Commercial Vehicle Rental Market Guide: Third Quarter 2023
From growth in the food industry’s demand for freight, interest rates remaining high for the time being, fluctuating truckload rates, and other trends, the summer sees activity heat up, and it’s essential to be aware of these key topics.
This blog covers various commercial vehicle rental developments and historical stats you need to know, including whether we can expect an uptick in demand in Q3. To manage your fleet needs effectively, tools like the COOP by Ryder platform help businesses gain the flexibility to optimize fleet use. Read our complete guide for more data and insights to help your business make informed decisions about the transportation market in the third quarter and beyond.
At a Glance: Q3 Trends & Insights
- Slowdown in Grocery Inflation – Grocery inflation is slowing down this summer, meaning lower costs when filling up your cart. This is good news for the transportation industry. Filling grocery loads in the coming months will be vital. Expect to see a skyrocketing demand for refrigerated vehicles.
- The State of Interest Rates – Interest rates are expected to remain steady in early summer, but keep an eye out for increases as the year goes on. If interest rates climb again, there will be inflationary pressures which may increase fuel, maintenance, and labor costs for vehicles.
- Reduced Truckload Volumes – In May, several carriers reported a decrease of about 11% in truckload volumes. While experts predict it may not go up as high as last year’s level, the demand across the food, leisure, and entertainment industry is accelerating.
Download our complete guide to read more about these topics and for additional market insights.
Historical Industry Rental Trends for Q3
Based on historical rental trends over the last few years, we expect the Food & Beverage to see very strong activity. Additionally, moving companies have plenty of activity with local and cross-country moves until summer’s end.
As the holiday rush of Q4 approaches, keep in mind that many businesses will look to secure additional fleet capacity to move inventory toward the end of this season.
Popular Vehicle Types in Q3
- Refrigerated Trailers
- Dry Van Trailers
- Tandem Sleeper Tractors
Solutions to Optimize Fleet Utilization
- Drop and Hook Freight
- Trailer Repositioning
Take a deeper dive into these solutions and how they could help your business. Get the Q3 Rental Guide.
How COOP Can Help with Rentals
Having the right amount of vehicles for your business can take time and effort during the summer months. COOP helps Renters source equipment by finding available commercial vehicles from other trusted companies on the platform.
- Our Smart Rate tool allows businesses to offer competitive rates.
- Find and reserve vehicles with a wide variety of unique specifications usually not available at rental counters.
- More options and flexibility to access vehicles nationwide.
How COOP Helps Your Business Earn Revenue
Whether you have a large or small fleet, listing idle vehicles on the COOP platform can improve utilization, cover transportation costs, and increase your bottom line in Q3.
- Reduce vehicle downtime and optimize fleet use.
- Rent out vehicles for extended periods by offering long-term discounts.
- Profit from last-minute rental requests by keeping your fleet flexible and availability up-to-date.
Join the Leading Commercial Vehicle Sharing Platform
Start your journey and sign up for COOP. With the assistance of our team of professionals and cutting-edge technology, you'll have access to an innovative platform with tools that businesses across the country are using to create extra revenue or increase their fleet capacity.
To learn more about the market conditions this summer and gain additional knowledge and statistics, get the comprehensive Q3 2023 Commercial Vehicle Rental Market Guide today!