Turo is a peer-to-peer car rental platform that has been seeing quite a bit of growth in recent years. Therefore, it’s not too surprising that many people are wondering how to invest in Turo.
In this article, we’ll answer the most common questions users have about Turo stock, including the Turo stock symbol and the Turo stock price. Of course, we’ll also provide you with information about Turo’s IPO plans.
Turo is a company that provides an alternative to traditional car rental services. On Turo, users can sign up and rent out their own car directly to other users. The United States-based company was founded in 2010 under the name RelayRides, but rebranded to its current name Turo in 2015. In 2019, Turo achieved a valuation of over $1 billion when IAC Inc. invested $250 million in the company.
The peer-to-peer setup of Turo’s platform is why it’s sometimes referred to as “the Airbnb of cars”. Users who are looking to rent a car can filter their search on the Turo platform by the car’s brand, model and location to find the perfect match. After finding a suitable car, users send out a request which is then approved or rejected by the car owner.
If the request is approved, the owner and renter arrange a pickup. Typically, the car owner places the keys in a lockbox located near the car that can be unlocked by a code provided by the Turo app. The average cost of renting a car on the Turo platform is around $50 per day.
Turo provides a useful alternative to traditional car rental companies and can be a cost-effective option for travelers or individuals looking to access a wide variety of vehicles. However, it's essential for users to understand and comply with Turo's policies and local regulations when renting or listing a car.
How to invest in Turo?
Technically, it’s possible to buy Turo stock before the IPO. There are certain platforms that give investors access to investing in private startups before they go public with an IPO. However, such platforms are typically only available to accredited investors, and not retail investors.
For example, EquityBee allows accredited investors to purchase equity from startup employees. Offers for buying Turo stock might also occasionally show up on other platforms such as Forge.
An indirect way to get exposure to Turo is by investing in IAC Inc., an American holding company that is the biggest shareholder of Turo with a 27% stake.
If you are a retail investor and you would like to invest in Turo directly, your best bet is to simply wait until the Turo IPO.
Will there be a Turo IPO?
Yes, it seems very likely that there will be a Turo IPO. In fact, the company already filed for an IPO in 2022, but ultimately shelved the plans due to poor market conditions. However, reports were published in September of 2023 claiming that Turo has restarted its plans to go public and was preparing to pitch its IPO to investors as early as October 2023.
According to the report, we could see the Turo IPO already in the fall of 2023, but this could change depending on market conditions. The company is reportedly keeping an eye on how recent IPOs are being received by the market.
So far, Turo has raised slightly over $500 million in investments and was most recently valued at $1.2 billion. In 2022, Turo saw $746.6 million in revenue, compared to $469 million in 2021.
It’s interesting to note that Getaround, a car-sharing platform that’s a competitor to Turo, saw a complete meltdown in the price of its shares after going public through a SPAC merger. After the merger was completed, the share price tanked from $10.02 to $0.65 in a little over a month. At the time of writing, Getaround stock is trading at a measly $0.27 and is potentially in danger of being delisted from the New York Stock Exchange.
How to invest in Turo FAQs
Is Turo on the stock market?
Turo is not on the stock market yet. The company did file for an IPO on the NYSE stock exchange in 2022, but the plans to go public were later shelved. As of October 2023, there are reports that Turo has restarted its plans to go public.
What is the Turo stock symbol?
Turo is not yet a publicly traded company, so its stock technically has no symbol yet. However, Turo does have plans to go public, and will likely be listed under the TURO stock symbol once it goes forward with its initial public offering.
What is the Turo stock price?
Currently, there is no Turo stock price as the company is not traded publicly. Turo is currently a private company, and its last known valuation was $1.2 billion (2019).
The bottom line — Turo is not yet publicly traded, but there are some avenues to invest in it
Turo has been a private company since it first launched in 2010, but there are indications that it plans to go public very soon.
Investors who don’t want to wait until the Turo IPO to invest in the company can do so through various private equity investment platforms such as EquityBee and Forge, but such platforms are usually only accessible to accredited investors and the availability of specific private shares can fluctuate. An avenue to get some indirect exposure to Turo is to invest in AIC, a holding company that owns a 27% stake in Turo.
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