Turo is an American peer-to-peer car sharing company that connects people in the United States, Canada, the United Kingdom and Germany. Thanks to the digital platform, individuals are able to rent a car at an affordable price or list their vehicle to make a profit.
Travelers need to be approved to find and book a car that is up to their standards and needs — from autos with bike racks, child seats, sunroofs and toll passes to ones with snow tires, ski racks, hybrids and convertibles.
Hosts need to describe their vehicle, respond to requests and update their calendars. Once picked up by a renter, Turo covers the automobile with its commercial insurance policy.
With benefits to both parties, Turo's peer-to-peer car sharing service has a community of more than 350,000 members in Canada alone, with many more across the globe that exceed the 5 million mark.
Peer-to-Peer Car Sharing Services
Turo Makes Planning the Next Road Trip an Easy & Accessible Task
Trend Themes
1. Peer-to-peer Car Sharing - The rise of P2P car sharing platforms presents an opportunity for automotive manufacturers to explore new ways of optimizing their production and creating new revenue streams through partnerships.
2. Digital Car Rentals - As more consumers demand digital solutions for car-sharing and rentals, there is an opportunity for tech companies to develop innovative apps and platforms that cater to this market's evolving needs.
3. Community-based Car Sharing - Community-based car-sharing services like Turo open up opportunities for marketers to foster deeper, more meaningful connections with consumers by tapping into the shared values and interests of their communities.
Industry Implications
1. Automotive - Automakers can take advantage of the peer-to-peer sharing model by partnering with P2P car-sharing platforms to optimize their production, promote specific vehicle models, and unlock new sources of revenue.
2. Travel & Hospitality - Digital car-sharing and rental services like Turo are disrupting the traditional car rental industry and are increasingly becoming a must-have component of travel brands' service offerings.
3. Technology - Tech companies can pioneer new solutions for community-based car sharing by leveraging emerging technologies like blockchain and tapping into the power of data analytics.