Weekly News Wrap Up
Each week we’ll bring you the latest news, information and updates from across the carshare industry. Here’s this week’s news.
The Great Hawaii Rental Car Crisis: Is It Ever Going To End?
A dire rental car shortage is forcing some would-be Hawaii visitors to cancel their trips — or empty their wallets. The root of the problem is two-fold. When the pandemic hit and Hawaii imposed the nation’s strictest travel rules, car rental companies like Hertz and Budget started to sell off portions of their fleet and ship some of their inventory to the U.S. mainland, where they could still make money. (Read More)
HyreCar Renews Insurance Program with Lloyd's Apollo Insurance Syndicate until 2023
HyreCar Inc. (NASDAQ: HYRE), the carsharing marketplace for ridesharing and delivery, announced that it has renewed its Automobile Liability Insurance Program with Apollo 1969 of Lloyd’s until 2023 at our current rates, providing stable predictable insurance pricing for the next two years. “HyreCar has developed an enhanced risk tiering model at the most granular level available today. We use driving efficiency and safety data as a key component in our dynamic pricing model that helps ensure we rent to the right drivers and reduce the cost of insurance at the same time. (Read More)
Gig Economy Market May See a Big Move By 2026
The latest version of the 2020 market study on Gig Economy Market comprising 124 with market data Tables, Charts, Graphs, and Figures which are easy to understand with showcased in-depth analysis. The Coronavirus Pandemic (COVID-19) has affected every aspect of life worldwide. This has led to several changes in market conditions. The report covers the rapidly changing market scenario and the initial and future impact assessments. (Read More)
16 Questions for Getaround
Getaround, which operates in over 800 cities globally, reports it has seen nearly 80% growth in its geographic footprint over the past year and has launched in 26 new cities in the first quarter alone. Power Host fleet sizes have grown too, from an average of eight cars last year to 12 cars this year. (Read More)
Would you rent a car from a stranger? With rental prices sky high, car-sharing companies get a boost
A Memorial Day trip to hike and bike at Mississippi Palisades State Park seemed like an easy pandemic getaway — until Autumn Wolfer tried to book a rental car to drive there. Including insurance, some rental car companies wanted as much as $900, she said. So Wolfer, 43, of Chicago, checked out Turo, a car-sharing company that lets people rent from individuals rather than companies like Hertz and Avis. Renting a 2020 Chevrolet Equinox cost just $250, she said. (Read More)
Platform Policy Changes
Turo will now consider removing retaliatory reviews.
One of the most frustrating things about hosting a vehicle on Turo is receiving bad reviews simply because you requested reimbursement from the guest. After much prodding from hosts, Turo has now amended their review policy and will consider removing reviews that they can verify were retaliatory for a reimbursement request. (Read More)
Have You Heard About The 2022 Carshare Conference at Sea?
Join us aboard the Carnival Mardi Gras for a 7-day cruise of the Western Caribbean while learning from the Turo legends and representatives from Turo. Check out the details here!
Are you a new or aspiring Turo host and want to make sure you get off to a great start? Sign up for a one-hour Coaching Call here.
Last Week’s Roundup
Texas Legislature, Prompted by Enterprise, Threatens Turo Hosts
According to an email distributed by Turo, the Texas state legislature is considering a bill (HB 2415) that would threaten the ability of Turo hosts to share their cars in Texas. The bill defines individual Turo host as rental car companies and would inflict unfair taxes on each trip. This bill is being pushed by Enterprise Rent-a-Car with claims of creating a level playing field, while ignoring the $351 million tax exemption enjoyed by rental car companies in Texas each year. Turo is requesting that hosts reach out their legislatures to voice opposition to this bill. (Read More)
Hyrecar Stock Rises More Than 6% as Q1 Sales Rise
Shares of HyreCar Inc. HYRE, +44.57% rallied more than 6% late Thursday after the peer-to-peer car-sharing platform reported a wider quarterly loss but sales came in slightly above expectations. HyreCar said it lost $7.2 million, or 37 cents a share, in the quarter, compared with $4.1 million, or 25 cents a share, in the year-ago period. (Read More)
Nissan Leaf Buyers Awarded With Turo Credits
Sometimes you need more electric-car driving range, or a cure for all the concern about getting from one charging station to another on a road trip. Or you can get by just fine with a compact car 360 days of the year but need a bigger vehicle—and a tow hitch—for the annual week up at the cabin. Nissan is offering a perk to Leaf buyers indicating that they understand how just a bit of flexibility might go a long way. It’s including a $350 Turo credit with the sale or lease of any new Leaf. (Read More)
Oklahoma Bill Creating Framework for Peer-to-Peer Car Sharing Signed by Governor
Oklahoma Gov. Kevin Stitt has signed into law a bill that sets up a regulatory framework for peer-to-peer car sharing. Senate Bill 355, authored by Sen. Paul Rosino R-Oklahoma City, Rep. Lonnie Sims, R-Jenks, and House Majority Floor Leader Jon Echols, R-Oklahoma City, was supported unanimously by both chambers. It will take effect Nov. 1, 2021. (Read More)
With rental prices sky high, car-sharing companies get a boost
A Memorial Day trip to hike and bike at Mississippi Palisades State Park seemed like an easy pandemic getaway — until Autumn Wolfer tried to book a rental car to drive there. Including insurance, some rental car companies wanted as much as $900, she said. So Wolfer, 43, of Chicago’s Ravenswood neighborhood, checked out Turo, a car-sharing company that lets people rent from individuals rather than companies like Hertz and Avis. Renting a 2020 Chevrolet Equinox from someone in Wicker Park cost just $250, she said. (Read More)