Zinger Key Points
- EVs rented on car-sharing app Turo were used in New Year's Day attacks in New Orleans and Las Vegas.
- Turo has planned for an IPO for several years but has yet to go public.
Rentals from peer-to-peer car-sharing company Turo were used in the New Year's Day attacks in both Las Vegas and New Orleans.
Here's a look at how the company is involved and what comes next.
What Happened: Attacks that used vehicles in New Orleans and Las Vegas on Wednesday left at least 16 people dead and dozens more injured.
Peer-to-peer car-sharing company Turo, which is often referred to as the Airbnb of vehicles, issued a statement on the use of Turo rentals in the attacks.
"It is with a heavy heart that we confirm that this morning's horrific attack in New Orleans and this afternoon's Tesla Cybertruck explosion in Las Vegas both involved vehicles rented on Turo. Our thoughts and prayers are with the victims and their families," Turo said in a statement.
Turo said it is working with law enforcement to help the investigations. The company said it does not believe either renter had a "criminal background" that would have flagged them as a security threat. Turo also said there is no evidence at this time that the two attacks are connected.
"We are devastated by these horrible incidents, and remain dedicated to helping the authorities however we can."
In the attack on Bourbon Street in New Orleans, a Ford F-150 Lightning truck was used. In Las Vegas, a Tesla Cybertruck exploded outside the Trump Hotel. Both vehicles are electric pickup trucks.
The owner of the F-150 Lightning recognized his vehicle from news footage of the attack and the license plate, as reported by the New York Times. The truck's owner said he rents out five vehicles on Turo for a secondary income source but plans to stop this practice after the attack.
About Turo: The car-sharing company started in 2009 with venture capital backing, seeking to use a model similar to Airbnb to connect consumers with vehicles that were not being used by their owners.
Unlike traditional car rental companies, users on Turo can often find vehicles located in more convenient spots close to home or work instead of having to go to a car rental retail location. The rates and fees can also be cheaper when using Turo, although this can depend on the prices set by vehicle owners themselves on the app.
A November filing, shared by the New York Times, said around 3.5 million people have used Turo to book a vehicle and around 150,000 people have listed their vehicles for rent on the platform.
In order to use the Turo platform, users have to create an account, have a valid driver's license and payment method. Users also have to be 18 years of age in the United States, which is younger than most car rental companies that set the minimum at 20 or 21. Turo also often checks credit history, auto insurance scores and criminal background history and is able to decline rentals and ban users.
Turo users do not need to have their own car insurance to rent a vehicle, as they can select from three protection plans.
In September, Turo announced a partnership with Uber Technologies UBER. The partnership gives Uber customers the ability to rent vehicles from Turo directly through the Uber app.
Turo is available in the United States, Canada, United Kingdom, France and Australia, according to the company's website.
What's Next: Turo filed paperwork to go public in 2022. It did not go public in 2024 and is one of many companies that mount a 2025 IPO.
Turo is backed by dozens of investors through multiple funding rounds. IAC Inc IAC is among the largest investors in the company, with a $250 million investment made in 2019 at a valuation of $1 billion, helping to make the company the biggest shareholder.
The car-sharing company had revenue of $880 million in 2023, up 18% year-over-year. The company's 2023 profit was $14.7 million, down from $154.7 million in 2022, as reported by Business Insider.
Insurance bought by the renters on Turo for the vehicles used in the Wednesday attacks and the insurance policies owned by the vehicle owners could become a key topic for Turo in connection with potential liability claims.
The issue of approval of vehicle renters and Turo’s background check process are also likely to be in the spotlight.
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Photo via Shutterstock.
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