Ryder System has expanded its peer-to-peer truck sharing platform, Coop by Ryder, to the Dallas-Fort Worth market, a move that the company said reflects “growing demand for commercial vehicle sharing."
The Coop platform allows commercial vehicle owners to generate revenue by renting idle trucks and trailers to a network of trusted businesses. In addition to Dallas-Fort Worth, it is also available throughout Georgia and Florida.
According to Ryder, Coop generates average monthly earnings of $3,000 for a single truck or $4,000 a month for a sleeper tractor. To date, more than 1,300 businesses have joined the program to list or borrow vehicles – vans, trucks, tractors, and trailers – on the platform.
Ryder said fleet owners can list their vehicles on the digital platform, set vehicle availability for idle periods, and then, upon vehicle return, receive guaranteed payments from Ryder. Any business can list vehicles in the marketplace, even businesses that are not Ryder customers. In addition, all Coop users are vetted to ensure they comply with safety and reliability standards.
The growth of Coop has been supported by the rollout of the platform’s mobile application and the launch of an on-demand liability insurance product offered through a licensed insurance partner.
“We are entering the Texas market backed by the success we have already enjoyed in Georgia and Florida and with new tools for our customers, like our mobile app, which makes the process of sharing equipment much easier on mobile devices,” said Rich Mohr, CTO for Ryder Fleet Management Solutions.
Ryder said the benefit of leveraging the platform in multiple markets is the ability to have repeat customers and to have the same customer use the platform in the different areas it operates.
The company pointed out that Bowman Trailer Leasing is already successfully using Coop in the Georgia and Florida markets and has plans to start using the platform for its operations in Dallas. “Our experience with COOP has shown us the benefit it can bring to our business, so we are excited to use it to help us tap into the Dallas-Fort Worth area – an already very profitable market – in new ways,” said Leonardo D’Agostini, who heads business development for Bowman.
“With COOP, we are generating new business with income coming in that we did not have before,” said Roger Boyd, operations manager for Britt’s Home Furnishings, which delivers appliances to new homes in the Atlanta area via a fleet of 26-foot straight trucks leased from Ryder. “We are now able to make money from vehicles that previously sat idle in our parking lot. This is an innovation we’ve been waiting for and we look forward to growing with the platform.”