Turo CEO's Plans for Expansion

Normally you'd say I'm going to go to a certain place and I know the date I'm going and then I'm going to try and book a rental car. You've decided one of the things you want to change is that process. You want to pick the car and then work out the location and date later. Just explain how that's going to work in practice. First of all, thanks for having me on the show. We're very excited about what we're calling our limitless search capabilities. Just to give you a bit of context, you know, the business has grown quite a bit over the last few years and now we have over 370,000 active listings across 1600 makes and models. And many of our customers have been asking us, well, it's great that we can search by destination and date. As if I am already keen on going on a trip and I know what my dates are. I know my, my destination, but I'd like you to show me all the great cars that you've got. There's more experiential, it's more experiential. Take a luxury car. Exactly. Try an EV for the first time like that. Exactly. So, you know, now we've reached a critical mass in all of our markets that we thought this is the moment in time when we can launch this capability. So now if you're looking to, you know, experience that cyber truck or if you want to, you know, maybe test drive a Rivian before you buy it, you can actually find all of these cyber trucks and Rivians across the country. And then you can decide where to go in order to do that. It's interesting that you bring up Cybertruck. And it's interesting that at this moment, you're also putting out a note trying to describe what the future of transport looks like. And you've really articulated how Churro has been through the highs and the lows and the macro headwinds of COVID, of then everyone wanting to get back into revenge spending. We're also now looking at ultimately robo taxis. How will Churro still survive that pivot in the future? You're right, Carol, and it's been quite the roller coaster the last few years for travel and transportation. You know, COVID hit in 2020. Then, of course, there was the collapse of Big Rental in 20/20/21, the return of travel, the revenge travel. But also the automotive industry has been changing quite a bit over the last few years. And as you know, there's been tremendous inflation and the cost of car ownership and car insurance recently. So within that roller coaster have arrived over the last three years we're we're very pleased with our performance as a company. We've increased our revenue by over 400% from 150 million in 2020 to 880 million in 2023. We've increased our the reach of our community of hosts and guests. So we're very pleased with our performance, but it's not the end of the disruption. You know, the disruption continues in the space and we're very excited to be part of this new class of companies that are helping, you know, evolve the transportation and travel industries. We think actually autonomy is a great thing for the industry. We see the future where we have a lot of these, you know, ride hailing, short trips being delivered by autonomous services. You know, our business is much more related to lot much longer trips. Our users tend to book a car for 4 1/2 days on average and they drive almost 200 miles a day. So this is a segment that is I think independent of the evolution of robotaxis. You, if you look at third party data are the bigger player of two, maybe three get around. There are some others out there. You've just talked about how much your business has ramped up. So as is tradition on Bloomberg Technology, when a founder CEO comes in, how's going public going and when's it going to happen? I thought we're going to talk more about the 70 product releases today. We talked about one of the 70 in quite a lot of detail, but it all points the idea you've got momentum and there's a lot of interest in you guys for that reason as well. Yes, you know, we're, we're ready to go public. You know, our S1 is ready. We've updated it a few times already, as you know over the last few years. But as you know, the financial markets have not been very keen on IPOs over the last couple of years. So as as soon as that changes, I think we're going to be ready.