Turo is a car-sharing company with its headquarters at San Francisco, United States.
Turo currently offers its car-sharing services in more than fifty (50) countries. Car owners on Turo can make more than $10,000 every year with frequent vehicle shares every week.
People in the US, UK, Canada, and dozens of other locations worldwide use Turo daily.
Turo’s astronomical rise has seen it become a subject of investigation across several US cities. Turo doesn’t operate in NY due to its receipt of a cease-and-desist order from the state’s Department of Financial Services.
Turo supports a straightforward registration process for car owners to sign up their cars for rent by other members. Car owners on Turo provide information about their vehicle(s) location and availability.
Turo gets a percentage from the rental income and offers additional benefits for car owners from their revenue. Renters don’t need personal coverage insurance to rent Turo vehicles when they book vehicles with an in-app protection plan.
With its lower rental fees, high earning potential, and massive coverage, Turo is the quintessential car-sharing company for car owners. Turo’s business model eases profit making for first-timers and experienced car owners.
On July 17, 2019, IAC invested $250 million in Turo, making it one of the most-valued car-sharing companies worldwide.
Signing up on Turo is easy if you don’t have an account yet. You can create one through this link in minutes.
1. How many users does Turo have?
As of March 2021, Turo has over 450,000 vehicles listed as operational across its service areas. The total number of Turo users is up from about 400,000 listed vehicles in 2019.
Currently, Turo has over 14 million members on its website (SimilarWeb). Active Turo users has grown astronomically since its launch in the 2010s.
In addition, Turo now services customers from several countries across the globe with multiple car-sharing options.
Besides its flexible sign-up process, Turo offers renters significant comfort to get their preferred vehicles on time.
2. When was Turo founded?
Turo was founded in June 2010. The company launched its operations in Boston, Massachusetts as RelayRides before scaling operations country-wide.
Here’s a brief timeline of turo.com from 2010 – 2019:
- June 2010: RelayRides launches as a peer-to-peer car-share provider in Boston
- December 2010: RelayRides expands its operations to San Francisco (its current headquarters); RelayRides receives funding from Google Ventures and August Capital
- March 2012: RelayRides scales its car-sharing operations throughout the US.
- September 2012: RelayRides partners with General Motors
- October 2013: RelayRides abandons tech integration for in-person key exchanges
- June 2014: RelayRides raises $25 million in funding from Canaan Partners
- August 2014: RelayRides receives funding from Shasta Ventures and Trinity Ventures to expand into airport rental services
- November 2015: RelayRides changes its name to Turo to reflect its shift to long-term car rental services
- April 2016: Turo begins operations in Canadian provinces
- December 2016: Turo launches in the United Kingdom
- June 2018: Turo releases new in-vehicle device to support remote unlocking and GPS monitoring
- March 2021: Turo lists over 350,000 vehicles in its car-sharing service
3. Turo makes 15 – 40% per car-share
Turo receives within 15 – 40% of total income generated from rentals through its app.
For example, if a renter books a vehicle at a rate of $90/day, Turo receives within $13.5 – $36.
4. How does Turo make money?
Turo makes money by connecting owners of cars, trucks, vans, and exotic vehicles to renters across several locations. Currently, Turo receives a percentage of rental fees from rides placed through the app.
5. Fiat, Chrysler, and Kia are the top three (3) earning cars on Turo?
The top earning cars on Turo are the Fiat 500, Chrysler Voyager, and Kia Rio.
Fiat 500 models listed on Turo make 178% ROI on average (over $7,000/year). Chrysler Voyargers available for rent on Turo make 150% ROI at over $10,000/year.
Kia Rios for rent on Turo return an average 135% ROI at over $7,100/year.
6. Turo is worth $1.2 billion in early 2022
Turo is valued at around $1.2 billion as of early 2022, according to Bloomberg.
Current Turo CEO, Andre Haddad revealed a plan to take the car-sharing company public through a traditional IPO. Turo’s shares will be available to investors on the NY Stock Exchange post-IPO.
Turo could be worth much more than $1 billion post-offering if the IPO roll-out is successful.
7. Turo (formerly RelayRides) began operations in 2010
Shelby Clark founded Turo in 2010.
In 2019, Turo became valued at over $1 billion and currently operates in over 50 countries. Clark has been actively involved in Turo’s development since its founding more than a decade ago.
8. Turo is available in 56 countries
Turo is available in the United States, United Kingdom and five (5) Canadian provinces. The car-sharing app also supports vehicle rentals in fifty-six (56) countries worldwide through its Commercial Host program.
Currently, Turo offers car-sharing services exclusively to its members.
9. The US ranks 1st among countries with the highest Turo users
Turo is used widely in the US than any other country. The service enjoys massive patronage from renters and car owners in California and several US states.
10. turo.com gets over 1 million hits every month
Turo currently receives over 1 million visits per month on its website (via SimilarWeb).