Turo (car rental)
Turo is a peer-to-peer carsharing marketplace. It allows private car-owners to rent out their vehicles via an online interface.
Car owners can set their own prices, and the company takes 25%. The service launched in Boston in summer 2010, in late 2010 it expanded to San Francisco, and in March 2012 it launched nationwide in the US. It has received $52.5M in funding from Canaan Partners, August Capital, Google Ventures, Shasta Ventures, and Trinity Ventures.
The peer-to-peer carsharing concept of Turo was inspired by similar online marketplaces such as Airbnb and eBay. Founder Shelby Clark proposed a peer-to-peer model because "we already have this massive resource in our communities" of underutilized vehicles. He added, "It’s for the community, by the community." The peer-to-peer setup also results in reduced rental costs as compared to car sharing services.
While the company originally focused on short-term, hourly car rentals, over time the company witnessed the vast majority of its growth being driven by longer duration rentals of 1 day or more. In 2013, Turo discontinued support for hourly pricing of car rentals and turned its focus to long duration rentals.