The homotopy category of a pointed MC is a closed -module. However, it also has additional structure. This is the subject of Hovey, chapter 6. In particular:
The iterated suspension functor lifts to a functor to the category of (abelian) cogroups in if (). Same for and the category of groups. (Recall that a group object represents a contravariant functor to Grp, and a cogroup object represents a covariant such functor.)
Section 6.2: There is a natural coaction in of the cogroup on the cofiber of a cofibration of cofibrant objects . Also something about an action of the group object on some fiber. Cofiber sequences and fiber sequences.
nLab page on Pointed model category