|Application filed||10 Jan 2022|
|IPO price range|
About Turo and the IPO
Turo (previously RelayRides) is a car sharing platform developed by Shelby Clarke in 2009. Vehicle owners register their vehicles in the system, setting availability and price. Users search for vehicles depending on their needs. The platform has strong fraud detection, and risk assessment to ensure completely secure and risk free transactions.
Turo now successsfully operates in over 7500 major cities across the US, UK and Canada and has a selection of over 160,000 cars to choose from. In the first nine months of 2021 the service had over 1.6m people using it’s services and generated $330m, which is up on the $150m generated throughout all of 2020.
The success of Turo could be attributed to the changing perception of transport, especially amongst the younger generation. It’s perhaps becoming more of a service and less about car ownership. Car sharing has been more geared towards commuters and travellers but with the growth in car availability, reliability and trust, car sharing is now also practical for everyday use as well.
Turo is very much like AirBnB for cars in the way it connects short term renters with owners. After a successful IPO, the company plans to grow its fleet to over 1.5 billion available cars, allowing customers to use it’s service anywhere in the world. This stage of growth will be huge for this company and it’s success will depend on whether they can achieve that level of fleet growth to ensure users have enough options and availability.