August 11, 2021
1 min read

How to Start a Rental Business with Commercial Vehicles

The potential return on investment for commercial vehicle rentals is impressive. Maybe you have a driver shortage, and look to diversify your business’ fleet to get higher utilization. Or maybe you are a natural entrepreneur, and want to enter the lucrative transportation industry. If you’re looking for scalability, commercial vehicles are a better investment than starting a car rental business. Unmatched flexibility is just one of the reasons that when you execute a commercial vehicle rental business plan it will be worth it. Weighing the costs and benefits is a key step to become a commercial fleet Owner. That’s where we come in.  

COOP by Ryder is a vehicle-sharing platform that connects businesses who have trucks, tractors, and trailers with other trusted companies that need additional fleet capacity. We provide an online marketplace that you can leverage to rent commercial vehicles out and make money.

From the very start our team can help you make the most profit on the platform by listing your vehicles full-time. With our Fortune 500 company connections we expand your business’s reach and drive demand to your new rental fleet. One recently-joined fleet entrepreneur generated $3,562 in revenue with just one trailer in a single month. In regard to commercial fleet return on investment, Owners on the platform get 20% or more within their first year. Start your own rental business with COOP, then just sit back and earn.

Start A Commercial Truck Rental Business

It’s really easy to get started with COOP, once you have a business you are nearly there. You can either create a new business or leverage a company that you already have. Got the basics of your business foundation covered? Great! Now that you’ve managed the startup of your commercial vehicle rental company, you’re ready to fleet up. Vehicles from 2011 or newer should be your target purchases. From here it’s as straightforward as talking to our team and getting them staged on the platform. Renter requests to pay a per day rate with mileage will start coming in for your businesses offerings right away!

Consider which vehicles you can start making money with through the platform. If you’re looking to buy, rent out dry van trailers as a lower level of investment. Lately, they cost $30-40k on average to purchase. They are a great starting point due to ease of management, and many businesses exclusively rent out trailers. Especially now, they see consistent demand as the market for over the road capacity is at an all-time high. Each month a trailer is rented out on COOP it can earn over $1,200 including mileage, which means it pays for itself within a little over a year and a half. 

A higher level of investment is to rent out automatic tandem day cab tractors, which will run your business between $45-70k on average to purchase. If you can afford it, they are worth the price as they are the vehicles that bring $5,000 a month, including mileage, through the platform. They also regularly go out long-term, which means more days out on rentals and more money to add to your bottom line.

Insuring the vehicles is the last significant expense, and this can run between $3,000-$6,500 a year depending on the vehicle that is being insured and the risk determined by the insurance company. Be sure to get quotes from multiple insurance companies to get the best possible price. COOP has standard insurance requirements for Owners. For vehicles above 26, 000 GVW, you need at least $750,000 in auto liability coverage. For vehicles under 26, 000 GVW, you need the minimum liability coverage required in the state your vehicle is registered in.

It could take a couple days to get this all sorted, but once you are set up you can see steady revenue through the platform. Our team of experts can help you every step of the way. We demonstrate the right vehicles to purchase, get them put on the platform, and promote your business’s listings to Renters.

Sit Back and Earn with COOP

We make management of your vehicles as simple as possible. Our team will help you sort out vehicle parking, key management, maintenance and more to manage your fleet with ease wherever you may be. In select markets, we can take care of all of these things for a fee paid to local vendors that we have partnered with. If you have questions about any of these additional details, reach out to us to discuss. 

You can be as active a member on the platform as you would like to be. If you would like to be more involved, managing, approving, and curating your reservations can be done with ease from our COOP mobile app. If you want to be less involved, our expert team will handle your assets to bring the rentals and the revenue right to your doorstep. You don’t have to be a logistics expert, we will be with you every step of the way.

There’s no better way to start a rental business with confidence than with COOP. We give you the competitive edge by showing you powerful insights including data on utilization and rental trends to understand the right vehicles to list in your market. Get a return on your investment through consistent revenue earned by renting out to trusted businesses.

Catch Up on the Latest With COOP

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
  • Telematics 
  • 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!

New Feature: Renter Dashboard

Managing commercial vehicle rentals efficiently is vital for businesses. That's why we've developed a user-friendly dashboard to get rental information quickly and help streamline your experience. Whether you're a frequent Renter or just getting started, our Renter Dashboard is designed to give you greater control and visibility over your rental activity on COOP.

What Can You Do on the Renter Dashboard?

  • Easily Track Rental Activity: Gain insights into your rental history at a glance. Including the number of active, upcoming, and pending reservations.
  • Take Quick Action for Reservations: Manage transactions that require the completion of the pick up and drop off process or are pending payment.

  • Access Billing Statements: Access and download your billing statements for accurate record-keeping and expense tracking.

How to Download Billing Statements

If you’ve had rental transactions on the COOP platform, you can see and download  your statements with just a few clicks. Here’s how:

1. Click the Get Statements button from your Renter Dashboard.

2. Your renter statement overview will open displaying your summary of charges.

3. Filter the statement(s) you need by reservation or date range.

4. To download the page as a PDF, right click anywhere in the top portion of the page. To download the page as a csv file, right click the reservation and select “Export”.

Empower Your Business with COOP

At COOP, we're dedicated to helping businesses succeed by streamlining logistics and transportation needs with our technology-driven commercial vehicle rental and solutions platform. This new Renter Dashboard feature is another valuable tool to helps Renters on their journey to success. Stay tuned for more features coming soon!

Ready to get started? Apply for an account today!

Have an account? Check out your Renter Dashboard.

New Feature: Request to Rent Multiple Vehicles

Looking to rent commercial vehicles in bulk and unlock the possibilities for your fleet needs? We're thrilled to bring you a new, significant feature designed for businesses that are looking for multiple rentals at once. You can now request multiple vehicles on the platform when searching for them.

How It Works

To use this new feature and request to rent multiple vehicles of a certain type, click here. With a few clicks and a little bit of info, you're on your way to getting the vehicles you need. You’ll be able to customize your requests based on vehicle type, price point, specifications, rental periods, and more, all in one go. Once you submit a request, our team will connect with you to set up the reservations.

Watch this video clip to see how it works:

Your Fleet Optimization Solution

Finding extra capacity and optimizing fleet use shouldn't be a middle-of-the-road experience, and with COOP, it's anything but. We understand that seasonal demands, special events, excess inventory, and many more impact the need for finding several vehicles right where you need to pick up and haul your loads. 

Continuing Excellence with COOP

At COOP, we take pride in providing reliable service and innovative solutions for your commercial vehicle rental needs. The introduction of the Multi-Vehicle Request feature is just one more way we're committed to elevating your experience with us. Start renting today and discover how to enhance your approach to bulk rentals and empower your business for success. Stay tuned as we share more new features in the coming weeks and months!

Moving Season

The busy moving season is here! Many individuals, families, and businesses choose this time to relocate due to favorable weather conditions, school breaks, and the availability of free time. Whether your company is in the moving industry or not, this time of year presents a significant opportunity to expand your customer base, maximize fleet utilization, and find ways to generate higher revenue. 

On the COOP by Ryder commercial vehicle sharing platform, companies can build relationships by connecting with a community that provides access to rent or list vehicles all at their fingertips. In this blog, we’ll cover some trending stats, tips for planning, and more. For an in-depth look at some moving industry insights and tools to effectively manage fleet demand, read our complete guide.

3 Interesting Facts About the Moving Industry

Here are a few stats that show the direct connection between transportation and the moving industry.*

Read our guide for more facts about the moving industry.

The Importance of Careful Planning 

Preparation is key to ensuring a successful peak season. Even if your business is not in the moving industry but has commercial vehicles sitting on a lot somewhere, exploring plans for maximizing fleet utilization can lead to practical solutions that can move the needle and increase profits. Here are 3 tips on what you can do to remain competitive:

·  Embrace flexibility 

·  Keep up with new tools 

·  Adapt to the market's needs 

Using the COOP platform provides helpful resources and options to plan accordingly and keep your business moving. 

Most Used Vehicles for Moving

Depending on the size of the job, a wide range of vehicles are needed to have sufficient space and capabilities to transport belongings. The following are some of the most commonly used vehicles during peak moving season:

·  Box Trucks

·  Cargo Vans

·  Trailers

Want to get more specifics about these vehicles? Read our guide for more details about each one.

Need Extra Vehicles? Have Trucks Sitting Idle?

Join COOP by Ryder and Everyone Wins!

There are many ways businesses can take advantage of a revolutionary commercial vehicle sharing community like COOP during the moving season. With our innovative tools, we’re helping businesses overcome challenges and optimize fleet utilization. By registering for an account, you can get access to thousands of commercial vans, trucks, tractors, and trailers available for rent in your area. Plus, companies with idle equipment can list their vehicles to earn thousands in additional revenue.

Download our complete moving season guide now to get more insights!


*Sources: American Trucking Associations, Forbes, IbisWorld

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