In the first episode, Xavier Collins, VP of Turo UK, joins our hosts, Felix Page and Chris Kirby, to explain the similarities between Turo's wildly successful business model and that of Uber and Deliveroo, his previous employers, and shares fascinating insight into how the brand managed – against the odds – to establish a foothold in the UK market during the pandemic.

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We also ask:

• ‍What lies ahead for Turo?
• What do drivers actually need today?
• What could car-sharing mean for traditional retailers?

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Key Takeaways:

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The Power of Marketplaces

Xavier Collins emphasises his passion for marketplace businesses and their ability to create innovative models that connect people and change behaviour.

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COVID Created Mobility Entrepreneurs

The pandemic posed significant challenges for Turo and the travel mobility industry. The business saw an 80% shrinkage overnight, leading to commercial and human difficulties. However, Collins believes going through such a crucible has strengthened Turo as a company. He notes that long-term tailwinds have emerged despite the hardships, such as a renewed passion for travel and experiences and a rise in entrepreneurship.

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Cost of Living Crisis Driving Mass Adoption

In the last few years, rental prices have soared, leaving individuals searching for alternative, cost-effective solutions. Rather than allowing vehicles to sit idle for approximately 90% of their lifespan, individuals actively seek sharing opportunities.

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Evolution of Fleet Operators

Similar to the evolution of Airbnb from room rentals to professional hosts, Turo has witnessed the rise of fleet operators, known as "power hosts." These individuals have transitioned from using Turo as a side venture to building full-time businesses, operating fleets of cars on the platform.

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Dealership Opportunities

Collins envisions significant opportunities for dealerships to leverage Turo's platform and tap into a new customer base. Similar to how delivery services revolutionised the restaurant industry by utilising existing assets, Collins believes dealerships can maximise their idle cars by partnering with Turo.

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Conclusion

As the automotive industry continues to evolve, Turo's success story provides valuable lessons and inspiration for those interested in the intersection of mobility, sharing economy, and entrepreneurship.