Have a car sitting in your driveway right now? That car could be earning you money right now with Turo, a sharing economy solution for car rental. If you are out of town for a few days, your car can help pay for your vacation!
In its short life Turo has already gained over 5 million users. One of the reasons for Turo’s success is that it is so easy to use and there is no sign up fee. You can earn thousands of dollars per year and Turo will cover your insurance costs while your car is in service.
The concept of Turo is around a decade old. Originally started in Boston as RelayRides, the company we now know as Turo was an early innovator in the ride share space. The peer-to-peer experience sought to capitalize on the success of eBay and Airbnb. Back in these early days, users had to install an in-cr device to relay the GPS signal and smart card entry, like the system used by ZipCar. By 2018 the name had been changed to Turo and the app allowed users all the functionality needed, including remote unlocking.
One of the drawbacks of the Turo platform is that users are not allowed to use their cars on other rideshare systems. The terms and conditions currently state that, if you are caught using your car on Lyft or Uber, you could face penalties and denial of service. The company justifies this by stating that there are conflicts with other companies’ booking software.
For those seeking to drive themselves (in your car), Turo offers a lower cost alternative to renting a car the traditional way. There are no facilities to maintain. Turo doesn’t own or pay for the cars. Turo has a fraction of the employees who need to be paid.
And for you, with your car not otherwise in use, the benefit is obvious. Increase your cash flow without having to put in any actual work. Your car does the work. That’s basically passive income. If your own a car and you are not using it, or not using it enough, turn it into a profit making machine with Turo.