Canadian Car Owners Earn $300 Million Through Turo as Economic Pressures Fuel Car Sharing Français
TORONTO, July 9, 2025 /CNW/ -- Turo, the world's largest car-sharing marketplace, today announced that Canadian car owners have collectively earned over $300 million by sharing their vehicles on the platform since the company launched in Canada in 2016.*
The $300 million in host earnings represents a significant injection into the Canadian economy at a time when rising living costs are pressuring household budgets nationwide. With car ownership costs climbing 9% to an average of $5,497 annually according to Turo's 2025 Car Ownership Index, Canadian car owners are increasingly turning their idle assets into income generators.
"For most Canadians, their cars sit idle 95% of the time, but they don't have to," said Bassem El-Rahimy, Vice President of Turo Canada. "Hosting on Turo is giving everyday Canadians a powerful new way to unlock value from what they already own. Whether it's to cover bills, fund passions, or build a business, more people are realizing that their car can work for them, not the other way around."
Turo sees a broad range of Canadians host their cars on Turo. Many hosts share a single car, earning income when it's not in use, while other hosts have found the platform so lucrative that they have turned it into a full-time business, with some Canadian hosts listing 5 to even 50 vehicles.
Success Stories Reflect Broader Trend
Turo's growth in Canada is being driven by entrepreneurs like Ian Thomas, a Vancouver-based host who turned a single car listing into a thriving fleet of 10 vehicles in just two years.
"I started on Turo as a student, just testing the waters with my personal car," said Thomas. "Canadians were so kind and respectful to my vehicles, and I was surprised by how quickly bookings came in. What started as a small experiment has turned into a real meaningful side business. It's grown faster than I ever expected."
Canadian hosts are earning an average $3,500 during peak summer months, with many using the income to offset rising costs of living, fund education, or build emergency savings.
Domestic Travel Boom is Driving Demand
The milestone comes as Canadians increasingly choose domestic travel options, creating strong demand for unique vehicles in popular destinations. Leger data shows 77% percent of Canadians plan to travel domestically up 8% year-over-year, with car-sharing benefiting from travelers seeking alternatives to traditional rental cars.
"Travelers want authentic experiences, and they want to support local communities," said El-Rahimy. "When you book through Turo, you're not just getting a car – you're putting money directly into a Canadian's pocket, supporting local economies from coast to coast."
Platform Safety and Protection Drive Confidence
This mainstream adoption has been enabled by Turo's comprehensive insurance coverage that addresses both host and guest concerns. Every reservation includes $2 million in liability coverage, with protection plans covering physical damage up to the vehicle's full value, maximum $150,000.
"Trust and safety are foundational to the sharing economy," El-Rahimy noted. "Insurance coverage provided by Economical Insurance and ICBC gives both hosts and guests confidence to participate, which has been crucial to our growth beyond early adopter communities."
Looking Ahead: The Future of Asset Sharing
The company plans to continue expanding across Canada, most recently launching in the Yukon last month. Turo is now available in BC, Alberta, Ontario, Quebec, Nova Scotia, New Brunswick, Newfoundland and Labrador, Prince Edward Island and the Yukon.
*Based on host earnings in Canada from April 2016 to July 2025.
About Turo
Turo is the world's largest car-sharing marketplace, where you can book the perfect car for wherever you're going from a vibrant community of trusted hosts across the US, UK, Canada, Australia, and France. Flying in from afar or looking for a car down the street, searching for a rugged truck or something smooth and swanky, you can skip the rental car counter and choose from an extraordinary, totally unique selection of nearby vehicles shared by local hosts.
Entrepreneurs can take the wheel of their futures by becoming hosts and building car-sharing businesses on Turo, leveraging our established platform to scale their businesses to meet their goals.
With an unwavering mission of putting the world's 1.5 billion cars to better use, Turo unlocks the hidden value in idle and underutilized assets, empowering anyone to get in the driver's seat. Find your drive® — Turo.
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Considered to be non-GAAP or SFMs, which do not have any standardized meaning prescribed by GAAP under IFRS and are, therefore, unlikely to be comparable to similar measures presented by other issuers. For further information, please see the "Non-GAAP and Supplementary Financial Measures" section of this release. 2. AUA is a measure of client assets and is common in the wealth management industry. It represents the market value of client assets that we administer. 3. Calculated as operating expenses divided by gross margin. 4. Calculated as EBITDA divided by revenue. 5. Calculated as fee revenue, trading commissions, and interest on cash, divided by average AUA. 6. Prior periods have been revised to reflect the internal consolidation of certain teams, including two amalgamations in Q2 2025 and two amalgamations in Q1 2025. 7. Calculated as revenue less variable advisor compensation. We use gross margin to measure operating profitability on the revenue that accrues to the Company after making advisor payments that are directly linked to revenue. 8. Operating expenses include employee compensation and benefits; selling, general, and administrative expenses; and any transformation costs and other provisions (none since Q2 2023). 9. Commencing Q1 2025, we updated our free cash flow available for growth and free cash flow calculations. Prior period amounts have been revised to conform with the change. For further information, please see the "Non-GAAP and Supplementary Financial Measures" section of this release. 10. Calculated as current assets less current liabilities. For further information, please see the "Liquidity and Share Capital" section of the Second Quarter 2025 MD&A. Quarterly Results The following table presents selected quarterly financial information for our eight most recently completed financial quarters. 1. Considered to be non-GAAP or SFMs, which do not have any standardized meaning prescribed by GAAP under IFRS and are, therefore, unlikely to be comparable to similar measures presented by other issuers. For further information, please see the "Non-GAAP and Supplementary Financial Measures" section of this release. 2. AUA is a measure of client assets and is common in the wealth management industry. It represents the market value of client assets that we administer. 3. Calculated as operating expenses divided by gross margin. 4. Calculated as EBITDA divided by revenue. 5. Calculated as fee revenue, trading commissions, and interest on cash, divided by average AUA. 6. Prior periods have been revised to reflect the internal consolidation of certain teams, including two amalgamations in Q2 2025, two in Q1 2025, one in Q2 2024, two in Q1 2024, and one team separation in Q1 2024. 7. Calculated as revenue less variable advisor compensation. We use gross margin to measure operating profitability on the revenue that accrues to the Company after making advisor payments that are directly linked to revenue. 8. Operating expenses include employee compensation and benefits; selling, general, and administrative expenses; and any transformation costs and other provisions (none since Q2 2023). 9. Commencing Q1 2025, we updated our free cash flow available for growth and free cash flow calculations. Prior period amounts have been revised to conform with the change. For further information, please see the "Non-GAAP and Supplementary Financial Measures" section of this release. Non-GAAP and Supplementary Financial Measures In addition to GAAP prescribed measures, we use a variety of non-GAAP financial measures, non-GAAP ratios and SFMs to assess our performance. We use these non-GAAP financial measures and SFMs because we believe that they provide useful information to investors regarding our performance and results of operations. Readers are cautioned that non-GAAP financial measures, including non-GAAP ratios, and SFMs often do not have any standardized meaning and, therefore, may not be comparable to similar measures presented by other issuers. Non-GAAP measures are reported in addition to, and should not be considered alternatives to, measures of performance according to IFRS. Adjusted Results Some of our non-GAAP financial measures (including non-GAAP ratios) reflect adjusted results. In periods that we determine adjusting items have a significant impact on a user's assessment of ongoing business performance, we may present adjusted results in addition to reported results by removing these items from the reported results. Management considers the adjusting items to be outside of our core operating performance. We believe that adjusted results can enhance comparability across reporting periods and provide the reader with a better understanding of how management views core performance. Adjusted results are also intended to provide the user with results that have greater consistency and comparability to those of other issuers. All adjusting items affect reported expenses. Adjusting items in this release include the following: Transformation costs and other provisions: charges in connection with the transformation of our business and other matters. These charges encompass a range of transformation initiatives, including refining our ongoing operating model, outsourcing our carrying broker operations, realigning parts of our real estate footprint, and rolling out new strategy across the Company. There have been no transformation costs recorded since Q2 2023. Amortization of acquired intangibles: amortization of intangible assets created on the acquisition of Richardson Wealth. The following items are not included as adjusting items in this release: Balance sheet revaluation adjustments such as mark-to-market adjustments on our share-based compensation (RSUs and DSUs) and FX translation Costs related to our 2024 leadership transition Other one-time expenses or recoveries that we consider to be normal course of business, unless otherwise specified Non-GAAP Financial Measures A non-GAAP financial measure is a financial measure used to depict our historical or expected future financial performance, financial position or cash flow and, with respect to its composition, either excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in our 2024 Annual Financial Statements. A non-GAAP ratio is a financial measure disclosed in the form of a ratio, fraction, percentage, or similar representation and that has a non-GAAP financial measure as one or more of its components. The primary non-GAAP financial measures (including non-GAAP ratios) used in this document are: EBITDA EBITDA is commonly used in the wealth management industry. We believe it provides a more accurate measure of our core operating results and is a commonly used basis for enterprise valuation. EBITDA is used to evaluate core operating performance by adjusting net income/(loss) to exclude: Interest expense, which we record primarily in connection with debt Income tax expense/(recovery) Amortization and depreciation which we record in connection with leases, equipment, and leasehold improvements Amortization related to intangible assets Amortization in connection with investment advisor transition and loan programs. We view these loans as an effective recruiting and retention tool for advisors, the cost of which is assessed by management upfront when the loan is provided rather than over its term. Adjusted EBITDA is defined as EBITDA excluding adjusting items. Adjusted EBITDA margin is a non-GAAP ratio defined as adjusted EBITDA as a percentage of revenue. The table in the "Quarterly Non-GAAP Information" section below reconciles our reported net income/(loss) to EBITDA and adjusted EBITDA. Operating Expenses Operating expenses are defined as total reported expenses less interest, advisor award and loan amortization, amortization and depreciation of premises and equipment, and amortization of intangibles. These are the expenses that factor into the EBITDA calculation discussed above. Operating expense ratio is a non-GAAP ratio defined as operating expenses divided by gross margin. Adjusted operating expenses are defined as operating expenses less adjusting items. Adjusted operating expense ratio is a non-GAAP ratio defined as adjusted operating expenses divided by gross margin. The table in the "Quarterly Non-GAAP Information" section below reconciles our reported total expenses to operating expenses and adjusted operating expenses. Adjusted Net Income Adjusted net income is defined as net income/(loss) from continuing operations less adjusting items. The table in the "Quarterly Non-GAAP Information" section below reconciles our reported net income/(loss) to adjusted net income/(loss). Commissionable Revenue Commissionable revenue includes fee revenue, trading commissions, commission revenue earned in connection with the placement of new issues, and revenue earned on the sale of insurance products. We use commissionable revenue to evaluate advisor compensation paid on that revenue. Net Working Capital Net working capital represents the excess capital available to deploy in operations or growth and is comprised of current assets less current liabilities. We use net working capital to manage our liquidity as well as evaluate the efficiency of our operations. Net working capital is widely used across the wealth management industry and beyond to assess the financial health of entities and associated risks. Current assets include the non-client portion of cash and cash equivalents, securities owned by the Company, the non-client portion of net receivable from brokers, the current portion of employee loans and other receivables, and other assets. Current liabilities include accounts payable and accrued liabilities, the current portion of provisions, and the current portion of lease liabilities. The table in the "Quarterly Non-GAAP Information" section below provides our net working capital calculation. Free Cash Flow Commencing Q1 2025, we updated our free cash flow available for growth and free cash flow calculations to consider cash impacts of non-cash operating items and RF Capital preferred share dividends. Comparative periods have been revised to conform with the current period presentation. Free cash flow available for growth is the cash flow the Company generates from its continuing operations before any investments in growth or transformation initiatives. We use this metric to evaluate the efficiency of our operations and assess the capital available to reinvest in growth activities. It is calculated as cash provided by/(used in) operating activities per the Consolidated Statement of Cash Flows plus adjusting items and net outlays to attract new advisors to the firm, less lease payments, RF Capital preferred share dividends, and maintenance capital expenditures. Free cash flow is the net cash flow that the Company generates from its continuing operations after investments in growth and transformation initiatives. We use free cash flow to evaluate the efficiency of our growth initiatives and assess the capital available after investments in growth. It is calculated as free cash flow available for growth less net outlays to attract new advisors to the firm, capital expenditures on growth initiatives, and adjusting items. The table in the "Quarterly Non-GAAP Information" section below reconciles our reported cash provided by/(used in) operating activities to free cash flow for growth and free cash flow. Supplementary Financial Measures An SFM is a financial measure that is not reported in our financial statements, and is, or is intended to be, reported periodically to represent historical or expected future financial performance, financial position, or cash flows. The Company's key SFMs disclosed in this release include AUA, average AUA per team, recruited assets, and asset yield. Management uses these measures to assess the operational performance of the Company. These measures do not have any definition prescribed under IFRS and do not meet the definition of a non-GAAP measure or non-GAAP ratio and may differ from the methods used by other companies and, therefore, these measures may not be comparable to other companies. The composition and explanation of an SFM is provided in this release where the measure is first disclosed if the SFM's labeling is not sufficiently descriptive. The following table presents select quarterly non-GAAP financial information for our eight most recently completed financial quarters. 2025 2024 2023 ($ thousands, except as otherwise indicated) Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 EBITDA: Net income/(loss) from continuing operations - reported (2,109) (4,112) 1,290 (2,309) 2,714 (1,127) (2,882) (189) Income tax expense/(recovery) 179 811 1,804 1,751 (252) 1,190 713 2,281 Income/(loss) before income taxes - reported (1,930) (3,301) 3,094 (558) 2,462 63 (2,169) 2,092 Interest 3,191 3,322 3,649 3,725 3,413 3,750 3,994 3,527 Advisor award and loan amortization 3,022 3,125 3,211 3,103 2,909 3,161 5,844 4,457 Amortization and depreciation of premises and equipment 2,770 2,694 2,677 2,660 2,749 3,049 3,385 3,414 Amortization of intangibles 3,626 3,626 3,607 3,563 3,537 3,516 3,464 3,442 EBITDA 10,679 9,466 16,238 12,493 15,070 13,539 14,518 16,932 Operating expenses: Total expenses - reported 51,269 58,718 51,979 52,246 51,104 52,705 53,055 49,732 Interest 3,191 3,322 3,649 3,725 3,413 3,750 3,994 3,527 Advisor award and loan amortization 3,022 3,125 3,211 3,103 2,909 3,161 5,844 4,457 Amortization and depreciation of premises and equipment 2,770 2,694 2,677 2,660 2,749 3,049 3,385 3,414 Amortization of intangibles 3,626 3,626 3,607 3,563 3,537 3,516 3,464 3,442 Operating expenses 38,660 45,951 38,835 39,195 38,496 39,229 36,368 34,892 Adjusted net income: Net income/(loss) from continuing operations - reported (2,109) (4,112) 1,290 (2,309) 2,714 (1,127) (2,882) (189) After-tax adjusting items: Transformation costs and other provisions - - - - - - - - Amortization of acquired intangibles 2,398 2,398 2,398 2,398 2,398 2,398 2,399 2,398 Adjusted net income/(loss) 289 (1,714) 3,688 89 5,112 1,271 (483) 2,209 Net income/(loss) per common share from continuing operations: Basic (0.21) (0.33) 0.01 (0.22) 0.11 (0.14) (0.26) (0.10) Diluted (0.21) (0.33) 0.01 (0.22) 0.10 (0.14) (0.26) (0.10) Adjusted net income/(loss) per common share: Basic (0.05) (0.18) 0.17 (0.06) 0.26 0.01 (0.10) 0.09 Diluted (0.05) (0.18) 0.17 (0.06) 0.26 0.01 (0.10) 0.07 Cash flow: Cash provided by/(used in) operating activities 5,517 5,401 14,442 15,977 5,162 (11,826) 2,836 16,624 Add/(less): Advisor loans net of repayments 199 1,820 1,270 6,290 7,088 2,249 13,224 557 Capital expenditures - maintenance (644) (1,995) (1,004) (790) (901) (419) (797) (348) Lease payments (2,174) (2,172) (2,169) (2,196) (2,257) (2,266) (2,041) (2,044) Preferred share dividends (1,073) (1,073) (1,073) (1,073) (1,073) (1,073) (1,073) (1,073) Free cash flow available for growth 1,825 1,981 11,466 18,208 8,019 (13,335) 12,149 13,716 Advisor loans net of repayments (199) (1,820) (1,270) (6,290) (7,088) (2,249) (13,224) (557) Capital expenditures - growth (net of lease inducements) (1,854) (1,969) (465) (115) 928 (82) 936 225 Free cash flow (228) (1,808) 9,731 11,803 1,859 (15,666) (139) 13,384 As at As at June 30, March 31, Increase/ December 31, Increase/ ($ thousands, except as otherwise indicated) 2025 2025 (decrease) 2024 (decrease) Net working capital: Current assets: Cash and cash equivalents (non-client portion) 86,520 86,748 (0 %) 88,556 (2 %) Securities owned 854 820 4 % 1,593 (46 %) Net receivable from brokers (non-client portion) 59,209 60,034 (1 %) 61,125 (3 %) Employee and other loans receivable (current portion) 1,035 1,113 (7 %) 1,244 (17 %) Other assets 17,840 15,156 18 % 14,758 21 % Current liabilities: Accounts payable and accrued liabilities 58,154 60,500 (4 %) 60,261 (3 %) Provisions (current portion) 12,364 12,030 3 % 13,587 (9 %) Lease liabilities (current portion) 5,021 4,676 7 % 4,699 7 % Net working capital 89,919 86,665 4 % 88,729 1 % YTD Non-GAAP Information The following table presents select year-to-date non-GAAP financial information for the current and prior fiscal years. For the six months ended June 30, June 30, ($ thousands, except as otherwise indicated) 2025 $ 2024 EBITDA: Net income/(loss) from continuing operations - reported (6,221) 1,587 Income tax expense/(recovery) 990 938 Income/(loss) before income taxes - reported (5,231) 2,525 Interest 6,512 7,163 Advisor award and loan amortization 6,147 6,070 Amortization and depreciation of premises and equipment 5,464 5,798 Amortization of intangibles 7,252 7,053 EBITDA 20,144 28,609 Operating expenses: Total expenses - reported 109,987 103,809 Interest 6,512 7,163 Advisor award and loan amortization 6,147 6,070 Amortization and depreciation of premises and equipment 5,464 5,798 Amortization of intangibles 7,252 7,053 Operating expenses 84,612 77,725 Adjusted net income: Net income/(loss) from continuing operations - reported (6,221) 1,587 After-tax adjusting items: Transformation costs and other provisions - - Amortization of acquired intangibles 4,796 4,796 Adjusted net income/(loss) (1,425) 6,383 Net income/(loss) per common share from continuing operations: Basic (0.54) (0.04) Diluted (0.54) (0.04) Adjusted net income/(loss) per common share: Basic (0.23) 0.27 Diluted (0.23) 0.27 Cash flow: Cash provided by/(used in) operating activities 10,918 (6,664) Add/(less): Advisor loans net of repayments 2,019 9,337 Capital expenditures - maintenance (2,640) (1,320) Lease payments (4,345) (4,523) Preferred share dividends (2,146) (2,146) Free cash flow available for growth 3,806 (5,316) Advisor loans net of repayments (2,019) (9,337) Capital expenditures - growth (net of lease inducements) (3,823) 846 Free cash flow (2,036) (13,807) About RF Capital Group Inc. RF Capital Group Inc. is a TSX-listed (TSX: RCG) wealth management-focused company. Operating under the Richardson Wealth brand, the Company is one of the largest independent wealth management firms in Canada with $40.4 billion in assets under administration (as of June 30, 2025) and 23 offices across the country. The firm's Advisor teams are focused exclusively on providing strategic wealth advice and innovative investment solutions customized for high net worth or ultra-high net worth families and entrepreneurs. The Company is committed to maintaining exceptional fiduciary standards and has earned certification – determined annually – from the Centre for Fiduciary Excellence for its Separately Managed and Portfolio Management Account platforms. For the seventh year in a row, Richardson Wealth has been certified as a "great place to work" by Great Place to Work®, a global authority on workplace culture. To learn more about the Company, please visit and to view our 2024 annual report and our latest recruiting brochure. SOURCE RF Capital Group Inc.
Winnipeg Free Press
7 minutes ago
- Winnipeg Free Press
Aecon Group reports $7.6M loss in Q2 as backlog hits record
TORONTO – Aecon Group Inc. reported a loss attributable to shareholders of $7.6 million in its latest quarter, compared with a loss of $123.9 million during the second quarter last year. The results amounted to a loss of 12 cents per diluted share in the quarter ended June 30, compared with a loss of $1.99 the year prior. The Toronto-based construction firm says revenue reached $1.3 billion, up 52 per cent on a year-over-year basis. Aecon Group also reported a backlog of $10.7 billion, the largest in the company's history. Chief executive Jean-Louis Servranckx says revenue for 2025 is expected to come in higher than last year, due to a number of factors, including the record backlog. The company says it's also continuing to monitor the potential impact from tariffs on its operations. This report by The Canadian Press was first published July 31, 2025. Companies in this story: (TSX:ARE)
CBC
8 minutes ago
- CBC
Vancouver hires Delta's city manager, 8 days after its former manager's departure
Social Sharing Donny van Dyk, Delta and Pentiction's former city manager who also worked for Enbridge, will take over as Vancouver's city manager, replacing Paul Mochrie, who stepped down eight days ago. The city made the announcement in a news release on Thursday morning. "Donny brings a results-driven mindset and a strong mix of public and private sector experience that will help us deliver real, tangible outcomes for Vancouverites," said Mayor Ken Sim in the news release. The city's statement says the Terrace-born van Dyk will take on "key priorities," namely delivering on the next four-year capital plan. Sim has already signalled he would like to have a zero per cent property tax increase. Passing that budget would come around 10 months before the next municipal election in October 2026. "I look forward to working with Mayor Sim, council, city leadership and the talented City of Vancouver staff team as we deliver on council's agenda for a vibrant and inclusive future for everyone who lives and works in this world-class city," said van Dyk in the release. Van Dyk comes to Vancouver after a two-year stint in Delta as that city's top staffer. He came to Delta from Penticton, where he was also city manager. Outside his decade in municipal governance, Vancouver said van Dyk held senior roles at Enbridge, "where his work spanned Indigenous relations, government affairs and finance." He ran unsuccessfully for the B.C. Liberal Party (B.C. United) in the 2009 general election for the riding of Skeena. Elections B.C.'s political contributions system shows Donald van Dyk contributing $6,645.17 to the party from 2006 to 2017. 'Not bringing politics,' says van Dyk in councillor chat Van Dyk's hiring comes a week after the city announced its previous city manager, Mochrie — who had held the top staff job in Vancouver for four years and various other roles for another 10 — was stepping down. Sim said at the time that the decision was a mutual agreement between himself and Mochrie, but other details of the departure were not made public. Councillors outside of the city's ruling ABC party, which has a majority on council, said they weren't directly involved in discussions around Mochrie's departure or the hiring of van Dyk. They were invited to a closed-door council meeting with less than 24 hours' notice, something where typically two weeks' notice would be given. "By and large, it's very clear that this is the person that the mayor wants in this position and just took the steps with whatever was required to get that done," said former ABC councillor, now Independent, Rebecca Bligh, who could not attend the meeting. "We've got to make sure that politics does not get in the way of progress for our city, and that's what I'm focused on." Coun. Lucy Maloney, with OneCity, said she was also surprised at the quick turnaround between Mochrie's departure and van Dyk's arrival, considering hiring Mochrie was a months-long process involving all of council. "This process doesn't give reasonable people confidence that this person is set up well to act in a non-partisan way as the most senior public servant in the city," she said. Green Party Coun. Pete Fry said he's curious about how van Dyk will reconcile Vancouver's needs to manage a bigger budget, more significant urban problems such as homelessness and the overdose crisis compared to Delta. "Recognizing that Delta is a very different city manager role from the City of Vancouver, significantly different," he said. The night before van Dyk's hire was made public, the new manager called Fry and both Maloney and Bligh. Fry said van Dyk assured him he's first and foremost, a professional civil servant, and he's aware of the sort of potential for political dimension to this conversation. And is not — his own words — he's not bringing politics into this role." Fry said he also spoke with people from within Indigenous communities and environmental groups who have worked with van Dyk in the past, and they commented to Fry that van Dyk was professional and "a good person to work with." Vancouver said van Dyk will begin his tenure at the city on Sept. 8, but did not disclose other details of his employment. In Delta, van Dyk earned $393,496 in remuneration with $7,793 for expenses. Colin Mochrie earned $387,110 last year with the City of Vancouver.
