Ryder is expanding COOP by Ryder, its truck and trailer sharing platform, launching the service in all 50 states in the United States. This expansion follows the program’s initial rollout in nine states.
“We continue to see significant success within the nine states COOP has initially operated in, with the platform scaling rapidly in response to disruptions across industries,” Romain Rousseau, general manager for COOP by Ryder, said. “The ongoing driver shortage has become even more pronounced due to the pandemic and many of our customers have turned to our platform to rent their vehicles to other businesses while in the process of hiring drivers.”
Backhaul Direct has been leveraging COOP since early 2021 to rent out its trailers to businesses in the United States, earning more than $300,000 in its first year on the platform.
“In our experience, the platform’s ease and flexibility has enabled us to reduce vehicle downtime and, in turn, earn a profit to offset costs,” Greg Harris, CEO of Backhaul Direct, said. “Since joining COOP, we’ve been able to keep our fleet moving and create long-lasting relationships with businesses and renters in need of vehicles.”
“The platform’s streamlined approach to vehicle sharing has made the rental process much more efficient for us,” Adrian Prather, transportation manager at Honey Baked Ham, said. “As we prepare for busy season, it can be difficult to secure well-maintained trucks with the right specs, but COOP’s wide network of businesses with available vehicles has been invaluable when we need extra capacity.”
COOP pays on average more than $3,700 in monthly revenue to owners who list their vehicles on the platform. In February, COOP launched a telematics integration, enabling select trucks and trailer owners to get paid in real time on the revenue earned by their unit while rented.
To date, more than 10,000 businesses have joined the program, with COOP experiencing 250% year-over-year growth since launching in 2018.
Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!