Latest news with #CarOwnershipIndex
Cision Canada
09-07-2025
- Automotive
- Cision Canada
Canadian Car Owners Earn $300 Million Through Turo as Economic Pressures Fuel Car Sharing Français
Turo milestone shows sharing economy has evolved from early adopter trend to mainstream income solution amid rising cost of living. 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.
Cision Canada
01-05-2025
- Automotive
- Cision Canada
Car Ownership becoming a heavier financial burden for Canadians, Turo study finds Français
Rising expenses push more Canadians to seek flexible alternatives such as car sharing, with 87 per cent of car sharing users experiencing positive benefits TORONTO, May 1, 2025 /CNW/ -- The fourth annual C ar Ownership Index, a benchmark study from Turo, the world's leading peer-to-peer car-sharing marketplace, shows Canadians' views on car ownership are evolving from it being a symbol of freedom to becoming a financial burden. The study, conducted in partnership with Leger, found that despite 70 per cent of Canadians saying their monthly car costs are higher than they'd like, 78 per cent of Canadians say it would be impossible for them not to have a car, reflecting how deeply ingrained car ownership is in the country's social and economic fabric. Compared to 2024, car ownership costs have increased 9 per cent, rising from $5,025 to $5,497 annually, forcing more than half (55 per cent) of Canadians to make adjustments to reduce these car-related expenses, and 42 per cent sacrificing their spending in other areas of life because of car ownership. This financial pressure on Canadians is expected to worsen, with proposed tariffs potentially inflating these costs by an additional 25 per cent — forcing many Canadians to reconsider whether they can afford vehicle ownership at all. "With life getting so much more expensive, Canadians are looking for more ways to save on car expenses and supplement the cost of ownership. That's why alternative options like car sharing continue to grow in popularity," said Bassem El-Rahimy, Vice President, Turo. The study finds that a growing number of Canadians are leading the way in adopting alternatives to traditional car ownership. 48 per cent of surveyed Canadian car owners say they'd rather pay for a car only when they need it, given that the average single-owner car (driven by only one person in a household) sits unused for almost 95 per cent of the day (22.5 hours). 41 per cent wish they had better transportation options to avoid needing a car altogether. It's clear from the study's findings that Canadians heavily rely on their cars and don't want to give them up, even with the rising cost of living. This explains why more people are considering car sharing or leasing a vehicle to afford it. 87 per cent of those who have tried car sharing say they would use it again (up 8 per cent in the last 18 months). The main reasons for choosing car sharing include affordability and convenience. Key use cases for car sharing include domestic travel, errands, business trips and international travel. "Car-sharing services like Turo allow owners to earn additional income to supplement their vehicle expenses by simply letting others book their vehicle when it's not in use. We see a dramatic spike in rentals in the summer months, with Turo hosts earning on average more than $3,500. Canadians looking to offset their increased costs of living, should consider listing their cars before the summer to take full advantage of this increased demand. It's a win-win for owners and guests alike who enjoy the convenience and lack of long-term financial commitment that car sharing provides," said El-Rahimy. For more information and to download the full report, visit the Turo website. About the study: The survey was conducted by Leger for Turo in Canada, from December 4th to 14th, 2024. It consisted of a representative sample of 1,500 English and/or French Speaking Canadians 25 years of age or older. Only the official analysis report, from which this press release is inspired, is endorsed by Leger. 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.
