Ryder System says it has launched its COOP truck rental platform into the South Florida market. COOP is a peer-to-peer digital platform that allows businesses to reliably and safely rent from each other, according to Ryder.
The company says the platform offers a more cost-effective and accessible alternative to the traditional rental counter, creating new ways for businesses and fleet owners to generate income and recoup costs from idle vehicles. Ryder says COOP is the first system of its kind for commercial vehicles.
Ryder said it selected South Florida as a next-step deployment to help customers working in and near the Port of Miami, a major hub for global commerce. It is also an area experiencing major capacity constraints stemming from nationwide truck utilization pressure. Seasonality spikes in the area, especially around flower and tourism season, are also contributing to a need for available box trucks, semi-trucks, trailers, and refrigerated vehicles in the region. Ryder says COOP is part of the solution to these challenges, as renters can use the flexibility of the platform to reserve trucks on a case-by-case basis.
One company that's excited to start generating revenue from its company vehicles through the COOP platform is Brokers Cartage, a Miami-based transportation company with a commercial fleet of dry and refrigerated vehicles. "We have seen the results of COOP in Georgia and are thrilled to join the platform," said Mario Allanic, operations manager at Brokers Cartage. "COOP is a great tool that makes a lot of sense for us in the South Florida market.”
According to Ryder, Atlanta-based companies including The Atlanta Opera, Sutherland's Foodservice, and Crossover Entertainment Group have seen a notable positive impact on their bottom lines from lending and borrowing underutilized trucks with COOP. In less than a year, companies that have used COOP to share trucks have generated nearly $7,000 on average, and some have netted over $30,000.
Since launch, Ryder has updated the COOP digital platform to include its 24/7 roadside assistance and free Uber rides to a pick-up location for borrowers. In addition, COOP offers a revenue calculator to help lenders estimate their earning potential. Based on user feedback, replacement vehicle coverage and advanced user ratings were added to the platform as well. In early 2019, lenders will also be able to set their own prices and access revenue summary analytics. A mobile application will be available for Android and iOS users in 2019.