2019 Miami Market Guide

October 21, 2019

International freight aspirations ‘magically’ lead to South Florida. Commerce through South Florida ports makes up nearly half the nation’s trade to Latin America and the Carribean. It’s a geographically prime gateway to the country with interstates guiding transit along the coasts. With all this trade and business flowing through the city, it’s no wonder that Miami has grown to be the largest metropolitan area in the southeastern United States.

Miami, the economic heart of South Florida, enthusiastically received the first-of-its-kind commercial vehicle-sharing platform. In January of 2019, COOP by Ryder launched into Miami and was met with enough successful transactions to fill-out 60 Januaries worth of trips for a truck. As COOP’s platform becomes more popular, owners are seeing an increase in average earnings. Our metrics-based sneak peak beneath the surface, where there’s a lot more going on than coco frio and cafecito, provides a refreshing look at this vibrant market.

Overview of Miami, COOP's Market with most earnings per trip. The average owner this year earned $1,254. Top Industries are Wholesale Goods, Business Services, and Restaurants & Bars.

When it comes down to it, South Floridians are looking to close deals and turn profit safely on tight deadlines. Can’t really blame them as they do business in one of the most densely populated locales of the U.S. where freight opportunities are as plentiful as they are competitive. The state prompts a wide diversity of needs, from global to national over-the-road customers and from Wholesale Trade to Business Services with everything in between. This is reflected in the preference for the versatile International and Freightliner vehicle models that COOP customers rented throughout 2019.

COOP’s month-by-month rental trends indicate high demand for all vehicles throughout the holiday season months. Peak months like January, March, and April are expected to carry over from the bustling fourth quarter of the year. An average of 24 rental days per COOP transaction shows a strong tendency to rent vehicles long-term. This presents an opportunity to lock-in a stable profit margin out of idle vehicles that may have sat for the month otherwise. Our Airbnb-like commercial vehicle-sharing platform representatives secure this innovative solution to the problem of idle vehicles.

Practicality reigns in this market, which often sees cargo to and from ship bays or plane cargo holds. This freight routinely tours its way up and down the state along lowland I-95 and I-75. Tractors and trailers carry many of these loads and share the bulk of rental days between them, but are not necessarily rented together from the same company on COOP’s platform. Trailers have a stronger showing toward the winter months while tractors are popular throughout the year. The demand for these models is expected to uphold through December of 2019, building momentum along with the improving availability, proximity and price for the South Florida community on the platform.

COOP’s Top Owner

Marathoners get off the blocks quickly at the starting line, and that’s definitely the case for our metro Miami frontrunners.

Bowman Trailer Leasing, a leading trailer rental company along the U.S. east coast, was one of the first to join the COOP by Ryder platform when it landed in Miami this year. Their curated selection of trailers, from dry 53’ trailers to flatbeds, makes them a mainstay sharer.  The daily rental program gave Leonardo D’Agostini of Bowman the flexibility he needed to get his trailers out into the marketplace during slow periods. Bowman Trailer Leasing is engaged by the expert COOP sales team, as they successfully generate incremental rental income for the business.

Their success with COOP in South Florida led them to make new divisions of their standing fleet accessible on the platform when COOP launched into the Orlando market. We’re looking forward to continuing to facilitate cargo in The Sunshine State together, bravo!

 

Note Regarding Forward-Looking Statements: Certain statements and information included in this Market Guide are “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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