Turo, the peer-to-peer car-sharing platform, has abandoned its plans for an initial public offering (IPO), ending a three-year wait to bring the company to the public marketplace. According to a regulatory filing, Turo withdrew its IPO plans, citing changes in market conditions and decelerating growth.

Turo, founded in 2010, allows private car owners to rent out their vehicles through its website or app. The company, often referred to as the "Airbnb for cars," publicly filed for an IPO in January 2022. However, market conditions changed soon after, and the company's growth slowed down. Despite reporting $722 million in revenue for the nine months ended September 2024, up 8.6% from the same period in 2023, the company's growth has not recovered to the levels seen in 2022, when it generated $879.7 million in revenue.

The decision to end IPO plans comes on the heels of peer-to-peer car-sharing company Getaround shutting down its U.S. operations. Like Turo, Getaround began as a venture-backed company, but unlike Turo, it made the leap back onto the public market in 2022 via a merger with a special purpose acquisition company. The similarities between the two companies' struggles in the market are striking, and industry experts are taking note.

Turo is still operational in the United States, Canada, Australia, and France, with 150,000 active hosts globally, 350,000 active vehicle listings, and 3.5 million active guests as of September 2024. Despite the setback, the company remains committed to its mission of providing a platform for car owners to monetize their vehicles. However, the withdrawal of its IPO plans marks a significant shift in the company's strategy, and it remains to be seen how Turo will adapt to the changing market landscape.

The implications of Turo's decision are far-reaching, and industry experts are already speculating about the potential impact on the peer-to-peer car-sharing market. With Getaround's shutdown and Turo's IPO withdrawal, the market is left wondering about the viability of this business model. Will other companies in the space follow suit, or will they find ways to adapt and thrive in a rapidly changing market?

In conclusion, Turo's decision to abandon its IPO plans marks a significant turning point for the company and the peer-to-peer car-sharing industry as a whole. As the market continues to evolve, it will be crucial for companies like Turo to adapt and innovate in order to remain competitive. Only time will tell what the future holds for Turo and its peers, but one thing is certain – the landscape of the car-sharing market has changed forever.