Turo, a car rental marketplace, is announcing today that it will launch in three Canadian provinces, including Quebec, marking its first expansion outside of the US.
The service will now be available in Quebec, Ontario and Alberta. In a release, Turo called itself the first peer-to-peer car rental company in Canada. The service allows car owners to offset the cost of car ownership by renting their idle vehicles to pre-approved travellers.
The company wrote that it will be “empowering Canadians to turn their idle cars into earnings engines and inject more personality and value into the car rental experience.”
“This is a significant milestone in our history; our first international launch and the opportunity to make car ownership in Canada more accessible and to inject value, convenience and personality into travel,” said CEO Andre Haddad. “The average compact car costs $9,500 per year to maintain. For the first time, Canadians can now turn this idle asset into an earning engine that fuels travellers’ adventures. It’s a significant step towards realizing our mission of putting the world’s one billion cars to better use.”
Founded in 2009 and headquartered in San Francisco, Turo says it has grown to operate in over 2,500 cities and 300 airports in North America, and has safely facilitated over a million rental days. Turo has raised $97 million over 11 rounds of funding, including its most recent $47 million raise in November, 2015. Among its investors are General Motors Ventures.
“The average active US member makes $600 USD per month renting out a car in the marketplace,” wrote Turo.
Cars rented on Turo typically cost 30 per cent less than traditional car rentals, and “car owners can expect to earn an average of $500 per month.”
Members of the Turo community pay no membership fees, and each trip is backed by Turo’s leading trust and safety protections, including $2 million in liability insurance and 24-hour roadside assistance.