Turo is a car-sharing platform which allows car owners to profit
off of their vehicles when not in personal use by renting the vehicle to those
in need in a similar way that a car rental agency would. However, renting a
vehicle through Turo is dramatically cheaper, typically ranging from $20-50 a
day, as opposed to the $50-80 charged by the car-rental agency after price, taxes,
and other fees are applied. As a result of this dramatic price difference, it
is no wonder that Turo has been referred to as the “Airbnb” of the car rental
industry. By allowing the car renter and the car owner to individually negotiate
the terms and prices for the vehicle, car renters are granted not only the
ability to rent without having to adhere to the strict rules of rental firms,
but also receive 24-hour roadside assistance in case of an emergency without
additional costs, and car owners are guaranteed liability coverage of up to $1
million on their vehicles and an opportunity for profit to be made off of their
vehicle during a period of down time where it otherwise would have sat idly.
Turo
has greatly disrupted the car rental industry, taking an enormous share of
profits from their competitor’s firms. As someone who is 21 who cannot simply
walk into a car rental dealership and ask for a vehicle without either being
told flat out “no,” or facing an assortment of penalties for my age and other ridiculous
fees, I have used services such as Zipcar before to get around for short
periods of time. However, as Zipcar charges you per each hour of use, I can see
how Turo would be a useful substitute for longer term ventures where the
vehicle would be needed for a number of days. Before beginning college, I had
looked into using Turo to rent out my own personal vehicle during the school
year in order to keep up with the payments, and while I did not end up doing
this, I can see many of the potential benefits a person would find in doing so.
Turo makes it easy for renters to give their personal information for verification,
and after confirmation allows them to review and select from over 800 different
makes and models, giving them the flexibility to choose a vehicle which fits
their ventures. Renters also have a chance for greater saving with a $25 off
Turo promo code, truly making Turo the most inexpensive way to rent a car. As
for car owners, because Turo insures your vehicle, you as the car owner are not
held liable for any damages caused to your vehicle by a renter’s negligence.
You also have the ability to decline any renter for any reason, even if it is because
you personally would like to use your vehicle at a given time. Turo will
continue to dominate the car rental industry by continuing to offer a simpler car
rental processes, affordable prices, and excellent customer service.
1 comment:
After reading this blog post I completely agree with you that Turo is disrupting the rental car industry and paving new roads for future ideas in this industry. It allows the renter to be in full control with flexibility. Since the individuals who rent out the car they don’t have to worry about insurance and if they have to pay tons of money if the vehicle gets damaged. It also allows people to make a stream of additional revenue if they have another vehicle they don’t use on a daily basis. In terms of market share, I also see this company within the next five years to dominate the industry while some auto rental companies will go bankrupt. I have looked at this app before but never knew that you didn’t have to be 21 to rent the vehicle from Turo. Since it is an app, this makes it much more user-friendly and simple to locate cars and the specific price for each model. This app also allows people who need to rent a car for a few days but don’t have a lot of access to money can use this app instead of using enterprise to rent a vehicle from a trusted user and not have any headaches if something happens accidentally or if there are any hidden additional fees. In all, it’s really neat that you can rent other individuals’ cars and possible some high-end luxury or sports cars.
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