What is your Turo pricing strategy? Some hosts prefer to maximize the utilization of their cars, while others want to maximize earnings for each day their car is being rented.
Turo Pricing and How It Works
Once you list a new car on Turo, it is defaulted to Automatic Pricing — Turo’s pricing algorithm that automatically adjusts your vehicle’s daily price. Some of the factors this tool considers in suggesting your daily price are seasonality, location, car and listing attributes, etc.
Ideally, opting into Automatic Pricing should be a step towards maximizing your earnings. However, being aware that software cannot implement their pricing strategy, some hosts prefer to further customize their prices by:
- Setting a minimum daily price: Turo determines the minimum and maximum daily price based on your listing’s value. However, most hosts prefer to set the minimum and maximum themselves, and thus ensure that the Automatic Pricing operates within the range they deem to be acceptable.
- Setting custom prices: The feature allows you to override Automatic Pricing for a specific day or range of days. Turo algorithm will not interfere with your custom prices. However, you can always remove the custom prices and check what the tool suggests.
CarSync helps you price your cars efficiently! ⚡
Automatic Pricing output should be an optimal daily price within given circumstances that will lead to maximizing Turo and hosts’ profit while maintaining happy guests. However, no tool is flawless. It often happens that hosts disagree with suggested prices for certain dates or cars and resort to setting custom prices.
If you have ever experienced this firsthand, then you know that CarSync can help you price your cars more efficiently and accurately.
Fleet Pricing
Our Fleet Calendar screen conveniently shows the calendar for your entire fleet at once. From there, you can switch to pricing mode with a click of a mouse and easily modify the prices for your entire fleet. 🚗 If you’d like to learn how — this video is made for you: https://youtu.be/XBf0q_2pemA
Here are some of the functionalities that will help you price your cars more efficiently:
- Adjust your prices for a particular date or multiple dates. 📅 CarSync allows you to select a date and increase or decrease prices for the entire fleet with a single click.
Want to raise your prices for the weekend? Select multiple dates and easily make weekend adjustments by increasing your daily price by 5% for all the cars on your calendar. - Filters. The filter function allows you to narrow and customize your search results and thus modify pricing only for a subset of vehicles.
- Reset. Custom prices are now easily differentiated as they are marked with a purple dot. They can be reset to Automatic Pricing at any time.
On top of that, you can rely on our Demand Index to set optimal custom prices. 📈
There is an event happening around? Demand Index tracks utilization in your area up to three months ahead. It will signal it is time to raise your prices due to the surge in demand.
Not only will CarSync help you conveniently adjust your prices, but with the Turo Demand Index, you can research your market and make pricing decisions that will keep your business profitable and ahead of the competition!
