, 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.

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.

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Why is Turo going public important?

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Move Over Uber, the Rideshare Industry Has a New Kid in Town

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

MORE: New Legislation in Delaware Would Regulate Peer-to-Peer Car Sharing

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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Written By

Serena Aburahma · Expert Insurance Writer

Serena has a BA in Honors English Literature from California State University, Northridge. She has worked as an editor and writer for several years and has had various forms of content published in magazines, websites, anthologies, and more. Serena calls herself a modern "Renaissance woman" since she has a hunger for learning and strives to succeed in many fields. During her free time Serena enjoys acting, singing off-key to songs in the car, and working on her novel.

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