Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Turo, a peer-to-peer car rental marketplace, has raised $92 million in a new funding round co-led by Daimler and SK Holdings (each putting in $35 million). Other investors include Liberty Mutual. San Francisco-based Turo also said that it is expanding into Europe via the acquisition of Croove, an identical service in Germany that's been incubated by Daimler.

Why it matters: The concept of car ownership is fast evolving, promoting automakers (Daimler) and insurance companies (Liberty Mutual) to use their investment arms to capitalize on new models.

Daimler: This is the German automaker's latest investment in alternative transportation services. Earlier this week, it led a reported $250 million round in carpooling service Via. It has also invested in ride-hailing company Careem, electric charging company ChargePoint, HD mapping company Momenta.ai, and delivery robot company Starship. It's also inked deals with Uber to roll out self-driving cars.

"Frankly, we at Turo are very skeptical about this hourly model of sharing," Turo CEO Andre Haddad told Axios in reference to services like Zipcar, due to low margins (Turo rentals are by the day, not the hour). And in the case of Zipcar and others that own their fleets, the added costs of the cars make the business even more challenging, according to Haddad.

Turo's business: As of 2017, the company has 4.03 million "sign ups," up from 2.31 million in 2016. It also has 171,500 car listings, up from 121,000 last year, and just 65,600 in 2015.

  • One challenge for Turo, however, remains insurance legislation. The company isn't currently operating in the state of New York where it can't obtain commercial group insurance to cover its customers, according to Haddad. Note that it's different for companies that own their fleets.

Go deeper

The Mischief Makers

Illustration: Sarah Grillo/Axios

Several Republican and Democratic lawmakers are emerging as troublemakers within their parties and political thorns for their leadership.

Why it matters: We're calling this group "The Mischief Makers" — members who threaten to upend party unity — the theme eclipsing Washington at the moment — and potentially jeopardize the Democrats' or Republicans' position heading into the 2022 midterms.

38 mins ago - Politics & Policy

Obama speechwriter fears Biden unity drive is one-sided

Cody Keenan (right) is shown heading to Marine One in December 2009. Photo: Mandel Ngan/AFP via Getty Images

President Obama's former speechwriter says he's "preemptively frustrated" with President Biden's effort to find unity with Republicans.

What they're saying: Cody Keenan told Axios that Biden's messaging team has "struck all the right chords," but at some point "they're gonna have to answer questions like, 'Why didn't you achieve unity?' when there's an entire political party that's already acting to stop it."

Scoop: Conservative group puts $700k behind Hawley

Sen. Josh Hawley explains his objection to certifying the 2020 election results hours after the U.S. Capitol siege. Photo: Congress.gov via Getty Images

A Republican group is raising and spending huge amounts of money defending Sen. Josh Hawley after he was ostracized for early January’s attack on the U.S. Capitol.

Why it matters: The Senate Conservatives Fund is plugging Hawley's ideological bona fides and backfilling lost corporate cash with needed political and financial support, helping inoculate him as he weighs reelection or a possible presidential campaign in 2024.