Company Description

Our mission is to put the world’s 1.5 billion cars to better use. Our vision is that wherever you are, you can book the perfect vehicle for your next adventure from a trusted Turo host. Turo is the world’s largest car sharing marketplace where guests can book the perfect car for wherever they’re going from a vibrant community of trusted hosts across the United States, the United Kingdom, or U.K., Canada, Australia, and France. Whether they’re flying in from afar or looking for a car down the street, searching for a rugged truck or something smooth and swanky, Turo puts guests in the driver’s seat of an extraordinary selection of cars shared by local hosts. Entrepreneurs can take the wheel of their futures by becoming hosts and building car sharing businesses on Turo, leveraging our established platform to scale their businesses to meet their goals. As of September 30, 2024, we had approximately 150,000 active hosts with 350,000 active vehicle listings and 3.5 million active guests from around the world participating on our marketplace. We are pioneering a new category of transportation, advancing the next era of personal mobility by connecting guests with an unrivaled network of privately owned vehicles. Cars remain the preferred means of transportation for short-, medium-, and long-duration trips across a variety of use cases, but traditional mobility options do not provide adequate and efficient access for guests to vehicles. The peer-to-peer car sharing opportunity Turo delivers to hosts and guests provides a more convenient, economically efficient, and environmentally and socially responsible way to access an extraordinary selection of vehicles compared to traditional car ownership and car rental. Our platform unlocks peer-to-peer car sharing through technology — a seamless, simple platform that connects hosts and guests and enables them to transact in a trusted, safe environment. With Turo, hosts can quickly list vehicles, adjust their availability, and dynamically modify prices to access the unique demand patterns in their market. Guests can search by location, type, price, use case, and many other categories to find the perfect vehicle for their needs. Our platform supports a variety of use cases — from the minivan for the family road trip, to the convertible for the long-awaited beach getaway, or a simple vehicle for escaping the city grind. Built-in messaging, payments, fraud detection, the proprietary Turo Risk Score, and host and guest protection plans are designed to deliver a safe transaction and experience for our community. We have experienced significant growth since our launch in 2010. Our business model has proven to be resilient throughout fluctuations in travel trends and economic climates as our marketplace dynamically adjusts to the needs of our hosts and guests. Product rollouts, such as the introduction in April 2020 of the Turo Risk Score, have enabled us to manage risk and optimize our fees charged to guests to complete a booking on our marketplace, or Marketplace Fees. Since 2010, we have expanded our geographic footprint and our product offering to encompass a wide variety of use cases ranging from short-duration travel to longer-duration trips, which has increased the number of active guests and active listings on the platform. In 2021, we generated net revenue of $469.0 million, representing 213% year-over-year growth due to a combination of the positive effects of the COVID-19 pandemic on our business, improved optimization of the Turo Risk Score, hosts increasing the prices for vehicles charged to guests, as well as a rental car supply shortage. In 2022, we generated net revenue of $746.6 million, representing 59% year-over-year growth, due to an increase in Day as a result of continued travel demand combined with an increase in active guests and active listings on the platform. In 2023, we generated net revenue of $879.7 million, representing 18% year-over-year growth, due to an increase in Days, partially offset by a decrease in price per Day. For the nine months ended September 30, 2024, we generated net revenue of $722.0 million, representing 8% growth from $665.6 million for the same period in 2023, primarily due to an increase in Days. --- We were incorporated as RelayRides, Inc. in Delaware in August 2009. In March 2016, we formally changed our name to Turo Inc. Our principal executive offices are located at 111 Sutter Street, Floor 12, San Francisco, California 94104. Our telephone number is (415) 965-4525. Our website address is www.turo.com.