If you’ve ever arrived at a car rental parking lot and didn’t get the vehicle you planned to buy, you’re not alone. Turo, which boasts the name of the world’s largest peer-to-peer car-sharing marketplace, says it has a greater choice to offer consumers precisely what they want.
Since June, the car-sharing company has improved its product in 70 ways, going so far as to locate and rent a car. Turo claims that there is a $172 billion (yes, billion) market and that it needs to take a larger percentage of it. According to Forbes reporter Megan Poinski in March, Turo’s net profit grew by approximately 88% between 2021 and 2023 to $879. 6 million last year. The company has been successful since 2021 and has even applied for an IPO.
When the pandemic hit in 2020, car rental companies sold a large portion of their vehicles to stay afloat. Second, the long-term effects of COVID, such as chip shortages, have made it difficult to restock.
Car rental giant Hertz says the average cost of renting a car per day has risen by about $35 per day since 2019. As such, consumers have choices to choose from. Chuck Fisher, Turo’s chief financial officer, says that all owners go through an onboarding process to help them list their cars successfully. The pricing formula is largely left to individual owners, guided by market prices; Some offer unlimited miles or accessories such as luggage racks for an additional fee.
“You have to be able to perceive how a market behaves, how trends are replaced over time,” Fisher said in an interview for Forbes’ CFO Newsletter. “You are very skilled at reading data, extrapolating trends, perceiving seasonality and forecasting the long term. based on how your business behaves as it grows over time. “
Turo spends a lot of time and energy on the tenant side, implementing a passive source of income option for vehicle owners who need to make money without taking care of the process. By partnering with hosts interested in managing a small fleet, owners can still earn a source of income, as can eBay resellers who rent higher-end resellers to build them.
Let’s be honest: renting a car can be a tedious and constant experience. It’s not as bad as buying a car, thank goodness, but there are still some paperwork to fill out. Booking a car with Turo works for online vacation rental sites, which have skyrocketed and gained popularity in recent years. With more than 1,600 makes and models available, selection is key. This means renters can choose between a 2013 Hyundai Sonata and a Lamborghini Aventador for $2,700 per day.
“Turo is the new way to look at road trips,” said Andre Haddad, CEO of Turo. “It’s a way to drive the car of your dreams, or check out how to drive a car before you spend $50,000 on it, or find the best car that ticks all the boxes for your family vacation. “
One of Turo’s new updates allows users to search for cars regardless of their location or date through a feature called “unlimited search. “The company claims that it is the first of its kind in its market segment. Another highlight is the organization of the cars into collections with teams called Sensational Supercars, Electric Elite, Vintage Americana, Rugged 4X4 and more.
Turo has a user feedback formula like eBay’s, and the most productive owners of clean, high-quality cars get a special designation. If you’re still looking to rent someone’s private car, you know that RVShare does it well with RVs. The same goes for AirBnb, VRBO, and other households. This company is expected to continue its expansion trajectory through 2024 and beyond.
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