehicles see long-term rentals from May all the way to August. This is driven primarily by the harvesting season, such as sweet potatoes, as well as the fishing season of the seafood industry in the coastal region. In the case of tractors, this picks up again in December. Reserving these heavy-duty vehicles that average around 24 rental days will be a competitive market on the COOP platform in the coming months. 

Fall sees the Q4 holiday demand that drives activity across the country. Holiday meals should drive rental demand towards reefer trucks that specialize in completing that final-mile of cold chain logistics. Additionally, December sees top demand for both tractors and trucks as businesses close out the year strong. This upcoming fall season that we predict will have high activity is the last chance for businesses to impact their bottom line for 2021, so take advantage of the platform to be prepared for it. 

How Your NC Business Can Take Advantage of the COOP Platform 

Between the migration trend and the resurgence of businesses, both the city and rural regions of North Carolina are looking at a comeback in the second half of 2021. If your business is looking to adapt, the COOP platform’s technology solution to sharing commercial vehicles is a perfect fit. Renters can compare from hundreds of available vehicles on the marketplace, while Owners can leverage the platform to secure earnings with their fleets yearlong. 

As you look ahead to the rest of 2021, here’s some things to keep in mind:

  • Migration to North Carolina means opportunity for businesses yearlong. Many new businesses are looking to establish themselves in this burgeoning economy, which means high-demand for vehicles of all makes that you may have idle. 
  • High capacity vehicles are great for long-term investments. North Carolina is the gateway to the northeast. Construction, manufacturing, and produce drive a strong economy in-demand of dry van trailers, flatbed trailers, and other commercial vehicles with over the road capability. 
  • Never let commercial vehicles sit idle. With COOP, your business can offset its expenses. You can list your commercial vehicles to rent them out, leveraging demand from other businesses in your network.

How should your business adapt to changing times? Leverage the COOP platform to generate maximum revenue no matter the circumstances. Join COOP and make 2021 the best year your business has had yet.

Note Regarding Forward-Looking Statements: Certain statements and information included in this Market Guide are “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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