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Turo is a peer-to-peer car sharing marketplace where you can book any car you want, wherever you want it, from local hosts across the US, Canada, the UK, and Germany. A vibrant community over five million strong, Turo guests can choose from over 850 unique makes and models, while hosts earn extra money to offset the costs of car ownership.
Whether it’s a truck to help on moving day, a Mercedes-Benz for a luxurious weekend away, or a classic VW bus for a picture-perfect road trip, with more than 200,000 vehicles listed worldwide, Turo lets you find the perfect vehicle for your next adventure.
Hitting the road?
- Choose from a totally unique selection of cars and drive the perfect one for your trip
- Book cars directly from local hosts, as much as 30% less than traditional car rental agencies
- Get the car delivered, and book trips on the go with a quick tap
Car collecting dust?
- Share your car and turn your depreciating asset into an earnings engine
- Rest assured with up to $1 million in liability insurance backing each trip
Travelers choose from a unique selection of nearby cars, while car owners earn extra money and help fuel the adventures of travelers they meet along the way.
Business Model Canvas of Turo
Step by step the whole explanation according to the nine modules:
1st/ Customer Segments.
For whom is Turo creating value?
Who are their most important customers?
2nd/ Value Propositions.
What value does Turo deliver to the customer?
Which one of their customer’s problems are they helping to solve?
What bundles of products and services are they offering to each Customer Segments?
Which customer needs are they satisfying?
Customers a safe and reliable way to travel.
An incredible selection of cars everything from an A3 to a Z4
Amazing prices and in thousands of locations.
Car rental owners increase in bottom line by increase revenue (on average owners make $500 a month while renting out their cars that would otherwise be depreciating).
Through which channels do their Customer Segments want to be reached?
How are they reaching them now?
How are their channels integrated?
Which ones work best?
Which ones are most cost-efficiency?
It allows private car owners to rent out their vehicles via an online and mobile interface.
IOS and Android.
Direct channel via car rental owners.
4th/ Customer relationship.
What type of relationship does each of their Customer?
Which ones have they established?
How are they integrated with the rest of their business model?
How costly are they?
Peer-to-Peer carsharing marketplace.
All Turo users are screened for trust and safety purposes.
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.
5th/ Revenue Streams.
For what value are their customers really willing to pay?
For what do they currently pay?
How are they currently paying?
How would they prefer to pay?
How much does each Revenue Stream contribute to overall revenues?
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.
6th/ Key Activites
What key activities do their Value Propositions require?
IT systems maintenance.
Marketing and promotion.
7th/ Key Resources.
What Key Resources do their Value Propositions require?
Vehicles from renters.
Turo is currently available in 2100+ cities and 300+ airports throughout the United States.
Talented and dedicated team.
Forbes included it among 14 “hottest on-demand startups” in 2015.
Best technology to take on a trip.
Best travel app.
8th/ Key Partners.
Who are their Key Partners?
Who are their key Suppliers?
Which key resources are they acquiring from partners?
Which Key Activities do partners perform?
IT system providers.
Venture capitalist (August Capital, Google Ventures, Shasta Ventures, Canaan Partners and Trinity Ventures)
9th/ Cost Structure.
What are the most important cost inherent in their business model?
Which Key Resources are most expensive?
Which Key Activites are most expensive?
Turo covers vehicles with up to $1 million of liability insurance to protect car owners against lawsuits for injuries and property damage.
Unlike traditional car rental services Turo neither owns the vehicles nor maintains them.
Rather they offer a platform for car owners and renters to connect resulting in reduced rental costs as compared to traditional car rental services.
On the Turo website and app, users can choose from over 800 makes and models of cars to rent.
How Does Turo Work?
Car owners offer their cars in over 250 cities and 300 airports across the country, sometimes with delivery included.
How Does Turo Work With Renting A Car?
Sign up to the service – You can sign up through FB, Google, or email. As you sign up your identity and eligibility to drive is verified.
Search for the perfect car – When you enter the travel dates and location and you are presented with a wide selection of unique locally owned cars
Book the Car – Book the car that you fancy and the owner should confirm or decline your request within eight hours. Alternatively, get instant bookings by clicking on listings that have the “Book Instantly” badge
Pick up the Car or Have it Delivered – Meet the car owner, show your license, inspect the vehicle and drive off into the sunset for a time of your life. Many car owners offer delivery and can bring the car to you.
Return the Car – After your trip, replace the gas used and meet the owner to give them back the car. Again, inspect the car, hand over the keys and thank them for their service.
How Does Turo Work for Making Money?
When you list your car on the platform, Turo dynamically sets your car’s rental price based on a variety of factors.
This includes your vehicle’s market value, time of the year (for example during the holidays demand might be high), location and other factors in order to maximize earnings for your listing. Alternatively, you can manually set the daily rental price for your car.
Let’s say the market value for your car is around $20,000 and you are willing to rent it out for 10 days a month.
According to the Turo calculator here, you could earn upwards of 4500 in a year!
Your earnings are paid via direct deposit within five days of the trip ending. You can earn anywhere from 65% – 85% of the trip price depending on the vehicle protection package you choose and 90% of the trip price if you have commercial rental insurance and waive the protection Turo provides.
At Future work technologies we serve in every industry for example, food and restaurants industries, on demand economy services, online shopping and E-commerce industry and hotel or hospitality industry. We create iOS and Android app development for every business and develop a website. If you also want to run such businesses and want to create an app like Turo, Contact us.
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