News Summary

Turo, the peer-to-peer car-sharing platform often referred to as the ‘Airbnb for cars,’ has withdrawn its plans for an initial public offering (IPO) initially estimated at $300 million. Founded in 2010, Turo allows private car owners to rent out their vehicles through its website or app. The decision to cancel the IPO, which was publicly filed in January 2022, was disclosed in a recent filing with the Securities and Exchange Commission (SEC). The move comes after a significant deceleration in growth and a shifting IPO market environment. Despite continued operations in the United States, Canada, Australia, and France with 150,000 active hosts and 350,000 vehicle listings, Turo has not reached the revenue or profit levels experienced in 2022. The company reported $722 million in revenue for the nine months ended September 2024, an increase from the prior year but still below 2022 figures. This decision follows Getaround’s cessation of U.S. operations, highlighting challenges in the car-sharing sector.