Ryder Launches Commercial Vehicle Sharing Network
Coop is a sharing platform of underused commercial vehicles and equipment. Fleets can rent from each other and make money off of idle assets. Photo: Ryder System
Ryder System has launched a new commercial vehicle sharing platform called Coop by Ryder, allowing businesses to list and rent their trucks to members of a closed, trusted network.
Coop will allow fleet owners to generate revenue from underused vehicles within their fleet as well as offer a new source of rental vehicles for businesses seeking to add capacity. According to Ryder telematics data, around 25% of commercial vehicles in the U.S. sit idle for more than one day a week, excluding weekends.
Currently, Coop is being used in the Atlanta metro area by an initial group of more than 100 fleet owners. Using feedback 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 is one of several strategic investments Ryder is making to leverage technology and capitalize on disruptions that the industry could see in the next decade, according to the company.
“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, Ryder. “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 by Ryder works by allowing fleet owners to list vehicles on a digital platform, set the availability for idle periods, and receive automated payments. Businesses seeking vehicles can search the platform by location for available vehicles, including vans, trucks, tractors, and trailers, and pick up the equipment from the listed location.
By using Ryder’s customer base with over 200,000 vehicles the company says Coop is able to circumvent problems associated with peer-to-peer sharing, such as insurance, DOT compliance, and payments. Coop users are vetted for compliance 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 email, and as of May 2018, they will have the additional option of chatting 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.
Business owners interested in joining the network can request an invitation to join at Coop.com.