MIAMI–(BUSINESS WIRE)–Ryder System, Inc. (NYSE: R), a leader in commercial fleet management, dedicated transportation, and supply chain solutions, announced today the expansion of its peer-to-peer truck sharing platform, COOP by RyderTM, to the Dallas-Fort Worth market – a move that signals a growing demand for commercial vehicle sharing. COOP 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.
COOP by RyderTM makes it easy for businesses to safely share commercial vehicles from each other and earn revenue. Fleet owners can list their vehicles on the digital platform, set vehicle availability for idle periods, and upon vehicle return receive guaranteed payments from Ryder. Any business can list vehicles in the marketplace, even businesses that are not Ryder customers. But 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 new mobile application and the launch of an on-demand liability insurance product offered through a license 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, Chief Technology Officer for Ryder Fleet Management Solutions. “The Dallas-Fort Worth area is one the largest trucking markets in the United States and as COOP gains momentum, so does our customer base. We are proud to now offer Texas businesses and fleet owners the opportunity to generate revenue from their idle vehicles.”
A benefit of operating in multiple markets is the ability to have repeat customers and the same customer use the platform in the different areas it operates. Bowman Trailer Leasing is already successfully leveraging 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, Business Development, Bowman Trailer Leasing. “COOP makes it easy to convert our idle vehicles into an alternative revenue source, and now the app will make it an even more seamless process.”
COOP generates average monthly earnings of $3,000 for a single straight truck or $4,000 a month for a sleeper tractor. To date, more than 1,300 businesses have joined the program.
“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 with its fleet of 26-foot box 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.”
About COOP by Ryder™
COOP by Ryder™ is a commercial vehicle sharing platform that links fleet owners with idle vehicles to trusted businesses in need of rental vehicles. COOP’s mission is to make trucks easily shareable for everyone everywhere, affording fleet owners the opportunity to generate revenue from their idle vehicles and providing businesses with an alternative source of rental vehicles. For more information, visit COOP.com and follow COOP on Facebook and Twitter.
Ryder is a Fortune 500® commercial fleet management, dedicated transportation, and supply chain solutions company. The company’s stock (NYSE: R) is a component of the Dow Jones Transportation Average and the S&P MidCap 400® index. Ryder, which provides commercial truck rental, truck leasing, used trucks for sale, and last mile delivery services, has been named among “The World’s Most Admired Companies” by Fortune, as well as one of “America’s Best Employers” and “America’s Best Employers for Women” by Forbes. The company is regularly recognized for its industry-leading practices in third-party logistics, environmentally friendly fleet and supply chain solutions, world-class safety and security programs, and hiring of military veterans. For more information, visit www.ryder.com or our newsroom, and follow us on Facebook, LinkedIn, and Twitter.