Ryder Launches Asset Sharing Platform for Commercial Vehicles



Ryder System launched COOP by Ryder, a new asset sharing platform 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 more than eight million commercial vehicles on U.S. roads today and according to Ryder telematics data, approximately 25% 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 and CEO of 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. “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.”

With COOP businesses can 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. 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.

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