Why so many car rental shortages?

Business

HOUSTON (KIAH) – As car rental prices increased, other alternatives gained more popularity like peer-to-peer car-sharing marketplace. That’s where you can either put up your own car or you can rent someone’s car who is a local.

According to AAA’s Leisure Travel Index, average daily car rental rates have almost doubled from $89 a day over the fourth of July 2020 to $166 during that same time in 2021.

In 2020 Turo’s revenue rose 7% as more car owners signed up to rent their privately owned vehicles sitting unused in the driveway because of job loss or working from home.

With the arrival of the vaccine, the demand for travel and increased and on average you can save $70 a day using apps like Turo .

Compared to Hertz, Avis, Budget and Enterprise, Turo has a big advantage on expenses: because it doesn’t own the vehicles, the company doesn’t need to shell out to purchase and maintain a fleet of cars.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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