Garden State of mind
While Turo continues to press the New York state legislature to pass legislation that would allow our community to offer peer-to-peer car sharing in the state, our Tri-State market has continued to flourish as many New Yorkers venture across state lines to nearby locales like New Jersey. In the past year, both the number of cars listed and trips taken in the area have nearly doubled. This year is already pacing to be equally as strong too — host earnings hit an all-time high last month and the number of searches for a car in the area has steadily increased every month. Since our first market guide to the area came out about a year ago, it’s high time we took a look under the hood once again to understand what makes our Tri-State area market tick like a New York minute.
Cars worth the schlep
As in most of our dense urban markets, most bookings in the Tri-State area come from locals. In previous years, as much as 75% of all bookings in the area came from locals but this year that share is down slightly to about 70% due to a marketplace-wide increase in bookings from out-of-town travelers. Travelers and locals alike, however, seem to prioritize location in most searches. Just over 21% of all searches in the last year were by map (also down just slightly from 24% in the previous year).
The most popular locales were all near public transit hubs, likely serving those escaping the Big Apple for their set of wheels. While there is certainly some price sensitivity among these searches with simple sort by price used in about 17% of all searches, listings for cars in the Luxury and Upscale categories dominate the share of listings actually viewed. Even searches specifically for a higher-end car are particularly high with this year’s most popular makes being searched for three to four times as often as any other make.
MOST SEARCHED MAKES:
The Big Apple doesn’t fall far from the tree
Similar to prior years, the strong demand for a fancier car isn’t all talk in this market. BMW and Mercedes-Benz were both among the most booked makes in the past year. Although ever-popular makes like Honda and Toyota secure a high number of bookings, the high-end cars earned just as much with about half of the number of trips. Cars that were both SUV and Luxury or Upscale were the top-earning vehicles this past year. The BMW X5, Tesla Model X, and Range Rover were all among the top-earning models.
MOST BOOKED MAKES:
Seasonality and trip types
Similar to the overall seasonality of the Turo marketplace, the Tri-State area experiences its busiest months in the summer with a peak every July. This past May was one of the market’s strongest months to date with a 26% increase in search sessions, so the coming months should be particularly lucrative. While there certainly are quieter months (January and February), bookings remain relatively consistent throughout the year. The average trip length is also pretty consistent year-round, averaging about 3 days in the past twelve months. Since the market has such a strong base of locals, weekend trips are overwhelmingly popular.
These hosts joined the community less than a year ago and have been crushing it while maintaining solid reviews and response rates:
- Bret is a self-proclaimed car geek that got started with Turo when he listed his Aston Martin last August. He’s since amassed a specialty collection that allows him to share his love for cars and meet new people.
- Coming up on his 200th trip, Dany joined the community at the peak of the summer season last year and has maintained some of the best reviews among all hosts in the area.
- Listing his first car late last year, Michael is our newest rookie of the year. Combining great hospitality and well-priced cars has been key to his quick rise to the top.
Honing their craft for at least a year, these top hosts have delivered more 5-star trips than any other host in the area:
- Alexi says his “goal is to provide the most luxurious and feature rich cars at the best price points on Turo.” Since joining the community back in 2015, he’s delivered on that goal more than a thousand times.
- From daily drivers like his Toyota or Hyundai to his range of fancier Teslas and Mercedes-Benzes, Bob has consistently remained one of our most active hosts in the area since first getting started back in 2015.
- With nearly half a decade worth of hosting experience, Deric has hosted more trips than any other host in the area. His glowing five-star reviews and prime Jersey City location have kept him at the top of the Turo game over the years.