Newsletter confidentielle michelnizon.com - 2ème saison : Turo Inc

Désignation : Turo Inc

Code Mnémonique : TURO

Date de Création : 12 août 2009

Bourse américaine : NYSE

Date d’Introduction : 2024 ?

Cours d’Introduction : ?

Site : turo.com

Lisa Ganski a publié en 2010 The mesh consacré à l’économie du partage dont le sous titre est :

WHY THE FUTURE OF BUSINESS IS SHARING

Turo est devenu depuis la plus grande place de marché de l’automobile au monde à la faveur de millions de loueurs professionnels ou non et des “hosts” louant à des millions de “guests” :

According to an article published in the Journal of Planning Education and Research, owning a car has been among the most powerful economic advantages a family in the United States can have. However, owning a car is expensive. A car’s value depreciates rapidly, and automobile insurance and maintenance are costly. Based on data from Kelley Blue Book, between 2016 and 2021, new car values increased 21%. In addition, consumers are increasingly aware that personally owned vehicles sit idle most of the time — 95% of the time, according to an MIT Senseable City Lab publication in August 2018 — and so today’s consumers are more open to alternative modes of transportation. (page 3 du prospectus)

Est-ce que le sous-titre était aussi prémonitoire pour Turo bien que non citée dans l’ouvrage ?

Communauté (+)

Le compte y est pour Kchehck d’après sa page d'accueil :

Facebook : 169 000 followers ce vendredi matin

Instagram : 197 k followers

Twitter : 35,5 k abonnés

YouTube : 7.23K subscribers

Qualitativement cela suit :

Trustpilot : 4,5/5 dont 5 étoiles : 84 %

4,9/5 sur Android pour 336K reviews

4.8/5 sur Iphone pour 232 K reviews.

Sans oublier un blog en plusieurs langues. Bref :

Turo is the world’s largest car sharing marketplace where guests can book any car they want, wherever they want it, from a vibrant community of trusted hosts. Whether they’re flying in from afar or looking for a car down the street, searching for a rugged truck or something smooth and swanky for a once-in-a-lifetime event, guests can take the wheel of the perfect car for any occasion, while hosts can take the wheel of their futures by sharing their underutilized personal vehicles or building an accessible, flexible, and scalable car sharing business from the ground up. Turo is home to a supportive and collaborative community that shares thousands of vehicles across the United States, Canada, and the United Kingdom. As of September 30, 2021, we had over 85,000 active hosts and 1.3 million active guests from around the world participating in our marketplace. (page 1 du prospectus)

Faisabilité (+)

We have created the world’s largest car sharing marketplace. Our peer-to-peer platform connects hosts and guests through our marketplace and is designed to enable guests to book the perfect vehicle for any occasion from our trusted community of hosts. We are the leader in this new way to access vehicles, with over 85,000 active hosts and 160,000 active vehicle listings in over 7,500 cities as of September 30, 2021. We count the number of active hosts as hosts with at least one trip as a host in the trailing 12-month period and the number of active vehicle listings as vehicle listings with at least one trip in the trailing 12-month period. (page 4 du prospectus)

Modèle Économique (+)

Total Addressable Market (TAM) :

We estimate our TAM to be $230 billion, using the same methodology as our SAM, including the potential opportunity from countries in Europe, Latin America, the Middle East, Australia, and South Africa as adjusted for the Organisation for Economic Co-operation and Development’s estimates of purchasing power parity, which is a given country’s purchasing power relative to U.S. purchasing power and utilizes cost adjustments relative to the United States, Canada, and the United Kingdom and exchange rates as of 2020. Over time, we believe that guests may increasingly use our peer-to-peer car sharing platform for trips greater than 30 miles as the cost of such trips, and ultimately the degree to which individuals choose to own their own vehicles, declines. As with SAM, we have excluded short-duration trips from our TAM to provide a more conservative view of our long-term opportunity. We estimate that our $230 billion TAM includes $134 billion in North America, $65 billion in Europe, and $31 billion in the rest of the world (which consists of selected countries in which we believe we have a medium- to long-term opportunity to onboard hosts). (page 10 du prospectus)

Turo connaît la profitabilité pour la première fois en 2022 (Techcrunch 24 mars 2023 - 6ème et 7ème paragraphes) :

In 2022 Turo generated revenue of $746.6 million, up 59% from the $469 million it brought into the business in 2021. That growth was powered, in part, by a large boost to spending at the company, which saw its sales and marketing costs grow from $52.7 million in 2021 to $111.3 million in 2022.

But rising costs didn’t mean that Turo had an unprofitable last year. In fact, after posting GAAP net losses in the $90 million range in both 2019 and 2020, Turo cut the figure to a $40.4 million net loss in 2021. Last year the company’s net income came to a far-shinier and positive $154.7 million, although that number is predicated on a more modest operating income result of $33.8 million.

Sur un marché qui ne manque pas de concurrence :

•  Peer-to-peer car sharing competitors in the United States, such as Getaround, Inc., or Getaround, and ANIHI Newco, LLC (doing business as Avail), both of which offer peer-to-peer car sharing and own their own fleets of vehicles to rent, as well as Hiyacar Limited and Getaround in the United Kingdom; and

•  Car rental companies, such as Avis Budget Group, Inc., which operates Avis and Budget; Hertz Global Holdings, Inc., which operates Hertz, Dollar, and Thrifty; and Enterprise Holdings, Inc., which operates Enterprise Rent-A-Car, National Car Rental, and Alamo Rent A Car; Fox Rent A Car; HyreCar Inc; Silvercar, Inc.; Sixt Rent A Car, LLC; and rental options available through TNCs such as Uber Technologies, Inc. and Lyft, Inc. Some of these companies also offer, either directly or through subsidiaries, hourly or fleet-based car sharing solutions such as Zipcar, Inc., and Enterprise CarShare, AAA’s fleet-based car sharing solution Gig Car Share (operated by A3 Mobility LLC) in the United States, Communauto in Canada, and Virtuo Technologies Limited and Enterprise Car Club in the United Kingdom. (page 29 du prospectus)

Turo Inc reçoit la note maximale Kchehck Ka+.

Vous pouvez télécharger/lire son certificat de Fast-Kchehcking ici.

L’IPO est annoncée pour janvier 2024…

Cordialement.

Michel Nizon
Cofondateur/CEO Kchehck, Inc.

Ps : N’investissez que dans des Ka+ !

Avertissement.

Cette newsletter est publiée par Kchehck, Inc qui, selon sa propre méthode brevetée et validée, évalue sur 3 critères principaux, principalement extra financiers, souvent des entreprises de moins de 10 ans en croissance et présentes principalement sur le Nasdaq. Ces analyses ne peuvent constituer en aucun cas des conseils d’achat ou de vente d’actions des sociétés ainsi étudiées mais exclusivement une source d’information supplémentaire pour nourrir votre réflexion entrepreneuriale et micro économique. Les analyses kchehck sont strictement réservées aux investisseurs particuliers pour un usage personnel, et sont interdites aux usages professionnels par des investisseurs institutionnels.