Home » Turo, a peer-to-peer car rental platform, prepares to expand in the UK
Turo, a peer-to-peer car rental platform, prepares to expand in the UK
The platform currently has around 200,000 users in the UK and 10,000 vehicles currently available to rent.
Turo intends on expanding its presence within the United Kingdom thanks to the $250 million in new funds it raised last year.
The US-based peer-to-peer auto rental company valued at over a billion dollars is aiming to triple its current size in the UK during this year.
Turo allows consumers to share their privately owned cars with other platform users. To date, the company has raised $500 million in total which includes last year's $250 million funding round.
The platform currently has around 200,000 users in the UK and 10,000 vehicles currently available to rent. The company doesn't have to manage its own fleet or short-leased cars, but instead just manages its users.
Xavier Collins, Turo UK's Managing Director, said that the company is currently focused on sustaining growth and avoid the "classic WeWork story."
“We want to prioritise our key markets and one of which is the UK,” he said. “We’re creating real value from the 40 million cars across the country that sit idle 95pc of the time. We’ve seen average earnings for users at about £500 a month while sharing their cars up to 10 days a month.”
Recently, Turo entered into an agreement with Allianz to gain access to additional British and German consumers. This agreement will also provide insurance to cover both vehicle owners and consumers during travel.
Collins stated that the owner's current private insurance policy won't be altered by Turo's additional coverage.
“Only 16pc of journeys over eight kilometres in London have a good public transport alternative to a car,” Mr Collins said. “People still rely on cars. People still need vehicles but they take up so much space and they’re really inefficiently used.”
Turo was founded back in 2010 and currently operates within the US, UK, Germany, and Canada with over 14 million users on the platform and 450,000 cars listed.
“Within a year London is in the top 10 largest cities for the company, despite it being around for nine years,” Collins said.
“We want to see the UK within the top five cities on the app and get to a place where we have thousands of vehicles listed for rent. We plan to grow the business between three and four times this year.”