I\u2019m thrilled to announce two big developments for the Turo business today. <\/p>\n\n\n\n
First, we have acquired OuiCar, a leading French peer-to-peer car sharing marketplace. This acquisition is a big step forward in our international expansion plans, and is our largest-ever acquisition. <\/p>\n\n\n\n
I met Beno\u00eet Sineau, OuiCar CEO, many years ago and we have had many opportunities to deepen our relationship over the past few years. Beno\u00eet and his team have built a fantastic business and we are delighted to welcome them to the Turo family. We have a shared vision for the future of peer-to-peer car sharing, where we are committed to empowering local hosts to build small businesses to supplement their income, while cultivating a vibrant community of guests and a vast network of cars. We\u2019re excited to seize the opportunity to join forces to put France\u2019s 38 million cars to better use. <\/p>\n\n\n\n
For now, OuiCar will continue operating under its current brand name, while we collaborate to integrate the platforms and bring the Turo brand to our new French business.<\/p>\n\n\n\n
Of course, this expansion is of special importance to me, personally. I spent many of my formative years in Paris, where I went to business school and founded my first company, iBazar, after moving there during the Lebanese Civil War. France is a second home to me, and I\u2019m just so thrilled to share the Turo experience with our future French community.<\/p>\n\n\n\n
Announcement number two is a long-awaited victory \u2014 I couldn\u2019t be happier to share that Turo will launch in New York state on June 27, 2022. A law was recently passed by members of the New York legislature and signed by Governor Hochul that allows peer-to-peer car sharing, so we\u2019re jumping at the opportunity to launch Turo in the Empire State. With this exciting development, Turo becomes the first and only peer-to-peer car sharing marketplace available in all 50 states, adding to our already unrivaled network.<\/p>\n\n\n\n