Trucks sitting idle in the yard can’t make money … unless you can rent them to someone who needs extra capacity.
Ryder on Tuesday announced a new asset sharing platform, COOP by Ryder, offering businesses the opportunity to list and rent underutilized commercial vehicles within a network of peers. COOP launched in January an initial market release in the Atlanta metro area with a group of more than 100 fleet owners. Based on feedback from the initial market launch, COOP plans a full rollout to the Atlanta market in April, with several other major markets anticipated in 2019.
“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,” says Ryder Chairman & CEO Robert Sanchez.
Ryder telematics data suggests approximately 25 percent of the more than 8 million commercial vehicles on U.S. roads today regularly sit idle for more than one day a week, excluding weekends.
Sanchez says a 26-foot straight truck traveling 100 miles per day, for example, can generate lenders up to $3,300 per month.
Through COOP, fleet owners list 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.
All COOP users, Ryder says, 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. 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 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.