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.
hotographer: Luke Sharrett/BloombergThis article is for subscribers only.
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.