COOP by Ryder® Expands Service to California

Rhea-AI Summary

COOP by Ryder® has expanded its vehicle-sharing platform to California, Tennessee, and North Carolina, following successful rollouts in Georgia, Florida, and Texas. This expansion allows fleet owners in California with idle vehicles to rent them out, creating additional revenue streams. With 250% year-over-year growth since 2018, COOP's platform provides flexibility for clients amid fluctuating demand. The company has also extended its insurance program to 34 states, enhancing coverage options for customers across various markets. COOP is positioned to capitalize on California's significant trucking market.

Positive

• Expansion to California, Tennessee, and North Carolina increases market presence.
• 250% year-over-year growth since 2018 showcases strong business performance.
• Enhanced insurance program now available in 34 states, improving customer flexibility.

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 of the platform to California, allowing vehicle owners in the state to utilize the platform. The expansion also includes Tennessee and North Carolina and the announcement comes on the heels of the program’s successful rollout 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)

Fleet owners in California with idle vans, box trucks, tractors, and trailers, can now rent vehicles when they are not in use, creating additional revenue streams for businesses.

“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.”

California is a national transportation hub with a robust trucking and logistics industry, which will benefit significantly from a leading truck and trailer sharing platform like COOP. The Port of Los Angeles alone has been the busiest container port in the Western Hemisphere for the last 20 years. COOP is expanding to California because of the size of the potential trucking rental market and the organic interest COOP has already seen on the platform.

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. 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.”

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20210203005010/en/

FAQ

What states has COOP by Ryder expanded to recently?

COOP by Ryder has expanded to California, Tennessee, and North Carolina.

How much has COOP by Ryder grown since its inception?

COOP by Ryder has experienced 250% year-over-year growth since its inception in 2018.

What benefits do fleet owners gain from COOP by Ryder?

Fleet owners can rent out idle vehicles, creating additional revenue streams and flexibility in managing their fleets.

What is the significance of the expansion to California for COOP?

California is a national transportation hub with a robust trucking market, providing significant rental opportunities for COOP.