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After rapid growth in the U.S., peer-to-peer car-share firm Turo has raised $92 million to fund its plan to expand worldwide.
"We're very interested in expanding globally," said Andre Haddad, CEO of Turo. "With global expansion and growth you need funding to get to the next milestone."
Turo, which lists more the 160,000 vehicles through its app, says it has more than 4 million members who either rent out their own vehicle or rent another member's car or truck.
Daimler, Liberty Mutual and several other investors are leading the Series D funding for Turo.
"We're pioneering something that's never been done before, which is to enable people to turn their car into a revenue-generating asset," said Haddad.
Brian Rose from Evanston, Illinois, is a Turo member doing just that with his Tesla Model S. Since buying the luxury electric car in 2015, Rose has rented it out to complete strangers approximately 60 times, usually for one to three days. Those rentals have generated approximately $25,000.
"It's basically helped pay off all of the payments or depreciation on it so it's as if I got to drive it for free up until now," he said.
That is the appeal of Turo. People can rent out their vehicles and make money on a depreciating asset.
Meanwhile, those renting through Turo often pay far less than they would if they went to a rental car company. In addition, Turo features a much more extensive selection of high-end models.
Rose says his Model S is a perfect example.
"I've had people rent it for special occasions," he said. His price of $200 is an offer he believes rental car companies can't match for a Model S. "They (customers) don't really have another option other than Turo to be able to do that."
While Turo has quadrupled its membership and vehicle listings over the last two years, the company has yet to turn a profit. Now it's targeting international growth by acquiring Daimler's car-share subsidiary, Croove, which offers peer-to-peer rentals in Germany.
Several automakers have discussed or invested in car-share firms, but Turo's CEO believes his company has the advantage of offering a wide array of vehicles.
"We think the essence of a peer-to-peer marketplace is where all makes and models are available," said Turo's Haddad.
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