Our mission is to put the world’s 1.5 billion cars to better use. Our vision is that wherever you are, you can book the perfect vehicle for your next adventure from a trusted Turo host.
Turo is the world’s largest car-sharing marketplace where guests can book any car they want, wherever they want it, from a vibrant community of trusted hosts. Whether they’re flying in from afar or looking for a car down the street, searching for a rugged truck or something smooth and swanky for a once-in-a-lifetime event, guests can take the wheel of the perfect car for any occasion, while hosts can take the wheel of their futures by sharing their underutilized personal vehicles or building an accessible, flexible, and scalable car sharing business from the ground up. Turo is home to a supportive and collaborative community that shares thousands of vehicles across the United States, Canada, and the United Kingdom. As of December 31, 2022, we had over 160,000 active hosts and 2.9 million active guests from around the world participating in our marketplace.
We are pioneering a new category of transportation, advancing the next era of personal mobility by connecting consumers with an unrivaled network of privately owned vehicles. Cars remain the preferred means of transportation for short-, medium-, and long-duration trips across a variety of use cases, but traditional mobility options do not provide adequate and efficient access for consumers to vehicles. The peer-to-peer car sharing opportunity Turo delivers to consumers provides a more convenient, economically efficient, and environmentally and socially responsible way to access an extraordinary selection of vehicles compared to traditional car ownership and car rental.
Our platform unlocks peer-to-peer car sharing through technology — a seamless, simple platform that connects hosts and guests and enables them to transact in a trusted, safe environment. With Turo, hosts can quickly list vehicles, adjust their availability, and dynamically modify prices to access the unique demand patterns in their market. Guests can search by location, type, price, use case, and many other categories to find the perfect vehicle for their needs. Our platform supports a variety of use cases — from the minivan for the family road trip, to the convertible for the long-awaited beach getaway, or a simple vehicle for escaping the city grind. Built-in messaging, payments, fraud detection, the proprietary Turo Risk Score, and host and guest protection plans are designed to deliver a safe transaction and experience for our community.
We have experienced rapid growth since our launch in 2010. Our business model has proven to be resilient throughout fluctuations in travel trends and economic climates as our marketplace dynamically adjusts to the needs of our hosts and guests. With the reopening of regions and economies as the severity of the COVID-19 pandemic subsides in certain geographies in which we operate, we have seen increased demand for bespoke and safe forms of transportation, as well as increased supply from hosts, showing that Turo can uniquely serve and elevate our entire community, both hosts and guests.
*Note: Revenue and net income are for the 12 months that ended March 31, 2023.
(Note: Turo Inc. filed an S-1/A dated June 9, 2023, in which it updated its financial statements through March 31, 2023. Turo Inc. filed its S-1 on Jan. 10, 2022. The San Francisco-based company submitted confidential IPO documents to the SEC on Aug. 6, 2021.)
|Industry:||Car sharing - Car rental|
|Address||111 Sutter Street, Floor 12 San Francisco, California 94104|
|Phone Number||(415) 965-4525|
|View Prospectus:||TURO INC.|
|Revenues||$789.9 mil (last 12 months)|
|Net Income||$123.4 mil (last 12 months)|
|Price range||$0.00 - $0.00|
|Est. $ Volume||$100.0 mil|
|Manager / Joint Managers||Morgan Stanley/J.P. Morgan/Allen & Co. /Citigroup/Cowen and Company /D.A. Davidson & Co. /Wolfe Nomura Alliance/Lion Tree|
|CO-Managers||Loop Capital Markets/ Ramirez & Co./ Siebert Williams Shank|
|Expected To Trade:|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|