Ryder Expands Vehicle Sharing Platform, Launches COOP Nationwide

Rhea-AI Summary

COOP by Ryder has launched its truck and trailer sharing platform nationwide, expanding to all 50 states. This move follows initial success in nine states, driven by high demand for rental vehicles amid ongoing industry shortages. The platform now connects over 50,000 trucks and trailers, allowing vehicle owners to monetize underutilized assets. Businesses on the platform have reported significant revenue increases, with COOP generating an average of $3,700 monthly for vehicle owners. Since its launch in 2018, COOP has achieved 250% year-over-year growth.

Positive

• Nationwide expansion to all 50 states.
• Access to over 50,000 trucks and trailers.
• Average revenue of $3,700 per month for vehicle owners.
• 250% year-over-year growth since 2018.

Negative

• None.

Through COOP, and its network of third-party trailer partners and truck owners, customers will now have access to more than 50,000 trucks and trailers based on availability

MIAMI--(BUSINESS WIRE)-- COOP by Ryder®, the leading truck and trailer sharing platform, announces the launch of its platform nationwide, reaching businesses in all 50 states. This expansion follows the success of the initial rollout in nine key states, underscoring the continued growth of the COOP platform, the high demand for rental vehicles, and the opportunity to monetize underutilized fleets. While COOP will continue to operate with a specific focus on high-density transportation markets, businesses can now leverage the platform to list and rent vehicles anywhere in the United States.

COOP by Ryder® rolls out its leading truck- and trailer-sharing platform nationwide to help monetize underutilized fleets and meet the high demand for rental vehicles. (Graphic: Business Wire)

“We continue to see significant success within the nine states COOP has initially operated in, with the platform scaling rapidly in response to disruptions across industries,” says Romain Rousseau, general manager for COOP by Ryder. “The ongoing driver shortage has become even more pronounced due to the pandemic and many of our customers have turned to our platform to rent their vehicles to other businesses while in the process of hiring drivers.”

With the nationwide rollout of COOP, more companies and vehicle owners can generate the revenue needed to support vehicle payments or meet financial strains caused by otherwise idle vehicles. Additionally, COOP provides relief to businesses as the industry continues to face ongoing driver and equipment shortages.

Backhaul Direct has been leveraging COOP since early 2021 to rent out its trailers to businesses in the U.S., earning more than $300,000 in its first year on the platform. “In our experience, the platform’s ease and flexibility has enabled us to reduce vehicle downtime and, in turn, earn a profit to offset costs,” says Greg Harris, CEO. “Since joining COOP, we’ve been able to keep our fleet moving and create long-lasting relationships with businesses and renters in need of vehicles.”

In 2021, COOP saw a major increase in rental demand, allowing more vehicle owners to generate a significant revenue on their vehicles.

“The platform’s streamlined approach to vehicle-sharing has made the rental process much more efficient for us,” says Adrian Prather, Transportation Manager, at Honey Baked Ham. “As we prepare for busy season, it can be difficult to secure well-maintained trucks with the right specs, but COOP’s wide network of businesses with available vehicles has been invaluable when we need extra capacity.”

In addition, COOP is seeing a growing number of companies buy vehicles to rent out to others through the platform as an investment. Due to the fast growth of COOP and high vehicle utilization, these companies are experiencing high returns on their investment. COOP pays on average more than $3,700 in monthly revenue to owners who list their vehicles on the platform. In February, COOP launched a telematics integration enabling select trucks and trailer owners to get paid in real time on the revenue earned by their unit while rented.

To date, more than 10,000 businesses have joined the program, with COOP experiencing 250% year-over-year growth since launching in 2018. Businesses interested in joining the program can sign-up on COOP.com or via the mobile app to rent or 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.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20220222005285/en/

Jonathan Mayor

(305) 500-3161

jonathan_c_mayor@ryder.com

Amy Federman

(305) 500-4989

afederman@Ryder.com

 

Source: Ryder System, Inc.

FAQ

What is the new expansion of COOP by Ryder?

COOP by Ryder has launched its truck and trailer sharing platform nationwide, reaching businesses in all 50 states.

How many trucks and trailers can customers access through COOP?

Customers can access more than 50,000 trucks and trailers based on availability through COOP.

What has been the growth rate of COOP since its launch?

COOP has experienced a 250% year-over-year growth since its launch in 2018.

What average revenue can vehicle owners expect from COOP?

Vehicle owners can expect to earn an average of $3,700 in monthly revenue by listing their vehicles on COOP.