In the transportation industry, car sharing has grown in popularity, and Turo is one of the key participants in this market. Since its founding in 2009, Turo has developed into a business with a $1 billion valuation. However, if Turo has any rivals in this market, who are they?
Zipcar, a car-sharing corporation with operations in significant cities across the United States, Canada, and the United Kingdom, is Turo’s main rival. Over 1 million people are members of Zipcar, which has been in business since 2000 and is present in more than 500 cities globally. In contrast to Turo, Zipcar hires out its own cars by the hour or day and owns the vehicles it rents out.
Getaround, a peer-to-peer car-sharing business with operations in 66 locations across the United States, is another rival to Turo. Over 200,000 people are members of Getaround, which launched in 2010. Getaround enables users to rent out their personal vehicles to third parties, just as Turo. On the other side, Turo has over 14 million subscribers and operates in over 5,500 cities worldwide. People can rent out their personal vehicles on Turo, which offers a variety of vehicles ranging from luxury cars to affordable sedans.
It’s simple to sign up to be a host on Turo if you’re interested. You must first register on their website and enter some basic data regarding you and your car. After completing the sign-up process, you must list your vehicle and establish the rental rate. You won’t have to worry about anything happening to your car while it’s being hired out thanks to Turo’s insurance coverage.
How much money can you make on Turo each month? The answer to that question is based on a number of variables, such as the kind of vehicle you’re renting out, your location, and how frequently you can do so. Turo estimates that hosts can earn $706 on average each month, although others have mentioned making over $1,000.
Turo will indeed be profitable in 2020, to answer your question. Recent data indicates that Turo’s income increased by 70% in 2019 and that it will turn a profit in 2020. Turo is well-positioned to continue dominating the car-sharing business for years to come because to its expanding user base and rising revenue.
Turo’s insurance plan, which includes liability coverage, collision coverage, and comprehensive coverage, will protect you if you crash a car you rented from them. You might still be liable for a deductible and the cost of any damage that costs more than the coverage limits, though.