Turo is an online on-demand marketplace or a car-sharing marketplace that works under the principle of sharing economy. Turo allows the car owners to make cash by renting their vehicles. This is a convenient way for those who are in need of transportation. Turo offers everything as per the budget and taste of the customer.
How does Turo work?
Once you have signed up by entering your travel dates, city, and area, you can see the car rentals available near your location. The customer can choose his transportation from the given 800 models and can sort according to the number of seats, rate, and color.
The three additional classes of Turo are:
Business Class: There will be a list of available cars for business travel.
Deluxe Class: There will be some exclusive cars for guests age more than 25. You can rent a car under the age of 25 with a refundable deposit amount of $1500.
Super Deluxe Class: Those who are above 30 can rent a car with the most extraordinary care.
How does Turo work for Car Owners?
Your vehicle doesn’t require any inspection at the initial phase. In case of any complaints registered by a renter, then you have to go for an inspection. There will be an inspection form provided by Turo which can be brought to any certified mechanics.
Some major steps are:
- List the cars
- Respond to the inquiry
- Delivery your car
- Pick up your car
How does Turo work for Renters?
If you are a renter, you can opt for a Turo shield protection. Choose your insurance from any level, each of them has specific physical protection.
There will be three options for you to select from your rented car:
- Local Pickup
- Airport Delivery
- City Delivery
How does Turo make Money?
Based on some factors your website will set the rental cost of the user’s vehicle while they list their car on your Turo Platform. The rental cost will include the vehicle’s market value, time of the year, and many things. The user also has an option to set the rate manually.
Suppose, If the market value of the user’s car is $15,000 and he planned to rent out for 5 days a month. As per the Turo calculator, the user will be earning around $3500 in a year. The percentage of commission will depend on the user’s rental insurance. And if the user goes with commercial rental insurance, you will earn 10% of the trip price.
From the Turo platform, you can make money in this way with a different percentage of commissions. And another factor of revenue is a processing fee for each transaction.
How to Create an Online Marketplace like Turo?
If you are planning to build an on-demand service marketplace platform, Try iScripts UberforX. This platform will help your customers to book the services provided by vendors.
You can set up and manage your business operations within your vertical market by signing up service providers into the system. Your customers can easily book the services provided by these vendors through the site or the app.
This e-commerce platform has an Android and iOS app for users to book a slot and a vendor app for service providers to manage the bookings. Check the UberforX demo and get the idea to build your online marketplace.
Now you got how does Turo work for its users. If you are planning to build an on-demand service platform, learn about the things to consider before building your app.