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Ryder Launches Drop-and-Hook Trailer Service for Freight Brokerage Solution
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Rhea-AI Summary
Ryder System, Inc. (NYSE: R) has launched a new drop-and-hook trailer service to enhance its freight brokerage business. This service utilizes COOP by Ryder, a peer-to-peer truck and trailer-sharing platform, providing customers access to over 6,000 trailers across the U.S. The service aims to address the current capacity shortage, offering shippers increased flexibility and efficiency while allowing vehicle owners to generate additional revenue. The platform has already shown success, with APL Cargo earning significant revenue from trailer rentals.
Positive
New drop-and-hook trailer service enhances the freight brokerage business.
Access to over 6,000 trailers through COOP by Ryder boosts customer capacity.
APL Cargo generated over $728,000 through the COOP platform, increasing rental days significantly.
Negative
Current capacity shortage in the U.S. may impact broader logistics services.
Utilizing trailers from COOP by Ryder®, the new drop-and-hook trailer service increases flexibility, efficiency, and productivity for shippers and carriers
MIAMI--(BUSINESS WIRE)--
Ryder System, Inc. (NYSE: R), a leader in supply chain, dedicated transportation, and fleet management solutions, announces a new drop-and-hook trailer service to complement its growing freight brokerage business. By leveraging available capacity through COOP by Ryder, the leading peer-to-peer truck- and trailer-sharing platform, customers have access to a dynamic fleet of dry and refrigerated trailers. Currently, COOP has more than 6,000 trailers listed across the United States, with inventory growing daily.
Ryder announces a new drop-and-hook trailer service to complement its growing freight brokerage business. By leveraging available capacity through COOP by Ryder, the leading peer-to-peer truck- and trailer-sharing platform, customers have access to a dynamic fleet of dry and refrigerated trailers. (Photo: Business Wire)
“Despite a severe capacity shortage in the U.S., Ryder is in a unique position to tap into a sizeable pool of underutilized trailers through our vehicle-sharing platform,” says Dave Belter, vice president and general manager of transportation management at Ryder. “By blending the expertise of our freight brokerage team with the trailer capacity available on COOP and our network of 45,000 qualified carriers, we have created a new solution to solve our customers’ needs.”
With Ryder’s drop-and-hook trailer service, customers can rent one or more trailers to preload on their own schedules and then schedule for carrier pickup as needed, or customers can keep the trailers onsite for additional storage when warehouse capacity is tight. And, the majority of the 48- and 53-foot dry and refrigerated trailers have digital tracking available so shippers can keep track of their loads.
“Shippers gain flexibility and efficiency, and carriers improve productivity by eliminating time wasted waiting for live loads. And, in this case, vehicle owners listing with COOP have the opportunity to earn even more revenue,” says Romain Rousseau, vice president of COOP. “With COOP scaling rapidly and Ryder’s continued growth, it’s exciting to look across the broader business, find synergies, and develop innovative solutions that answer our customers’ needs.”
APL Cargo Inc. started leveraging the COOP platform in April to rent out its idle trailers, earning more than $728,000. And, with the recent roll out of the drop-and-hook trailer service, APL Cargo has increased its rental days by 900, earning an additional $57,000.
“COOP has been simply amazing to work with. The vehicle sharing platform has enabled us to increase asset utilization and generate a significant amount of revenue in just a few months,” says Grigore Canali, CEO of APL Cargo. “Having the ability to offer affordable access to tractors and trailers on demand and in a variety of locations across the U.S. has been a game changer!”
Both COOP and Ryder’s freight brokerage business announced expansions earlier this year.
Building on 250% year-over-year growth since its 2018 launch, COOP announced in February that it would expand nationwide making more than 50,000 trucks and trailers from 14,000 trusted businesses available to customers.
And, building on 175% year-over-year growth, Ryder’s freight brokerage business announced in June the opening of a new office in Nashville, Tennessee, plus two additional locations planned for 2023. The expansion is part of the company’s strategy to grow its broader transportation solution, which offers customers flexibility with several levels of service and capacity, backed by technologies that provide real-time visibility and collaboration; digital freight matching and backhaul opportunities; automated load booking; business intelligence and analytics tools to enable better future decision making; and making the payment cycle quicker and easier for carriers.
Ryder’s freight brokerage division is part of its transportation management solution, which purchases and/or executes $7.4 billion in freight moves on behalf of customers annually, including approximately $250 million in brokerage services.
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, and Canada. In addition, Ryder manages nearly 239,000 commercial vehicles and operates more than 330 warehouses, encompassing more than 80 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
Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements, including our expectations with respect to expanding our transportation solutions business, the capabilities of the technology used in our freight brokerage business, improving the productivity and efficiency of our customers, the timing of opening two new freight brokerage locations, annual revenue from our freight brokerage services, are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
What is Ryder's new drop-and-hook trailer service all about?
Ryder's new drop-and-hook trailer service provides shippers with enhanced flexibility and efficiency, allowing them to rent trailers on their terms.
How does Ryder's drop-and-hook service impact revenue for trailer owners?
Vehicle owners using Ryder's COOP platform have seen opportunities to generate additional revenue by renting out their idle trailers.
What are the key benefits of Ryder's new trailer service for shippers and carriers?
Shippers gain flexibility and efficiency, while carriers improve productivity by reducing wait times for live loads.
What is the significance of the COOP platform for Ryder and its customers?
The COOP platform enables Ryder to tap into underutilized trailer capacity, supporting its freight brokerage business and providing customers access to a dynamic fleet.
How many trailers are currently available on the COOP platform?
Currently, there are over 6,000 trailers listed on the COOP platform across the United States.
