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 Ryder®, to Orlando, Fla. The first-of-its-kind digital platform allows fleet owners to generate revenue by simply renting their idle commercial vehicles to other businesses, providing a new source of rental trucks and trailers to a network of carefully vetted companies, large and small. First launched in 2018, the asset-sharing platform is available throughout Georgia and across parts of Florida.
“Hundreds of businesses have already generated revenue through COOP by sharing their commercial vehicles on the platform,” said Rich Mohr, Chief Technology Officer, Fleet Management Solutions, Ryder. “COOP aims to bring the same model to Central Florida by giving Orlando, a bustling tourist destination with an abundance of food, beverage, and production companies, the same opportunity to generate revenue from idle equipment.”
One COOP customer, Bowman Trailer Leasing, is successfully leveraging COOP in the Orlando market to share its vehicles with other business owners. “Through the COOP platform, our business has already been able to garner thousands of dollars of incremental rental revenue during the slower summer months,” said Leonardo D'Agostini, Business Development, Bowman Trailer Leasing. “The COOP platform really shows how the transportation industry is evolving and how Ryder is committed to using innovation to support large and small businesses like ours.”
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, a $1 million liability policy and includes 24/7 roadside assistance.
COOP FAST FACTS:
- There are more than 8 million commercial vehicles on U.S. roads today, and according to Ryder, approximately 25% of vehicles regularly sit idle for more than one day a week, excluding weekends
- A 26-foot-long truck traveling 100 miles per day can generate owners up to $3,300 per month on the COOP platform
- On average, an active COOP owner earns more than $10,600 in one year by sharing their commercial vehicles on the platform
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.
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.