Turo (company)

{{Infobox company

| name = Turo Inc.

| former_name = RelayRides (2009–2015)

| logo = Turo (company) logo.svg

| type = Private

| genre =

| foundation = {{start date and age|2009|8|12}} in Boston, Massachusetts, U.S.

| founder = Shelby Clark

| hq_location = Hunter–Dulin Building

| hq_location_city = {{nowrap| San Francisco, California}}

| hq_location_country = U.S.

| area_served = {{hlist| Australia| Canada| France |United Kingdom |United States}}

| key_people = Andre Haddad (CEO)

| industry = Car sharing

| products =

| revenue = {{increase}} {{US$|879.7 million|link=yes}} (2023){{Cite web |last=Wilhelm |first=Alex |date=March 8, 2024 |title=Profitable car rental service Turo is still ready for an IPO, but its growth cratered in 2023 |url=https://techcrunch.com/2024/03/08/turo-car-rental-ipo-profitable-growth/ |access-date=May 2, 2024 |website=techcrunch.com}}

| operating_income =

| net_income =

| owner=IAC Inc. (31%){{cite web |url=https://www.barrons.com/articles/iac-angi-earnings-stock-price-2446a8aa |title=IAC Earnings Soar on MGM Stake, but the Weak Ad Market Remains a Drag |date=May 9, 2023 |first=Eric J. |last=Savitz |work=Barron's}}

| num_employees = 931 (2023){{cite web |url=https://www.sec.gov/Archives/edgar/data/1514587/000162828024008965/turoinc-sx1a9.htm |title=Registration Statement Amendment (Form S-1/A) |date=March 5, 2024 |publisher=U.S. Securities and Exchange Commission}}

| parent =

| divisions =

| subsid =

| homepage = {{url|https://turo.com/}}

| footnotes =

| intl =

}}

Turo Inc. is an American peer-to-peer carsharing company based in San Francisco, in the United States. The company allows private car owners to rent out their vehicles via an online and mobile interface in four countries (the United States, Canada, United Kingdom, and Australia){{Cite web |title=Ranking the top-earning cars on Turo {{!}} Turo Carculator |url=https://turo.com/us/en/top-earning-cars |access-date=March 23, 2021 |website=turo.com}} and new corporate owners to rent out their cars in France in addition to the four previous countries.

In July 2019, the American holding company IAC invested $250 million in Turo, a deal that valued the company at more than $1 billion.{{cite web|title=IAC invests $250 million in car-sharing company Turo| date=July 17, 2019 |url=https://www.cnbc.com/2019/07/17/iac-invests-250-million-in-car-sharing-company-turo.html#:~:text=IAC%20is%20investing%20%24250%20million%20in%20Turo%2C%20a%20peer%2Dto,equity%20raised%20to%20%24470%20million.|publisher=CNBC}}{{cite web|title=IAC to Invest $250 Million in Car-Sharing App Turo|url=https://www.wsj.com/articles/iac-to-invest-250-million-in-car-sharing-app-turo-11563332401.|publisher=WSJ}}{{Dead link|date=September 2023 |bot=InternetArchiveBot |fix-attempted=yes }} According to company filings, as of March 2024 the site had 360,000 active vehicle listings.{{cite web |last1=Wilhelm |first1=Alex |title=Profitable car rental service Turo is still ready for an IPO, but its growth cratered in 2023 |url=https://techcrunch.com/2024/03/08/turo-car-rental-ipo-profitable-growth/?guccounter=1&guce_referrer=aHR0cHM6Ly9lbi53aWtpcGVkaWEub3JnLw&guce_referrer_sig=AQAAAHE8DaQHutCPO-hkR20lwnDwpVHR4XueqZFowf1S4KSybePncPdmpOn3gge0m87wjkG3SxSZK2XO7ZfWfObaLQTTk4EHiiaojvNppll4bQEIeWffZlsHWqxtdXOJxZLKhOKJ08zCHshcwGaNN4McIZVFsf9EO7Qf4NLKyFvuzUFy |website=TechCrunch |date=8 March 2024}}

History

Turo was launched as RelayRides in Boston in June 2010.{{cite news|url=http://www.economist.com/business-finance/displaystory.cfm?story_id=15954416 |title = Car-sharing revs up: Teaming up with the Joneses |publisher = The Economist |date=April 22, 2010 |access-date=January 20, 2016}} The peer-to-peer car-sharing concept was inspired by similar online marketplaces such as Airbnb and eBay. In late 2010, the company expanded to San Francisco, where it is now headquartered.{{cite news| url=http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/12/13/BUE41GQ05A.DTL&type=business | work = SFGate | first=Ari | last=Levy |title = Zipcar competitor RelayRides comes to S.F. |date=December 14, 2010}} In 2012, it launched nationwide in the U.S.{{cite web |url = https://techcrunch.com/2012/03/05/relayrides-national-launch/ |title = Peer-to-Peer Carsharing Goes National With RelayRides' Big Launch |publisher = TechCrunch |author = Anthony Ha |date=March 5, 2012}}

Initially, renting a car through RelayRides required installing an in-car device that enabled GPS monitoring, remote unlocking, and smart card entry, similar to Zipcar. In 2012, Turo partnered with General Motors and their OnStar division, planning to develop technology for users to open their cars remotely without installing additional technology.{{cite web |url = https://techcrunch.com/2012/09/09/relayrides-gm-onstar/ |title = How RelayRides' GM-OnStar Partnership Unlocks Doors — And A Potential 15M Cars For Its Fleet |publisher = TechCrunch |author = Ryan Lawler |date=September 9, 2012}} In 2013, however, Turo discontinued both its in-car device and its Onstar integration in favor of in-person key exchange.{{cite web|url=http://blog.relayrides.com/2013/09/long-duration-rentals-fuel-3x-growth-at-relayrides-in-2013/ |archiveurl=https://web.archive.org/web/20131024002547/http://blog.relayrides.com/2013/09/long-duration-rentals-fuel-3x-growth-at-relayrides-in-2013/ |url-status=dead |archive-date=October 24, 2013 |title=Long Duration Rentals Fuel 3x Growth at RelayRides |publisher=RelayRides}}

= Funding =

Between 2010 and 2014, RelayRides received $52.5 million in funding from Canaan Partners,{{cite news|last1=Lawler|first1=Ryan|title=Car-Sharing Startup RelayRides Raises $25 Million In Funding Led By Canaan Partners|url=https://techcrunch.com/2014/06/24/relayrides-25m/|publisher=TechCrunch|date=June 24, 2014|quote=Over the past year, peer-to-peer car rental startup RelayRides has been growing its average rental times and revenues by focusing specifically on daily and multi-day rentals. On the strength of its results, the company has raised an additional $25 million in Series B funding led by Canaan Partners.}} August Capital, Google Ventures,{{cite news| url=https://www.nytimes.com/external/venturebeat/2010/12/14/14venturebeat-google-drops-bank-in-relayrides-to-turn-your-6452.html?partner=rss&emc=rss | work=The New York Times | first=Matthew | last=Lynley | title=Google Drops Bank in RelayRides to Turn Your Car Into a Zipcar | date=December 14, 2010}} Shasta Ventures, and Trinity Ventures.{{cite news|last1=Lawler|first1=Ryan|title=RelayRides Adds $10 Million From Trinity And Looks To Expand Peer-To-Peer Airport Rentals|url=https://techcrunch.com/2014/08/12/relayrides-10m-more/|publisher=TechCrunch|date=August 12, 2014|quote=When we last checked in with peer-to-peer car rental startup RelayRides about six weeks ago, it had raised $25 million in Series B funding led by Canaan Partners. Well, it wasn’t quite finished raising money, as it turns out. The company just closed on an additional $10 million in financing led by Trinity Ventures.}} In July 2019, InterActiveCorp (IAC) invested $250 million in venture capital funding. The investment made IAC Turo's largest shareholder.{{cite news | last=Farrell | first=Maureen | title=IAC to Invest $250 Million in Car-Sharing App Turo | newspaper=The Wall Street Journal | date=July 17, 2019 | url=https://www.wsj.com/articles/iac-to-invest-250-million-in-car-sharing-app-turo-11563332401 | access-date=June 19, 2020}}

= Legal status in New York State =

In May 2013, the New York State Department of Financial Services (DFS) warned that RelayRides had misrepresented the impact on insurance coverage for New Yorkers who rent out their vehicles on the platform.{{Cite web |last=Siemaszko |first=Corky |date=2013-05-15 |title=RelayRides is taking New Yorkers for a ride, the state claims |url=https://www.nydailynews.com/2013/05/15/relayrides-is-taking-new-yorkers-for-a-ride-the-state-claims/ |access-date=2024-10-09 |website=New York Daily News |language=en-US}} In response, the company suspended operations in New York State pending further decision from the DFS.{{Cite web |last=Carrns |first=Ann |date=2013-05-15 |title=Car-Sharing Service Suspended Over Insurance Concerns |url=https://archive.nytimes.com/bucks.blogs.nytimes.com/2013/05/15/car-sharing-service-to-stop-operating-in-new-york/ |access-date=2024-10-11 |website=Bucks Blog |language=en}} In March 2014, the DFS fined RelayRides $200,000, with their investigation having found "false advertising, unlicensed insurance activity, and other violations."{{Cite web |last=Taylor |first=Colleen |date=2014-03-10 |title=Car-Sharing Startup RelayRides Hit With $200K Fine From New York State For Insurance Violations |url=https://techcrunch.com/2014/03/10/car-sharing-startup-relayrides-hit-with-200k-fine-from-new-york-state-for-insurance-violations/ |access-date=2024-10-09 |website=TechCrunch |language=en-US}} Turo was permitted to partially reopen their platform in New York State in January 2021, and returned fully in 2022.{{Cite news |date=2020-12-03 |title=Car-Sharing Company Turo Returns to New York in Limited Form |url=https://www.bloomberg.com/news/articles/2020-12-03/car-sharing-company-turo-returns-to-new-york-in-limited-form?in_source=embedded-checkout-banner&embedded-checkout=true |access-date=2024-10-09 |work=Bloomberg.com |language=en}}

= Rebranding and expansion =

In November 2015, RelayRides changed its name to Turo to reflect the company's shift away from short-term to long-term rentals.{{cite web |url = http://www.columbian.com/news/2015/dec/26/in-seattle-turo-turns-strangers-into-car-sharers/ |title = Turo turns strangers into car-sharers |publisher = The Columbian |date=December 26, 2015}} Forbes included it among 14 "hottest on-demand startups" in 2015, with a valuation of $311 million.{{cite web |url = https://www.forbes.com/sites/briansolomon/2015/12/29/the-hottest-on-demand-startups-of-2015/#35190215154869cb57991548 |title = The Hottest On-Demand Startups of 2015 |work = Forbes |author = Brian Solomon |date=December 29, 2015}}

In 2016 and 2017, Turo launched in three Canadian provinces: Alberta, Ontario, and Quebec.{{cite news|title='Airbnb for cars' comes to Canada, lets you rent your ride|url=https://www.thestar.com/business/2016/04/19/airbnb-for-cars-comes-to-canada-lets-you-rent-your-ride.html|newspaper=The Star |date=April 19, 2016 |first=Raju |last=Mudhar}}{{cite web |last=Sagan |first=Aleksandra |title=Want to make some money renting out your car? Here's how |website=CTVNews |date=April 19, 2016 |url=http://www.ctvnews.ca/autos/want-to-make-some-money-renting-out-your-car-here-s-how-1.2865027 |access-date=December 12, 2017}}{{cite web |title=Turo launches 'Airbnb for your car' in British Columbia |website=Vancouver Sun |date=October 3, 2017 |url=https://vancouversun.com/news/local-news/turo-launches-airbnb-for-your-car-in-british-columbia |access-date=January 5, 2018}} Also in 2016, Turo launched in the United Kingdom.{{cite web |last1=Price |first1=Rob |last2=UK |title=but there's a catch |website=Business Insider |date=December 16, 2016 |url=http://www.businessinsider.com/turo-car-rental-airbnb-sharing-economy-business-model-uk-launch-2016-12 |access-date=December 12, 2017}}

In November 2018, Turo introduced a new in-car device allowing GPS monitoring and remote unlocking through the Turo app.{{cite web |last1=Korosec |first1=Kirsten |title=Turo's new dongle will let customers instantly find and unlock cars |url=https://techcrunch.com/2018/11/27/turos-new-dongle-will-let-customers-instantly-find-and-unlock-cars/ |website=TechCrunch |date=27 November 2018}} In May 2019, Turo announced Turo Go Digital to offer keyless entry into vehicles without in-car devices.{{Cite web |date=May 2019 |title=Smartcar + Turo partner for connected mobility |url=https://turo.com/blog/news/smartcar-turo-partner-for-connected-mobility/ }}

In 2022, Turo acquired a car-sharing service in France called OuiCar for an undisclosed amount.{{cite web |title=Turo Acquires Car-Sharing Service OuiCar to Expand in Europe |url=https://www.bloomberg.com/news/articles/2022-06-01/turo-acquires-car-sharing-service-ouicar-to-expand-in-europe |website=Bloomberg.com |language=en |date=1 June 2022}} It expanded to the U.S. state of New York in June 2022 after the 2021 passing of a peer-to-peer car-sharing bill in the state, SB 6715.{{cite web |last1=Bellan |first1=Rebecca |title=Car-sharing startup Turo expands to New York and France |url=https://techcrunch.com/2022/06/01/car-sharing-startup-turo-expands-to-new-york-and-france/ |website=TechCrunch |date=1 June 2022}} Turo expanded to Australia later that year.{{cite web |title=Turo Opens for Business in Australia |website=Bloomberg News |url=https://www.bloomberg.com/news/videos/2022-11-30/turo-opens-for-business-in-australia |language=en |date=30 November 2022}}

= 2025 New Years Day incidents =

On January 1, 2025, two separate deadly attacks, each involving a vehicle rented through the service, occurred. A vehicle ramming attack in New Orleans using a Ford F-150 Lightning light duty truck, and an explosion of a Tesla Cybertruck pickup truck outside the Trump International Hotel Las Vegas.{{cite news |last1=Vrentas |first1=Jenny |last2=Shannon |first2=Sims |last3=Tan |first3=Eli |title=Trucks in New Orleans Attack and Las Vegas Explosion Were Rented Using the Same App |url=https://www.nytimes.com/2025/01/01/us/turo-new-orleans-attack-vegas-explosion.html |access-date=2 January 2025 |work=New York Times |date=1 January 2025}} The company said it found no red flags in the renters' applications.{{Cite web |last=Bacon |first=Auzinea |date=2025-01-03 |title=Drivers in New Year’s Day fatal car incidents had no red flags when renting, says Turo CEO {{!}} CNN Business |url=https://edition.cnn.com/2025/01/03/business/turo-ceo-no-red-flags/index.html |access-date=2025-01-04 |website=CNN |language=en}}

Services

Unlike traditional car-rental services, Turo does not own or maintain any cars. The company offers a platform on which car owners and car-renting companies can rent their cars.{{cite web|author=Cody Barbierri|date=December 1, 2009|title=RelayRides launches first peer-to-peer carsharing service|url=https://venturebeat.com/2009/12/01/relayrides-launches-first-peer-to-peer-carsharing-service|publisher=Venturebeat}} Turo claims that its rental costs are lower compared to traditional car-rental services.{{cite news|author=Ken Belson|date=September 10, 2010|title=Baby, You Can Rent My Car|work=The New York Times|url=https://www.nytimes.com/2010/09/12/automobiles/12RELAY.html?_r=1&ref=automobiles|access-date=January 20, 2016}}{{cite news|author=Marc Levy|date=July 17, 2010|title=RelayRides challenges Zipcar, marketing with teams on foot|publisher=Cambridge Day|url=http://www.cambridgeday.com/2010/07/17/relayrides-challenges-zipcar-marketing-with-teams-on-foot/|access-date=January 20, 2016}}

People or companies who wish to rent their cars can register their cars online to be rented by other Turo users. The car owner states when and where the car will be available. A Turo user who wants to rent a car reserves a specific time slot for the car online. Turo takes 10 to 40 percent of rental income, depending on the insurance coverage it provides the car owner.{{cite book|last=Rogers, Roo|first=Botsman, Rachel|title=What's Mine is Yours|year=2010}}{{cite web|author=Anieca Ayler|date=February 23, 2015|title=The Airbnb of Cars Can Save (or Make) You Money|url=http://www.5280.com/news/science/digital/2015/02/airbnb-cars-can-save-or-make-you-money|url-status=dead|publisher=5280: The Denver Magazine|access-date=February 18, 2016|archive-date=March 30, 2017|archive-url=https://web.archive.org/web/20170330235457/http://www.5280.com/news/science/digital/2015/02/airbnb-cars-can-save-or-make-you-money}}{{cite news|last=Kirsner|first=Scott|date=April 12, 2010|title=RelayRides: Like Zipcar without the car fleet|publisher=Boston.com|url=http://www.boston.com/business/technology/innoeco/2010/04/relayrides_like_zipcar_without.html|access-date=June 1, 2010}}