Invest in Turo

Turo aims to simplify the process for hosts to monetize their vehicles and for guests to discover the ideal car for their upcoming journey. As the asset owners, hosts provide unique experiences and exceptional hospitality to Turo's guests.

Turo’s platform avoids the capital intensity and asset-based limitations of the rental car and fleet-based car-sharing industries while providing low-cost access for individual car owners to earn extra income by sharing their vehicles through its marketplace.

As a result, Turo's platform is highly adaptable, allowing hosts to modify vehicle availability, pricing, or selection in response to guest needs. This provides guests with an exceptional variety of cars to choose from, ensuring that the specific vehicle they reserve is precisely the one they receive, thereby enhancing guest satisfaction.

Additionally, Turo hosts can offer various pick-up locations, as well as optional “Extras,” such as unlimited mileage, pre-paid refueling, bike and ski racks, camping equipment, and more to make the experience more convenient for the guest.

On Turo's platform, guests rent cars for various needs, with Turo introducing opportunities for extended travel durations.

Turo estimates that in 2022, approximately 6.8 million (35%) of days, were part of bookings seven to 29 days in length, and approximately 1.1 million (6%) of days, were part of bookings greater than or equal to 30 days in length. This highlights the variety of use cases, including longer-duration travel, supported by the platform.

Turo platform provides several capabilities designed to best serve its hosts.

Turo’s platform provides the software and services to help hosts of all sizes thrive, including easy-to-use desktop and mobile websites and native iOS and Android apps, insurance and protection, and safety and support.

Turo simplifies the process for hosts to onboard, verify, and list vehicles, including standard insurance and protection plans. The platform offers comprehensive tools for listing management, such as scheduling, communication, and pricing adjustments, alongside check-in/out processes and payment handling. Turo's analytics and dynamic pricing options help hosts set optimal prices, with features for promotional discounts on long stays, early bookings, and loyalty incentives.

Turo enables hosts to personalize their service with optional extras like prepaid refueling and equipment rentals and allows for flexible vehicle pickup and delivery locations. For hosts looking to expand their Turo business, the platform offers tools for business management, analytics, educational resources, and financial support options. Turo simplifies insurance selection, providing protection plans that cover liability and vehicle damage, along with roadside assistance. Additionally, Turo supports hosts with guest verification, dispute resolution, and hospitality coaching, ensuring safety and satisfaction.

Turo platform provides several capabilities designed to best serve its guests.

Turo enhances the car rental experience with tools for inspiration and discovery, allowing users to find vehicles by various criteria and offering personalized recommendations via a ChatGPT plugin. The platform streamlines secure booking, providing clear cost details, easy document uploads, and multiple payment options, including digital wallets. Every booking includes insurance coverage, with the option for guests to select additional protection plans for added security.

Within Turo's app, guests can manage trips, extending or rebooking vehicles using Turo Go for contactless access to many models. Direct messaging facilitates secure coordination with hosts for pickups and deliveries, enhancing user experiences. Turo also offers comprehensive support, including FAQs, damage reporting, roadside assistance, and guidance on trip modifications and deliveries, all aimed at improving the guest experience.

Turo filed its S-1 registration statement with the Securities and Exchange Commission on January 10, 2022.

Turo generates revenue from fees charged to both hosts and guests, including Marketplace Fees and Value-Added Services Fees.

Guests pay a fee for each booking encompassing the host-determined vehicle price, a Marketplace Fee, optional Value-Added Services Fees (such as protection plans and delivery), along with relevant taxes and additional charges. The Marketplace Fee fluctuates based on location and various factors, whereas the cost for Protection Plan Services is influenced by selections from both hosts and guests.

Hosts are charged a Marketplace Fee as a percentage of the vehicle price and a Value-Added Services Fee for damages. Turo provides third-party liability insurance for both hosts and guests with every booking. Turo’s revenue is the portion of fees retained after payouts to hosts and local authorities.

According to Turo’s S-1 filing, in 2023, Turo generated net revenue of $879.7 million representing 18% year-over-year growth due to an increase in Days partially offset by a decrease in price per Day. Turo's net income in 2021, 2022 and 2023 was -$40.4 million, $154.7 million, and $14.7 million

According to Turo’s S-1 filing, in Decmber 2023, Turo generated adjusted EBITDA of $81.1 million, $79.7 million and $48.8 million in 2021, 2022 and 2023.

Turo's platform thrives on a mutual value proposition for hosts and guests, with hosts attracted by the income opportunity and becoming more engaged as their earnings grow. This engagement increases Turo's appeal to guests by offering a wider variety of unique vehicles across more locations. The exclusive vehicle inventory and seamless guest experience drive organic growth and repeat bookings. As demand grows, so do the income opportunities for hosts, enhancing the value proposition for both existing and new hosts. Scaling Turo improves its offerings and increases bookings, generating data that refines algorithms for pricing, search rankings, and recommendations. These improvements enhance user experience and profitability, enabling further reinvestment in the platform to fuel growth.

In May 2023, Turo became the first car-sharing or car rental company to launch a ChatGPT (GPT-4) plugin, built on OpenAI. Turo is among 70 other pioneering companies who built third-party plugins on OpenAI since they were introduced in late March. ChatGPT Plus subscribers who have the Turo GPT-4 plugin enabled can tell GPT-4 about their travel plans, like desired vehicle type, location, and price, and GPT-4 will dive into Turo’s extraordinary selection — over 320,000 active vehicles made up of over 1,400 makes and models* — to provide personalized car recommendations.

In November 2023, Turo announced the launch of hosting teams, a product feature that allows hosts to securely and efficiently partner with friends, family members, and employees. Hosting teams is the latest addition to Turo's suite of best-in-class tools that empowers hosts of all sizes to build successful car-sharing businesses on the platform.

In November 2023, Turo announced that OuiCar, a leading car-sharing company in France, will now operate under the Turo brand. This integration follows the acquisition announcement in May last year, which commenced OuiCar's migration to the Turo platform. "We have been incredibly pleased with the performance of our business in France since the acquisition of OuiCar," said Turo CEO and All-Star Host Andre Haddad. "We are very excited about the integration of our host and guest communities in France, as well as the OuiCar brand and platform into Turo. We believe it will enable seamless network expansion and support growth for the business, increase earnings potential for hosts, and add more options for guests when traveling."