- New Platform Allows Companies to Lend and Borrow Idle Commercial
Vehicles within a Network of Trusted Businesses; Helps Optimize Fleets
and Reduce Transportation Costs -
MIAMI--(BUSINESS WIRE)--
Ryder System, Inc. (NYSE: R), a leader in commercial fleet
management, dedicated
transportation, and supply
chain solutions, announced today the launch of COOP
by Ryder™ (COOP - pronounced “koop”), a new asset sharing platform
and the first of its kind for commercial vehicles. The digital platform
offers businesses the opportunity to list and rent underutilized
commercial vehicles within a network of trusted peers.
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COOP by Ryder™ is a new asset sharing platform and the first of its kind for commercial vehicles. (Photo: Business Wire)
There are over eight million commercial vehicles on U.S. roads today,
and according to Ryder telematics data, approximately 25 percent
regularly sit idle for more than one day a week, excluding weekends.
COOP will allow fleet owners to generate revenue from these
underutilized vehicles. A 26-foot straight truck traveling 100 miles per
day, for example, can generate lenders up to $3,300 per month. In
addition, COOP will provide a new source of rental vehicles for
businesses seeking additional capacity. COOP launched an initial market
release in January in the Atlanta metro area with a group of more than
100 fleet owners. Based on the learnings from this initial market
launch, COOP will deploy a full rollout to the Atlanta market in April,
with several other major markets anticipated in 2019.
“COOP by Ryder aims to revolutionize the optimization and utilization of
commercial trucks by helping fleet owners get the most value out of
their fleets,” said Robert Sanchez, Chairman & CEO, Ryder. “We are
excited to launch this new platform that makes trucks shareable at a
time when the sharing economy is driving innovation in many industries.
Seasonal and cyclical truck shortages, coupled with fleets’ excess and
unused capacity, demonstrates the benefit of having a technology like
COOP available in the marketplace. COOP represents one of several
strategic investments we are making to leverage technology and
capitalize on disruptions our industry will see over the next five to 10
years.”
“As one of COOP by Ryder’s initial users, we could not be more excited
about the value this platform can bring to our operations,” said Alex
Garcia, Vice President for Dixien, LLC. “In our experience with COOP so
far, we’ve been able to make money from vehicles that previously sat
idle, and it’s clear it could have a real impact on our business. This
is an innovation we’ve been waiting for.”
How COOP works
Businesses can simply and safely rent vehicles via this peer-to-peer
sharing platform. Fleet owners list their vehicles on the digital
platform, set vehicle availability for idle periods, and receive
automated payments from a trusted business owner. Business owners
seeking vehicles can search the platform by location for available
vehicles, including vans, trucks, tractors, and trailers, and pick up
the vehicle from the listed location.
Ryder is uniquely positioned to launch COOP by leveraging its large
customer base with over 200,000 vehicles, as well as its extensive
experience in commercial vehicle rental, which has helped eliminate many
of the major friction points associated with a peer-to-peer sharing
network, such as insurance, DOT compliance, and payments. All COOP users
are vetted to ensure they comply with safety and reliability standards.
Payment is automated and immediate upon the return of the vehicle. Each
transaction is covered by physical damage insurance and a $1 million
liability policy, and includes 24/7 roadside assistance.
COOP.com provides a chat feature, enabling visitors to chat with a
customer service representative. Currently, lenders and borrowers are
connecting by phone or via email, and as of May 2018, they will have the
additional option of chatting with one another via the platform. At the
close of each transaction, COOP lenders and borrowers will have the
opportunity to rate one another, helping ensure accountability and trust
among users.
COOP uniquely connects businesses that otherwise would not cross paths
and creates a community of trusted users. Business owners interested in
joining the network can request an invitation to join at COOP.com.
COOP is currently a mobile-optimized web site and is anticipated to be
available as a mobile application to both Android and iOS users in the
fourth quarter of 2018.
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 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.
About Ryder
Ryder is a FORTUNE 500® commercial fleet management, dedicated
transportation, and supply chain solutions company. Ryder’s stock
(NYSE:R) is a component of the Dow Jones Transportation Average and the
S&P MidCap 400® index. Ryder has been named among FORTUNE’s
World’s Most Admired Companies, and has been recognized for its
industry-leading practices in third-party logistics,
environmentally-friendly fleet and supply chain solutions, and
world-class safety and security programs. The Company is a proud member
of the American Red Cross Disaster Responder Program, supporting
national and local disaster preparedness and response efforts. For more
information, visit www.ryder.com,
and follow us on our Online
Newsroom and social media pages: Facebook,
LinkedIn,
Twitter,
and YouTube.
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, including statements about the
anticipated timing and location for the rollout of COOP by Ryder. 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.
View source version on businesswire.com:
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Ryder System, Inc.
Jennifer Hanlon, 305-500-4547
jennifer_a_hanlon@ryder.com
or
Jonathan
Mayor, 305-500-3161
jonathan_c_mayor@ryder.com
Source: Ryder System, Inc.