Ryder System has launched COOP, 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.
The digital platform offers businesses the opportunity to list and rent underutilized commercial vehicles within a network of trusted peers.
COOP will allow fleet owners to generate revenue from the underutilized vehicles and 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.
How COOP works
Businesses can simply and safely 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 from a trusted business owner.
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.
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 via email, and as of May 2018, they will have the additional option of chatting with one another 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.
COOP creates a community of trusted users. Business owners interested in joining the network can request an invitation to join at COOP.com.
COOP is currently a mobile-optimized website and is anticipated to be available as a mobile application to both Android and iOS users in the fourth quarter of 2018.