Turo is an online peer-to-peer car rental service founded in 2009 by Shelby Clark. It is a unique platform that offers car owners the opportunity to rent out their vehicles when they’re not using them, and provides renters with access to an array of vehicles they wouldn’t otherwise have access to. The platform is available in the United States, Canada, Germany, the United Kingdom, Ireland, and Finland.
The History of Turo
Turo was founded in 2009 by Shelby Clark in Cambridge, Massachusetts. Clark had the idea to create a platform that offered car owners the opportunity to rent out their cars when they weren’t using them. He raised $1.5 million in seed funding from August Capital, DAG Ventures, and Shasta Ventures, and the platform officially launched in April 2010.
In 2011, Turo received an additional $5.5 million in funding from Canaan Partners and Matrix Partners. That same year, the company rebranded from RelayRides to Turo. The company has since raised an additional $45 million in venture capital and is now valued at $1.4 billion.
How Turo Works
Turo is an online peer-to-peer car rental platform. It works by connecting car owners with renters in their area who are looking to rent a car. Car owners can list their vehicles on the platform and set their own rental prices and availability. Renters can search for cars in their area, view photos, read reviews, and book the rental.
The platform also offers additional services such as roadside assistance, insurance coverage, and delivery. Once a rental is booked, the renter pays the car owner directly and Turo handles the rest.
Turo’s Growth and Expansion
Since its inception, Turo has grown exponentially. The platform now boasts more than 8 million users in the US and Canada, and more than 2 million vehicles listed on its platform. The company is now active in the US, Canada, Germany, the UK, Ireland, and Finland.
In 2017, Turo acquired Croove, a German car-sharing platform. This acquisition has allowed Turo to expand into Germany and other European markets. The company also announced a partnership with Allianz Global Assistance in 2018 to provide insurance coverage for its US and Canadian customers.
Turo’s Impact on the Car Rental Industry
Turo’s impact on the car rental industry has been significant. The platform has disrupted the traditional car rental model by providing an alternative to traditional rental companies. It has also made car rentals more accessible to customers, as they no longer have to rely on big companies to rent a car.
The company has also made a positive impact on car owners. Car owners are now able to make money by renting out their vehicles when they’re not using them. This has allowed them to supplement their income and also gain access to a wider range of vehicles.
Frequently Asked Questions
Q: When was Turo founded?
A: Turo was founded in 2009 by Shelby Clark in Cambridge, Massachusetts.
Q: How does Turo work?
A: Turo is an online peer-to-peer car rental platform that connects car owners with renters in their area who are looking to rent a car. Car owners can list their vehicles on the platform and set their own rental prices and availability. Renters can search for cars in their area, view photos, read reviews, and book the rental.
Q: What services does Turo offer?
A: Turo offers a variety of services, including roadside assistance, insurance coverage, and delivery.
Q: Where is Turo available?
A: Turo is available in the US, Canada, Germany, the UK, Ireland, and Finland.
Q: What impact has Turo had on the car rental industry?
A: Turo has had a significant impact on the car rental industry. It has disrupted the traditional car rental model by providing an alternative to traditional rental companies, and has made car rentals more accessible to customers. It has also allowed car owners to make money by renting out their vehicles when they’re not using them.