The 3 Most Profitable COOP Rentals
Whether you’re just getting started or a commercial-vehicle-sharing expert with COOP by Ryder®, it’s worth asking yourself, “how can I make the most out of my vehicles?” We’re here to show you the transactions that earn the most for our Owners. Learn here how you can set up your account to be more likely to secure these transactions for your business.
As is typical of holiday seasonality, COOP’s markets are seeing major capacity constraints stemming from truck utilization pressure. This means many businesses are looking to rent commercial vehicles in ways that are particularly profitable for you. According to Ryder telematics data, approximately 25 percent of commercial vehicles regularly sit idle for more than one day a week, excluding weekends. The potential revenue of that idle fleet shouldn’t be wasted. Companies that have used COOP to share their idle trucks generate $8,161 on average since joining the platform.
#1 The Long-Term Rental
Sometimes a vehicle fits a business’s needs so well and the Renter wants to keep the rental going…and going…and going. We have seen rentals that go as long as 200 days, or more commonly, long-term rentals that can be out for several months. This means getting closer to 100% vehicle utilization for your business and more money toward your bottom line.
Flexibility is key to securing a long-term Renter. A vehicle that is listed as available and made accessible for over-the-road across state lines travel, means that Renters who are interested in this type of rental will find your vehicle.If you have a vehicle that you want to get more rental days and generate more revenue, it’s worthwhile to access your Fleet Management page and make that vehicle “always available.”
#2 The Recurring Rental
COOP helps bring local businesses together. Recurring relationships between businesses occur for several reasons on the COOP platform. They all center around how each company helps to meet the other’s transportation needs. And, it’s happening on the platform every day. Grow your business’ network with Renters who appreciate the way your rentals are conducted. High-ratings after transactions are completed and positive communication experiences are leading indicators of Renters that seek out the same vehicle next time it’s made available.
You can do a few things to create lasting business relationships and keep Renters coming back, like Linen Xpress and Mt. Pisgah Pantry. Optimize your next Renter’s experience by keeping vehicles clean, communicating clearly, and maintaining your vehicles well. That way, you’ll earn more for your business from this profitable type of rental.
#3 The Maximized-Utilization Rental
Gain earnings during would-be downtime from this type of rental, it is easier than ever with our Recurring Calendar Feature. Select the days and times that your business is open each week, and the hours will show on each vehicle’s booking page. Define a range of days that works for your business, and select the Limit Pickup & Dropoff option, to have Renters work around your business’s busy schedule.
Take an honest account of the days where your commercial vehicle goes underutilized. Does your vehicle typically sit Friday-Sunday each week? Every 3rd week of the month? Set Recurring Calendar days with COOP so that you can turn idle days into profit and always have your vehicle available to you again when you know you’ll need it.
To get the most out of your experience with COOP keep in mind that all transactions are profitable. Any rental you get with the platform is better than allowing the vehicle to sit idle. View each day that your vehicle sits in the lot as an opportunity to rent it and generate revenue. We look forward to working with you to reduce your business’ downtime and maybe even offset some operational costs!