Turo's Monthly Rental Service - Turo now offers car rentals for multiple months, similar to monthly leases or financing repayments, without upfront commitments or deposits [1][2] - This service targets professional hosts on the platform seeking maximum vehicle utilization, including those managing fleets through co-hosting arrangements [3][4] - Hosts set the prices, guided by Turo's recommendations [5][6] Monetization Strategy - Turo has reduced monetization on monthly trips by eliminating trip fees to enhance affordability [6][7] - The company monetizes through host fees and protection fees [7] Market Outlook and Competition - The company believes car sales may not recover to peak levels of 175 million (17 and a half million) vehicles sold in 2017, suggesting "peak car" [9] - Turo aims to capitalize on changing car access preferences, expanding its total addressable market (TAM) to the car ownership market valued at $1 trillion (1,000,000,000,000), compared to the car rental market's $100 billion [9][10] - The company acknowledges potential competition from initiatives like Tesla's proposed Robotaxi fleet [8] IPO Plans - Turo is delaying its IPO, focusing on internal adjustments and growth acceleration [11][12]
Turo Adds Months-Long Rentals as Ownership Alternative
Bloomberg Technology·2025-10-21 20:23