Turo's IPO Dreams Deflate: A Sign of the Times for the Car-Sharing Market?
Turo, the "Airbnb for cars," has abandoned its long-awaited IPO plans, raising questions about the future of the car-sharing market.
Matilda
Turo's IPO Dreams Deflate: A Sign of the Times for the Car-Sharing Market?
Turo, the online car-sharing marketplace that once aspired to be the "Airbnb for cars," has officially withdrawn its plans for an initial public offering (IPO), according to a recent regulatory filing. This decision marks the end of a three-year journey towards going public, a journey that began with promise in January 2022 but ultimately succumbed to shifting market conditions and the inherent challenges of the car-sharing industry. The news comes hot on the heels of Getaround, a similar peer-to-peer car-sharing company, shutting down its U.S. operations, further underscoring the turbulence in this sector. While Getaround did manage to enter the public market in 2022 through a SPAC merger, its subsequent struggles and eventual demise in the U.S. serve as a cautionary tale. Turo's withdrawal isn't a complete retreat. The company continues to operate in the United States and internationally, boasting a substantial network of 150,000 active hosts globally, 350,000 acti…
