Truck leasing and rental company Ryder announced it's launching an asset-sharing platform for commercial vehicles. This move is quite interesting because the new marketplace will directly compete with Ryder's core business.
The platform, called Coop by Ryder, connects fleet managers that have idle vehicles to businesses that are looking to rent vehicles.
In other words, they're creating an Airbnb for trucks.
According to Ryder, data from the 200,000 vehicles it leases and rents to fleet customers showed that around 25 percent of them sit idle more than one day a week. It seems likely that commercial vehicles owned by companies sit idle even more.
So there's a lot of spare truck capacity available.
This means the new marketplace will allow anyone with spare truck capacity to rent it to others. This is directly competitive with Ryder.'s main business.
But this type of marketplace was going to happen anyway (and marketplaces like this already exist). So Ryder decided that building their own marketplace is better for them than being disintermediated by someone else.
Seems like a smart decision to us. Below is Ryder's video explaining Coop.
Ryder's move highlights the ongoing shifts towards access over ownership and the use of connective technologies to increase asset utilization.
These shifts are enabling small businesses access equipment and infrastructure once only available to larger enterprises.
This is very important trend that is creating many new small business opportunities.
A good example is our firm, Emergent Research.
We wouldn't exist without the ability to access through the cloud advanced analytical tools that even fairly recently were only available to firms large enough to afford the substantial expense of installing these systems in-house.
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