COOP by Ryder ® Expands Service and Insurance to New Markets

Rhea-AI Summary

COOP by Ryder has expanded to three new markets: California, Tennessee, and North Carolina, enhancing its presence across the U.S. This follows a successful launch in Georgia, Florida, and Texas. The platform, which connects fleet owners with idle vehicles to businesses needing rentals, has seen significant growth, achieving 250% year-over-year growth since 2018. Additionally, COOP’s insurance program now covers 34 states, allowing customers to rent vehicles flexibly. Major users like Premier Refrigerated Transport have reported positive operational impacts through the platform.

Positive

• Expansion into California, Tennessee, and North Carolina enhances market reach.
• Achieved 250% year-over-year growth since 2018.
• Insurance program now available in 34 states, increasing operational flexibility for customers.
• Positive feedback from major customers like Premier Refrigerated Transport indicates improved revenue generation.

Negative

• None.

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 expands insurance program to 34 states, enabling existing customers with large fleets across multiple markets to leverage the platform wherever they operate. (Photo: Business Wire)

“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.

How Fleets, Small and Large, Leverage COOP

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.

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.

About COOP by Ryder ®

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.

About Ryder System, Inc.

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. Ryder provides services throughout the United States, Mexico, Canada, and the United Kingdom. In addition, Ryder manages more than 250,000 commercial vehicles and operates more than 300 warehouses encompassing approximately 55 million square feet. Ryder is regularly recognized for its industry-leading practices in third-party logistics, technology-driven innovations, commercial vehicle maintenance, environmentally friendly solutions, corporate social responsibility, world-class safety and security programs, military veteran recruitment initiatives, and the hiring of a diverse workforce. www.ryder.com

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View source version on businesswire.com: https://www.businesswire.com/news/home/20210127005046/en/

FAQ

What new markets did COOP by Ryder expand into?

COOP by Ryder expanded into California, Tennessee, and North Carolina.

What growth has COOP experienced since its inception?

COOP has achieved 250% year-over-year growth since its inception in 2018.

In how many states is COOP's insurance program available?

COOP's insurance program is available in 34 states.

How does COOP support businesses during demand peaks?

COOP allows businesses to flexibly rent vehicles to support demand peaks and generate revenue from idle vehicles.