Turo Marks One Year in Canada

New research proves OEMs can benefit from the car sharing industry in Canada, contradicting previous reports.

Turo Celebrates Record Growth and Presents a Forum:  “Driving the Future: The Evolution of Car Ownership and Mobility” Tonight at MaRS Discovery District

Toronto, ON (April 25, 2017) – Turo, the only peer-to-peer carsharing marketplace in Canada, celebrates its first anniversary in Canada with the surprising findings of a key study by Carnegie Mellon University which suggests automobile Original Equipment Manufacturers (OEMs) can benefit from the car sharing industry. The results contradict wide reports that the auto industry is suffering from the car sharing economy and are part of a larger discussion on “The Evolution of Car Ownership and Mobility” to be held tonight in partnership with StartUp Here Toronto and the City of Toronto.

The study was conducted by Vibhanshu Abhishek, Professor at Carnegie Mellon University, and found that contrary to what could be expected, the OEM has an incentive to facilitate peer to peer (P2P) rentals in a large variety of cases. People who drive their car often are more likely to rent it out in the sharing economy, making it more valuable to them. In turn, as their cars become an income generator, they are more likely to spend on a new or additional car.

The research corroborates new Turo data which found that 28% of Turo owners planned to purchase an additional car within the next year. In the year since Turo launched in Canada, hosts have made an average of $475/month, often enough to recoup the entire cost of car ownership. 65% of Canadian owners use their Turo earnings to pay down their car loan, helping to reduce their overall consumer debt.

“Our first year in Canada has been a tremendous success; our Turo community is fuelling what is now the largest carsharing fleet in Canada,” said Cedric Mathieu, Director, Turo Canada.“ Turo hosts are present in 225 cities across the country which makes Turo the #1 and most convenient way to start your adventure.”

Turo Canada First Anniversary Fast Facts:

  • 130,000 members have signed up in Canada
  • 2,800 cars have been listed on the platform
  • Available in 225 cities across ON, QC and AB
  • 410 different makes and models are available
  • $60,000,000 worth of cars were put to better use with Turo
  • Travellers drove 1,500,000 kms – 4 x the distance to the moon
  • 10 insurance companies have evolved their policies to allow Canadians to list their cars on the platform, representing extraordinary strides in evolving with modern innovation

Tonight’s forum “Driving the Future: The Evolution of Car Ownership and Mobility” consists of panelists Alex Benn, President & COO Turo; Vibhanshu Abhishek, Professor, Carnegie Mellon University; Chris Reid, Director of Strategy, Intact Financial and Christian Noske, Partner, BMW iVentures.  The forum is moderated by Toronto City Councillor Jaye Robinson.

About Turo

Turo is a car rental marketplace where local car owners provide travellers with the perfect vehicle for their next adventure. Across the country or across town, travellers choose from a unique selection of nearby cars, while car owners earn extra money and help fuel the adventures of travellers from around the world. A pioneer of the sharing economy and travel industry, Turo is a safe, supportive community where the car you rent is part of a story, not a fleet. Whether it’s an F-150 truck to help out on moving day, a Tesla for a luxurious weekend away or a classic VW bus for a picture-perfect road trip, travellers rent the car and own the adventure. Discover Turo at turo.com.

To download press kit information:

https://www.dropbox.com/home/TURO/TURO%20%E2%80%94%20MEDIA

Link to full research study:

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2891908

 

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