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In today’s fast-paced world, where customers expect convenience in every service, peer-to-peer car rental platforms are growing tremendously. Turo is paving the way for this industry to become more scalable and beneficial.
According to psmarketresearch, the p2p car-sharing market generated $2,247 million in 2023 and is expected to grow by 15.8% in 2024-2030.
Turo has been a premiere performer in this ever-evolving marketplace due to its convenience and flexibility. It is a car-sharing platform that acts as an intermediary between the person who wants to rent their car and the person who takes it. Turo business model provides a straightforward and clarified strategy for starting a car rental services business.
Connect with the Suffescom team to develop an efficient, feature-rich, customizable car rental app like Turo. We focus on user’s requirements and help accelerate their business.
This blog covers Turo’s works, features, advantages, and revenue streams. Read it thoroughly to learn everything about Turo's business plan.
As per Turo business plan, car owners and hosts are included in its customer segmentation.
Here, the interested host or car owner registers to the app and can list their various cars along with their complete information. Prices for each car are either fixed by the owner or by the platform.
The renter can sign in, select their preferred car from the list, and book it according to their favorable timings and location. If the host finds it suitable, they can accept the request and rent the vehicle to the renter.
Turo car rental app business model has a simple, efficient, and uncomplicated workflow. Let us understand it step-by-step.
User registration: First, the user registers the application using details like phone number or email address and creates detailed profiles for further processing.
Select the preferred vehicle: To select their preferred car, they can view the available vehicles along with their complete details, such as features, model, price, insurance coverage, etc.
Confirm the Booking: Once the customer has checked all the details, they can confirm their vehicle booking based on a suitable date and time. Turo lets the user cancel their booking within 24 hours in advance with a full refund.
Pick up or Receive Delivery: It is their choice whether they want to pick up keys directly or want delivery services( which include extra charges)
Leave the review: After all this, the user can lead to their destination and leave reviews, sharing their overall experience with Turo.
Registration Process: The owner registers with phone numbers or email details to the app.
Listing of vehicles: Next, they can list the countless number of cars on the platform, adding details such as features, model, type, pricing, etc.
Vehicle Verification and Identification Number: The owner needs to add to post each vehicle’s inside-out images, license plate, and Vehicle Identification Number for proper credibility.
Earn Through Trips: Once the owner has listed all their vehicles with complete details, they can rent their cars to the renters and earn money 60-90% of the direct deposit from the trip.
Choose Suffescom’s solutions to build a multi-functional Turo Car rental app like Turo to boost Your Business Revenue.
Turo's business model provides numerous ways to generate revenue and help entrepreneurs boost their income, ensuring growth in the business world. The following are some of those.
Turo's main source of income is commission from every rental transaction. It deducts 10 % to 40% of the commission, and the rest is for the host. This deduction is based on the insurance plan selected by the host.
As per Turo's business model, hosts pay damage fees( only when the images are not provided), privacy policy violations, car misrepresentation, etc.
Sometimes, the host provides the pick-up and drop-off service, and the renter pays the car owner for this. The app takes a portion of this amount for maintenance, and the rest is credited to the host only.
Next, following the Turo car rental app business model, it charges extra for some extra miles. The app takes around 10 % to 30 % of the rental price, depending upon the total extra distance covered and the car type.
According to Turo's business plan, users can cancel their car bookings only within one hour or before 24 hours. After this, they must pay additional charges.
Suffescom is a top-notch turo clone development company with professional team members who pay attention to Cliens’ requirements and develop customized turo clone apps.
As per Turo car rental business model, the following are its value proportions:
Access to a Larger Selection of Vehicles: Renters can find their desired vehicle using advanced search filters, categorized according to model, price, features, etc.
Flexible Scheduling: Turo offers flexible scheduling options for both host and renter. The renter can book the vehicle according to the suitable times on the list. Alternatively, the host can change any vehicle's pick-up and return hours at any time with some settings.
Insurance Coverage for Safety: Both renters and hosts have insurance coverage of up to $750,000.
Background Screening Of Drivers: Turo conducts background screening of drivers to check any criminal record or offense, ensuring safety and security for Turo Users.
Competitive Rates: The platform claims its service costs are 35% cheaper than other car renter services, especially for particular vehicles and extended trips.
Starting a Turo car rental app-based business involves developing a clone app and pricing it. The cost of the app depends on multiple factors, and the following are a few of them.
The average cost to develop the app depends on its functionality and complexity level and varies between $10000 and $15000. However, to know the exact pricing, contact a professional Turo clone development company.
The more features you add to your app, the higher the cost. For example, you will have to pay more for additional integrations like AI chatbots, Augmented reality, SOS, etc.
The cost of the app depends on the design as well. A simpler designer app price is cheaper than a complex app design.
You choose native, web, or cross-platform apps, and the cost of your app will vary accordingly.
Building a Turo clone app is a big responsibility, so you should be aware of your app's critical functionalities and what your clone application, like Turo, must include.
As per Turo's business plan, the app must allow the user to register smoothly through a phone number, email, or social media account. It must also create a detailed profile of every host and renter with complete information, including contact details, previous history, etc. To ensure security, it must also support two-factor authentication and generate a time-sensitive code the user enters while logging in.
Next, the app must allow car owners to list their vehicles in an order with complete descriptions, high-quality images, pricing, and terms and conditions. There should also be advanced filters so renters can easily search cars based on their model, price, location, reviews, etc.
According to Turo car rental business model, the app must provide a complete calendar view. It enables the car owners to administer the cars and renters to book cars according to their suitability. Adding these features reduces confusion and minimizes booking errors like double booking.
Isn’t it unfair that a car rental app doesn’t include tracking features? Yes, right? So, the app must be integrated with GPS and live tracking features. This is extremely necessary for security purposes and helps hosts with easy pick-up and drop-off.
Instant in-app messaging features are necessary for smooth communication between the host and the renter. It must use push notifications to send quick reminders and resolve on-time queries.
Not everyone understands the same language, so the website should support multiple language features. This helps reach a wider audience, reduces bounce rate, and improves customer experience.
Quick and secure payment processing is an essential step while renting any vehicle. So, ensure the app supports multiple payment options such as mobile wallet, Credit card, debit card, etc. A secure payment process minimizes issues and provides a smoother workflow between both parties.
Who will you reach out to when there is a technical issue with the clone app? The app must include completely trustworthy customer support through various channels, such as text, email, phone calls, etc.
Nowadays, technology has taken place in every sector to increase functionality and scalability. Therefore, consider adding some additional advanced features to your Turo app. You can integrate augmented reality to give renters a real-time driving view. Additionally, blockchain technology can be utilized to ensure transparent and secure transactions. It undergoes a decentralized verification process that eliminates the need for any intermediates, reducing risks and errors.
Look at the points below and learn how Turo became fascinated with the car rental business model
Turo is simply a peer-to-peer business plan where hosts rent their vehicles to renters. There isn’t any need to manage inventories or coordination channels.
Turo’s user-friendly app and website allow hosts to easily list vehicles, book renters, and manage payment transitions. Its stunning features like” Turo Go” enable users to remotely unlock cars and other conveniences to improve their experience.
As per Turo car rental app business model, car owners and renters are provided with insurance and security. This includes liability insurance, physical damage, accidents, etc.
Each renter has countless vehicle options to choose from based on their preferences. This, therefore, caters to multiple customer needs, making it a suitable option for them.
Turo provides 24/7 customer support to solve the queries of both hosts and renters.
Turo provides liability insurance, excellent customer support, rating & review, road site assistance, and secure payment transactions.
Suffescom will develop a car rental business app like Turo. Our professional team follows Turo car rental app business model wisely and is committed to its work for developing exceptional apps like Turo. We provide tailored services and are focused on accelerating your business growth.
Talk to the Experienced Suffescom Team to Develop A Trailored Turo Clone App and Upscale Your Business.
Creating an account and listing a vehicle in the Turo app is free. However, a few things must be considered before starting a Turo Business, such as Location, car models, deposits, etc. Additionally, the platform provides five types of insurance plans with different price ranges. You can select the one that suits your needs for additional protection.
Turo is a peer-to-peer car-sharing platform that allows car owners to temporarily rent their cars to renters in exchange for a rental fee. The host can list all the available vehicles, including car model type, features, booking date, price, etc.
You need to pay attention to the following factors when starting a Turo business.
Yes, starting a Turo car rental app-based business is beneficial and brings you profits. It offers multiple revenue options, such as commission fees, service fees, host fees, etc. Additionally, it provides damage insurance and secure payment transactions, making it a secure business option.
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