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Hertz and Avis spent decades building fleets and airport counters. We built a marketplace and let the cars come to us. Turns out there were millions of them.
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There are 280 million cars in the US and most of them sit parked 95 percent of the time. That is not an asset. That is a liability pretending to be one.
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We are not a rental car company. We are a peer-to-peer marketplace. The difference is that we do not own a single car. Our hosts do.
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The best hosts on Turo earn more from sharing their cars than they pay in car payments. We turned car ownership from a cost center into a revenue stream.
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Insurance was the hardest problem we had to solve. Nobody had ever underwritten peer-to-peer car sharing before. We basically had to invent the category.