Turo CEO Andre Haddad revealed plans to take Turo public in 2021. The company turned its first profitable quarter in Q1 of 2021.
Photo courtesy of Turo.
Peer-to-peer car rental platform Turo has returned to New York following an eight-year absence due to insurance disputes. On June 9, Turo launched its commercial host program in New York. The program allows entrepreneurs, car rental companies, and other fleet owners that provide their own insurance and are registered with the state to place vehicles for rent on the platform.
In May 2013, RelayRides suspended its service in New York after the Department of Financial Services (DFS) cited the company for non-compliance with New York insurance law. In 2014, DFS fined RelayRides $200,000 for false advertising and unlicensed insurance activity, among other violations. Turo has worked out those differences.
“Turo followed the process laid out by DFS and has received a determination that the commercial host business plan they presented is consistent with NY law,” said a Turo spokesperson. “Turo worked with Senator Breslin and Representative Rodriguez to get this bill passed, and the bill is currently waiting for Governor Cuomo to sign it into law.”
Prior to leaving New York in 2013, the state represented around 20% of Turo’s business, Turo said. With this launch, Turo will now be available to guests in all 50 states.
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