MIAMI–(BUSINESS WIRE)–Ryder System, Inc. (NYSE: R), a leader in supply chain, dedicated transportation, and fleet management solutions, today announced its updated Fleet Buy-Out Program that allows customers to trade in their fleet 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 with competitive offers and a guaranteed sale.
The program offers customers the ability to use trucks they own to free up capital, save money, and eliminate complexity associated with ownership. In addition, based on market analysis, the Fleet Buy-Out Program offers fair and competitive pricing to customers for their vehicles. 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. No matter the fleet’s age, make, or condition, all vehicles are eligible to be considered in this program. Through the program Ryder will buy qualifying vehicles, eliminating difficult selling environments, and easing the process to upgrade fleets. Disposing of old vehicles can often be burdensome and expensive, and this program removes that issue.
“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.”
This program gives businesses who own truck fleets the opportunity to take advantage of the benefits of leasing with Ryder, including comprehensive preventive maintenance and 24/7 roadside assistance. In addition, the program allows quick access to rental trucks at preferred rates and offers vehicle licensing, permits, tax reporting, and regulatory compliance.
Many companies, such as New South Express – a transportation company that specializes in hauling lumber and wood product residuals across the southeast – have been able to benefit from the program.
“Through Ryder’s Fleet Buy-Out Program, New South Express was able to sell our aging vehicles with ease,” says 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.”
Through the program, businesses will be able to lower risk, eliminate high commissions, and reduce time when selling, avoiding shipping vehicles to auction. Ryder offers one of the largest networks of used vehicles for sale in North America with 60 Used Truck Centers, which sell more than 20,000 vehicles per year.
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, Canada, and the United Kingdom. In addition, Ryder manages more than 250,000 commercial vehicles and operates more than 300 warehouses encompassing approximately 55 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
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Contacts
Jonathan Mayor
(305) 500-3161
jonathan_c_mayor@ryder.com
Amy Federman
(305) 500-4989
afederman@Ryder.com
