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On this episode of Unconventional Genius, I talk with Andrew Mok, CMO of Turo about how his company is reinventing the car rental industry. Turo is a peer-to-peer car sharing platform where users can list their personal vehicles for people to rent. During our conversation, Andrew shares how the company is not only changing the way people rent cars, but is also redefining car ownership.
Drive the car you always wanted
Unlike traditional car rental companies, Turo lets you pick the car you want to drive. From brand new electric cars to classic muscle cars, you can find almost any vehicle you can imagine. Andrew Mok says, “From A3 to Z4 you’ll find every car you want.”
The mission of Turo is to put the world’s 1 billion cars to better use. There are currently 230,000 cars available for rent on the platform. Because it is peer-to-peer sharing, prices run significantly cheaper than a traditional rental. Hear Andrew Mok talk about how the Turo platform works and how they are accomplishing their mission during this conversation.
Changing the economics of car ownership
Andrew Mok shares how Turo regulates itself through user activity. He explains how each market has a different supply and demand model that determines the pricing of the cars available for rent. Rare, in-demand cars create what Andrew calls a “market-balancing opportunity” for users.
Turo is contributing to the long-term value of cars by creating a shared ownership experience. Cars are not only expensive, but they are generally driven only one hour a day. Instead of the car being a waste of valuable resources, it can be turned into a lucrative investment asset.
Growing a global car rental community
Any technology company that wants to grow must have an eye toward the future. Turo is doing just that by investing in their community of users. Andrew Mok says that the goal is to empower users with data. To that end, several new tools and features are being developed to increase the earning potential of those renting out their vehicle.
Andrew also says that Turo is looking to expand to more markets. Their current focus is in international markets. Listen as he shares their unique approach to global expansion and how it is helping them fulfill their mission.
How Turo’s success has been challenged
Reinventing the car rental industry has not come without a price. Andrew shares with me some of the challenges Turo has experienced while creating such a drastic change in the marketplace. Much like the backlash that Uber and Lyft experienced from Taxi companies, Turo is experiencing pressure from traditional rental companies.
Turo is innovating and creating a more customer-focused business model. Yet there are those who feel threatened by this progress. The resolve that Andrew shares with me during this interview is encouraging and inspiring. Don’t miss this episode of Unconventional Genius.
If you are with a consumer technology company planning to launch a new product at CES or are even looking ahead to CES 2019, the Max Borges Agency can help you succeed. To learn more, check out: www.maxborgesagency.com.
Topics Featured In This Episode
- [2:23] Andrew Mok, CMO of Turo, gives an overview of his company Turo
- [4:41} Max asks Andrew how the Turo platform manages safety and security
- [7:38] The customer base of Turo for both listing and renting
- [9:39] What the data reveals about the types of cars in demand in different markets
- [12:34] How Turo is reinventing the economics of car ownership
- [16:40] Andrew Mok talks about the variety of cars available for rent
- [21:08] Max asks Andrew about the challenges the company is facing
- [29:08] What the future holds for the growth of Turo
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