Turo (company)

Turo Inc.
Company type	Private
Industry	Carsharing, Online marketplace
Founded	June 1, 2010; 16 years ago in Boston, Massachusetts, United States
Headquarters	San Francisco, United States
Area served	United States, Canada, United Kingdom, Australia, France
Key people	Andre Haddad (CEO)
Products	Peer-to-peer carsharing platform
Number of employees	931 (2023)
Parent	IAC (since 2019)
Website	turo.com

Turo Inc. is a U.S.-based peer-to-peer carsharing enterprise headquartered in San Francisco. It facilitates private vehicle owners in renting out their cars via an online platform operating in four countries: the United States, Canada, the United Kingdom, and Australia, with corporate rental services offered in France.

In July 2019, the parent company IAC injected $250 million into Turo, placing its valuation above $1 billion. By March 2024, Turo's platform featured 360,000 active vehicle listings. The firm reported revenues of $879.7 million for 2023 and employed 931 staff members. Under CEO Andre Haddad’s leadership, Turo pursues strategic growth and manages global operations within the competitive carsharing sector.

History

Founded as RelayRides in Boston in June 2010, Turo drew inspiration from peer-to-peer platforms such as Airbnb and eBay. Later that year, it expanded to San Francisco, which remains its main office location. By 2012, the service was available nationwide across the United States.

Originally, renters needed to install a device inside the car for GPS tracking and remote unlocking, akin to Zipcar’s system. In 2012, a partnership with General Motors and their OnStar division enabled remote access without additional hardware. However, by 2013, both the onboard device and OnStar integration were discontinued in favor of in-person key handoffs to simplify user experience.

Funding

Between 2010 and 2014, RelayRides raised $52.5 million from investors including Canaan Partners, August Capital, Google Ventures, Shasta Ventures, and Trinity Ventures. In July 2019, InterActiveCorp (IAC) became Turo’s largest shareholder by contributing $250 million in venture capital funding, significantly enhancing its financial standing and market reach.

Legal status in New York State

In May 2013, the New York State Department of Financial Services (DFS) accused RelayRides of misrepresenting insurance coverage for renters in New York. Subsequently, the company paused operations in the state while awaiting DFS rulings. In March 2014, DFS imposed a $200,000 fine on RelayRides for violations including "false advertising" and unlicensed insurance activities. Partial resumption of services occurred in New York in January 2021, with full operations restored by 2022.

Rebranding and expansion

RelayRides rebranded as Turo in November 2015 to reflect its transition toward longer-term rentals. Forbes recognized it as one of the top 14 "hottest on-demand startups" in 2015, valuing it at $311 million.

Turo extended its services into Canada during 2016 and 2017 by launching in Alberta, Ontario, Quebec, and British Columbia. The company also entered the UK market in 2016. Early in 2018, Turo acquired Daimler’s Croove platform to expand into Germany; however, due to COVID‑19 disruptions, private peer-to-peer listings were halted there in April 2020, permitting only commercial hosts.

In November 2018, Turo rolled out an in-car device allowing GPS tracking and remote unlocking via its mobile app. By May 2019, it introduced Turo Go Digital technology enabling keyless entry without physical hardware.

The acquisition of French car-sharing company OuiCar in 2022 bolstered Turo’s footprint across Europe. That same year saw the company enter New York following passage of peer-to-peer car-sharing legislation (SB 6715) and launch operations within Australia.

Incidents on New Year's Day 2025

On January 1, 2025, two fatal incidents involved vehicles rented through the platform: a truck ramming attack in New Orleans employing a Ford F-150 Lightning light-duty pickup, and an explosion involving a Tesla Cybertruck near the Trump International Hotel Las Vegas. The company indicated that no warning signs appeared in the rental applications of those involved.

Services

Turo provides a marketplace that links vehicle owners with renters, operating without holding or servicing any cars itself. It presents a cost-effective alternative to conventional car rental businesses. Vehicle owners list their cars online, detailing when they are available, while renters book specific timeframes via the platform. The company earns between 10 and 40 percent commission from the rental fees, depending on the insurance coverage chosen by the owners.

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