Turo, the biggest car-sharing platform in the world is hoping to sign up many of the 30 million cars in of the United Kingdom after it launches to the general market this Tuesday. The firm matches renters with car owners.
It is currently available to commercial renters in 56 countries. The company has already attracted four million renters and owners in 2018, doubling its user base.
Called as the ‘Airbnb for cars’, the app enables owners to list their vehicles online, and match with those who are looking to rent.
The average owner can earn £130 for every trip and are able to take home 75 percent of the price that the renter pays.
Andre Haddad, the Chief Executive Officer of Turo, stated: “By launching our full peer-to-peer marketplace in the UK we’re taking another major step closer to putting the world’s one billion cars to better use.”
He added: “The UK is our most-searched-for destination outside North America, and British guests in the US and Canada represent our largest portion of international travelers.”
He continued: “This makes us confident that now is the right time to expand here.”
The firm is currently based in San Francisco and was founded in Boston in 2009. It grew across the United States. In 2016, the service was launched to the Canadian market. It was also launched in Germany this January.
Turo has already been operating in the United Kingdom since 2016. It allowed car-rental businesses to list their vehicles on the platform.
It was able to raise $205 million in funding since it was established, bringing on investors including venture capitalists August Capital, Google Ventures, and Kleiner Perkins.
According to a Deloitte analysis that was published in 2017, approximately half of the global car sharers are European. The numbers are expected to rise to 15.6 million by the end of the decade.
The car-sharing sector of the United Kingdom is focused in London, and the capital is hoping that 500,000 people will share by 2020, thus, reducing traffic by up to 0.9 percent. There were around 135,000 car club members in London in January 2015.