Commercial Vehicle Rental Market Guide: Second Quarter 2023

Is your business ready to spring into action? Right now, there are many trends and developments that companies should be prepared for since the next few months typically see an increase in commercial vehicle activity.

From changes in freight rates to inventory management and other trends, this guide will cover many topics that your business should be aware of in the upcoming months. 

Many businesses use the COOP platform for creative and highly beneficial ways to meet their fleet needs. Download our complete Q2 guide for more valuable insights to help your business overcome challenges in the transportation market during this quarter.

At a Glance: Q2 Seasonality Trends & Insights

• Changing Freight Rates –  A demanding freight market is affecting many owner-operators in the transportation industry. Early this year, over 54% businesses reported a negative forecast for 2023, citing concerns such as fuel costs, increased regulation, inflation, and more. It’s vital that businesses maintain flexible strategies as the market changes, capacity tightens, and rates go up.

• Inventory Management – There’s a surplus of inventory in back rooms, warehouses, and trailers across the nation. Businesses are grappling with this challenge and are looking for ways to sell products to consumers that would otherwise collect dust. The COOP commercial vehicle sharing platform can streamline operations with the ability to manage commercial vehicles properly. 

• Increased Vehicle Costs – The ongoing truck shortage might improve over the next few months, but it isn’t going anywhere soon. Keep an eye out as supply chain shortages will continue to push acquisition prices higher as the prices for parts increase.

• And More

Download our complete guide to read more about these topics and for additional insights affecting the market.

Historical Rental Trends for Q2 

The second quarter last year saw a lot of activity based on historical rental trends and seasonal shifts. Food supplies, roadwork, and moving companies start ramping up ahead of the summer.

While we’re seeing a material softening on inflation as 2023 continues, there is a risk that inflation will remain at the 4-5% level for the foreseeable future. However, we expect that Q2 will still have plenty of avenues for fleet optimization as modern seasonal demands typically surpass the slowdown of the first quarter.

 POPULAR VEHICLE TYPES IN Q2

·  Tandem Sleeper Tractors

·  Large Trucks

·  Trailers‍

‍ To see more stats and information about in-demand vehicles, download our complete guide.

How COOP Can Help with Rentals

Having the right amount of vehicles for your business can be challenging in today's market. 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 specifications.
• More rental options with access to 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 Q2.

• 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.

Apply for COOP to Get Started 

Tackle challenges in the ever-changing transportation industry with COOP. With the help of our experts and our innovative platform, you’ll discover how so many businesses nationwide are generating thousands of dollars as an additional revenue stream or finding the additional capacity they need.

Download the complete Q2 2023 Commercial Vehicle Rental Market Guide now to get more insights, stats, and data!