Peer-to-Peer Car-Sharing Company Turo Expanding to New York State and France
In a move that signals the company’s continued growth and expansion, peer-to-peer car-sharing platform Turo announced on Wednesday that it will be launching its services in New York State and France in June. This expansion comes at a time when post/mid-COVID tourism is beginning to heat up, but with ongoing semiconductor shortages and supply chain issues, renting a car may become increasingly difficult and expensive.
New York Expansion
Turo’s launch in New York follows the state legislature’s passing of [SB 6715](https://www nyassembly gov/legislation/text/SB_6715) in December 2021, which provides a regulatory framework for peer-to-peer car-sharing operations in the state. This legislation was instrumental in paving the way for Turo to enter the market, as New York was previously the only state without such a service.
With its expansion into New York State, Turo will now be available in all 50 states across the United States. Prospective hosts can start pre-listing their vehicles on Wednesday, and guests who want to book on Turo can start June 27.
Expansion into France
In addition to its launch in New York State, Turo has also acquired French competitor OuiCar, which will enable it to expand its services into the French market. This acquisition is seen as a strategic move by Turo to support its broader expansion plans in Europe.
Turo did not disclose the terms of the deal but stated that it would involve maintaining the OuiCar brand initially before assimilating OuiCar under the Turo umbrella in the future.
Global Expansion
Aside from the U.S. and now France, Turo’s service is available in the U.K. and Canada. The company boasts an impressive presence across 8,000 cities worldwide, with over 2 million active guests and 217,000 active vehicles on its platform as of March 31.
Previous Expansion into Germany
Turo had previously offered its services in Germany after Daimler invested in the company, allowing it to take over Croove, Daimler’s car-sharing subsidiary. However, at the start of the pandemic, Turo decided to sunset its German operations to maintain the "long-term health of the global business."
IPO Update
Turo had filed to go public earlier this year under somewhat mysterious terms, with the company refusing to share information on the number of shares to be offered in the IPO or the price range. A spokesperson for Turo told TechCrunch that the company was monitoring stock market conditions to ensure a successful public debut.
Conclusion
Turo’s expansion into New York State and France is a significant milestone for the company, signaling its continued growth and commitment to providing peer-to-peer car-sharing services globally. With ongoing semiconductor shortages and supply chain issues affecting the automotive industry, Turo’s entry into these new markets may prove timely, offering consumers an alternative solution for car rentals.
Timeline of Key Events
- December 2021: New York State legislature passes [SB 6715](https://www nyassembly gov/legislation/text/SB_6715), paving the way for Turo’s entry into the state.
- March 31, 2023: Turo reports over 2 million active guests and 217,000 active vehicles on its platform worldwide.
- June 2023: Turo launches services in New York State and France.
About Turo
Turo is a peer-to-peer car-sharing company that allows individuals to rent out their vehicles to others. The company was founded in 2009 and has since expanded globally, with operations in the U.S., U.K., Canada, and now France.
Sources
- [SB 6715](https://www nyassembly gov/legislation/text/SB_6715)
- TechCrunch: "Turo expands to New York State and France in June"
