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Turo (company)
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Turo (company)
Turo Inc. is an American car rental company based in San Francisco, California. The company operates a peer-to-peer car rental marketplace that allows private car owners to rent out their vehicles via an online and mobile interface. Turo operates in the United States, Canada, the United Kingdom, Australia, and France.
In July 2019, the American holding company IAC invested $250 million in Turo, a deal that valued the company at more than $1 billion. According to company filings, as of March 2024 the site had 360,000 active vehicle listings.
Turo was launched as RelayRides in Boston in June 2010. The peer-to-peer car-sharing concept was inspired by similar online marketplaces such as Airbnb and eBay. In late 2010, the company expanded to San Francisco, where it is now headquartered. In 2012, it launched nationwide in the U.S.
Initially, renting a car through RelayRides required installing an in-car device that enabled GPS monitoring, remote unlocking, and smart card entry, similar to Zipcar. In 2012, Turo partnered with General Motors and their OnStar division, planning to develop technology for users to open their cars remotely without installing additional technology. In 2013, however, Turo discontinued both its in-car device and its OnStar integration in favor of in-person key exchange.
Between 2010 and 2014, RelayRides received $52.5 million in funding from Canaan Partners, August Capital, Google Ventures, Shasta Ventures, and Trinity Ventures. In July 2019, InterActiveCorp (IAC) invested $250 million in venture capital funding. The investment made IAC Turo's largest shareholder.
In May 2013, the New York State Department of Financial Services (DFS) warned that RelayRides had misrepresented the impact on insurance coverage for New Yorkers who rent out their vehicles on the platform. In response, the company suspended operations in New York State pending a further decision from the DFS. In March 2014, the DFS fined RelayRides $200,000, with their investigation having found "false advertising, unlicensed insurance activity, and other violations." Turo was permitted to partially reopen their platform in New York State in January 2021, and returned fully in 2022.
In November 2015, RelayRides changed its name to Turo to reflect the company's shift away from short-term car sharing to long-term car rentals. Forbes included it among 14 "hottest on-demand startups" in 2015, with a valuation of $311 million.
In 2016 and 2017, Turo launched in three Canadian provinces: Alberta, Ontario, and Quebec. Also in 2016, Turo launched in the United Kingdom.
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Turo (company)
Turo Inc. is an American car rental company based in San Francisco, California. The company operates a peer-to-peer car rental marketplace that allows private car owners to rent out their vehicles via an online and mobile interface. Turo operates in the United States, Canada, the United Kingdom, Australia, and France.
In July 2019, the American holding company IAC invested $250 million in Turo, a deal that valued the company at more than $1 billion. According to company filings, as of March 2024 the site had 360,000 active vehicle listings.
Turo was launched as RelayRides in Boston in June 2010. The peer-to-peer car-sharing concept was inspired by similar online marketplaces such as Airbnb and eBay. In late 2010, the company expanded to San Francisco, where it is now headquartered. In 2012, it launched nationwide in the U.S.
Initially, renting a car through RelayRides required installing an in-car device that enabled GPS monitoring, remote unlocking, and smart card entry, similar to Zipcar. In 2012, Turo partnered with General Motors and their OnStar division, planning to develop technology for users to open their cars remotely without installing additional technology. In 2013, however, Turo discontinued both its in-car device and its OnStar integration in favor of in-person key exchange.
Between 2010 and 2014, RelayRides received $52.5 million in funding from Canaan Partners, August Capital, Google Ventures, Shasta Ventures, and Trinity Ventures. In July 2019, InterActiveCorp (IAC) invested $250 million in venture capital funding. The investment made IAC Turo's largest shareholder.
In May 2013, the New York State Department of Financial Services (DFS) warned that RelayRides had misrepresented the impact on insurance coverage for New Yorkers who rent out their vehicles on the platform. In response, the company suspended operations in New York State pending a further decision from the DFS. In March 2014, the DFS fined RelayRides $200,000, with their investigation having found "false advertising, unlicensed insurance activity, and other violations." Turo was permitted to partially reopen their platform in New York State in January 2021, and returned fully in 2022.
In November 2015, RelayRides changed its name to Turo to reflect the company's shift away from short-term car sharing to long-term car rentals. Forbes included it among 14 "hottest on-demand startups" in 2015, with a valuation of $311 million.
In 2016 and 2017, Turo launched in three Canadian provinces: Alberta, Ontario, and Quebec. Also in 2016, Turo launched in the United Kingdom.
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