The peer-to-peer car sharing sector is experiencing rapid growth –
driven in part by pandemic-fueled interest in road trips combined with reduced
supply in the traditional car rental market that has driven prices up – and spurred
consumers to look elsewhere.
According to Global
Market Insights, the global car sharing market surpassed $2 billion in 2020
and is expected to grow at a compound annual growth rate of over 20% from 2021
Turo is one of companies leading in this sector. The San
Francisco-based company filed for an IPO in January and last week acquired
France’s OuiCar – establishing its presence in that country, along with existing
service in about 8,000 cities across the United States, United Kingdom and Canada.
Subscribe to our newsletter below
says in a recent update on the peer-to-peer car rental segment, “While
untraditional, there is cause for optimism around the model. Turo has minimal
equipment and overhead expenses compared with the legacy companies that own and
manage their fleets. Increasing their fleet availability requires recruiting
car owners in place of making direct vehicle purchases. They remain small
compared with other major players, but the low overhead could provide a
foundation for more financially healthy operations than their legacy
In the latest PhocusWire
Pulse: Green Light for Ground Transportation online
event, we talked with Turo’s chief data officer, Albert Mangahas, to discuss how the company is growing its
inventory, strategies for distribution and customer acquisition and how it is
working with partners.
The full interview with PhocusWire's
Mitra Sorrells is included below...
PhocusWire Pulse: Peer-to-peer potential