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Turovs. Getaround 4 SAN FRANCISCO BUSINESS TIMES LATEST MODEL S.F.-based P2P car-share companies like Andre Haddad’s Turo are rolling into the rental-car market — and toward a collision with the industry’s giants BY HANNAH NORMAN [email protected] Andre Haddad at home with his Tesla Model X — one of six personal vehicles he rents out on the Turo platform. BY THE NUMBERS USERS FUNDING EMPLOYEES 10 MILLION $216 MILLION 260 Last year: 4.9 million Total capital raised to date Up from 180 employees at TURO VS. members the beginning of 2018 — and 30 more job openings listed across its ofices 1 MILLION $400 MILLION 180 GETAROUND Last year: Almost Total capital raised to date Up from 84 at the beginning of 500,000 2018. It has 90 open jobs listed San Francisco’s two main P2P players on its website worldwide are growing rapidly SOURCE: TURO, GETAROUND, PITCHBOOK DECEMBER 7, 2018 5 COVER STORY he three-car garage attached to Andre Haddad’s Hillsborough res- idence houses his prized trio of sports cars, including a 2015 red Porsche convertible. A small fleet of Teslas sits in the driveway. A self-proclaimed car fanatic, Haddad lists all six vehicles for rent on Turo, the car-sharing startup he runs. Fast-growing Turo and a small group of competitors like Getar- ound are attempting to eat into the trillion-dollar market for car ownership and rentals, using an approach similar to Airbnb’s: Car hosts can list their vehicles for rent on the companies’ website and app. Users rent the cars directly from owners, with the company taking a cut (generally about 20 percent for Turo). Behind the business is the reality that the U.S. is home to almost 300 million cars, the vast majority of which sit idle more than 90 percent of the time. Meanwhile, Americans — millennials in par- ticular — are less married to owning cars than in generations prior, according to a recent Cox Automotive report. “It’s such a huge opportunity we’re pursuing,” said Haddad, a former eBay executive. “A whole new travel experience.” San Francisco-based Turo has 10 keep up with the demand, reaching million users and 350,000 cars list- a headcount of 260 as of last month, ed. About six million rental days have up from 180 employees at the begin- Tbeen booked on the app since its ning of 2018 — and it has 30 more job founding in 2012, according to Hadd- openings listed across its offices. ad.Te company was last valued at Getaround, too, has more than $734 million, according to PitchBook, doubled its headcount this year with funding bagged from industry to a 180 globally as it beefs up the giants like automaker Daimler, and is availability of its services in cities the biggest player in the once niche, worldwide. peer-to-peer (P2P) car sharing indus- While San Francisco-based Getar- try. Turo has received $216 million in ound offers car rentals for any length funding to date. It has also forged a of time, by the hour or by the week, partnership with Liberty Mutual that Turo focuses on renting cars by the provides up to $1 million in collision day or longer. One new perk the plat- and liability insurance covering the form released is Turo Extras — a pro- renter and the owner. gram that allows car hosts to offer up But beyond their explosive growth other additional rentable items such and swelling user communities, P2P as skis or camping equipment. car-sharing companies are following Getaround founder and CEO Airbnb’s footsteps in an unintended Sam Zaid also uses his company’s way as well: Tey are facing regulato- car sharing platform, though with ry blowback from cities and legisla- a slightly different method, having tive restrictions pushed by car-rental never owned a car since he moved to companies that have the potential to San Francisco a decade ago. He sees sharply curb their growth. the industry’s mission as taking cars off the road by offering an alternative Rapid growth to owning one. P2P car companies have been able to “I’ve been able to live car-free springboard off the already sturdy car in this city,” Zaid told the Business sharing industry that exists from Zip- Times. car, Car2go and the like that operate Boosted by a recent $300 million in cities across the globe, said Susan funding round led by Japanese invest- Shaheen, a professor at UC Berkeley ment giant SoftBank, Getaround is TODD JOHNSON and co-director of the Transportation quickly expanding across the U.S. Sustainability Research Center. as well as worldwide — fine-tuning What gives P2P such high growth its offering for both hosts and rent- potential is that, unlike other car ers along the way. Getaround oper- sharing options, these companies ates a car-unlocking technology that have relatively low costs because they means hosts and users don’t have to don’t need to buy, store and maintain meet up, a service that Turo started ‘It’s such a huge opportunity a fleet of vehicles, Shaheen said. offering last month as well. P2P’s growth trajectory has indeed Getaround hopes to build off its been impressive. In a recent UC Berke- partnerships with Toyota and Uber, we’re pursuing — a whole new ley report, Shaheen estimated that by among others, as it takes a broader January 2017, just under 3 million based approach to carsharing than travel experience.’ individuals in North America had Turo. Along with its P2P offering, participated in P2P offerings from six Getaround operates a small fleet of ANDRE HADDAD, CEO, Turo companies, sharing 131,336 vehicles. rental cars stationed throughout San Less than two years later, Turo alone Francisco thanks to a 2016 acquisi- more than doubled those numbers, tion of City CarShare. In October, and new players like General Motors’ the company inked a 10-year office Maven have entered the P2P scene. Turo is hiring at a rapid pace to CONTINUED ON PAGE 6 6 SAN FRANCISCO BUSINESS TIMES COVER STORY Cities, car rental firms want P2P to pull over CONTINUED FROM PAGE 5 deal for 55,000 square feet on San Fran- cisco’s north waterfront to house its headquarters. “We’ve outgrown this office, that’s why we’re moving into a much larger space,” Zaid said of the company’s cur- rent Mid-Market headquarters. Two years ago, GM launched its own car-sharing division to take advantage of the millions of GM cars already on the road. Since then, the automotive behe- moth’s subsidiary Maven has swelled to 200,000 members, and this fall it rolled out a P2P offering in San Francisco and nine other cities. “On the one hand, it’s a lot of vali- dation when GM gives these options,” Zaid said. “On the other hand, we need to sharpen our own offering.” ‘If you’re going to play in Sam Zaid, CEO this market, you have of Getaround to play by these rules. SFBT 2017 PHOTO / TODD JOHNSON If (P2P’s) growth is essentially breaking the its biggest foe. Enterprise contributed $500,000 so far this year to U.S. lobbying P2P’S GROWING, BUT law, then that’s not fair.’ efforts, the most of any rental car compa- STILL SMALL PART OF ny, according to the Center for Respon- GREGORY SCOTT, Spokesperson, American Car Rental Association sive Politics. CAR-SHARE MARKET “Bottom line: Enterprise wants to 24.24% 26.70% Free-floating use their extensive political connec- Unlike P2P platforms, station- P2P tions to stifle innovation, kill individu- based and free-floating car-share businesses own and operate a Push back al economic empowerment and elimi- fleet of vehicles — either rented Not all states and cities — or the rent- nate consumer choice,” Webb wrote in out from fixed locations or al-car industry — are keen to welcome an email. tracked via mobile app for users these platforms. Te P2P car sharing Jeff Wilder, vice president and gener- to find the closest car. 49.06% industry is outlawed entirely in New al manager of Enterprise Holdings, said Station-based York state, and well over a dozen pro - in a statement that these P2P companies posed bills and ongoing lawsuits have “should join us and work together to popped up nationwide this year alone. ensure greater consistency, fairness and SOURCE: GLOBAL MARKET INSIGHTS A chief critic is the American Car Rent- safety on behalf of the entire industry.” al Association, with members ranging And the rental car industry is not from global industry leaders like Enter- the only party worried that P2P plat- prise Rent-A-Car and Hertz to mom-and- forms aren’t playing fair. Te city of pop rental car shops. Te trade group says San Francisco is currently suing Turo WHAT P2P CAR RENTAL COSTS that companies like Turo are renting cars for operating at San Francisco Interna- P2P companies ofer prices that are both lower and higher for profit, so they should be subject to the tional Airport without permits or pay- than rental-car companies. same taxes and regulations. ment of concession fees, with a trial “ACRA members say that if you’re date set for October 2019; Turo prompt- going to play in this market, you have to ly countersued. play by these rules,” said ACRA spokes- In its lawsuit, San Francisco argues $20/DAY person Gregory Scott. “If the growth is that Turo should not be immune from 2001 TOYOTA CAMRY essentially breaking the law, then that’s SFO’s fee requirements and other rules Cheapest rental listed not fair.” because it’s a web-based platform.
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