The world’s largest peer-to-peer car sharing marketplace, Turo, announced that Governor Kathy Hochul signed SB 6715 into law, bringing peer-to-peer car sharing one step closer to New York. The bill, sponsored by Senator Neil Breslin, would expand transportation options and provide economic opportunities for New Yorkers seeking to generate income from their cars.
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“Frankly, this couldn’t come at a better time. Consumers want the safety of the private space that cars offer and New Yorkers have been saddled with the worst traditional car rental experience in the country,” said Turo CEO, Andre Haddad . “We applaud Governor Hochul and members of the New York legislature for supporting consumer choice and innovation by enacting this law, and we look forward to working with regulatory agencies to bring peer-to-peer car sharing to the Empire State.”
SB 6715 provides a regulatory framework for peer-to-peer car sharing operations in New York. New York is the only state in the country where peer-to-peer car sharing is unavailable – making New Yorkers and New York tourism especially vulnerable to the current rental car shortage and mobility limitations. This past June, New York lawmakers worked together to pass SB 6715 and sent it to the governor’s desk for signature.
“Car sharing promises to be an important new part of our economy as it taps into our technological resources, and I believe it will further serve New York’s transportation needs,” said Governor Hochul in a bill approval memo on December 22.
This law builds on the momentum of 10 other states that enacted laws just this year that define this distinct industry and indicate the growing acceptance of peer-to-peer car sharing among state governments across the country, bringing the number of laws supporting peer-to-peer car sharing to over 20.
In 2021, Turo appointed Kim Jabal, former CFO at Unity Technologies, to the company’s Board of Directors where she will serve as the company’s Audit Committee Chairwoman. Earlier this year Turo announced the appointment of Charles Fisher as the company’s CFO, leading the company’s finance, investor relations and accounting functions. On Earth Day this year, Turo became the first peer-to-peer car sharing marketplace to launch a carbon neutrality initiative to offset 100 percent of its estimated global carbon emissions generated by trips.