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| Formerly | RelayRides (2009–2015) |
|---|---|
| Company type | Private |
| Industry | Car sharing |
| Founded | August 12, 2009; 15 years ago (2009-08-12) inBoston,Massachusetts, U.S. |
| Founder | Shelby Clark |
| Headquarters | Hunter–Dulin Building,, U.S. |
Area served |
|
Key people | Andre Haddad (CEO) |
| Revenue |  US$879.7 million (2023)[2] |
| Owner | IAC Inc. (31%)[3] |
Number of employees | 931 (2023)[1] |
| Website | turo |
Turo Inc. is an Americanpeer-to-peer carsharing company based inSan Francisco, in the United States. The company allows private car owners to rent out their vehicles via an online and mobile interface in four countries (the United States, Canada, United Kingdom, and Australia)[4] and new corporate owners to rent out their cars in France in addition to the four previous countries.
In July 2019, the American holding companyIAC invested $250 million in Turo, a deal that valued the company at more than $1 billion.[5][6] According to company filings, as of March 2024 the site had 360,000 active vehicle listings.[7]
Turo was launched asRelayRides inBoston in June 2010.[8] Thepeer-to-peer car-sharing concept was inspired by similar online marketplaces such asAirbnb andeBay. In late 2010, the company expanded toSan Francisco, where it is now headquartered.[9] In 2012, it launched nationwide in the U.S.[10]
Initially, renting a car through RelayRides required installing an in-car device that enabled GPS monitoring, remote unlocking, and smart card entry, similar toZipcar. In 2012, Turo partnered withGeneral Motors and theirOnStar division, planning to develop technology for users to open their cars remotely without installing additional technology.[11] In 2013, however, Turo discontinued both its in-car device and its Onstar integration in favor of in-person key exchange.[12]
Between 2010 and 2014, RelayRides received $52.5 million in funding fromCanaan Partners,[13]August Capital,Google Ventures,[14]Shasta Ventures, and Trinity Ventures.[15] In July 2019,InterActiveCorp (IAC) invested $250 million in venture capital funding. The investment made IAC Turo's largest shareholder.[16]
In May 2013, theNew York State Department of Financial Services (DFS) warned that RelayRides had misrepresented the impact on insurance coverage for New Yorkers who rent out their vehicles on the platform.[17] In response, the company suspended operations in New York State pending further decision from the DFS.[18] In March 2014, the DFS fined RelayRides $200,000, with their investigation having found "false advertising, unlicensed insurance activity, and other violations."[19] Turo was permitted to partially reopen their platform in New York State in January 2021, and returned fully in 2022.[20][21]
In November 2015, RelayRides changed its name toTuro to reflect the company's shift away from short-term to long-term rentals.[22]Forbes included it among 14 "hottest on-demand startups" in 2015, with a valuation of $311 million.[23]
In 2016 and 2017, Turo launched in three Canadian provinces:Alberta,Ontario, andQuebec.[24][25][26] Also in 2016, Turo launched in the United Kingdom.[27]
In November 2018, Turo introduced a new in-car device allowing GPS monitoring and remote unlocking through the Turo app.[28] In May 2019, Turo announced Turo Go Digital to offer keyless entry into vehicles without in-car devices.[29]
In 2022, Turo acquired a car-sharing service in France called OuiCar for an undisclosed amount.[30] It expanded to the U.S. state of New York in June 2022 after the 2021 passing of a peer-to-peer car-sharing bill in the state, SB 6715.[21] Turo expanded to Australia later that year.[31]
On January 1, 2025, there were two deadly incidents, each involving a vehicle rented through the service: avehicle ramming attack inNew Orleans using aFord F-150 Lightninglight duty truck, and anexplosion of a Tesla Cybertruckpickup truck outside theTrump International Hotel Las Vegas.[32] The company said it found no red flags in the renters' applications.[33]
Unlike traditional car-rental services, Turo does not own or maintain any cars. The company offers aplatform on which car owners and car-renting companies can rent their cars.[34] Turo claims that its rental costs are lower compared to traditional car-rental services.[35][36]
People or companies who wish to rent their cars can register their cars online to be rented by other Turo users. The car owner states when and where the car will be available. A Turo user who wants to rent a car reserves a specific time slot for the car online. Turo takes 10 to 40 percent of rental income, depending on the insurance coverage it provides the car owner.[37][38][39]
Over the past year, peer-to-peer car rental startup RelayRides has been growing its average rental times and revenues by focusing specifically on daily and multi-day rentals. On the strength of its results, the company has raised an additional $25 million in Series B funding led by Canaan Partners.
When we last checked in with peer-to-peer car rental startup RelayRides about six weeks ago, it had raised $25 million in Series B funding led by Canaan Partners. Well, it wasn't quite finished raising money, as it turns out. The company just closed on an additional $10 million in financing led by Trinity Ventures.
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