TUESDAY, MARCH 27, 2018 6:55 AM EDT
New Platform Allows Companies to Share and Rent Idle Commercial Vehicles within a Network of Trusted Businesses; Helps Optimize Fleets and Reduce Transportation Costs
MIAMI–(BUSINESS WIRE)–Ryder System, Inc. (NYSE: R), a leader in commercial fleet management, dedicated transportation, and supply chain solutions, announced today the launch of COOP by Ryder™ (COOP – pronounced “koop”), a new asset sharing platform and the first of its kind for commercial vehicles. The digital platform offers businesses the opportunity to list and rent underutilized commercial vehicles within a network of trusted peers.
There are over eight million commercial vehicles on U.S. roads today, and according to Ryder telematics data, approximately 25 percent regularly sit idle for more than one day a week, excluding weekends. COOP will allow fleet owners to generate revenue from these underutilized vehicles. A 26-foot straight truck traveling 100 miles per day, for example, can generate owners up to $3,300 per month. In addition, COOP will provide a new source of rental vehicles for businesses seeking additional capacity. COOP launched an initial market release in January in the Atlanta metro area with a group of more than 100 fleet owners. Based on the learnings from this initial market launch, COOP will deploy a full rollout to the Atlanta market in April, with several other major markets anticipated in 2019.
“COOP by Ryder aims to revolutionize the optimization and utilization of commercial trucks by helping fleet owners get the most value out of their fleets,” said Robert Sanchez, Chairman & CEO, Ryder. “We are excited to launch this new platform that makes trucks shareable at a time when the sharing economy is driving innovation in many industries. Seasonal and cyclical truck shortages, coupled with fleets’ excess and unused capacity, demonstrates the benefit of having a technology like COOP available in the marketplace. COOP represents one of several strategic investments we are making to leverage technology and capitalize on disruptions our industry will see over the next five to 10 years.”
“As one of COOP by Ryder’s initial users, we could not be more excited about the value this platform can bring to our operations,” said Alex Garcia, Vice President for Dixien, LLC. “In our experience with COOP so far, we’ve been able to make money from vehicles that previously sat idle, and it’s clear it could have a real impact on our business. This is an innovation we’ve been waiting for.”
How COOP works
Businesses can simply and safely rent vehicles via this peer-to-peer sharing platform. Fleet owners list their vehicles on the digital platform, set vehicle availability for idle periods, and receive automated payments from a trusted business owner. Business owners seeking vehicles can search the platform by location for available vehicles, including vans, trucks, tractors, and trailers, and pick up the vehicle from the listed location.
Ryder is uniquely positioned to launch COOP by leveraging its large customer base with over 200,000 vehicles, as well as its extensive experience in commercial vehicle rental, which has helped eliminate many of the major friction points associated with a peer-to-peer sharing network, such as insurance, DOT compliance, and payments. All COOP users are vetted to ensure they comply with safety and reliability standards. Payment is automated and immediate upon the return of the vehicle. Each transaction is covered by physical damage insurance and a $1 million liability policy, and includes 24/7 roadside assistance.
COOP.com provides a chat feature, enabling visitors to chat with a customer service representative. Currently, owners and renters are connecting by phone or via email, and as of May 2018, they will have the additional option of chatting with one another via the platform. At the close of each transaction, COOP owners and renters will have the opportunity to rate one another, helping ensure accountability and trust among users.
COOP uniquely connects businesses that otherwise would not cross paths and creates a community of trusted users. Business owners interested in joining the network can request an invitation to join at COOP.com.
COOP is currently a mobile-optimized web site and is anticipated to be available as a mobile application to both Android and iOS users in the fourth quarter of 2018.
About COOP by Ryder™
COOP by Ryder™ is a commercial vehicle sharing platform that links fleet owners with idle vehicles to trusted businesses in need of rental vehicles. COOP’s mission is to make trucks shareable for everyone everywhere, affording fleet owners the opportunity to generate revenue from their idle vehicles and providing businesses with an alternative source of rental vehicles. For more information, visit COOP.com and follow COOP on Facebook and Twitter.
Ryder is a FORTUNE 500® commercial fleet management, dedicated transportation, and supply chain solutions company. Ryder’s stock (NYSE:R) is a component of the Dow Jones Transportation Average and the S&P MidCap 400® index. Ryder has been named among FORTUNE’s World’s Most Admired Companies, and has been recognized for its industry-leading practices in third-party logistics, environmentally-friendly fleet and supply chain solutions, and world-class safety and security programs. The Company is a proud member of the American Red Cross Disaster Responder Program, supporting national and local disaster preparedness and response efforts. For more information, visit www.ryder.com, and follow us on our Online Newsroom and social media pages: Facebook, LinkedIn, Twitter, and YouTube.
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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.
Download our complete guide to read more about these topics and for additional market insights.
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.
Take a deeper dive into these solutions and how they could help your business. Get the Q3 Rental Guide.
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.
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.
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!
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.
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”.
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.
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.
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:
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.
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!
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.
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.
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.
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
Want to get more specifics about these vehicles? Read our guide for more details about each one.
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