Ryder is expanding its truck-and-trailer sharing platform to three new markets: California, Tennessee, and North Carolina. Ryder Coop connects fleet owners with idle vehicles to trusted businesses in need of rental vehicles.
Ryder launched the commercial vehicle sharing network in 2018 in the Atlanta metro area and later expanded to Georgia, Florida, and Texas. It has experienced 250% year-over-year growth, according to the company, and now counts thousands of vehicles accessible in each state, including vans, box trucks, tractors, and trailers.
“Coop has scaled quickly, and we are seeing rapid adoption of the truck and trailer sharing concept,” said Romain Rousseau, general manager for Coop by Ryder, in a news release. “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.”
Coop also announced the expansion of its insurance program to 34 states, allowing 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.”
The Coop program has been particularly active during the pandemic, Ryder said, 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,” added Rousseau.
An example 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 last July and generated more than 1,000 rental days on their units across four locations.
“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,” said Jeffrey Jackman, Director of Logistics at Premier Refrigerated Transport, in the release. “This has enabled us to reduce our operating expenses and help cover the cost of running our fleet.”