COOP Provides Immediate Access to Idle Trucks and Trailers and Makes
Them Available for Businesses to Rent
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 COOP
by RyderTM into South Florida. The truck sharing
platform, the first of its kind for commercial vehicles, initially
launched in Atlanta in March 2018. COOP allows fleet owners to
safely generate revenue by sharing idle trucks and trailers while
providing a new source of rental vehicles from a network of trusted
peers. The digital platform is now available in South Florida and
expected to be available within the entire state before the end of the
year.
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COOP provides immediate access to idle trucks and trailers and makes them available for businesses to rent. (Photo: Business Wire)
“With close to half a million registered commercial vehicles in Florida
and a richly diverse mix of businesses that experience seasonality, the
South Florida market represents great opportunities for lenders and
borrowers of trucks to connect on COOP to generate revenue from idle
vehicles and move business forward,” said Rich Mohr, General Manager for
COOP by Ryder. “In Atlanta, we witnessed plenty of success in 2018 where
more than 300 companies in the metro area reaped the benefits of COOP
and we’re confident this innovative service will be a value to
businesses in Ryder’s home state of Florida. I would encourage
businesses and fleet owners to explore the marketplace to learn how they
can profit from their idle vehicles.”
South Florida is home to the Port of Miami, one of the top 10 ports in
the U.S. and one of the world leading hubs for global commerce, leading
to heightened transportation and trucking needs. The region is also
experiencing major capacity constraints stemming from nationwide truck
utilization pressure. Seasonality spikes in the area, especially around
flower and tourism season, are also contributing to a need for available
box trucks, semi-trucks, trailers and refrigerated vehicles in the
region. COOP is part of the solution to these challenges.
“We could not be more excited to begin generating revenue from our
company vehicles through COOP,” said Mario Allanic, Operations Manager
at Brokers Cartage, a Miami-based transportation company that has a
commercial fleet of dry and refrigerated vehicles. “We have seen the
results of COOP in Georgia and are thrilled to join the platform. COOP
is a great tool that makes a lot of sense for us in the South Florida
market.”
Atlanta-based companies including The Atlanta Opera, Sutherland's
Foodservice, and Crossover Entertainment Group have seen a notable
positive impact on their bottom lines from lending and borrowing
underutilized trucks with COOP. In less than a year, the digital
platform has generated substantial results for businesses:
-
Companies that have used COOP to share its trucks have generated
nearly $7,000 on average since signing onto the platform
-
Several COOP lenders have netted over $30,000 on the platform
Since launch, the digital platform has been enhanced to include Ryder’s
24/7 roadside assistance and free Uber™ rides to a pick-up location for
borrowers. In addition, COOP offers a revenue calculator to assist
lenders with estimating their earning potential. Based on user feedback,
replacement vehicle coverage and advanced user ratings were added to the
platform as well. In early 2019, lenders will also be able to set their
own prices and access revenue summary analytics. Additionally, a mobile
application will be available for Android and iOS users in 2019.
How COOP works
COOP is a peer-to-peer sharing platform that allows businesses to simply
and safely rent commercial vehicles from each other. 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. All COOP users are vetted to ensure they comply with safety
and reliability standards. Each transaction is covered by physical
damage insurance and a $1 million liability policy and includes 24/7
roadside assistance.
Businesses interested in joining the program can connect with a COOP
expert on COOP.com
to learn how to gain access and list idle vehicles on 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.
About Ryder
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,
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.
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:
https://www.businesswire.com/news/home/20190124005116/en/
Jonathan Mayor
(305) 500-3161
Jonathan_C_Mayor@ryder.com
Amy Federman
(305) 500-4989
Afederman@ryder.com
Source: Ryder System, Inc.