Car Sharing Business with Turo
If you own a car but barely use it, you can make some easy cash on the side by renting it out on Turo. Before you freak out, know that there’s a $1 Million insurance policy on all cars, plus drivers are prescreened, so you can have peace of mind.
Turo, formerly RelayRides, is a company that operates a peer-to-peer carsharing marketplace. It allows private car owners to rent out their vehicles via an online and mobile interface. The company is based in San Francisco.
On its website and app for iOS and Android, Turo offers more than 800 makes and models of vehicles. Owners offer their cars, sometimes including delivery in more than 2,500 cities and 300 airports across the U.S. and Canada.
Make sure to have a good description of your car and write about the features that might help your car stand out from others. Some that come to mind are GPS, Ski Racks, Satellite Radio, etc. Once you complete the listing, your car will be active in the market city for where the cars location was set.
People who wish to generate income from their cars while they’re not being used can register the cars online to be rented by other Turo members. The car owner states the time and place where the car will be available. A traveler wishing to rent a car reserves a specific time slot for the car online and pays for the amount of time they signed up for Car owners can set their own prices or use Turo’s dynamic pricing suggestions, and the company takes 25%. The travelers pay around 35 percent less on average than a traditional rental company.
Turo car owners typically receive 75% of the trip price, delivery fees, and additional mileage charges. Earnings range from 90% to 65% depending on the protection package selected.
You can set your own daily price and you can also set prices for individual days. Additionally, you’ll be able to create a weekly and monthly discount. Alternatively, you can choose to have Turo manage pricing your car for you in applicable locations.
Thirty minutes after the trip ends, we’ll automatically initiate a PayPal payout for your share of the trip price. Please allow one to two business days after then for the funds to transfer. If the trip lasts more than a week,
It is up to you to set the maximum mileage on cars. Usually on more high end cars, the mileage should be set to 150 miles/day, 1000 miles/week and 1500 miles/month. On more basic vehicles, I just leave it at unlimited miles. This won’t work that great on cars that you lease with low mileage leases except for some conditions
Other competitor’s for a Turo
Available in more than 170 cities in 44 states, the District of Columbia, Canada and Europe and at more than 300 U.S. colleges and universities, Zipcar dominates the U.S. market when it comes to a traditional car share.
Car2Go is now available in 15 North American cities and 14 in Europe. Its reach in the U.S. is much smaller than Zipcar, but for those who live in a Car2Go city, you get the benefit of being able to rent a vehicle by the minute, and you don’t necessarily have to reserve a vehicle – a great option for last-minute needs and quick trips, something you don’t get with Zipcar.
Service in 35 U.S. cities, Canada, and the U.K. and at more than 130 U.S. college campuses. They come with a big brand name but have struggled in the last year or so with their mobile app capability that came up short compared to other services – a pretty essential feature for busy people on the go.
Getaround is only available in San Francisco, Berkeley, Oakland, Portland, Chicago and Washington D.C. About a year ago, Getaround changed their business model to meet consumer desires for an on-demand reservation service—perhaps that’s why their market has only grown into one additional city (Chicago) since our last review.
Fleety is a peer-to-peer car sharing marketplace that allows users to find cars in Brazil, contact the owners, and rent them for their use.
The Carsharing Darenta is a peer-to-peer car rental marketplace connecting people who need to rent a private car with a vehicle owners
FlightCar inspires and enables local owners and visitors to come together to list and rent each other’s unique cars at airports nationwide.
garajyeri offers an online platform that enables its users to find, compare, and obtain car rental services. The services are categorized as economy, family, premium, comfort, and campaigns.
Ridejoy making it easy to share rides with friendly people. If you’re going on a trip, you can list extra seat space in your car, and if you need to get somewhere, you can find a ride, using their service.