The Covid- 19 pandemic hit some markets negatively. The rental car business was among the businesses negatively affected by this pandemic. This made many car rental companies sell their cars due to reduced travel and revenues in 2020. But for Turo, this has not been a bad season. Instead, the company registered tremendous growth during the pandemic.
Turo managed to generate more revenue as more car owners used their app to rent their cars. This is because many car owners were working from home or lost jobs due to the pandemic, and signing up their cars for rent was a way of generating income.
This Airbnb for car rentals started in 2010, and since then, it has been growing rapidly. This is evident as drivers who rented their cars via Turo are expanding their rental fleet by buying more cars, thanks to this business’s attractive returns.
Now that the travel sector is picking up again, there is a shortage of traditional rental cars, but Turo is filling up this gap. Turo will benefit from this high demand for rental cars. It also offers a wide selection of cars from economy to luxury ones. Therefore, customers have endless options to choose their preferred cars.