For the last year, we’ve been building something truly special in the UK. It hardly seems that long ago that we were dusting off the Turo banners and frantically arranging the WeWork basement for our launch party… One year later, we’ll be celebrating in style at a dedicated venue in Shoreditch complete with a Turo Go enabled car.
To reflect on the achievements of the past 12 months we’ve pulled together some of our achievements to date.
This serves as a reminder of the journey we’ve been on and a glimpse of what is still to come. I couldn’t be happier to celebrate this milestone with the team, our business partners and, most importantly, our UK community who have made all of this possible.
Cars are now being shared across the country with hosts as far north as Fife and as far south as Cornwall. Our first year has been marked by a few key moments that we’ll always remember — our first host listing their car, our first trip, the launch of Scotland, the launch of Turo Go, and so on.
The UK is Turo’s fastest growing market and there’s a lot to celebrate. In one year, Turo guests have driven enough miles to take us to the moon and back at least four times. We’ve reached a community 150,000 strong and we’ve begun to change the economics of car ownership fundamentally for our hosts. What strikes me most is the community that has arisen around this bold idea that one can share their car with others. It’s amazing to meet with our hosts, to learn how they heard about us and to hear their stories about how their life has changed for the better through this platform.
Your average Turo host in the UK is now earning £500 a month by sharing their car when they’re not using it. To put this into perspective, the average loan payments on a car is £250. One host was able to make over £50,000 this year, £15,000 above the UK average salary. Putting £500 a month back into people’s pockets goes a long way for most families in this country and it can now be done by sharing something that sits there idle 95% of the time.
One of the most interesting things to consider is the reason why people are using Turo. International travellers accounted for 25% of trips in the UK (10% from the US). By connecting travellers with locals, more people are empowered to explore the UK, our great countryside and beautiful cities.
Underpinning our success, however, is the fact that for people across the country, Turo has become a viable alternative to owning a car. Forty-five percent of Turo trips in London are one day long and 40% are booked with one day notice. These stats made London the logical choice as the first international city to launch Turo Go. This technology enables guests to book, locate, and unlock hosts’ cars directly through the Turo app, eliminating the need for in-person key handovers and opening up a new world of mobility and earning power for car owners and drivers. You can now access a car in an instant through the Turo app. I truly believe this will be a game-changing feature that will radically transform the way people think about vehicle ownership in our capital city.
I’m excited for what the future holds. I believe Turo will serve as a catalyst for the adoption of EVs in London and across the country, in particular, as we further empower hosts to offset the cost of ownership and provide environmentally conscious guests with the ability to access a ULEZ compliant vehicle as and when they need one. We’ll be launching a series of initiatives over the coming months that will shape the future of mobility in this country, including cheaper personal insurance for those who share their cars on Turo and heavily subsidized parking for our top hosts as we launch our Turo Go hubs in the capital.
Thank you to everyone who has made our success to date possible. The brilliant team, who I am blessed to work with, our strategic partners and insurers whose boldness and shared desire to shift the paradigm has driven this unbelievable growth story, and lastly and most importantly, the community of guests and hosts who are pioneering the sharing economy in this country and putting the UK’s 38 million cars to better use.