The first step to keeping your prices competitive is to research the market. Take a look at what other hosts in your area are charging for similar vehicles. This will give you an idea of what the going rate is and help you set your own prices accordingly.

Once you’ve done your research, you can adjust your prices as needed. If you find that you’re charging more than the competition, consider lowering your rates to make them more competitive. On the other hand, if you’re charging less than the competition, you may want to raise your rates to ensure that you’re making a profit. It’s also important to keep an eye on the market and adjust your prices as needed. If you notice that the competition is raising their rates, you may want to follow suit. This will help ensure that you’re staying competitive and maximizing your profits. Finally, it’s important to remember that pricing is just one factor in attracting customers. You should also focus on providing excellent customer service and ensuring that your vehicles are well-maintained. This will help ensure that customers have a positive experience with your service and are more likely to book with you in the future.

Comparing To Competitors

When considering your competition, there are three main areas to consider: pricing, vehicles, and customer service. Pricing is a key factor in attracting customers. Compare the prices of your vehicles to those of other hosts and make adjustments if needed. You should also take into account the type of vehicle you offer, as customers may be more likely to rent from someone with a car that meets their needs. In addition to pricing and vehicles, customer service can make or break a host on Turo. It is important to make sure that you are available to answer questions and provide assistance if needed. You should also be sure to respond quickly to inquiries and keep in contact with your customers throughout the rental period. This will ensure that they have a positive experience and are more likely to rent from you again in the future. Finally, it is important to remember that Turo is a competitive marketplace and hosts must strive to provide the best service possible in order to stand out. Take the time to compare yourself to others in your area and make necessary changes to ensure that you are providing the best possible services for your customers. By doing so, you will be able to attract more customers and increase your success as a host on Turo.

Seeking Out Statistics

Statistics are essential for hosts to stay informed about the progress of their business. Through this data, hosts can identify areas within their business that need improvement and track customer satisfaction. Hosts can also gain insights into the performance of their vehicles and the average rental rates for each car. Monitoring your Turo statistics on the Turo website and Sharelytics.co. Here, hosts can view the total number of bookings they have received, the average nightly rate for each car and the average satisfaction rating of customers. Hosts should also be aware of their cancellation rate as this will help them identify any potential issues they may have with customer service.

In addition to viewing their own statistics, hosts should keep an eye on the performance of other cars on the marketplace. This will allow them to adjust their own prices accordingly and ensure they remain competitive in their local area. Hosts can also use this information to gain insights into what types of vehicles customers are looking for, so they can focus their efforts on ensuring those vehicles are available for rent.

Are you looking for a way to make some extra money? Have you ever considered becoming a Turo host? If you’re not familiar with Turo, it’s a peer-to-peer car rental service that allows people to rent out their cars to others. As a Turo host, you can make some serious money.

The amount of money you can make as a Turo host depends on a few factors, such as the type of car you have, the location of your car, and the demand for your car. Generally speaking, Turo hosts can make anywhere from $200 to $2,000 per month. That’s a pretty wide range, so let’s break it down a bit further. If you have a luxury car, like a BMW or Mercedes, you can expect to make more money than if you had an economy car. Luxury cars tend to be in higher demand and can command higher rental rates. Additionally, the location of your car can also affect how much you make. If your car is located in a popular tourist destination or a city with a lot of business travelers, you’ll likely make more money than if your car was located in a rural area.

Finally, the demand for your car will also play a role in how much money you make. If your car is in high demand, you can charge higher rates and make more money. On the other hand, if your car isn’t in high demand, you may have to lower your rates in order to attract renters. Overall, becoming a Turo host can be a great way to make some extra money. With the right car and the right location, you can easily make hundreds or even thousands of dollars per month.

How much could your car make on Turo?

Turo offers a convenient and secure way to rent out your vehicle. With its flexible rental periods, you can rent out your car for as long as you want or for just a few days at a time. The process is simple: you create a listing on the website, then people can request to rent your car and you can approve or deny their requests. Unlike a traditional car rental company, Turo allows you to set your own prices and keep 85% of the rental cost. That means you get to pocket more of the money your car earns.

In addition, Turo offers 24/7 roadside assistance, insurance coverage and trip protection, so you’re covered in case of any mishaps. All you have to do is maintain your car, so it’s always ready for renters. So how much can you make with Turo? The answer depends on your vehicle and location, of course. But based on industry averages, you can expect to earn anywhere from $30 to $50 per day depending on the type of car you own and the demand in your area. That adds up to hundreds of dollars each month! If you’re looking for a way to make some extra money with your car, Turo is a great option. Not only do you get to keep more of your rental earnings, but you also have the flexibility to rent out your car when it suits you.

Earn Passive Income By Renting Your Car

The first step to renting out your car is to decide which platform you would like to use. There are a number of rental platforms available, each with its own set of rules and regulations. Some platforms are more user-friendly and have better guarantees, while others are more reliable and have more features. You should research each platform carefully to ensure that it fits your needs.

Once you have chosen a platform, you need to make sure that your car is in top shape before you list it for rent. Make sure that you check the brakes, tires, fluids, lights, and other components of your car to ensure that everything is functioning properly. It’s also a good idea to get your car detailed, so it looks its best when potential renters view it.

Once your car is ready to go, you should create a listing on the rental platform you chose. At minimum, you should include photos of your car, its year make and model, and a description of its condition. You should also include any amenities or features that make your car unique.Once you have a listing set up, you will be able to start receiving rental requests. You should carefully review each request and respond quickly. You should also make sure that you are clear about your rental rates and expectations for renters. You can even ask for a deposit before agreeing to a rental, so that you are protected in case of any issues with the car during the rental period. Renting out your car is a great way to generate passive income while helping others get around. With the right approach and platform, you can safely rent out your car and enjoy the additional income that it provides.

Find out more about how Sharelytics can help to grow your car rental business today!

Are you looking for a way to make some extra money? Have you ever considered renting out your car on Turo? Turo is a car-sharing platform that allows people to rent out their cars to others. It's a great way to make some extra money while also helping out those who need a car for a short period of time.

Renting out your car on Turo is easy and can be quite profitable. All you have to do is list your car on the platform and set the rental price. You can also set the rules for renting out your car, such as the minimum rental period and the type of driver you are willing to accept. Once your car is listed, you can start making money. The amount of money you can make on Turo depends on a few factors, such as the type of car you have, the rental price you set, and the demand for your car in your area. Generally speaking, you can expect to make anywhere from $50 to $200 per day. That's a pretty good return on investment! In addition to making money, renting out your car on Turo also has other benefits. For example, you can get free roadside assistance if something goes wrong with your car while it's being rented out. You also get access to a 24/7 customer service team that can help you with any issues that arise. Overall, renting out your car on Turo is a great way to make some extra money while also helping out those who need a car for a short period of time. So if you're looking for a way to make some extra cash, consider listing your car on Turo today!

Car sharing on Turo can be profitable.

For those who are unfamiliar with how Turo works, it's pretty simple: owners rent out their cars to users who need them for a day, a week, or longer. In return for providing their vehicle for a set amount of time, owners receive a fee for their service. The process is easy, secure, and hassle-free.

Pricing for renting and renting out vehicles on Turo is extremely competitive - far cheaper than what you'd pay a traditional rental car company. Plus, since Turo has such a wide variety of vehicles from different owners, customers are sure to find the perfect set of wheels for their needs. For owners, car sharing on Turo can be incredibly profitable. Not only do they get to set their own prices, but they also don't have to worry about maintenance, gas, or insurance costs. Plus, on average, owners make up to $720 per month. And the best part? Getting started on Turo is free! All you have to do is sign up, list your vehicle, and you’re good to go. You can even make money while you’re away on vacation or business trips by having other drivers rent your car while you’re gone.If you’re looking for a way to make some extra money, car sharing on Turo is an excellent option. Not only is it easy and secure, but it offers the potential for financial gain. So why not give it a try?

Discover how much income you could earn on Turo.

As a host on Turo, you decide when and where your car is available for rent. You also decide how much to charge per day. With so much flexibility, Turo gives you the freedom to set your own rates, which means you can control how much income you earn. For customers, they get access to cars at rates they can afford.

Turo takes care of all the details for you. From taking pictures of your car, to creating a listing and handling payments, they make it easy for you to get started. Plus, they have a comprehensive insurance package to ensure your car is covered in the event of any damage.

It's no surprise that Turo has become a popular way of making extra money. According to recent surveys, the average car owner earns around $650 per month by renting out their car. That's an extra $7,800 each year! Some owners even earn up to $2,000 per month with their rental cars.Another great thing about Turo is that the more you rent out your car, the more you can make. The more reviews you get, the higher your ratings, and the more you'll be able to charge for your car. Plus, Turo offers a generous referral program to help you increase your earnings. If you're looking for a way to make some extra cash, then Turo is definitely worth considering. With so much flexibility and potential to earn a substantial income, it's easy to see why so many people have turned to Turo as a way to supplement their income.

With the support of our car rental data tools, you can research competitors and monitor the ever-changing market.

Find out more about how Sharelytics can help to grow your Turo car share business today!

Partnering with Turo in the car-sharing industry is a lucrative venture. According to Statista, the industry's revenue is anticipated to reach US$12,947 million in 2022. While you can make great returns from this business model, you also have to be conscious of taxes.

This is especially necessary when you operate in the US and Canada. According to the USAgov, most of the country's federal income tax returns are due on April 18, 2022. However, if you're from Maine or Massachusetts, you have up to April 19, 2022.

However, filing Federal and State taxes as a Turo host and 1099 contractor can be daunting for first-timers. So, you want to be a little careful to avoid making rookie mistakes. This comprehensive tax guide will show you how to best handle your Turo business taxes.

You Will Likely Owe the IRS Money

According to IRS, income generated from renting your car falls under the category "rent from personal property." Also, the IRS may consider you as a small business, making it mandatory to file Federal taxes when you meet or surpass income levels. But first, you need to have all your Turo income for the tax period consolidated for quick access.

Turo Will Send You a 1099k

According to Turo's terms of service, you'll receive form 1099k for reporting how much income you earned monthly for the tax period. However, this is subject to limitations. First, you need to have earned more than $20,000, and two, you must have made over 200 trips. You may not receive the 1099k form if you don't meet these criteria.

Though you don't meet the criteria, you still have to file your Turo taxes. This is where top-notch bookkeeping skills come to the rescue. So, you need to get it right off the bat in case Turo doesn't send you the form 1099k. Lastly, you should report your earnings for the tax period on schedule C. This applies to sole-proprietors and single-member LLCs.

Save a Lot of Money by Claiming Expenses as Tax Write-Offs

You can deduct all expenses provided you can prove they're business-related. You, therefore, want to keep your receipts safely for a moment like this. That being said, your net profit equals total income minus expenses. This is also your taxable income.

The sure way to keep more profits is to have a smaller taxable income. You can best achieve this by legally taking deductions. So, what deductions can you take from your Turo business? Let's dive into that!

Office deductions

An office is essential for all businesses, whether a start-up or an already established business. The best part is that a car-share business like Turo is flexible, so you can have a home office or one at a business center.

Overall, your choice of office will depend on your scale and personal preference. That said, office operations are deductible business expenses. This includes overheads like rent, stationery, furniture, computers, and utilities, to mention a few.

Car expenses

There are plenty of car expenses you can deduct from your gross income. A typical one includes maintenance costs, which may involve oil changes and parts repairs. You can also consider the relevant city or state registration fees. Lastly, don't forget to deduct lease fees if you operate the car on lease.

Support Staff

You can have a team of support staff depending on how big or small your business is. Of course, this is optional and may only apply if you want the business passive. This way, you can enjoy the fruits of running the business without putting in a lot of effort. So, if you already have employees, it's possible to deduct their wages. Payroll costs are also deductible.

Car Insurance

Car insurance is a necessity in the car-sharing industry. If you're going to rent out your car to strangers, it makes sense to protect it from unexpected damages. The car can be destroyed intentionally and unintentionally. The only way to mitigate the risk is to insure it. The good news is you can deduct car insurance from your gross income when working out your taxable amount.

Turo Fees

Turo is a business, and it should also make profits. Otherwise, they may have to close it down. So, they'll charge you some fee to stay in business. Typical Turo fees include vehicle misrepresentation, host trip cancellation, host no-show, and cleaning violations fees. While these may seem unfair, you don't have to stress over them because you can write them off.

Marketing

Turo may not be proactive in marketing your Turo hosting business. However, that doesn't mean you also sit and hope customers will come your way. Instead, you want to be more proactive by marketing your business far and beyond.

You can run ads on social media or car rental directories. The best part is all marketing and advertising costs are deductible. So, if you haven't considered writing them off before, this would be the time to start.

There are more business deductions like depreciation that you can write off. However, the above will suffice for this guide! Most importantly, you want to consult tax experts like CPAs to advise you on how to handle your Turo host taxes.

File Your Taxes Online to Save Time and Money

There are three ways to file your Turo host taxes. One, you can fill out IRS form 1040 or 1040-SR then send it by mail. Two, you can file your taxes online using tax software to save time and money, and three, you can hire a professional tax preparer.

Filing your taxes by yourself can be a hassle, whether online or mailing IRS form 1040. The process is tedious, and you're likely to make costly rookie mistakes if it's your first time.

Hiring a tax preparer will be your best shot if you don't want the hassle! The best part is, you can still find one online through services like H&R Block and TurboTax. Though they're a little costly, it's worth it in the long run.

Turo is the latest tech startup to file for an initial public offer (IPO). The peer-to-peer carsharing service announced its official IPO in early January, which it has been working on silently and confidentially since August 2021. The Turo IPO news proposed that the company would be selling $100 million worth of stocks, but the figure might rise as the company draws closer to its public debut.

Established in 2010, Turo allows people to rent out their personal cars to individuals who prefer not to hire a car with the traditional car rental agencies. Vehicle owners can use Turo's online service or app to connect with customers. Think of it as Airbnb, only that it caters to the car-rental market.

The transport-centric platform benefits both hosts and customers. It relieves the former of steep vehicle-ownership costs while the latter leverages reduced car rental costs. As of the end of Q3 2021, the company had extended its service to more than 7,500 cities across the globe, with over 14 million active users (including 85,000 hosts) and 160,000 active car listings.

Challenges plaguing the traditional car rental companies, such as high insurance costs, Covid-19-induced rental price increases, and unpopular surcharges, have enabled Turo to expand its market niche in a highly competitive industry. Nonetheless, the exponential growth has come at a price, as detailed in their SEC S-1 documents filed with the US Securities and Exchange Commission.

The Numbers

According to the S-1 filing, the company's net revenue was $149.9 million in 2020, a 6% spike from 2019. Net losses dropped 1.5% from the previous year's $98.6 million, totaling $97.1 million in 2020.  

The carsharing startup attributed its revenue growth to several factors, specifically its proprietary digital tool Turo Risk Score. With the feature, the company can automatically adjust the charges consumers incur to complete a single booking. It also acknowledged the increase in car rental prices by hosts as another catalyst to the growth in revenue.

While revenue increased in 2021, the company also incurred significant losses. Turo's net revenue surged an incredible 207%, with a total gain of $330.5 million by the end of September 2021, up from $107.8 million during the same period in 2020. On the same trend, the company's net loss as of the end of Q3 2021 also increased 150%, a significant increase from $51.7 million net loss in the same period in 2020.

In its S-1 filing, the transportation-focused online service confirmed that increases in daily bookings and gross booking value per day led to the growth in revenue.

From Turo's S-1 financial records, it appeared that the company tried to maximize its resources in 2020 and has extended the practice to this year. Gross spending dove to $95.8 million in 2020 from $133.9 million in 2019.

Turo IPO impact on the industry

A closer look into the SEC S-1 documents, Turo said it's "advancing a new category in the transportation industry." According to the company, peer-to-peer vehicle sharing offers customers a more convenient, cost-effective, environmentally, and socially upright way to access cars for their daily or occasional commutes. The company added that cars form an integral of the supply side and remain the preferred means of transportation across short-, medium-, and long-term trips.

Turo also spoke on how its peer-to-peer carsharing platform stands up to its competitors: ridesharing and car rentals. It contended that ridesharing only serves limited-use cases and is restricted to intra-city commutes. They are relatively costlier when you consider the cost per mile. On the other hand, car rentals, the dominant agencies in airports, have long waiting lines and offer a below-par customer experience.

In contrast, Turo said in its filing: "The new world of mobility is a result of several converging forces, underpinned by replacing car ownership and complementary services that make supply meet demand." The company's carsharing platform is packed with a suite of tools that include in-built messaging, wide-ranging payment gateways, fraud detection, and its patented Turo Risk Score feature. With these tools, the company said it provides risk-free transactions and an enhanced customer experience (CX).

Turo carsharing IPO vs. AirBnB ridesharing IPO

Turo revealed a serviceable addressable market estimated at $146 billion, calculated by monetizing 749 billion miles in long-term trips (longer than 30 miles) current markets. The total addressable market (TAM) is estimated to be worth $230 billion, primarily accredited to its whopping 207% revenue increase by the third quarter of 2021.

The service's vacation-home-sharing equivalent, AirBnB, listed its shares publicly for the first time in early December 2020 with a valuation of $75 billion. Compared to Turo's $230billion TAM, AirBnB estimated its total addressable market at $3.4 trillion, including $1.8 trillion, 210 billion, and $1.4 trillion for short-term, long-term, and experiences stays, respectively.

Like Turo, AirBnB's revenues have been on an upward trend recently. The numbers of "Night and Experiences" bookings on the platform have increased from 186 million in 2017 to 327 million in 2019. Gross bookings increased rapidly from $21 billion to $38 billion over the same period. While the Turo SEC S-1 filing didn't reveal its IPO price, AirBnB sold each share at $68 on its NASDAQ debut, a price that more than doubled in the next day of trade to $146 per share.

A Stock Program to Hosts

As per Turo's IPO filing, the company has reserved up to 5% of the total shares to a selected group of hosts and guests at the original IPO share price.

Still, the host users must meet several requirements to qualify and trade Turo shares. For instance, they must live in the US or the UK and meet the eligibility criteria to be listed as an All-Star Host. Moreover, they must have completed at least one trip as a host between 1 January 2021 and 30 November 2021 with a base five-star rating of 95% on the ridesharing platform.

On the flip side, a guest user can only qualify if they live in the US and have completed a single rental trip within the same period as hosts. They also must satisfy the criteria for the company's Insider Rewards Program.

The Wall Street Journal also covered Turo's announcement to trade its stocks publicly. It highlighted that the company, in its SEC filing, said that the upcoming IPO would include its traded stocks and shares from some of its largest investors.

The bigwig investors include IAC/InterActiveCorp, chaired by Barry Diller, and companies affiliated with August Capital. Even so, Turo clarified that its largest shareholders would continue to be an integral part of the company with significant influence even after the IPO.

How much money can you make with Turo? This is the central question we will be focusing on in this article.

Over the past few years, Turo has transformed the car sharing industry with a centralized marketplace, pairing people with unforgettable cars across the US by utilizing the support of a trusted host network. This network consists of individuals and rental businesses.

By the end of 2024, the North American market for car sharing is projected to exceed $4.8 billion. This is a staggering statistic that provides weight to the idea that car sharing isn’t going away any time soon. This has become the new normal. With the support of marketplaces like Turo, it has never been easier for people to share cars across the US.

The question is, how can you get in on the action? As the market continues to expand, we anticipate that there will be growing demand for trusted hosts on marketplaces like Turo. Those with experience running car rental businesses are going to excel on a sophisticated platform like Turo. At the same time, there’s also plenty of room for newcomers.

In this article, we will be considering how much money you can make with Turo. This will help you to think about whether growing a car rental business on Turo is right for you. While there are many car sharing platforms available, Turo stands out from the crowd for reasons that we will be discussing in our answers to the most commonly asked questions about the platform.

We will be answering the following commonly asked questions:

• How much money can you make with Turo?
• Is Turo a good way to make money?
• Is renting on Turo profitable?
• What cars make the most money on Turo?
• Is Turo cheaper than renting a car?
• Can Turo pay for my car?

After reading this article, if you have any further questions regarding how much money you can make with Turo, please do not hesitate to contact us. At Sharelytics, we are always more than happy to answer any questions you may have. We pride ourselves on building strong relationships with our customers. Without wasting any time, let’s dive straight in!

How much money can you make with Turo?

How much money can you make with Turo? Ultimately, it all depends on what you have to offer. Car rental business owners know that having exceptional vehicles is everything. If you don’t have great products, the chances of success in business are slim. To stand out from the crowd in a growing marketplace, you must present great products to potential customers.

The platform has built its very own Turo Carculator to help calculate how much money you could make by sharing your car on their platform. All you have to do is input the vehicle make and model - along with the location - to receive an estimate on what your car could earn for you. If you’re curious as to how much money you could make with Turo, try out the tool.

Is Turo a good way to make money?

Renting your car on Turo can be an effective way to quickly generate some passive income. Over 350,000 vehicles have been listed on Turo to help hosts offset the cost of car ownership. Rather than leaving your car parked on the drive, you could use a marketplace like Turo and put the vehicle to work. After all, it’s more useful on the road than parked on a drive.

If you have been searching high and low for sustainable passive income opportunities, renting your car on Turo could be the perfect chance to earn some extra cash. While these car sharing marketplaces present exciting opportunities for individuals, they are also equally appealing to those who seek to build scalable car rental businesses within the platform’s infrastructure.

Is renting on Turo profitable?

When you join the Turo community, you are given the choice of becoming a peer-to-peer host or a commercial host. The route you choose to go down will influence how much you make on the platform. Peer-to-peer hosts choose a protection plan made available through Turo, while commercial hosts are expected to provide their own commercial rental insurance.

Regardless of whether you are a peer-to-peer host or a commercial host, you can set your own daily price, discounts, and delivery fees. This level of flexibility can help to increase the profitability of your car renting venture. If you join the platform as a commercial host, you are able to earn either 92.5% (US) or 80% (outside the US) of the trip price.

What cars make the most money on Turo?

The best-performing models on Turo earn over double their estimated monthly payments on average, and can also cover their monthly payment when booked for as little as one week each month. When you compare average earnings and the estimated monthly payment, the best car to share on Turo is the Jeep Wrangler!

The best-performing car models on Turo can earn more than double their estimated monthly payments on average. When booked for just one week each month, there are some car models that can successfully cover their monthly payments. Upon comparing average earnings and the estimated monthly payment, the best car model to share on Turo is the Jeep Wrangler.

Is Turo cheaper than renting a car?

The answer to this question will depend on the person and the use case. You should recognize that everyone’s circumstances are different. Even though Turo never tries to beat traditional rental car prices, it’s certainly shaking up the industry. More people are turning to Turo than ever before. In the eyes of consumers, this car sharing marketplace is clearly providing tremendous value.

Can Turo pay for my car?

If you’re trying to grow a car rental business, Turo could take your venture to the next level with a consistent stream of potential customers. There has never been a better time to start exploring the possibilities of a platform like Turo. With the support of our car rental data tools, you can research competitors and monitor the ever-changing market.

Find out more about how Sharelytics can help to grow your car rental business today!

Rank Tracker is a Sharelytics feature that allows you to monitor your listing rankings over time and chart your performance against your competitors.  Since Turo and Getaround are always experimenting with the search algorithm to drive engagement. A successful Turo/Getaround host should be aware of how that affects their listing's rankings. This feature will make it easy for you to be aware and monitor all of your listings' search result rank. It'll also allow you to quickly spot improvements/declines in your search rank when you change photos/descriptions & pricing of your listing.

To highlight the importance of a listing's search rank, Turo has an official post with 6 ways to improve it:

1. Enable Book Instantly
2. Price reasonably
3. Write a detailed listing description
4. Update your calendar often
5. Increase your daily mileage allowance
6. Use nice listing photos

Once you've setup Rank Tracker, you will see your listing's rank.  If you are in the top 30, congrats you are doing well for yourself!  However, most listings won't be.  And god forbid you see a negative number- that means you are not even listed in the search results!  This is especially common for Getaround listings as they show less than 100 listings in the search page.  The common recourse in such a case is: apply the 6 steps highlighted above, wait a few weeks, if your rank hasn't improved then contact your Turo/Getaround rep and kindly ask, ditto if you include a screenshot of your Rank Tracker graphs to give more validity to your claim.  Hopefully they'll get back to you with tailored feedback on your listing!  

But the reality is no one really knows all factors (and the weight of each factor) that affect the search algorithm except the respective engineering team that built it.  The first and foremost option one should do is identify and be aware of where they are on the search results page.  This will help in qualifying how much visibility are your listings really getting.  Ultimately, most guests are finding you through the search results page- so it is imperative to know where your position is.

One can also setup a more advanced tracker that includes custom search filters by vehicle type, class, year, make, or model.  While we have support for custom filters- we don't recommend setting them up unless you have a specific use case as you may end up tracking position on a very small niche that doesn't get a lot of visibility even if you are ranked first.

So if you got here and are still wondering what does your search rank mean for your vehicle bookings?  Well, the higher your listing search rank will mean more potential traffic will be directed to your listing page.  Up to 50% of search traffic is up for grabs.  And logically, the more targeted search traffic you drive to your listing page, the higher your conversion rate will be for actual bookings!

Setting up Rank Tracker is really easy: just enter your public listing URLs!  Get Started Today >>

Increase your bookings through Benchmarking

Another commonly used feature with Rank Tracker is Benchmark.  It introduces tailored-to-you data that helps hosts and mobility providers answer critical questions about your listings.  Learn more.

Today, we are excited to announce Benchmark, under My Vehicles DealCheck, the next step in our ongoing commitment to delivering car rental and carsharing actionable insights.

Using the My Vehicles DealCheck tool, hosts and mobility providers can now enter their Turo & Getaround listings directly in Sharelytics (simply by using listing's URL) and compare their rental’s performance head to head with a curated set of comparable vehicles.

Benchmarking introduces tailored-to-you data that helps hosts and mobility providers answer the following questions:

How do you identify risks and opportunities within your fleet?  

Are you leaving money on the table?

How much revenue are similar Turo or Getaround listings earning?

How are comparable vehicles found?

Every time you add a vehicle in DealCheck, a set of comparable vehicles will be automatically generated.  The auto-generated set is built using up to 10 active listings that are similar to the subject vehicle.  Sharelytics looks within each vehicle's region and considers listing characteristics such as: year, make, model and more.  This is only made possible due to Sharelytics' massive data trove on every listing.

How to get started with DealCheck

Simply login to your account, enter the My Vehicles tab, and click Add Vehicle to begin.

Welcome to Part 2 of the Sharelytics guide to unlocking the power of the most comprehensive carsharing & car rental data.  Be sure to read Part 1 first.

Booking Rates and Utilization

Everyone fears a rental sitting idle for extended periods of time. Getting as many bookings as possible is the name of the game and Booking Rate (aka Utilization Rate) is the best gauge for projecting the % of days that a rental will be booked.

Booking Rate = Booked Days / Available Days

Although booking rates are important, in isolation it can be a very misleading metric. Many Turo hosts will say, “My rental is doing amazing! It’s almost 100% booked for the next 3 months.” While that is great if you are hosting as a hobby, it’s horrible news if you are running a business. Being more than 50% booked 3 months in advance almost always indicates your rates are too low.

Being more than 50% booked 3 months in advance almost always indicates your rates are too low.

In most cities, there is a large variance between the best and average cars. This can mostly be attributed to how aggressively the cars are being priced.

Finding the right balance between price and occupancy- this is perhaps the biggest challenge and will require a certain amount of trial of error to perfect for each listings. But, Sharelytics provides some great data points to give you a head start.

What now? How this information influences your booking strategy

Every rental car and location is unique, making specific recommendations difficult. But below are a few examples of data-driven strategies used by some of the best and brightest hosts.

Lengthy Trip Discounts
No matter how bad a season may be, there are always a few people looking for a longer trip.  During low season, hosts should set a one-week minimum duration and try to fill as many Sunday to Thursday as possible by offering a large 40%+ weekly discount. Try setting a bargain daily rate for a monthly minimum trip three months in advance, and if nothing materializes, moving to a week minimum trip. Continue to reduce your minimum trip requirement as the dates approach.

Extending Stays
Another option for achieving higher booking rates in the slow season is enticing guests to extend their trip by a day or two. This can be accomplished by reducing rates on Thursdays and Sundays by a significant amount. Many people make the mistake of changing their minimum trip duration to try to achieve this. But this can backfire, as you’ll be removed from the search results for all weekend searches. A better approach is to dramatically drop rates on dates around peak dates. For example, if your rate is $300 for Friday and Saturday, drop Sunday and Thursday to $99 and set your settings to only allow 3 day trips when those dates are included.

The Hold Out
On the opposite side of the spectrum is understanding how to maximize the booking value for high demand dates. When revenue per available vehicle spikes by 400%, your approach should be completely different – as a host, you become the suited not the suitor. You know the inquiries will be flooding in and the bargain hunters are going to be knocking down your door. This strategy requires patience and a tolerance for risk. (Remember, if you are reading this, you are more informed than 95% of car rental operators.) Set your prices extremely high and let others start to take bookings. Use the Demand and Booked rates chart in the Pricing page to see how the going rate and demand are materializing. The goal here is to catch a booking in the last week or two from someone with lots of money and few options.

Revenue — Prospecting and Benchmarking

All the topics we’ve covered up to this point are building blocks of the single most important metric – revenue. Whether you are looking to increase your income on an existing rental or acquire new high performing rentals, the Market Revenue and My Vehicles sections are the places to go to benchmark current rental performance and forecast the earning potential of new investments.

Tip: Read this tutorial to learn how to use Sharelytics DealCheck feature to see how your rental stacks up.  You can also use it for quick vehicle purchase analysis.

Let’s jump into exactly how Sharelytics calculates listing level revenue.

Revenue = Booked Rate (excluding cleaning fees) * Trip Length

Everyday, we ping all listings for a positive delta in trip count and for any new unique bookings.  Our algorithm analyzes every new set of unavailable calendar days to determine whether the dates are a booking or blocked by the owner.  If there are bookings found, we determine the value of each booking using the rates that were available the day before the booking was made.

How does Sharelytics determine what is a booking vs. a blocked day?

For Getaround data, we are able to fetch this directly from the listing's public calendar.  It shows which dates are actual bookings.

For Turo data, we use 'signals' such as trip length, change in trip count, response rates and other indicators to assess likelihood each set of dates to be a booking.  We supplement and update our algorithm continuously with real booking data around the world. While no model is perfect, we’ve tested ours to accurately identify 90% of bookings globally.

Reading the revenue charts

Before you read the revenue charts, a word about percentiles, averages and medians:  Vehicles in the 50th percentile are doing the average revenue.  If your vehicle is doing better than average that means its doing better than atleast 50% of the market.  The median can sometimes be the same or close to the average and sometimes it can be very different.  This is because the average can be skewed by very large or small values.  Therefore, the median is a better measurement to use in revenue because it is always the middle point regardless of outliers.

One of the first questions one should ask on the Revenue page is: where am I on the revenue spectrum?  Using the month's median revenue value you can answer that question.  The answer to that question will also drive what you should do next.  If you are in the 90th percentile- you're doing great and you don't have much work to do.

If you have some work to do, fear not!  Because the graphs below will help you in your next actionable step: trimming the loss units and adding revenue-generating units.  Figuring out what year, make, model works best for you is a market-dependent question- and it is exactly what Sharelytics answers.

Figuring out what vehicle year, make, model works best for you is a market-dependent question- and it is exactly what Sharelytics answers.

Below we can see the Revenue by Vehicle Make outlined with the top makes by revenue in the last 6 months.  Vehicle Make: ✅ you can use similar graphs to drill down on the model and year.

Tip: Looking to snag even more income from your existing fleet? Read this post to learn how to use Sharelytics to pick the best Turo extras.

Historical market revenue

Here you can view the total estimated revenue generated by all Turo and Getaround listed vehicles. The Historic Market Revenue chart was created to show overall car rental growth.

Additional Guides & Support

As always if you have any questions or specific requests, the Sharelytics team is available to help.  We try to have multiple sources of help: this blog, the knowledgebase, live chat and email support.

Welcome to Sharelytics! This is your guide to unlock the power of the most comprehensive carsharing & car rental data. Sharelytics features over twenty-five metrics, such as the number of rentals, listing growth, and utilization. Listing-level and aggregate information is available by city. The metrics are organized in a page fashion (pages are navigable on the left side of the app), and are updated on a daily, weekly or monthly basis:

• Forward-looking demand data, on the Seasonality Page, are updated daily
• Listing data is pinged weekly
• Key performance indicators, such as Average Daily Rate (ADR), Booking (utilization) Rates, and Revenue, are displayed in the app for the last full calendar month and are updated monthly

This guide is Part 1 of a 2-Part series of posts.  Part 2 will be posted in the near future.

Sharelytics data is available via paid subscription, however, there are many valuable charts in the Market Overview Page that are freely available to anyone who creates an account. Users are welcome to explore over 500,000 listings in over 10,000 markets worldwide within Sharelytics.

Market Grades — A Global Perspective of Your Market

Every city is given a Market Grade from A to D to indicate the current performance of that car rental market as compared to the biggest 2,000 markets around the world.  The grade is calculated by looking at two different metrics: rental demand and revenue growth.  Here’s a quick look at the logic for each metric:

Rental Demand
How often have car rentals been booked over the course of the last year?
We combine the last twelve months of bookings with listing growth rates to make sure that while the market is growing, cars are still achieving high booking rates.

Revenue Growth
Are cars making more money this month than they did in the same month last year?
We isolate cars that have been listed on Turo and/or Getaround at least six months and see if on average they made more this year than they did last year.

Reading Smart Number Cards

Above we see an example of a Smart Number card.  These cards are used across various pages to highlight key performance indicators.  In the case above, we see the Average Revenue: $505 indicates the average revenue for the market last month.  $607 is the average revenue for the month previous to the last month.  16.8% indicates there was a relative percentage decline over the 2 month period.

Navigating the map

The Market Map page makes the ideal place to navigate the area and look at comparable cars. Use the icons in the top of the map to filter cars by class: super deluxe, deluxe or standard, and isolate your relevant comparables. Click the vehicle title to view the listing directly on Turo or Getaround.

If you operate in a large market with thousands of rentals, make sure to subscribe to the Pro plan to view all data. We limit the number of results on the map to 1000 to make the app load quicker.

The icons in the map are dynamically sized based on the Average Daily Rate (ADR) for the listing in the last 30 days. When you use the map filters, visible icons will auto adjust on the map. Additionally, helpful icons let you know whether each rental is listed on Turo, Getaround, or both. The Market Map is great for easily identifying the highest performing rentals of any size based on location.

Implementing a Competitive Pricing Strategy

Effective pricing is the single biggest challenge facing hosts and mobility providers today. The sheer quantity of rental cars, the ebb and flow of travel demand, and the shortening booking window have left even the most seasoned pros scratching their heads.

In this section, you’ll learn the in’s and out’s of how to use the Sharelytics to make smarter pricing decisions.

Forward-looking trends

One of Sharelytics' most influential aspects is the ability to see future demand for a market. Because no two months or seasons look exactly the same, being able to see future booking activity can help hosts and fleet managers spot and intercept risks and opportunities with enough time to adjust pricing and beat out competition.

Heads up: We'll be posting a deep-dive in the near future about using forward-looking data to optimize pricing.

Here are two scenarios to watch out for, regarding forward-looking data:

Booked rate is lower than the available rate
Sometimes, the rate at which people are actually booking skews lower than the rate all remaining available rentals are advertising. This is normal. However, if the gap begins widening as the date draws nearer, it’s a signal to lower your rate, or risk not being booked for the date.

However, if the gap begins widening as the date draws nearer, it’s a signal to lower your rate, or risk not being booked for the date.

High demand holidays, like the July the 4th, usually see an increase in supply from first-time hosts who are looking to cash-in on the event. A few days before an event, the median available rate was $117 while the median booked rate was $90. Had the novice hosts known this, they could have lowered their rates and made atleast $90. Instead, many made $0.

Demand score is increasing ahead of a specific date
The calendars on the Seasonality page are updated on a daily basis, which allow users to monitor changes in demand as future dates approach. If you notice specific days in the future turning to shades of green (indicating increasing demand), it’s a sign that you can begin increasing your rate without decreasing your chances of getting booked.

Historical trends in Average Daily Rate (ADR)

The carsharing market has been growing at a rapid pace, as an increasing number of new and eager hosts are looking to make a side income.

The sudden addition of often hundreds of new rentals has left many hosts scratching their heads, wondering if their past pricing strategies are still effective in this new, volatile environment. One of the first questions fleet managers often ask is: “What effect has more car rentals had on my ability to price?”

We attempt to answer the basics of this supply and demand conundrum in the Average Daily Rate (ADR) chart. By overlaying the number of booked cars (supply) with ADR (demand) there are three conclusions that can be made.

Demand is outpacing supply
This is the best case scenario. While there are more listings than a year ago, ADR is still on the rise.  You can see an example of this in the graph above.  The red arrows point to sudden surges in demand.  Reading from the left, the first surge is an example of hosts failing to react to the surge and prices did not increase the next day.  The second arrow is better but not quick enough.  The last two arrows are great examples of hosts reacting to sudden demand spikes and increasing their prices.

Supply and demand equilibrium
In this case, ADR is remaining relatively flat year over year, and the delicate dance of demand and supply are moving harmoniously over time.

Supply is outpacing demand
A surge in car rentals is having a material impact on the ability of hosts to charge the same rates they have historically. If this is the case, it is more important than ever to develop a proper pricing and marketing strategy.

Painting the complete pricing picture

ADR is the average daily rate that a vehicle is being booked for (excluding fees). While the average is a good enough metric for the traditional car rental industry, carsharing is extremely diverse in quality and pricing sophistication so a more comprehensive picture is needed to understand what is driving the changes in the average daily rate.

The best visualization to dig deeper into the range of values that are driving the average daily rate is called a box and whisker chart. This chart displays an array of ADR quartiles that help you understand the distribution of trends over time.  Watch this video to learn more about box and whisker charts.

Stay tuned for Part 2 of this 2-part series guide.

Our Commitment

We are committed to providing our customers with the most comprehensive carsharing and car rental data and the most actionable insights to optimize your pricing, find lucrative vehicles, and manage your listing portfolios.

As always if you have any questions or specific requests, the Sharelytics team is available to help.  We try to have multiple sources of help: this blog, the knowledgebase, live chat and email support.

Carsharing platform usage has exploded over recent years as the world moves towards shared mobility. Our mission is to observe and inform on carsharing usage trends so that hosts and mobility professionals can succeed. To that end, we are tracking 500,000+ listings running on various carsharing platforms.

Data is updated bi-weekly

Just as being a professional runner requires training shoes and a proper watch, being a Turo host requires some basic gear as well which will make your life as a host a little easier.

Key Vaults

This is a helpful and an essential tool which will secure your keys for quick access on the existing hitch you may have on your car.

The WordLock key vault can be mounted to your car handle. This lock box does not use numbers but 4 lettered words to secure your keys.

GPS Trackers

A GPS tracker will give you a peace of mind having the knowledge to know where your car is in realtime and if anything happens like a car accident.  The driving data is synced to your phone through an adapter and you can track your car via the app.  It is especially helpful to have the geofencing feature on with alerts.

Automatic Pro
Zubie
Vyncs

OBD-II Reader

The OBD scanner allows you to track your car diagnostics. It works on all cars from 1996 and onwards. You can read & clear your Check Engine Light (CEL) & check your vehicle monitors such as O2 Sensors, Fuel Trim, Air Fuel Ratio, DPF Temp, Coolant Temp, Oil Temp, Fuel Pressure and more! However, the Bluetooth feature for this only works with android and windows devices.

Vacuum & Microfiber Cleaning Cloths

A portable and lightweight vacuum is good to have to be able to clean your car between rentals especially if its an easy job such as vacuuming pet hair or food crumbs. Then using the microfiber cloth to wipe down surfaces.

A Proper Phone Mount

A phone mount will make your life easier by being able to just hook your phone to be able to use your phone’s GPS hassle-free and hands free. It’s not only nice to have but a safety feature as well so you can have your eyes on the road at all times.

Odor Eliminator

For those tough to remove and horrible odors, an odor eliminator/freshener comes in handy.

Let's start with the example market above: Miami, FL.  Right away we learn: who is traveling to Miami?  What time of the year are they coming?  What cities are they coming from?

So you can see here that 26% of people coming to Miami are international.  47% are coming from within the U.S.  That's important because oftentimes hosts are thinking about; Should they be able to accommodate different languages?  Should they be putting different languages in their listing?  Should they accommodate different types of travelers?

In Miami, currently not really but we can see the previous month it may of been a factor we would consider at 32% international.

So you have a domestic traveler, and you should be thinking about the top markets where your people are coming from.  New York, Los Angeles and Miami itself are your top markets.  If you are doing any sort of marketing campaign, thinking about geo-targeting these people through social media, through AdWords, is a really smart idea.

You can also see where people live in social media.  You can see that seventy three percent of people traveling to Miami have a Facebook profile.  So that's going to be your best bet for getting people on social media.

Extras, Badges, Features- these are all amenities and they are one of the few places that you can invest in your car to really make it stand out on Turo and Getaround.  We will use the term Extras in this article interchangeably as a catchall to mean these amenities.

I like to think of Extras in the 80-20 rule (the Pareto Principle).  If eighty percent of the cars have an extra, you should get that extra.  Common extras that fit this bill are: USB input, Bluetooth, Audio input, Heated seats.

If only less than twenty percent of people have an extra then it's something that you should really think about investing in because it could really differentiate your car from everybody else.

So here's an example, in Miami, FL these are some extras and their usage as a percentage of the active rentals in the market:

Sunroof - 30%
Post-trip cleaning - 21%
Prepaid Fuel - 15%
Child seat- 15%

If you can invest in some of these, it could be a great investment that's going to pay dividends down the line.

There is also the rare and unique Extra that (when well timed) can create an exceptional guest experience.  This is really dependent on time/weather/season and location.  Some examples we've seen are:

Cooler
Camping gear (tent, sleeping bag, chair, supplies)
Beach gear (surf board, ball, towel)
Stroller
Bike racks
Portable speaker

Some of these, you may already have in your home.  So why not list it and earn more?  If you don't already have them then you'll need to survey your market and do a cost-benefit analysis.  Focus on the 80-20 rule above all else.

Customers frequently ask, "What cities are the best place to start a new car rental?" Every city has it's pro's and con's; regulation, seasonality, cost of ownership and so on. We thought we'd let the performance of the best cars speak for themselves. 2,000 of the nearly 63,000 active Turo listings in North America made the list.

The interactive map below shows where the top 3% of Turo cars in North America are located. We filtered every single Turo listing to identify only those that had more than 20 reviews and achieved the highest number of booked trips in the year 2018 and first quarter of 2019.

Zoom into the map and hover over individual properties to view  their reviews, revenue, average daily rate and number of  bookings.

Some obvious cities had the largest number of high performing listings. Los Angeles had 283 listings make the grade and San Francisco came in at a distant 2nd place with 100 vehicles. Here is the list of the 25 Turo cities with largest number of successful listings.

While many known Turo hotspots were at the top of the list due to the sheer number of total listings, looking at the ratio of top cars to total cars reveals some interesting insights.  Houston, Montreal and Orlando, which are generally considered great car rental markets, had 3% or less of all top vehicles  throughout the year while temperate California cities outperform the rest of country.

Standard class cars seemed to dominate the list with 1653 of the 2000 of the top listings. This would indicate that Standard cars are able to see more consistent bookings year round.  Here is the breakdown of the  number of listings that qualified based on vehicle class and vehicle type.

Further drilling down the top 2000 performing cars on Turo, we can look at the manufacturer/make of the cars.  Surprisingly, Tesla takes the cake by quite a margin.  Chevrolet beats out Toyota which is also unexpected in the daily driver rental category but its likely due the many Corvettes in the market.  For those looking to invest in a new car to rent out, this list should help you decide on top performing makes (though we recommend also looking at your local city data).

For those of you interested in what specific cars are making the big bucks,  below are the 25 cars that earned the most income on Turo.  Surprisingly, while there are over 1,000 listings on Turo that  charge over $1000 per day, none of them were able to achieve high enough booking rates to make the cut. The most that any single listing  was able to charge throughout the year was $995, with an average of  $550 for the Top 10.

Want to get the skinny on how the best Turo cars in your city are faring?

Input your city into Sharelytics and see how you too can make a killing renting out your car on Turo.