MIAMI, January 27 2021 – COOP by Ryder®, the leading truck and trailer sharing platform that connects fleet owners with idle vehicles to trusted businesses in need of rental vehicles, today announced expansion to three new markets: California, Tennessee, and North Carolina. The expansion strengthens COOP’s footprint and further advances its position across the United States, after successfully rolling out the program in Georgia, Florida, and Texas.
“COOP has scaled quickly and we are seeing rapid adoption of the truck and trailer sharing concept,” says Romain Rousseau, general manager for COOP by Ryder. “The platform provides a great way to flex your fleet up and down, something that traditional vehicle ownership doesn’t necessarily offer. Our customers use the platform to rent vehicles to support their demand peaks, but also to generate revenue on their idle vehicles when activity slows down.
Additionally, COOP announced the expansion of its insurance program to 34 states, enabling existing customers with large fleets across multiple markets to leverage the platform wherever they operate.
“Insurance is another area where we offer flexibility,” adds Rousseau. “Customers either cover the rental with their own policy or can easily purchase daily insurance through COOP’s third-party insurance partner in 34 major markets.”
Since its inception in 2018, COOP has experienced 250% year-over-year growth and now counts thousands of vehicles accessible in each state, including vans, box trucks, tractors, and trailers.
“Insurance is another area where we offer flexibility,” adds Rousseau. “Customers either cover the rental with their own policy or can easily purchase daily insurance through COOP’s third-party insurance partner in 34 major markets.”
COOP has been particularly active during the pandemic, with businesses across different industries impacted by slower activity. “We are able to reposition these assets to companies in industries that need it most, generating some much-needed revenue for the vehicle owners,” adds Rousseau.
An example of a company benefiting from COOP is Premier Refrigerated Transport, a 100+ truck fleet providing dedicated transport and committed lane operations to the food industry. They have been using COOP since July 2020 and generated more than 1,000 rental days on their units across four distinct locations.
“It’s been great to work with COOP. Our tractors are typically rented within days of being listed and we have been able to significantly reduce our idle fleet associated with cycles in our business. This has enabled us to reduce our operating expenses and help cover the cost of running our fleet,” said Jeffrey Jackman, Director of Logistics at Premier Refrigerated Transport.
“It’s been great to work with COOP. Our tractors are typically rented within days of being listed and we have been able to significantly reduce our idle fleet associated with cycles in our business. This has enabled us to reduce our operating expenses and help cover the cost of running our fleet,” said Jeffrey Jackman, Director of Logistics at Premier Refrigerated Transport.
Businesses interested in joining the program can connect with a COOP specialist at COOP.com to learn how to gain access and list vehicles on the platform.
COOP by Ryder® is the largest commercial vehicle sharing platform, connecting fleet owners with idle vehicles to trusted businesses in need of rental vehicles. COOP is available on COOP.com or as a mobile app in the iOS and Android app stores.
Ryder System, Inc. (NYSE: R) is a leading logistics and transportation company. It provides supply chain, dedicated transportation, and fleet management solutions, including full service leasing, rental, and maintenance, used vehicle sales, professional drivers, transportation services, freight brokerage, warehousing and distribution, e-commerce fulfillment, and last mile delivery services, to some of the world’s most-recognized brands.
Media Contacts:
Jonathan Mayor
(305) 500-3161
jonathan_c_mayor@ryder.com
Amy Federman
(305) 500-4989
afederman@ryder.com
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