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Daimler Backs Car-Sharing Startup Under Pressure From Hertz

  • Daimler, SK Holdings lead $92 million funding for Turo
  • Turo faces lobbying battle funded by car-rental incumbents
A Hertz location in Louisville.

A Hertz location in Louisville.

hotographer: Luke Sharrett/Bloomberg

Automotive giant Daimler AG and South Korean conglomerate SK Holdings Co. led a $92 million investment in Turo Inc., a startup that lets people rent out their personal cars. The funding could help the young business withstand incursions from traditional car-rental companies.

More than 4 million people use Turo’s marketplace to swap cars for a daily fee. Owners list their vehicles on the site for renters hunting for a discount or a specific model to drive. Once there’s a match, the users pick a time and meeting place to exchange keys. The San Francisco-based company takes a 25 percent cut of transactions.