Turo launched a brand new feature that will allow their users to include add-ons to their rentals, which they have named Extras. While add-ons are nothing new in the car rental industry, not a lot of car sharing services offer add-ons nor quite the range of add-ons Extra allows for. Users have options to upgrade their rental with child safety seats, picnic baskets and coolers to more rare items such as surfboards, bikes, iPads and camping tents.
And since Extras are set by the vehicle owner's host, all the fees are set by them too. Despite the fee, the fees themselves and the convenience can actually save the renter more money than renting from a vendor. "We noticed Turo hosts began bundling services and accessories with the car they are sharing," said Andre Haddad, Turo CEO. "Everything from kayaks and tents, car seats and ski racks and even Radio Flyer Teslas for kids." Extras allows the hosts to offer additional services in a structured way, and guests can easily access them at checkout. "Three days after launch, our hosts listed more than 17,000 extras," said Haddad.
According to Turo, they are the first and only car-sharing company to offer this kind of service. The Extras' fee is set by the host but Turo takes 10 percent of every transaction. Turo raised $92 million in capital in 2018 and currently has 231,000 vehicles listed. They boast a user base of 6 million users. The car rental market is poised to significantly continue growth from roughly $56 billion in 2016 to $124 billion by 2022. Car-sharing rentals has been a huge factor in the changing landscape of the transportation industry. Traditional car rentals have suffered from the new age of mobility but the taxi industry has been diminished due to car-sharing. Peer to peer car rentals makes up majority of the approximately $5 billion car-sharing market which has been forecast to grow to more than $11 billion by 2024