Turo’s Road to Carshare Profitability Seems Endless
Photo Caption: A luxury vehicle available for rent via peer-to-peer carshare service Turo. Source: Turo.
Skift Take
If carsharing platform Turo can't make a profit in a red-hot rental car market like 2021, when will it?
When Turo filed to go public this month, the car-sharing marketplace included a few eye-catching statistics in its 270-page financial filing. The data cast a light on the broader disruption in car rentals.
Unlike traditional car rental brands, Turo is a peer-to-peer marketplace. The San Francisco-based company makes it easier for 85,000 private car owners to rent over 160,000 vehicles, somewhat like an Airbnb for cars. Many vehicles are kept at homes, rather than at distant rental car locations, and many owners offer to deliver vehicles to renters. In the year through September 30, 1.3 million people rented vehicles.
Turo's largest investors include IAC/InterActiveCorp., led by Barry Diller, which owns a third of the shares ahead of the initial public offering.
The startup has raised more than $450 million in equity and convertible debt securities since its founding in 2010, according to Crunchbase.
Where Are the Profits?Turo enjoye
