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Turn Your Car Into A Money Making Machine With Turo

Photo by Jennifer Ryan Jones

When it comes to travling by car, you'll want to hit the road with Turo. Think of this fast growing, peer-to-peer ride sharing company like AirBnB for your car. The idea is to match car owners with renters in all different cities at all different prices. Signing up gives you the opportunity to host a guest driver and turn your car into a real moneymaker. And if renting, you can you skip the traditional rental companies and pick the exact car you’d like to drive, usually for less.

The idea makes sense. It’s estimated that most car owners drive their car only 10% of the time, soccer moms excluded. The rest of the time it’s parked. And walking by a row of parked cars is what inspired CEO, Andre Haddad to build the business. With a long list of professional accomplishments, a love of cars, the consumer web and the environment, Haddad leads the San Francisco based team, "We're pioneering something that's never been done before, which is to enable people to turn their car into a revenue-generating asset." And the idea is already catching on. Turo is available in over 4500 cities and 300 airports, and it all goes down on the app.

Think about it; most new cars depreciate in value the minute you drive off the lot. Listing and loaning your car on Turo can help cover your cost of ownership. Here’s how it works. Based on the market value of your car, they will help you set a competitive daily price, or you can set it on your own. You're really in the driver's seat. Listing is free, there are no monthly fees, and you can even limit the mileage for each trip.

Once you're matched with a carefully vetted driver, your insurance protection switches to Turo. "You're protected with $1 million in liability insurance, and your car is covered against theft and physical damage unless you have commercial rental insurance and choose to waive protection provided via Turo for yourself and your customers.” Based on the insurance coverage you chose, you earn 65% - 90% on each trip, which gets directly deposited into your account within five days.

It's pretty simple. The owner and guest agree on a location to hand off the keys. Both the host and the guest look over the condition of the car, take a few snaps, and away they go.

Travelers have a pretty sweet deal too. There are hundreds of makes and models to choose from. And while there is something for every budget, you’ll be tempted to rent the car of your dreams. And you can! Picture yourself beach bound in a Jeep Wrangler or picking up your date in a flashy Maserati. Or maybe your making road trip memories in something more practical like a family Suburban. Are we there yet?


This article was written and appeared on Grooming Lounge and our Founder, Mike Gilman, were quoted a lot, so we borrowed the article. Giving them credit -- hope it's OK.

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