Securities and Exchange Commission does not include terms for its offering. The company boasts 85, active hosts and , active vehicle listings in over 7, cities as of September 30, Car owners get the chance to offset ownership costs, and users get the benefit of affordable short-term rentals at a time when rental car prices are increasing due to pandemic-induced supply chain issues. Challenges in the traditional car rental industry have certainly allowed Turo to gain some market share, despite steep competition, but that popularity has come with a cost at times, a reading of the risk factors portion of the S-1 shows.
Turo points to a couple of drivers of its revenue growth, notably a digital tool called the Turo Risk Score. This feature, which launched in April , dynamically adjusts the fees that Turo charges guests to complete a booking. Turo said this tool, along with hosts increasing the prices for vehicles that they charge to guests, contributed to its increased net revenue. Its net losses also expanded as well.
The reason? Turo notes in its S-1 that revenue increased as the number of days booked rose along with gross booking value per day. Scanning the S-1, it also appears that Turo tried to do more with less in and has since turned the financial faucet back on this year. Scroll to Continue. TheStreet Recommends. Exclusive Investor Content. By Dan Weil. By TheStreet Staff. By Jacob Krol. By Tony Owusu. By Martin Baccardax.
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Founded in , the San Francisco-based company allows people to rent out their personal cars to other customers, much like Airbnb does for homes. In its S-1 filed with the Securities and Exchange Commission , Turo claims it has 85, active hosts meaning vehicle owners , , active vehicles, and 1.
Unlike many transportation-related startups in recent years, the San Francisco-based company is opting for an old-fashioned IPO rather than merging with a special acquisition company, or SPAC. Similar to other transportation startups, Turo has lost money every year its been in operation. The company plans on offering some of its shares exclusively to its users, both renters and owners, in a move similar to what Uber did when it offered specially priced shares to some of its drivers.
Turo claims it avoids the costs associated with owning large fleets, like its competitors in the rental car business like Avis, Hertz, and Enterprise, while also helping its hosts earn extra cash by renting out their unused vehicles. Turo has run into regulatory hurdles in the past. The company was sued by the city of San Francisco in for failure to pay the fees required to operate legally at the SFO airport. But there have also been some bright spots.
Whether you're flying in from afar or looking for a car down the street, searching for a rugged truck or something smooth and swanky, guests can take the wheel of the perfect car for any occasion, while hosts can take the wheel of their futures by building an accessible, flexible, and scalable car sharing business from the ground up. Contacts IR turo. The Dow Jones rallied amid encouraging inflation data. Apple stock surged. Stop investing in mediocre businesses. Buy the best, instead. However, the dip won't represent a national home price correction, Despite all the attention that renewable energy companies get, having operations in the renewable energy space alone does not make a stock a buy.
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Peer-to-peer car-sharing startup Turo has released its filing to become a publicly traded company in the United States, a process the. Peer-to-peer car-sharing platform Turo is revving its IPO engines, becoming the first major U.S. company this year to file for approval to go. Turo, the peer-to-peer car-sharing service, has filed for its initial public offering, the latest transportation-related startup to sell its.