Whenever you buy a car, you open up so many possibilities.
Escaping the public transport commute, having a vehicle for emergency situations, and being able to give a ride to friends and family are just a few examples. That’s all great, but have you ever thought about the possibility of earning money from your car?
Turo turns that hypothetical situation into a real side hustle. By listing your car on this online platform, you can make some extra bucks without having to drive a single mile. Listing one car is pretty nice, but if you happen to have multiple vehicles that you can commit, your earning prospects become even brighter.
In other words, Turo will help you accelerate your financial growth. No need to pump the brakes on that!
More on Turo
On a snowy day in November 2009, Shelby Clark was far from going at breakneck speed.
The Harvard Business School student had made plans to visit his family just outside Boston. However, to get to the car he’d be driving, Clark had to bike more than two miles to the rental outlet.
Along the way, he passed numerous cars parked on the streets. On that day, this familiar sight lit a fire under Clark. After overcoming the frustration of not being inside one of those automobiles, he came up with a great business idea. Maybe, just maybe, there was a way to get more mileage out of people’s cars, he mused.
On paper, Clark’s idea of a peer-to-peer marketplace for sharing cars was ingenious. However, converting that idea into a profitable venture was anything but easy. Thanks to Clark’s perseverance—along with the backing of his business partner Bill Curtis—the logistics were ironed out and the business could finally be launched.
In 2010, Clark started car-sharing service RelayRides. Just a couple of years after its inception, the company (under the leadership of new CEO Andre Haddad) redefined the scope of its services. According to a 2015 Forbes article, RelayRides would zero in on “longer-term car shares” and “peer-to-peer rentals of a few days that allow travelers to use cars suited exactly to their needs.”
It was also in 2015 that the company renamed itself Turo. For the remainder of the 2010s, Turo continued to expand thanks to revenue growth and funding from investors. By 2020, the company—which has since gone international—announced that it had reached the $1 billion mark in terms of cumulative global gross revenue.
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The story of Turo’s growth is undoubtedly impressive. Guess what? You can write your own success story when you sign up to be a car host on the platform.
How can you earn money from Turo?
When you list your car (or cars) at Turo, you’ll get to enjoy the following benefits:
- Accessibility: Thanks to the Turo app, you can do business on the go! The app enables you to set prices and communicate with the people renting your car.
- Insurance: What’s a car without proper insurance coverage? In case of accidents, Turo will help you get reimbursement. Try this on for size: Your car will be covered with liability insurance worth $750,000!
- Solid support system: As a car host, you’ll have access to 24/7 customer support. Plus, Turo’s support system isn’t just about emergency situations: You can also benefit from the expertise of a business coach who will help you maximize your profitability.
- Marketing and advertising support: Did we mention that Turo will help sell the rental service for your vehicles? The company will provide valuable support in terms of attracting potential customers.
If you list one car on Turo, you have the potential to earn a little over $10,000 a year. Make it three, and that goes up to more than $31,000. Do you happen to have five vehicles at your disposal? That’s possibly $52,000 in the span of 12 months.
Now that sounds like a sweet ride! Buckle up and click here to get started on your application!