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Ryder

Topic: Company

 From HandWiki - Reading time: 8 min
Short description: American transportation company
Ryder System, Inc.
TypePublic company
  • NYSE: R
  • DJTA component
  • S&P 400 component
IndustryTransportation
Founded1933; 91 years ago (1933) in Miami, Florida, U.S.
FounderJames Ryder
HeadquartersCoral Gables, Florida, U.S.
Key people
Robert E. Sanchez
(President & CEO)[1]
John Diez
(Executive VP & CFO)[2]
ServicesFleet management
Supply chain management
Dedicated carrier
Cargo truck rental
RevenueIncrease US$8.925 billion (2019)
Decrease US$341.15 million (2019)
Decrease US$24.41 million (2019)
Total assetsDecrease US$1.562 billion (2019)
Total equityDecrease US$2.476 billion (2019)
Number of employees
39,900[3] (2019)
Websiteryder.com
Footnotes / references
[4][5]
A 2003–2007 Ryder Ford E-450
Ryder Ford Transit van in the United Kingdom
An Isuzu N-Series

Ryder System, Inc. is an American transportation and logistics company. It is known for its fleet of commercial rental trucks.[6]

Ryder specializes in fleet management, supply chain management, and transportation management. It also offers full-service leasing, rental and maintenance, used vehicle sales, transportation management, professional drivers, e-commerce fulfillment, and last-mile delivery services.[6] The company is headquartered in Coral Gables, Florida, and operates in the United States and United Kingdom.

History

Ryder was founded in Miami, Florida in 1933 by James Ryder as a concrete hauling company with one truck, a 1931 Model "A" Ford.[7] In 1938, Ryder signed a five-truck lease deal with Champagne Velvet Beer, increasing Ryder's fleet to 20 trucks.[8] By the following year, the fleet had more than 50 trucks. This led to Ryder changing its focus from distribution to leasing. Ryder bought Great Southern Trucking Company in 1952. In 1955, Ryder System, Inc. was formed to combine Great Southern and Ryder Truck Rental. Ryder System went public in 1955.[9] In the 1960s and 1970s, Ryder expanded into distribution and supply chain. James Ryder retired in 1978.[7]

The Ryder Charitable Foundation was established in 1984. Since that time it has supported :Women in Trucking,[10] Truckers Against Trafficking,[11] the United Way,[12] Hiring Our Heroes,[13] and Big Brothers Big Sisters.[14][15] the Jackson health Foundation,[16] and the American Red Cross.[17] In 1996, Ryder decided to focus on commercial truck rental and leasing, and exited the "one-way" business arena; which was purchased by equity firm Questor Partners Fund LP, who later sold it to Budget Truck Rental in June 1998.[18][19] In 2008, Ryder acquired three regional competitors: Pollock NationaLease, Lily Transportation and Gator Leasing.[20]

In December 2011, the non-partisan organization Public Campaign criticized Ryder for spending $960,000 on lobbying and not paying any taxes during 2008–2010, instead getting $46 million in tax rebates, despite making a profit of $627 million.[21]

In 2017 Ryder launched electric truck rentals in California , and Chicago, Illinois. The trucks were equipped with 70kWh batteries, which had an estimated range of 100 miles.[22] Ryder is the exclusive maintenance provider for Workhorse's electric fleet in North America, first launched in the San Francisco Bay area in 2018.[23][24]

In April 2018, Ryder acquired Ohio-based MXD Group, an e-commerce fulfillment and last mile delivery provider with a network of 109 fulfillment centers across the United States and Canada.[25] In May of that year, Ryder introduced RyderGyde™, a smartphone app for drivers and fleet managers to monitor and manage their fleets.[26] In November 2018, the company ordered 1,000 electric trucks to add to their fleet.[27] In May 2020 RyderShare was introduced as a collaborative logistics platform.[28]

In January 2020 Ryder began a partnership with In-Charge Energy, Inc. and ABB, a provider of industrial automation and technology to provide electric vehicle charging to Ryder's customers.[29] In June 2020 Ryder began a partnership with Turvo, a provider of collaborative logistics software[30]

In January 2022, Ryder completed the acquisition of Whiplash (formerly Port Logistics Group]) for approximately $480 million in cash.[31]

In October 2023, Ryder acquired Impact Fulfillment Services to add contract packaging and manufacturing capabilities.

Business

Ryder divides its business into three segments: Fleet Management Solutions, Supply Chain Solutions, and Dedicated Transportation Solutions. As of December 31, 2019, the total company revenue was $8.93 billion,[32] with profits before income taxes of $42.27 million.[33] The number of full-time employees, as of December 2019 was 39,900 globally, with 38,600 in North America and 1,300 in Europe. The company employs approximately 9,500 drivers, 6,300 technicians and have approximately 25,600 hourly employees in the U.S.  About 4,300 of those are organized by labor unions.[34]

Fleet management

Ryder's fleet management business is its largest business segment, accounting for 61% of the company's total revenue of $2.3 billion, or $1.4 billion for Q4 of 2019.[35] This arm of the business does contract-based full-service leasing, contract maintenance, commercial rental and fleet support services. Under full-service leasing Ryder owns and maintains the trucks and the customer determines the destination. Commercial rentals are the white Ryder trucks which the contract customers can rent on a temporary basis. Ryder grew its North American rental fleet to nearly 30,000 vehicles in 2010 and 2011 raising the percentage of model year 2010 or newer vehicles in the fleet to more than 40 percent.[36] Support services consist of insurance, vehicle permits, and fuel.[34]

In April 2011 Ryder bought B.I.T. Leasing, from Hayward, California.[37] Also in 2011 it acquired the full service leasing and rental business of Carmenita Leasing, Inc., located in Santa Fe Springs, California,[38] and the full service lease, contract maintenance, commercial rental and dedicated contract carriage business, The Scully Companies, Inc., based in Fontana, California.[39]

Launched in April 2018,[40] the company operates a peer-to-peer truck-sharing platform, COOP, that allows owners of commercial vehicles to rent unused trucks and trailers to businesses. The program expanded to Florida in January 2019[41] and further expanded in Texas in February 2020.[42]

As of December 31, 2019, Ryder owned or leased 213,800 vehicles.[34] As of January 2020, they were the largest truck supplier in the US.[43]

Supply chain

Ryder' supply chain operations accounted for 28% of its revenue for a total of $649 million for Q4 2019.[35] This business consists of management of a customer's supply chain. Ryder managed over 50 million square feet (4,645,152 m2) of warehouse space on December 31, 2019.[34]

In December 2010 Ryder bought TLC, a supply chain services company based in Holland, Michigan.[44]

Dedicated Transportation Solutions

Ryder Dedicated Transportation Solutions accounted for 15% of its revenue for a total of $346 million for Q4 2019.[35] This arm of the business conducts both leasing and supply chain management. In 2013, Ryder launched a new name and identity for this program called Ryder Dedicated.[45] The company expanded its Last Mile Delivery service for bulky and large goods to 11 markets in North America.[46] In February 2019 Ryder launched a program for e-commerce that allows manufacturers to ship directly to consumers instead of using third-party shipping for small to large products.[47] In May 2020 the company added food-grade capabilities to its e-commerce service.[48]

Locations

Previously Ryder had its headquarters in Doral, Florida.[49] As of December 31, 2019, Ryder had 524 locations in 50 US States and Puerto Rico.[34] This includes a Shared Services Center in Alpharetta, GA[50] that employs over 500 people and provides support to all FMS operations. Ryder opened a new logistics center in London, Ontario, Canada in January 2018.[51]The company announced the planned opening of two multi-client facilities in Perris, California and Fort Worth, Texas , while expanding an already existing Ryder warehouse in Douglassville, Pennsylvania. The three facilities were expected to be fully operational by May 2019.[52] In May 2020 the company began to expand its e-commerce network with the opening of a new facility in Philadelphia and adding FDA approval for food-grade service to two other facilities in Perris, California and Dallas, Texas.[53]

Awards and recognition

  • Newsweek World's Most Responsible Companies 2020[54]
  • FORTUNE World's Most Admired Companies 2018[55] and 2019[56]
  • FORTUNE 500 2019 and 2020[57]
  • Military Friendly Employer 2020[58]
  • Top Company for Women to Work for in Transportation 2019[59]
  • America's Outstanding Navy Reserve Employers 2019[60]

References

  1. ↑ Parker, Garrett (2019-06-07). "10 Things You Didn't Know about Ryder System CEO Robert E. Sanchez" (in en-US). https://moneyinc.com/ryder-system-ceo-robert-e-sanchez/. 
  2. ↑ Federman, Amy (2021-05-06). "Ryder Names New Chief Financial Officer and New President of its Fleet Management Solutions Business" (in en-US). Business Wire. https://www.businesswire.com/news/home/20210506006223/en/Ryder-Names-New-Chief-Financial-Officer-and-New-President-of-its-Fleet-Management-Solutions-Business. 
  3. ↑ "SEC Form 10-K". SEC.GOV. 31 December 2019. https://www.sec.gov/Archives/edgar/data/85961/000008596120000089/a201910-k.htm. 
  4. ↑ "Ryder Media Resources". Ryder System, Inc.. https://ryder.com/newsroom/media-resources. 
  5. ↑ Financial Statements, https://www.dnb.com/business-directory/company-profiles.ryder_system_inc.c55be66e024056d8a1874d379146fb71.html#financials-anchor 
  6. ↑ 6.0 6.1 "Ryder System Inc Company Profile". Reuters. https://www.reuters.com/finance/stocks/companyProfile?symbol=R.N. 
  7. ↑ 7.0 7.1 "Ryder History". Ryder System, Inc.. http://www.ryder.com/aboutus_cinfo_history.shtml. 
  8. ↑ "History of Ryder's Trucking and Logistics". https://ryder.com/about-us/history. 
  9. ↑ "Ryder System, Inc. Company History". Funding Universe. http://www.fundinguniverse.com/company-histories/Ryder-System-Inc-Company-History.html. 
  10. ↑ Staff, Women In Trucking. "Women In Trucking Association Continues Partnership with Ryder System" (in en). http://www.womenintrucking.org/press-releases/women-in-trucking-association-continues-partnership-with-ryder-system-inc. 
  11. ↑ "Truckers Against Trafficking". 2020. https://truckersagainsttrafficking.org/get-involved/. 
  12. ↑ "Ryder Sets Employee Giving Record for United Way" (in en-US). 2016-11-04. https://fuelsmarketnews.com/ryder-sets-employee-giving-record-united-way/. 
  13. ↑ "TRALA and Ryder supporting Hire Our Heroes program". 14 November 2011. https://www.fleetowner.com/fleet-management/article/21678481/trala-and-ryder-supporting-hire-our-heroes-program. 
  14. ↑ "Our Board" (in en-US). https://bbbsmiami.org/about/our-board/. 
  15. ↑ "Dreamakers" (in en-US). https://bbbsmiami.org/dreamakers/. 
  16. ↑ "Jackson South Medical Center Celebrates the Naming of its New Ryder Trauma Center" (in en-US). https://jacksonhealth.org/advisories/jackson-south-medical-center-celebrates-the-naming-of-its-new-ryder-trauma-center/. 
  17. ↑ "Ryder System, Inc." (in en). https://www.redcross.org/donations/companies-and-foundations/giving-opportunities-and-corporate-supporters/Ryder.html. 
  18. ↑ "Truck Rental and Leasing Without Drivers market report". http://business.highbeam.com/industry-reports/personal/truck-rental-leasing-without-drivers. 
  19. ↑ "Budget To Acquire Ryder Deal Would Create No. 2 U.S. Truck, Car Rental Firm". https://www.spokesman.com/stories/1998/mar/05/budget-to-acquire-ryder-deal-would-create-no-2-us/. 
  20. ↑ Writer, Sarah Talalay Staff. "Ryder buys trucking firm Gator Leasing" (in en-US). https://www.sun-sentinel.com/news/fl-xpm-2008-04-15-0804140437-story.html. 
  21. ↑ Portero, Ashley. "30 Major U.S. Corporations Paid More to Lobby Congress Than Income Taxes, 2008–2010". International Business Times. http://www.ibtimes.com/articles/264481/20111209/30-major-u-s-corporations-paid-lobby.htm. 
  22. ↑ "Ryder will start renting electric vans in New York, California, and Illinois". The Verge. https://www.theverge.com/2017/11/3/16598208/ryder-chanje-electric-van-rentals-new-york-california. 
  23. ↑ "Ryder partners with Workhorse Group". 3 May 2017. https://www.fleetowner.com/resource-center/maintenance/article/21695945/ryder-partners-with-workhorse-group. 
  24. ↑ Kane, Mark (30 March 2018). "Workhorse N-GEN Electric Van Hits The Road" (in en). https://insideevs.com/news/337431/workhorse-n-gen-electric-van-hits-the-road/. 
  25. ↑ "Ryder Acquires Last-Mile Delivery Carrier MXD Group" (in en). 2018-04-03. https://www.ttnews.com/articles/ryder-acquires-last-mile-delivery-carrier-mxd-group. 
  26. ↑ "Ryder Introduces New Commercial Management Fleet App" (in en). 2018-05-23. https://www.ttnews.com/articles/ryder-introduces-new-commercial-management-fleet-app. 
  27. ↑ Louis, Billy Jean (20 November 2018). "Ryder places order for 1,000 electric trucks". https://www.bizjournals.com/southflorida/news/2018/11/20/ryder-places-order-for-1000-electric-trucks.html. 
  28. ↑ Smith, Jennifer (2020-05-27). "Companies Lean on Freight Technology to Untangle Scrambled Supply Chains" (in en-US). Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/companies-lean-on-freight-technology-to-untangle-scrambled-supply-chains-11590573600. 
  29. ↑ Adler, Alan (2020-01-02). "Ryder partners to build up electric vehicle infrastructure" (in en-US). https://www.freightwaves.com/news/ryder-partners-to-build-up-electric-vehicle-infrastructure. 
  30. ↑ "Turvo Partners with Ryder for Real-Time Visibility and Collaboration" (in en). 4 June 2020. https://www.dcvelocity.com/articles/46209-turvo-partners-with-ryder-for-real-time-visibility-and-collaboration. 
  31. ↑ "Ryder Completes Two Acquisitions to Expand E-Commerce Fulfillment Network and Add Multi-Client Warehousing Capability" (in en-US). https://investors.ryder.com/investors/news-and-events/news-releases/press-release-details/2022/Ryder-Completes-Two-Acquisitions-to-Expand-E-Commerce-Fulfillment-Network-and-Add-Multi-Client-Warehousing-Capability/default.aspx. 
  32. ↑ "Ryder System Revenue 2006-2020 | R". https://www.macrotrends.net/stocks/charts/R/ryder-system/revenue. 
  33. ↑ "Ryder System, Inc.". https://www.dnb.com/business-directory/company-profiles.ryder_system_inc.c55be66e024056d8a1874d379146fb71.html#financials-anchor. 
  34. ↑ 34.0 34.1 34.2 34.3 34.4 "SEC Annual Report". 31 December 2019. p. 27. https://www.annualreports.com/HostedData/AnnualReports/PDF/NYSE_R_2019.pdf. 
  35. ↑ 35.0 35.1 35.2 "Ryder Reports Record Revenue of $8.9 Billion in 2019, Up 6.1%; Earnings Include Previously Announced Residual Value Change Impact" (in en-US). https://investors.ryder.com/investors/news-and-events/news-releases/press-release-details/2020/Ryder-Reports-Record-Revenue-of-89-Billion-in-2019-Up-61-Earnings-Include-Previously-Announced-Residual-Value-Change-Impact/default.aspx. 
  36. ↑ "Ryder Expands and Refreshes Its Rental Fleet with 6,700 New Trucks, Tractors, and Trailers" (in en). 15 February 2011. http://www.businesswire.com/news/home/20110215005422/en/Ryder-Expands-Refreshes-Rental-Fleet-6700-Trucks. 
  37. ↑ "Ryder Acquires Portfolio of B.I.T. Leasing". http://www.truckinginfo.com/channel/aftermarket/news/story/2011/04/ryder-acquires-portfolio-of-bit-leasing.aspx. 
  38. ↑ "About Ryder". http://www.ryder.com/aboutus_cinfo_history.shtml. 
  39. ↑ "Ryder completes acquisition of The Scully Companies Inc.". http://www.logisticsmgmt.com/article/ryder_completes_acquisition_of_the_scully_companies_inc/. 
  40. ↑ "Ryder launches Airbnb-like sharing platform for truck equipment" (in en-US). 2018-04-02. https://www.freightwaves.com/news/equipment/ryder-launches-asset-sharing-platform. 
  41. ↑ Huff, Aaron (24 January 2019). "Ryder expands truck sharing platform to Florida". https://www.ccjdigital.com/ryder-expands-truck-sharing-platform-to-florida/. 
  42. ↑ "Ryder Expands Truck-Sharing Program COOP" (in en). 2020-02-03. https://www.ttnews.com/articles/ryder-expands-its-truck-sharing-program. 
  43. ↑ Wile, Rob (31 January 2020). "By land, sea and air, Super Bowl-bound snowbirds are landing — and spending". https://www.miamiherald.com/article239716963.html. 
  44. ↑ "Ryder acquires big Holland-based warehouser with 2,500 employees nationwide" (in en-US). MLive.com. http://www.mlive.com/business/west-michigan/index.ssf/2010/12/ryder_acquires_big_holland-bas.html. 
  45. ↑ "Ryder Relaunches Dedicated Transportation Solution" (in en-US). https://investors.ryder.com/investors/news-and-events/news-releases/press-release-details/2013/Ryder-Relaunches-Dedicated-Transportation-Solution/default.aspx. 
  46. ↑ "Ryder rolls out last-mile expansion plans". https://www.logisticsmgmt.com/article/ryder_rolls_out_last_mile_expansion_plans. 
  47. ↑ "Ryder announces e-commerce fulfillment solution" (in en-US). https://www.supplychaindive.com/news/ryder-e-commerce-fulfillment/548356/. 
  48. ↑ "Ryder Expands E-Commerce Fulfillment Network with Food-Grade Capabilities and Additional Locations as Consumer Trends Evolve" (in en). 2020-05-20. https://www.businesswire.com/news/home/20200520005167/en/Ryder-Expands-E-Commerce-Fulfillment-Network-Food-Grade-Capabilities. 
  49. ↑ "Contact Ryder." Ryder. February 29, 2000. Retrieved on January 9, 2010.
  50. ↑ "Ryder+Shared+Services+Center in Alpharetta, Georgia | Business Profile | Infofree.com". http://profile.infofree.com/biz/GA/Alpharetta/Ryder+Shared+Services+Center/11132553609894. 
  51. ↑ "Ryder opens new logistics center in Ontario" (in en-US). 2018-01-03. https://www.trucknews.com/transportation/ryder-opens-new-logistics-center-ontario/1003082648/. 
  52. ↑ "Ryder opens new facilities for latest e-commerce offering". 12 February 2019. https://www.ccjdigital.com/ryder-opens-new-facilities-for-latest-e-commerce-offering/. 
  53. ↑ "Ryder rolls out increased last mile and food-grade capabilities". https://www.logisticsmgmt.com/article/ryder_rolls_out_increased_last_mile_and_food_grade_capabilities. 
  54. ↑ Newsweek (2019-11-20). "America's Most Responsible Companies 2020" (in en). https://www.newsweek.com/americas-most-responsible-companies-2020. 
  55. ↑ "Ryder System" (in en). https://fortune.com/worlds-most-admired-companies/2018/ryder-system/. 
  56. ↑ "Ryder System" (in en). https://fortune.com/worlds-most-admired-companies/2019/ryder-system/. 
  57. ↑ "Ryder System" (in en). https://fortune.com/fortune500/2019/ryder-system/. 
  58. ↑ "Military Friendly – Military Friendly". https://www.militaryfriendly.com/employers/. 
  59. ↑ Staff, Women In Trucking. "Top Companies for Women to Work For in Transportation Named by WIT" (in en). http://www.womenintrucking.org/press-releases/top-companies-for-women-to-work-for-in-transportation-named-by-wit. 
  60. ↑ "Welcome to Ryder System". https://www.troops2transport.com/wp-content/uploads/2019/12/Ryder-DDP-Fact-Sheet.pdf. "The U.S. Navy Reservere cognized Ryder as one of America’s Outstanding Navy Reserve Employers in 2019" 

Further reading

  • Saunders, Harris. Top Up or Down? The Origin and Development of the Automobile and Truck Renting and Leasing Industry—56 Years, 1916–1972. Birmingham, AL: Harris Saunders, 1972.

External links



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