Developer – Turo Inc.
Price – Free
Turo – Ride Sharing Monetized
Turo has taken ride sharing and Airbnb and mashed the two together to form a unique new rental car format. Turo allows users to either rent cars at a much greater discount or allows users to rent out their own cars to monetize their extra car or rent them on days they typically don’t drive much. Turo boosts service to 300 airports and services in most major United State cities. Turo touts a savings of about thirty percent compared to the traditional car rental giants. We compared pricing and found it a bit difficult as most major rental companies only rent recent model year vehicles with minimal features, and Turo’s models will vary.
Turo Client Renting – How it Works
Selecting your car is typical to any major rental car agency and pricing is fixed. After this point, you will make arrangements to pick up and drop off your car directly with the car owner. The terms for pickup and drop off are defined by the user and some users will offer this service for free and will even pick you up. Plus, as a standard to all rentals, Turo provides 24 hour roadside assistance in case you do happen to have a problem. Buyers do have the option of three insurance packages which can be found here and even waving the insurance rights. Their coverage is identified on the listing. Mileage limits are set by the offeror and is shown on the listing along with the fee for additional miles used. The listing shows vehicle pictures, car options plus the MPG and shows the provider’s total trips sold and approval rating through the typical 5 star policy.
Being a Turo Provider
As a provider, you can monetize your vehicle and receive a little extra cash. You can list the conditions for your pickup and those fees. You can set the price or use Turo’s price calculator to pick pricing that will maximize profits. It will price your car at a competitive rate making it attractive to potential customers. Providers will be given potential customer offers including trip details and rating of the user or renter. Turo does screen all users, but you can always reject the offer if you have concerns. Payments are based on your insurance options you choose. Turo will pay you 65% of the fee if you select the best insurance coverage, 85% for the base insurance coverage and 90% if you waive the insurance coverage. If decide to become a Turo provider, be sure to discuss your insurance coverage with your carrier before declining the insurance from Turo. You also keep 100% of any fees for pickup and drop off. The payoff potentials can make an impact. Turo estimates a car valued at $20,000 rented 10 days a month would provide a paycheck to you around $4,600. Now, this doesn’t include taxes, the additional maintenance, and the increase in your vehicle’s depreciation due to the added mileage.
Turo just provided another source of income for those willing to share their car. Awesome! It provides customers a new option which has been dominated by large corporations for decades. Expect pricing form the big guys to get a bit more competitive if Turo takes off in your town (the consumer wins regardless of whether you utilize their service). The biggest benefit I see for those who rent cars regularly, is the options you will receive with Turo. Most large rental company’s purchase baseline model vehicles with limited options while most individuals prefer to puchase cars with more options. I also found Turo’s inventory selection to be less in quantity but much more diverse. I had only 30 options in my city, but they included trucks, vans, economy cars and even high end cars like Audi and BMW.