Let's take a look at how Turo makes money

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A Brief History of Turo
Turo started in 2010 as RelayRides, the brainchild of Harvard Business School student Shelby Clark, along with help from her classmates Nabeel Al-Kady and Tara Reeves. It billed itself as the “Airbnb for cars,” allowing users to rent out their vehicles to other members on the platform for short periods of time. After several rounds of funding from top venture capitalists including Shasta Ventures, Canaan Partners, Google Ventures, August Capital, and Trinity Ventures, the platform relaunched as Turo in 2015.

This rebranding would represent their commitment to shifting from short-term car sharing services to longer-term arrangements. In 2017, the company expanded its services to several provinces within Canada. As of 2021, Turo had over 14 million users and 450,000 vehicles in over 56 countries worldwide.

Who owns Turo
Currently, the platform is owned by InterActiveCorp (IAC), which holds the largest shares in the company. However, there are plans to introduce the company as a publicly traded company in 2022, which means that the company will then be owned by the public shareholders who own the shares.

Turo's mission statement
Turk's mission is to "reinvent the car rental experience and make better use of the world's one billion cars."

How Turo Makes Money


Commission from rental prices
Turo is a key part of the sharing and tourism community, offering vehicle owners (called “hosts” by the platform) the botim data ability to rent out their cars to interested renters for a fixed period of time through its platform. In exchange for this service (in addition to covering the cost of insurance, background checks, and GPS tracking), the company takes a percentage of the estimated cost of the trip. This can range from 15 to 45 percent, but is usually 25 percent.

Turo's Business Model Canvas
Turo Business Model can be explained below Business Model Canvas :

Turo Business Model Canvas - Turo Business Model
DOWNLOAD HIGH RESOLUTION PDF OF THE TURO BUSINESS MODEL CANVAS
Turo's customer segments
Turo customer segments consist of:

hosts : Car owners who rent out their vehicles are called hosts. Turo enables them to make good use of their vehicles by helping them generate income by renting out the vehicle;