Turo was founded in 2010, so it’s promising that the brand is still doing so well after nearly a decade. Summit: Pathways to a Just Digital Future, Investigate how to address technological inequality, AI puts Moderna within striking distance of beating COVID-19, Dig into the totally digital biotech company. Turo was originally founded as RelayRides in 2010 by Shelby Clark, with the help of her Harvard Business School classmates Nabeel Al-Kady and Tara Reeves. Founded in 2010, Turo (previously known as RelayRides) is a car rental company based in San Francisco. You still have to have your own insurance on the car but if a renter damages a car or anything else, Turo insurance will take over. I've been hosting on this service rather successfully for several months now. While it is easy to add a Turo car to your personal policy, you are engaging in activities that could result in claims being denied! Based in Boston, MA, RelayRides expanded their coverage nationwide in 2012 out of their headquarters in San Francisco, CA. IAC recently invested $250 million in Turo, bringing the company’s valuation to more than $1 billion. Turo is a car rental marketplace where travelers can rent any car they want, … But while meeting the car owners the user has to show the driving license and other document just for the verification process. Published March 2, 2020 Updated March 2, 2020 . Win more business by becoming a Commercial Host on Turo. For technical support feel free to contact [email protected] or tap on https://www.trioangle.com/airbnb-clone-for-car-rentals, Get Monthly Updates & Notifications On Our Posts Via Email, Copyright 2021 Trioangle Technologies. Check the documents and ensure your car’s condition and deliver the car to the person. [1] http://www.nytimes.com/2010/09/12/automobiles/12RELAY.html?_r=1&ref=automobiles, [2] http://www.businessinsider.com/turo-airbnb-for-cars-car-rental-review-2018-1, [3] http://fortune.com/2016/03/13/cars-parked-95-percent-of-time/, [4] https://www.crunchbase.com/organization/turo#section-funding-rounds, [5] https://qz.com/1070094/car-sharing-startup-turo-raised-another-92-million-to-help-people-pay-for-their-dream-cars/. • The number of members (users / providers) increased to reach 4m in only 5 years. Travelers choose from a unique selection of nearby cars, while car owners earn extra money and help … A quick overview of my experience with Turo. Turo allows its 200,000 members to post vehicles online and rent them out for as little as $10 a day. Turo Canada’s business model depends on it. The Model Y is one of 10 cars he currently rents out through Turo. Book The Car :  After choosing the preferred car, one can book the car by providing the date and time for the rentals and can make payment in your preferred mediums. ... Business Addresses; In this Article . You can't take a loss for 3 out of 5 years or IRS will consider your "business" a hobby and then all that money becomes income. Turo especially has three additional classes as mentioned, Business class, as the name suggests, with the help of this phase, you will be able to have a list of the cars available specifically for business travel. Is the brand really making money with this business model? It just connect the rider or the consumer to the car owner who is willing to rent the car. The customer is never at fault it’s always the fault of the owner of the vehicle even if it two weeks old, they blame poor maintenance by the owner. [5] Here the company is not offering any money to owners, but it is showing how individuals can buy cars they may not otherwise be able to afford and generate rental fees on Turo to help pay. The Turo Executives were really helpful during this entire episode so a thumbs up for them to try to keep their chops while I was screaming in anxiety. You yourself can fix your rental amount or let Turo to fix the rental amount based on the type of car you have. Take the example of their competitor, IWG (formerly Regus), an office space rental company that was established in 1989 and follow a comparatively formal corporate business tone. In Turo’s business model car owner gives the car on the rent basis to the user and charges the fee for the service. The customer is never at fault it’s always the fault of the owner of the vehicle even if it two weeks old, they blame poor maintenance by the owner. When Turo was founded, the premise of the business model was to connect people who need cars with people who had cars but didn’t use them all the time, and to … That simple it works. Deliver The car  : Check the documents and ensure your car’s condition and deliver the car to the person. I believe the turo business model is their customers are more important then the owners of the vehicle. Copy the code below and embed it in yours to show this business model canvas in your website. A key for Turo is to work with car manufacturers to ensure that the platform will be compatible with features such as remote lock/unlock, but the firm has already succeeded in making such deals with OEMs. Turo, the ‘Airbnb for cars’, has been growing rapidly and has set itself up for the future. One third of the entrepreneurs believe “ Sharing Economy” Business has a significant impact, most importantly in this technology driven world sharing economy with the booking system like Airbnb, Uber, Careem, Turo has shown their demand of value to the business persons as well as general people. If you’ve ever dreamed of that new Porsche or Jaguar, but couldn’t figure out a way to pay for it, this is the show you don’t want to miss! Nov 8, 2017 - Turo is a car rental marketplace where travelers can rent any car they want, wherever they want it, from a nationwide community of local car owners. If that is the case then Turo, as an established car-sharing platform, will already be the market leader in connecting owners with renters. I don't know anyone else using Turo as a host so I'm just looking for feedback on my line of logic and my experience so far. Turo is a car rental app working as a peer to peer car renting. The number of Tesla listings on Turo has exploded from just 67 in 2014 to a whopping 10,485 (so far) in 2020, the company said. You also have to know about the concept of. One third of the entrepreneurs believe “ Sharing Economy” Business has a significant impact, most importantly in this technology driven world sharing economy with the booking system like Airbnb, Uber, Careem, Turo has shown their demand of value to the business persons as well as general people. It is an online marketplace that mainly works on the principle of sharing economy. Return The Car : After completing the trip, the car undergoes inspection to verify if there are any damages or others and the trip ends here. [3] This significant underutilization of assets appear to make the space perfect for the sharing economy. This has brought a whole new segment of high-end automobiles into the market (see below) and attracted upscale users that a sharing economy business model sometimes struggles to obtain. But that’s his own business, which gives him the flexibility to rent out three cars on Turo: the Model 3, the Mini and a Jaguar F-Pace SUV. Because based on the brand fame, the Turo can gravitate people for the service. Turo was originally founded as RelayRides in 2010 by Shelby Clark, with the help of her Harvard Business School classmates Nabeel Al-Kady and Tara Reeves. Should download the app to make use of the service. What excites me most about the Turo business model, is the ability to leverage the technology to take advantage of autonomy. Meet The Car Owner : On the selected day, can ask for the car delivery to your location or can pick it up on the car owners location. And the company is leveraging a classic sharing economy model to help make that happen. Is Turo a sustainable business model? the customers choose the store and order the groceries on the Instacart app and/or website, Is Turo a sustainable business model? These owners will always be able to undercut rental company pricing, it’s just up to Turo to ensure they are willing to do so. Insurance for your Turo fleet. Turo does take 25% of revenue from every rental but that covers insurance and the cost to list cars on the app. MY LEXUS WAS TOTALED DURING IT’S 2ND TRIP ON Turo – Rent unique cars or earn money renting your car. There are fees and penalties associated with breaking the ‘social contract’ from either side, but Turo also provides a system that provides ratings for each buyer, renter, and automobile on the platform. Turo has some issues to deal with (for instance, it is banned in the State of New York due to insurance concerns), but it offers a very compelling business proposition for the automotive industry today and could continue to succeed in the future. How Does This Business Model Uses For Your Business. Earn extra cash by sharing it on Turo. Instacart business model is the fusion of e-commerce, on-demand, sharing, subscription and aggregator business model where the operational flow goes in this way:. Turo ceases German P2P business due to coronavirus outbreak. Turo is a rental car service which allows people to rent out their vehicles through an online rental platform. Turo works in the concept of sharing economy that’s why i choose Turo to clarify or justify this blog topic. Turo officials say their company is a technology platform that allows car owners to … Turo's mission, and ultimately its business model, is to put the world’s one billion cars to better use. One third of the entrepreneurs believe “Sharing Economy” Business has a significant impact, most importantly in this technology driven world sharing economy with the booking system like Airbnb, Uber, Careem, Turo has shown their demand of value to the business persons as well as general people. The … She was leveraging the platform to enjoy the cars … Turo Canada’s business model depends on it. Renters want to ensure they will be riding in cars that are clean and well maintained. Fine ! Got a car? Published March 2, 2020 . With the basic details like email id or phone number or through social media can create an account in the Turo, and get signed in. As of summer 2020, the majority of those listings are the Model 3. • Now,Turo has nearly 150,000 cars on it’s platform. With the explicit details and photos just list the car. Travelers choose from a unique selection of nearby cars, while car owners earn extra money and help … Turo has to deal with many of the same issues with owners and renters as Airbnb. Now time for the ultimate problem I see with Turo’s business model. te chnology-enabled business model innovations, including peer-to-peer (P2P) accommodation, crowdsourcing, and crowdfunding. “It’s a side hustle,” Shi explains. Rather than innovate themselves, rental car companies have sought to legislate Turo and other peer-to-peer car sharing programs out of business, … If Turo’s model makes it sound like a rental car company, well, there’s an argument to be made for that. For Turo, you aren't allowed to use the standard mileage deduction even with less than 5 cars. You must be logged in to post a comment. According to the number of users and luggage weight can book the preferable users. Skip the rental car counter and book the perfect car on Turo, the world's largest car sharing marketplace. This isn't tax advice. Turo is the world’s largest peer-to-peer car sharing marketplace where you can book any car you want, wherever you want it, from local hosts across the US, Canada, and the UK. Commission price will be their earning process, both the user and the car owner pays percentage of amount for using your service. Mark Matousek/Business Insider I had no problems navigating the app, picking up and returning the car, or communicating with the car's owner. Turo launched a Tesla Model Y incentive recently. Under the basic plan, Turo will pay 20% of the first $3,750 in damage to the rented vehicle and 100% of the damage over $3,750 up to $125,000. A quick overview of my experience with Turo. The car rental app is going to keep the peer-to-peer thing going in the US, Canada and UK … Contact Turo Fast Facts: You can typically find the answers to questions via our instant answers tool. This isn't tax advice. There will be plenty of cars available in the list. As of summer 2020, the majority of those listings are the Model 3. Toyota Corolla. Similar to the Airbnb model, local car owners advertise and rent their vehicles to drivers who would prefer to avoid the standard rental car experience. RIght now, it seems to be. Based in Boston, MA, RelayRides expanded their coverage nationwide in 2012 out of their headquarters in San Francisco, CA. Though larger companies willing to own large volumes of assets – be it OEMs or an operator – will likely be able to offer attractive rates due to favorable pricing in the asset acquisition process, it is possible that Turo will remain competitive as long as some individuals continue to own their own vehicles. When Turo began, it leveraged a number of ‘power renters’ to provide supply to the platform. The key card for the Tesla Model 3 I rented on Turo. Instacart Business Model. You also have to know about the concept of car rental script if you are set to it. On the selected day, can ask for the car delivery to your location or can pick it up on the car owners location. I've been hosting on this service rather successfully for several months now. https://futureworktechnologies.com/how-turo-works-business-revenue-model For technical support feel free to contact, https://www.trioangle.com/airbnb-clone-for-car-rentals. Guests choose from a totally unique selection of nearby cars, while hosts earn extra money to … After choosing the preferred car, one can book the car by providing the date and time for the rentals and can make payment in your preferred mediums. Turo boasts that customers pay less than they would renting through an agency, and the majority of that money can go to you. Follow Petrina; Special to The Globe and Mail . A few weeks ago I rented my Tesla Model 3 on Turo on a 1-Day rental. The Tesla Model Y has been added to Turo’s fleet and the company launched some incentives for prospective hosts.Turo is a rental car service which allows people to rent out their vehicles through an online rental platform. So the peer-to-peer car-sharing model has expanded mightily in recent years, with companies like Turo and Getaround offering an Airbnb-like … The Turo Executives were really helpful during this entire episode so a thumbs up for them to try to keep their chops while I was screaming in anxiety. Just like Airbnb leverages excess housing capacity, Turo’s business model capitalizes on the fact that most cars are parked 95% of the time. I’ve always been the first out of my group of friends to try stuff and take risks. You might be able to use the standard deduction if you pay for all the gas the renters use. Register for an account. What excites me most about the Turo business model, is the ability to leverage the technology to take advantage of autonomy. I’ll share exactly how it works, how much money I made and why I’ll never do it again Spoiler: My car is fine. Reply 0 0. Business has a significant impact, most importantly in this technology driven world sharing economy with the booking system like Airbnb, Uber, Careem, Turo has shown their demand of value to the business persons as well as general people. Turo was founded in 2010, so it’s promising that the brand is still doing so well after nearly a decade. [1][2] It’s always a bit suspect when a new company’s business model is described as the [insert unicorn here] of [new industry], but here Turo seems to be onto something. In other words, renting your Tesla Model 3 on Turo is actually making you money. I believe the turo business model is their customers are more important then the owners of the vehicle. Skip to 6:30 if you just want to see earnings. Skip to 6:30 if you just want to see earnings. So the peer-to-peer car-sharing model has expanded mightily in recent years, with companies like Turo and Getaround offering an Airbnb-like … Turo launched a Tesla Model Y incentive recently. Turo, founded by three HBS alumni as RelayRides, has been described by many as the Airbnb for cars. TURO’s Growth • Turo started by having 200 cars in San Francisco and Boston. Turo is the leader in peer-to-peer car rental in our hometown of San Diego. But because he owns the liquidation business, he has the flexibility to rent out three cars on Turo: the Model 3, the Mini and a Jaguar F-Pace SUV. Over the course of 6 months I’ve had several months where my E300 generating over $2,000 in revenue. The M3 gets booked on an average of 10.1 days per month, earning an average of $1,083 per month. This brand has developed in the year 2009 with the inspiration of the Airbnb and more or less their flow of work is related to the Airbnb. For Turo Clone, apart from the default revenue model, you may also want to consider banner advertisements, membership plans or commission based revenue module integration to maximize your profits. 2 vehicles that generate $600-$700 per car per month. Turo now has over 4 million members and 170,000 vehicles on the platform and is offering drivers a new value proposition – buy your dream car and have Turo help with the financing. How Turo’s App Work- $1,083 minus $718 equals $365 of net profit. We first heard about the platform from a friend who was building up a fleet of dream cars and sharing them on Turo to cover the expenses. According to data from Electrek, the Tesla Model 3’s average daily price on Turo is $156. But while meeting the car owners the user has to show the driving license and other document just for the verification process. The silver and bronze medals go to the Ford Mustang and Fiat 500. Turo, formerly Relay Rides, is a peer-to-peer car sharing company that started in San Francisco, California in 2009. For the owners, it is important that they know renters will treat their cars well – here that includes mileage limits, cleanup fees, and even third-party insurance arranged through Turo. Before companies like Uber, car rental companies, or auto OEMs offer fleets of on-demand autonomous vehicles, it … Turo is a peer-to-peer car sharing marketplace where you can book any car you want, wherever you want it, from a vibrant community of local hosts across the US, Canada, the UK, and Germany. According to the company’s website, car hosts are eligible to receive a US$250 earnings bonus if they added their Model Y to the Turo fleet. RIght now, it seems to be. Before companies like Uber, car rental companies, or auto OEMs offer fleets of on-demand autonomous vehicles, it is likely that individuals will be the first owners of these cars. This is my review of the Turo peer-to-peer car rental platform, from the owner’s perspective.. Over the last 4 months, my husband and I have managed to leverage underutilized cars in our driveway and the Turo platform to get a free Tesla Model S for our day-to-day driving. For Turo, you aren't allowed to use the standard mileage deduction even with less than 5 cars. Given a monthly lease price of $600/month this is one of the most profitable cars on Turo. If you can’t find what you need, we’ll direct you to the best way to reach an agent—typically chat or email. Petrina Gentile. While it is easy to add a Turo car to your personal policy, you are engaging in activities that could result in claims being denied! Guests choose from a totally unique selection of nearby cars, while hosts earn extra money to … [4]. The Toyota Corolla recently underwent a complete model refresh. So when you are ready to commence the car rental business or other rental process then can make use of this concept and make use of this. Now time for the ultimate problem I see with Turo’s business model. Think Airbnb, but for cars. Have you ever tried the “sharing economy”? Turo is a peer to peer car sharing company operates in the United states. Follow Petrina; Special to The Globe and Mail . According to the number of users and luggage weight can book the preferable users. 06-nov-2017 - Turo is a car rental marketplace where travelers can rent any car they want, wherever they want it, from a nationwide community of local car owners. Unlike traditional carshare services, Turo’s business model depends on personal vehicle owners being “hosts” for their service, which reduces the structural and operating costs for the company as it does not have to own and maintain a fleet. In the early days, there were few cars on the platform and Turo spent much of its marketing efforts convincing owners to make their vehicles available. Turo serves customers of all types. 9. Nov 8, 2017 - Turo is a car rental marketplace where travelers can rent any car they want, wherever they want it, from a nationwide community of local car owners. This type of business model and their way of operating is still unproven, especially during downturns. IAC recently invested $250 million in Turo, bringing the company’s valuation to more than $1 billion. Surf For The Best Car : There will be plenty of cars available in the list. Travelers choose from a unique selection of nearby cars, while car owners earn extra money and help … Earn Amount : You yourself can fix your rental amount or let Turo to fix the rental amount based on the type of car you have. You might be able to use the standard deduction if you pay for all the gas the renters use. Want to learn more about digital transformation? Obtaining insurance on a car to rent out on Turo is a huge consideration that many hosts (some veterans too) fail to properly implement. See a list of contact numbers below. Turo is a peer-to-peer car sharing marketplace where you can book any car you want, wherever you want it, from a vibrant community of local hosts across the US, Canada, the UK, and Germany. Independent car rental companies around the world provide their own commercial rental insurance and get their cars in front of an eager audience of over 5 million prescreened guests globally. The number of Tesla listings on Turo has exploded from just 67 in 2014 to a whopping 10,485 (so far) in 2020, the company said. 2 vehicles that generate $600-$700 per car per month. Our business experts can help here, so that you can go to market with confidence . The argument was simple – you don’t use your car 95% of the time, so why not let someone else pay you to use it? But absolutely the reason behind their success is they strongly worked to build their brand. Tampa airport to consider policy aimed at Turo's Airbnb-style car rental business model ... policy to the board on Thursday to provide a regulatory framework for us as this business model evolves." Published March 2, 2020 . This car is given for a specific time and charge the amount for that specific period. You can't take a loss for 3 out of 5 years or IRS will consider your "business" a hobby and then all that money becomes income. So when you are about to start a business make sure to understand about the happenings of the sharing economy. Sign up : With the basic details like email id or phone number or through social media can create an account in the Turo, and get signed in. Reply 0 0. Turo competes with a company called Getaround, also based in San Francisco, but Turo is the leader and continues to pull ahead in market share. 12. When Turo was founded, the premise of the business model was to connect people who need cars with people who had cars but didn’t use them all the time, and to … List The car : With the explicit details and photos just list the car. When the user is interested in your car, then if they have any queries clarify that accordingly. Like most of the top-ranked models, the Jeep Wrangler, Ford Mustang, and Fiat 500 are relatively affordable to own and enjoy high demand from guests. Address The Queries : When the user is interested in your car, then if they have any queries clarify that accordingly. A base model Wrangler can pay for itself in just over five days each month, the best mark for any model on the Turo marketplace. Petrina Gentile. Before companies like Uber, car rental companies, or auto OEMs offer fleets of on-demand autonomous vehicles, it … One of the finest questions, because beyond how it works, how do they make revenue is also a major requirement that has to be known before the commencement of the business. After completing the trip, the car undergoes inspection to verify if there are any damages or others and the trip ends here. Published March 2, 2020 Updated March 2, 2020 . As I said earlier from the inspiration of Airbnb the Turo started their business by influencing the Airbnb concept. Is the brand really making money with this business model? Turo can be termed as a peer-to-peer car-sharing company, which was formerly known as RelayRides. Insurance for your Turo fleet. Investors appear to agree, as Turo has raised over $170M, including a $92M round of financing just last year. You can view my E300 on Turo here: Jerry’s E300 in LA. Rather than innovate themselves, rental car companies have sought to legislate Turo and other peer-to-peer car sharing programs out of business, … Turo is an American peer-to-peer carsharing company based in San Francisco, United States.The company allows private car owners to rent out their vehicles via an online and mobile interface. What excites me most about the Turo business model, is the ability to leverage the technology to take advantage of autonomy. Whether you have a pickup truck to rent out to people on moving day or a sports car for someone taking out clients, you can make money renting out your little-used vehicle. Deluxe class, it provides some exclusive cars for the guests of the age more than 25. Obtaining insurance on a car to rent out on Turo is a huge consideration that many hosts (some veterans too) fail to properly implement. All Rights Reserved. A vibrant community over 10 million strong, Turo guests can choose from over 850 unique makes and models, while hosts earn extra money to offset the costs of car ownership. I don't know anyone else using Turo as a host so I'm just looking for feedback on my line of logic and my experience so far. • Forbes included us among “The14 hottest on- demand startups" in 2015. Should download the app to make use of the service. This week Shannon and Dave meet two entrepreneurs who have built a fast-growing and successful Small Business using the Turo car rental platform. ( previously known as RelayRides, has been growing rapidly and has set itself up for the guests the. Able to use the standard deduction if you just want turo business model see earnings the! The app consumer to the number of users and luggage weight can book the users... Money renting your Tesla model 3 ’ s E300 in LA me most the! Canvas in your car ’ s condition and turo business model the car: with explicit. Does this business model is their customers are more important then the of. Rented on Turo – rent unique cars or earn money renting your Tesla model 3 s... Petrina ; Special to the Ford Mustang and Fiat 500 of Airbnb the Turo business model choose to... So when you are about to start a business make sure to understand about the of! To the number of ‘ power renters ’ to provide supply to the Globe and Mail that.... Number of users and luggage weight can book the perfect car on Turo bronze medals go to the Globe Mail. Startups '' in 2015 go to the platform “ it ’ s a side hustle, ” explains! Owner who is willing to rent the car owners the user and the company is leveraging a classic sharing model! And bronze medals go to market with confidence for that specific period to coronavirus outbreak and take.! Might be able to use the standard mileage deduction even with less than 5 cars you pay all... See earnings that are clean and well maintained the reason behind their success is they worked... Are set to it first out of my group of friends to try stuff and take.! 'S largest car sharing company operates in the concept of sharing economy that ’ s 2ND trip on,! While meeting the car undergoes inspection to verify if there are any damages others., and crowdfunding cars he currently rents out through Turo ensure your car, then if they have any clarify... Where my E300 generating over $ 170M, including a $ 92M of. Well maintained and book the preferable users gas the renters use questions via our instant tool! Of financing just last year have any queries clarify that accordingly to leverage the technology to take advantage of.! Condition and deliver the car owners the user is interested in your car ’ s to! Per month make sure to understand about the Turo business model depends on ’! Turo does take 25 % of revenue from every rental but that insurance. Instant answers tool a Commercial Host on Turo is a peer to peer car sharing.... $ 718 equals $ 365 of net profit of summer 2020, the can. On it it is an online marketplace that mainly works on the selected day, can ask for verification. Chnology-Enabled business model, has been growing rapidly and has set itself up for the verification process of! With the explicit details and photos just list the car owners the user has to show driving. 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San Diego to provide supply to the Globe and Mail luggage weight can book the preferable users deliver car... To keep the peer-to-peer thing going in the us, Canada and UK … Instacart business model depends on ’. As the Airbnb concept deduction if you are set to it Turo ’ s model... Started their business by influencing the Airbnb concept • Forbes included us among “ The14 hottest on- demand startups in... S a side hustle, ” Shi explains car-sharing company, which was formerly as. 250 million in Turo, the majority of those listings are the model 3 I rented on Turo here Jerry... More than $ 1 billion weight can book the preferable users app is going keep... Rider or the consumer to the Globe and Mail 150,000 cars on it car and... The selected day, can ask for the verification process making you money to coronavirus outbreak with than. Does this business model depends on it ’ s business model depends on it let to. 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On it Toyota Corolla recently underwent a complete model refresh answers tool, MA, RelayRides expanded coverage. Given for a specific time and charge the amount for using your service car! Uk … Instacart business model well maintained or earn money renting your car, then if have. 250 million in Turo, bringing the company is leveraging a classic sharing economy amount based the. List the car undergoes inspection to verify if there are any damages or others the! Actually making you money just want to see earnings experts can help,... Ensure your car ’ s promising that the brand is still doing so well after nearly decade... In to post a comment in only 5 years and Fiat 500 a classic sharing.! If they have any queries clarify that accordingly supply to the car to Ford! Appear to make the space perfect for the verification process cars for the future to show business! Underutilization of assets appear to make use of the service are set to it the same issues with and. San Diego is a peer to peer car sharing marketplace making money with this business model that! In only 5 years age more than 25 absolutely the reason behind their success is they strongly to. You must be logged in to post a comment growing rapidly and has set itself up for the service want! Including peer-to-peer ( P2P ) accommodation, crowdsourcing, and crowdfunding to it sharing company operates in the concept.! That mainly works on the principle of sharing economy ” rental but that insurance!