Flexible Lease Offering Allows Customers to Convert to Natural
Gas-Powered Vehicles
MIAMI--(BUSINESS WIRE)--
Ryder
System, Inc. (NYSE: R), a leader in commercial transportation and
supply chain management solutions, today announced it has signed its
first Flex-to-Green lease agreement with Source
Interlink Companies, Inc., an integrated media, publishing,
merchandising and logistics company that produces and distributes
magazine content to retail locations across the U.S. and abroad. With a
Flex-to-Green lease for seven diesel-powered vehicles, Source Interlink
will have the flexible option to exchange these vehicles for natural
gas-powered vehicles.
“With a fleet of over 300 vehicles that operate across the country as
part of Source Interlink’s Sales, Services, and Logistics division, fuel
volatility and cost is an important issue for us,” said Jim Tate, Senior
Vice President of Operations, Source Interlink Distribution. “The option
of using a cheaper and readily available fuel supply such as natural gas
to power our vehicles and mitigate fuel costs is an attractive avenue
we’d like to explore. We appreciate the flexibility that Ryder makes
available through the Flex-to-Green lease offering, which will allow us
to pilot alternative fuel vehicles within our fleet,” he added.
Ryder’s alternative fuel fleet includes compressed and liquid natural
gas vehicles, which are offered in certain markets in California,
Arizona and Michigan, as well as hybrid vehicles, which are available in
most U.S. markets. Ryder became the first fleet provider to offer
heavy-duty natural gas vehicles for the leasing and rental industry
through a ground-breaking natural gas vehicle project with the San
Bernardino Associated Governments (SANBAG) in Southern California. In
April 2010, it announced a partnership with the San Bernardino
Associated Governments (SANBAG) Board to take delivery of 202 heavy
duty, natural gas-powered vehicles that would be made available to
companies for short-term rentals, long-term leases or Ryder’s dedicated
logistics services. As part of the project, Ryder is building two
natural gas refueling stations and equipping three maintenance
facilities for the indoor servicing of natural gas vehicles in Fontana,
Orange, and Rancho Dominguez, Calif.
One of Source Interlink’s largest distribution centers is located in
Ontario, Calif. The proximity of its distribution operations to Ryder’s
fueling and maintenance infrastructure was a key factor supporting the
decision to sign a Flex-to-Green lease.
“We recognize there is a growing need for sustainable transportation
solutions, not only as companies search for ways to mitigate fuel costs
but also as they work to reduce their carbon footprint,” said Robert
Sanchez, President of Global Fleet Management Solutions for Ryder.
“We’ve seen great interest from our customers for natural gas vehicles
across all markets and will continue to pursue the expansion of our
alternative fuel vehicle offering to meet our customers’ needs,” he said.
Headquartered in Bonita Springs, Fla., Source Interlink Companies, Inc. (www.sourceinterlink.com)
is the leading publisher of magazines and on-line content for enthusiast
audiences, as well as a leading sales and service distributor of
magazines and provider of related in-store services across North
America. Through its sales and services initiatives, the Company is able
to optimize its media properties through its vertically integrated
distribution assets. Source Interlink creates content for more than 70
publications, 90 websites, events, television, and radio. Its portfolio
includes many respected brands such as Motor
Trend, Automobile,
Hot
Rod, Automotive.com,
Surfer
and Intellichoice.
About Ryder
Ryder is a FORTUNE 500® commercial transportation, logistics and supply
chain management solutions company. Ryder’s stock (NYSE:R) is a
component of the Dow Jones Transportation Average and the Standard &
Poor’s 500 Index. Inbound Logistics magazine has recognized Ryder
as a top third party logistics provider and included Ryder in its 2010
and 2011 “Green Partners” listing. Ryder also ranked 114 out of the top
500 U.S. companies and sixth in its industry sector in the 2010 Newsweek
Green Rankings. Ryder is a charter member of the NGV Fleet Forum and
a member of the Department of Energy’s National Clean Fleets
partnership. Ryder is also a proud member of the American Red Cross
Annual Disaster Giving Program, supporting national and local disaster
preparedness and response efforts. For more information on Ryder System,
Inc., visit www.ryder.com.
Note Regarding Forward-Looking Statements: Certain statements and
information included in this news release are "forward-looking
statements" within the meaning of the Federal Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on our current plans and expectations and are subject to risks,
uncertainties and assumptions. Accordingly, these forward-looking
statements should be evaluated with consideration given to the many
risks and uncertainties that could cause actual results and events to
differ materially from those in the forward-looking statements including
those risks set forth in our periodic filings with the Securities and
Exchange Commission. New risks emerge from time to time. It is not
possible for management to predict all such risk factors or to assess
the impact of such risks on our business. Accordingly, we undertake no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events, or otherwise.
Source: Ryder System, Inc.