Turo, a peer-to-peer carsharing marketplace, has opened up its platform to independent car rental agencies.
Since 2010, private and professional car owners have been renting their personal vehicles on the Turo marketplace. Turo’s peer-to-peer carsharing marketplace offers a collection of 876 unique models for rent in over 4,000 cities across North America and Canada.
This expansion of Turo’s marketplace represents an opportunity for small- to medium-sized rental companies to grow their businesses with minimal overhead. Turo has eliminated its insurance fees for car owners who provide their own commercial insurance policy, meaning that professionals renting on the marketplace keep 90% of their earnings, according to the company.
By listing on Turo, rental fleets show up in hundreds of searches and reach thousands of potential customers each day.
“Apps like Turo put the power of mobility into the hands of travelers,” said David Stewart, Turo’s chief business officer. “Travelers can rent all kinds of cars with confidence, including classics, Teslas, and luxury vehicles, knowing that everyone on Turo’s marketplace is prescreened.”
Independent rental companies also gain access to a marketing and engagement channel. Appearing in travelers’ searches through an app, rental companies get access to the mobile market and a platform that comes without the hefty price tags of traditional online travel agencies, according to Stewart.
“Turo gives smaller players the tools to compete with bigger fish on a national scale,” said Stewart.
To get started, a rental fleet needs to sign up on Turo's website and create an account. Each rental company needs to get approved, since all owners and travelers in Turo’s marketplace must be screened.
The next step is to create your listing. Upload some photos, add a description outlining the features of each vehicle, and set each vehicle’s pricing and availability.
“You can also choose to use the automatic pricing algorithm to price your cars, according to seasonality and demand patterns, and maximize your earning potential,” said Stewart.
Via the Turo app, rental companies can coordinate each vehicle’s pickup and return schedules and answer customers’ questions.
Turo takes care of payment processing and driver screening, and the rental company handles insurance with its existing commercial rental policy.
“Turo is thrilled to open up the marketplace to small businesses around the country,” said Stewart. “The company vision is that wherever you are, you can rent the perfect vehicle for your next adventure from a trusted Turo host. Opening up its marketplace to small fleet owners both helps Turo fulfill this vision by offering a broader network of cars at competitive prices to travelers across the nation and empowers small rental agencies to compete with big corporate players.”