The app “Turo”, which has already been launched in Scotland allows vehicle owners to rent out their cars to people seeking to rent a car online. The owner of the vehicle gets to keep a portion of the money gained from the rent, while the other portion goes off to the app.
Turo falls under the group of technology companies trying to get a stronghold in the area of the market known as the ‘sharing’ economy.
Turo represents itself as the world’s largest vehicle-sharing start-up technology-based company. The company decided to start it’s a maiden business launch in Scotland due to popular demand.
Turo, originally named RelayRides is an America-based peer-to-peer car-sharing firm. They were founded in the year 2010 in June by founder Shelby Clark. They are currently headquartered in San Francisco.
Turo partnered up with General Motors & their division OnStar intending to allow users to unlock the cars using their smartphones without the implementation of any other additional technology. The in the year of 2013, RelayRides (Presently Turo) ended the use of its inter-car device as well as the built-in Onstar technology in favor of an in-person key exchange.
In November 2015, RelayRides changed its name to Turo to portray the company’s shifting away from offering short-term to long-term rentals. Turo was included in Forbes’s 14 “hottest on-demand startups” in the year of 2015 & the company was valued at $311 million.