The Turo IPO is coming to the market. The peer-to-peer car-sharing company just filed to make its public debut under the ticker TURO. Let’s break down the filing…
Turo IPO: About the Company
Turo is one of the world’s largest car-sharing marketplaces. It offers peer-to-peer lending services for vehicles. A host can create a listing for vehicles, adjust their availability and change their prices based on demand. Then, through the platform, guests can book any car they want, whenever and wherever they want it, from a community of hosts. For example, guests can search by location, type, price, use case and other categories to locate vehicles based on their requirements. Think of it like Airbnb… for cars.
The company’s mission is to put the world’s 1.5 billion cars to better use. Moreover, it’s a win-win situation for both parties. Rental users have access to 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,” according to the filing. Moreover, short-term rentals at affordable prices are important since supply chain problems are driving up rental car prices. At the same time, hosts can also cut their ownership costs by renting them out short-term.
As of September 30, 2021, the company boasts 85,000 active hosts and 160,000 active vehicle listings in over 7,500 cities. Moreover, guests can choose from over 1,300 makes and models of cars hosted.
The company’s recent Turo IPO filing relieved that its primary markets are the United States, the United Kingdom and Canada. According to the filing, the company has 1.3 million active guests participating in its marketplace. However, the company’s filing revealed a lot of growth potential. Specifically, Turo’s filing revealed a large addressable market. So, let’s look at the details…
Turo Capitalizing on Large Market Opportunity
Drilling into the filing, the company said that it is “pioneering a new category of transportation.” It’s no secret that cars are the preferred method of transportation. However, Turo highlights that peer-to-peer sharing of the vehicles offers a convenient, cheap and “environmentally and socially responsible” method to driving. With the increasing push toward sustainability, Turo could take off for investors.
In the filing, Turo noted a massive market opportunity. According to the U.S. Bureau of Labor Statistics, households in the United States alone spent nearly $11,000 annually on pre-pandemic mobility needs. The company outlined a…
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