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.
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.