Turo, formerly RelayRides, is a peer-to-peer carsharing company. The company allows private car owners to rent out their vehicles via an online and mobile interface. In 2017, according to Turo, four million users had registered to use the service and 170,000 privately-owned cars were available for rental. The company is based in San Francisco. From 2013 to 2014, RelayRides was the subject of an investigation in New York over violations of state vehicle insurance law that resulted in $200,000 in fines.
Video Turo (car rental)
History
RelayRides was launched in Boston in June 2010. The peer-to-peer carsharing concept was inspired by similar online marketplaces such as Airbnb and eBay. In late 2010, the company expanded to San Francisco, where it is now headquartered. In 2012 it, launched nationwide in the US.
Initially, renting a car through RelayRides required installing an in-car device that enabled GPS monitoring, remote unlocking, and smart card entry, similar to ZipCar. In 2012, Turo partnered with major automaker General Motors and their OnStar division with the goal of enabling renters to unlock GM cars with their mobile phones without installing additional technology. In 2013, however, RelayRides discontinued both its in-car device and its Onstar technology integration in favor of in-person key exchange.
In May 2013, the New York State Department of Financial Services issued a consumer alert, warning that RelayRides misrepresented insurance coverage for users of its program. New York issued a cease-and-desist letter ordering RelayRides to stop operations, and RelayRides suspended operations in the state. RelayRides was fined $200,000 for false advertising, engaging in unlicensed insurance activity, and other violations.
From 2010 to 2014, RelayRides received $52.5 million in funding from Canaan Partners, August Capital, Google Ventures, Shasta Ventures, and Trinity Ventures.
In November 2015, RelayRides changed its name to Turo in order, the company said, to reflect the company's shift away from short-term to long-term rentals. Forbes included it among 14 "hottest on-demand startups" in 2015, with a valuation of $311 million.
In June 2018, Turo announced plans to offer a new in-car device allowing GPS monitoring and remote unlocking through the Turo app.
International expansion
In 2016 and 2017, Turo launched in four Canadian provinces: Alberta, Ontario, Quebec, and British Columbia. Also in 2016, Turo launched in the United Kingdom.
Maps Turo (car rental)
Services
On its website and app for iOS and Android, Turo offers more than 800 makes and models of vehicles. Car rentals are available in more than 5,000 cities in the U.S., Canada, Germany, and the U.K.
Unlike traditional car-rental services, Turo does not own or maintain any cars. The company offers a platform by which car owners can rent their cars. Turo claims its platform reduces rental costs compared to traditional car rental services.
People who wish to rent their cars can register their cars online to be rented by other Turo members. The car owner states when and where the car will be available. A Turo member who wants to rent a car reserves a specific time slot for the car online. Turo takes 25 percent of rental income. and pays for the amount of time they signed up for.
Through Turo's American insurance partner Liberty Mutual, the Turo service covers vehicles with up to $1 million of liability insurance to protect car owners against lawsuits for injuries and property damage. Cars listed must be 2006 or newer with an odometer reading below 130,000 miles, with some exceptions. All Turo users are screened for trust and safety purposes.
See also
- Alternatives to car use
- Car rental
- Car Sharing
- Carpooling
- Momo car-sharing European demonstration project on carsharing
- easyCar Club - Company offering a similar service in the UK
References
External links
- Official website
Source of article : Wikipedia
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