Fleet management and transportation giant Ryder System Inc. is expanding its peer-to-peer truck sharing platform to the Dallas-Fort Worth market to meet growing demand for commercial vehicle sharing, the company said today.
Previously available only in Georgia and Florida, the COOP platform allows businesses to earn revenue by sharing commercial vehicles with each other. Fleet owners can list their vehicles on the digital platform, set vehicle availability for idle periods, and receive guaranteed payments from Ryder upon vehicle return.
Ryder says more than 1,300 businesses have joined the program to date, and that COOP generates average monthly earnings of $3,000 for a single straight truck or $4,000 a month for a sleeper tractor.
Launched in Atlanta in 2018 as Ryder's bid to enter the peer-to-peer "sharing economy," the platform is open to businesses whether they are Ryder customers or not, but Ryder vets all users for safety and reliability standards either way, the company says.
Ryder has supported the growth of COOP by rolling out a mobile application for the platform and by launching an on-demand liability insurance product offered through a licensed insurance partner, according to Rich Mohr, the Ryder chief technology officer (CTO) who joined the firm's Fleet Management Solutions arm in 2019.
"We are entering the Texas market backed by the success we have already enjoyed in Georgia and Florida and with new tools for our customers, like our mobile app, which makes the process of sharing equipment much easier on mobile devices," Mohr said in a release. "The Dallas-Fort Worth area is one the largest trucking markets in the United States and as COOP gains momentum, so does our customer base. We are proud to now offer Texas businesses and fleet owners the opportunity to generate revenue from their idle vehicles."
