This week we are taking a look at Turo, the world’s largest peer-to-peer car sharing platform that is changing the car rental industry, which is also Insider London’s new partner for our exciting company visits in London.
Disrupting Car Rental Market
Based in Silicon Valley, Turo, founded in 2010 is often referred to as “the Airbnb of cars,” and that’s a pretty accurate way to describe it. Private car owners — which one could call “hosts” — post their vehicles on the service, offering others the chance to rent them for a short-term period. Turo acts as an intermediary (for which they take a small fee). As in other shared-economy models, you’re booking with an individual, not a corporation.
The selection of vehicles is varied, which can be a boon both for enthusiasts and those who like to plan extensively. While traditional rental car companies only offer broad categories when booking, Turo lets you know the exact car you’ll be driving — year, make, model and options. The company’s mission is to put the world’s 1.5 billion cars to better use as private cars are parked 95% of the time.
Coverage & Revenue
Turo is the largest peer-to-peer car-sharing platform in the world. As of September 30, 2021, the company has globally 85,000 active hosts and 160,000 active vehicle listings in over 7,500 cities. Moreover, guests can choose from over 1,300 makes and models of cars.
How does Turo earn money? It charges a trip fee, which is a percentage of the trip price and is variable, based on the value of the car, the duration of the trip, how far in advance you book and other factors. You’ll see the trip fee at checkout.
The company reported $142 million in net revenue in 2019. In 2020, revenue rose to $150 million. Moreover, revenue skyrocketed to $331 million for the nine months ended September 2021.
Further Growth
Inventors are seeing opportunities in Turo with the IPO coming to the market sometime in 2022 on the New York Stock Exchange with JP Morgan, and Morgan Stanley leading the offering.
“We estimate that our $230 billion total addressable includes $134 billion in North America, $65 billion in Europe, and $31 billion in the rest of the world (which consists of selected countries in which we believe we have a medium to long-term opportunity to onboard hosts),” according to the filing.
Insider London is proud to partner with Turo. For Company Visit with Turo to see for yourself how they are pioneering the P2P car-sharing, as well as other sustainable tech enterprises, get in touch via contact@insiderlondon.com to book your visit today.