Car-Sharing Service Turo Goes Public

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When it comes to modern transportation and tech, ridesharing services like Uber and Lyft have taken the world by storm. However, the next growing trend could very well be carsharing.
Carsharing is becoming a popular alternative to renting a car. According to TechCrunch, Turo has started the process of filing for an initial public offering (IPO), which is a pretty big deal since they’re leading the carsharing market.
Man driving a black vintage Porsche convertible with mountains and the ocean in the background
The carsharing service Turo is going public, making investors and users excited to see where the company goes.

What is Turo and how does it work?

Founded in 2010, Turo offers a peer-to-peer approach to renting a car. Instead of renting a vehicle through a dealership, Turo users can find vehicles similarly to booking an Airbnb. All vehicles on Turo are owned by other Turo users.
Both the Turo app and website allow users to search the area they’re in or plan to be in and find vehicles based on model and price. If a driver wants an SUV for a weekend getaway or an outdoor trip, they can find their vehicle on Turo.
Those interested in putting their vehicles up on Turo can use the service as a side gig. Car owners can list their vehicles by taking a few pictures and building a profile. They then just have to meet up with drivers who request to rent the vehicle, and they receive payment.

Why is Turo going public important?

Turo recently began the process of becoming a publicly-traded company by filing for an IPO with the Securities Exchange Commission. After a large investment in 2019, Turo became valued at more than $1 billion and is only becoming more valuable.
Right now little is known about Turo’s stock, including the number of shares there are and the cost of each share. Despite the lack of information at the moment, Turo’s stock is one to keep an eye on.
The carsharing company got in early on a technology that is growing in popularity. This could reflect in the company’s stock price.

Difficult times during the pandemic

Like many other businesses, Turo did well in 2019 and struggled with the pandemic in 2020. Fewer people traveled during 2020, meaning there was less rental vehicle demand, leading to Turo laying off 30% of their staff.
As things have turned around, more people are traveling again and business for Turo has picked back up.
For investors, Turo’s new step in filing for an IPO is a sign of good things to come, and for Turo users, this could mean even more services through the app.
Turo has revolutionized how people rent vehicles. Jerry is also playing a role in the future of cars with their innovative car insurance comparison service. It takes 45 seconds to answer a few questions and sign up for Jerry. After signing up, Jerry will compare quotes to find insurance that fits your needs and budget.

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