The multitrip vehicle routing problem (MTVRP) is a variant of the capacitated vehicle routing problem where each vehicle can perform a subset of routes, called a vehicle schedule, subject to maximum driving time constraints. Despite its practical importance, the MTVRP has received little attention in the literature. Few heuristics have been proposed, and only an exact algorithm has been presented for a variant of the MTVRP with customer time window constraints and unlimited driving time for each vehicle. We describe two set‐partitioning‐like formulations of the MTVRP. The first formulation requires the generation of all feasible routes, whereas the second formulation is based on the generation of all feasible schedules. We study valid lower bounds, based on the linear relaxations of both formulations enforced with valid inequalities, that are embedded into an exact solution method. The computational results show that the proposed exact algorithm can solve MTVRP instances taken from the literature, with up to 120 customers.