October 16, 2023
1 min read

Commercial Vehicle Rental Market Guide: Fourth Quarter 2023

Another year, another holiday season. The commercial trailer and vehicle rental market is undergoing significant changes this fourth quarter and into the new year. The big question on everyone's mind is whether the historically busy Q4 season will pick up like before. Factors such as technology adoption, rental utilization drops, vehicle availability, and more are top of mind for businesses everywhere.

In this blog, we'll briefly explore what to expect and what's been driving the ups and downs of transporting goods and materials throughout 2023. The peak season is critical for businesses grappling with supply chain disruptions and a rapidly shifting competitive landscape. Read our complete guide to learn expert tips and best practices for optimizing fleet needs and discovering valuable rental solutions to meet these challenges head-on.

At a Glance: Q4 Trends & Insights

·   New Technologies – Businesses are relying heavily on digital technologies such as GPS tracking, electronic logging devices (ELDs), and real-time data analysis to increase efficiency and optimize operations.

·       Decrease in Freight Loads – Since the end of 2022, the transportation industry has seen a drop of about 10% to 15% in commercial vehicle use across all regions and markets. Now that Q4 is here, many insiders expect those percentages to increase. It’s important for businesses to find effective and reliable rental solutions to secure extra capacity.

·   E-Commerce Still Growing – Online shopping is expected to make up 70% of retail e-commerce sales by 2024. Innovative rental solutions from a reliable partner will be key to fulfill deliveries locally and nationally.

Download our complete guide to get more stats about these topics and for additional market insights your business should know about.

Historical Industry Rental Trends for Q4

Based on historical rental trends over the last few years, we expect consumer spending to increase in these three industries - retail, food & beverage, and restaurants & bars.

In this quarter, ensuring inventory is distributed promptly or that excess goods are stored appropriately with storage trailers will play a vital role. Many businesses on COOP are already securing additional fleet capacity to meet their needs.

Popular Vehicle Types in Q4

·   Dry Van Trailers

·   Refrigerated Trailers 

·   Tandem Sleeper Tractors

 Take a deeper dive into historical rental data to inform your fleet optimization needs. Get the Q4 Rental Guide.

 Solutions to Optimize Fleet Utilization

·       Rentals for Trailer Pool and Drop and Hook –  Using rental trailers for trailer pools and drop and hook applications can help businesses save costs, improve efficiency, and reduce empty trailer miles. With COOP’s extensive nationwide network of trailers, businesses renting trailers on the platform are finding a reliable go-to partner for unlocking more options to expand their supply network.

·       Trailers for Storage Use Storage trailers solve for warehousing challenges and are a great temporary option for seasonal or other supply chain logistics. COOP offers trailers for storage use with the right features at the right price.

·       Trailer Repositioning and Transfers Strategically relocating trailers to areas with higher demand optimizes their utilization and minimizes transportation costs. Businesses on COOP have options for deliveries, load outs, and tow aways. 

·       Creative Tech Solutions Today's businesses benefit from data analytics for fleet maintenance, GPS for route planning, and online commercial vehicle rental platforms like COOP for flexibility, transparency, and increased operational effectiveness.

How COOP by Ryder Can Help with Rentals

Having the right amount of vehicles for your business can take time and effort during the holiday season. The COOP platform helps Renters easily find commercial vehicle rentals from other trusted companies on the platform.

·   Many vehicles listed on COOP are priced using our Smart Rate tool which allows Renters to get more 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 by Ryder 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 Q4.

  • Reduce vehicle downtime, offset costs, 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.

What COOP by Ryder Can Do for Your Business

With COOP, businesses gain complete freedom to flex their fleet needs up or down to kick into high gear. With the help of our experts and our tech-driven fleet optimization and rental solutions platform, you can unlock innovative tools alongside a trusted partner. Discover how so many companies nationwide are maximizing their fleet utilization with COOP.

To learn more about the market conditions in Q4, get the comprehensive Q4 2023 Commercial Vehicle Rental Market Guide today!

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Featured Success Story: How a Major Food & Bev Company Tripled Daily Loads Via Drop & Hook Freight

It’s no secret that the food distribution industry is highly competitive, and companies need to operate efficiently to succeed. One of the nation's largest food distribution and production companies with over $1.5B in sales wanted to save time and money in a tight economic landscape, and trailer pools presented as a worthwhile long-term solution. 

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