Rental car shortage is a boon for Turo, the Airbnb of cars
CNN
Rental car companies have been slashing their fleets during the pandemic, but now that travel is picking up again supply is tight and prices are sky-high. That's a great opportunity for Turo, a sort of Airbnb for car rentals — which has been growing rapidly as more car owners use its app to rent out their vehicles.
Traditional car rental companies recorded massive drops in rental revenue thanks to the steep plunge in travel last year. Not so for Turo, whose revenue rose 7% as more car owners signed up to rent their privately owned vehicles sitting unused in the driveway because of job loss or working from home. "Often times it does start with the car you already have or a second car that you're not using very frequently," said CEO and founder Andre Haddad.
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