Ryder System has updated its Fleet Buy-Out Program that allows fleet owners to trade in their trucks and then lease new trucks through Ryder’s leasing program. Subject to the terms of the program, Ryder will purchase used commercial vehicles in a one-for-one leasing exchange.

Vehicles sold through the program do not need to be the same type of vehicle that is leased from Ryder, so companies can shift their fleet mix, selling or leasing anything from vans, box trucks, tractors or trailers, Ryder officials said in a press release.

Vehicles of all makes, condition and age are eligible to be considered in this program.

“The program has already supported a wide-variety of customers, from owner-operators to large businesses, and we’re excited to revitalize the program so we can assist more customers,” says John Diez, president of fleet management solutions at Ryder. “Our customers wanted an easy-to-use program where they are assured they can sell at a fair price and we were able to structure a program that does just that. We see tremendous value for both sides.”

New South Express, a transportation company that specializes in hauling lumber and wood product residuals across the southeast United States, has utilized this buy-out program.

“Through Ryder’s Fleet Buy-Out Program, New South Express was able to sell our aging vehicles with ease,” said Carl Hamilton, president of New South Express. “With a guarantee of sale from Ryder, we don’t have to worry about the difficulty of selling or getting a fair offer. The Fleet Buy-Out Program gives us a simple solution to convert our old vehicles without all the unnecessary obstacles.”