here in new york, i have to go over the bridge to new jersey to rent a turo.ou dealing with regulatory scrutiny and the ability to grow the business? >> unfortunately, we are not yet available in the state of new york, but the state of new york is, unfortunately for you and for all of our new york customers, an exception. we are operating in all other 49 states. there are some unique insurance related limitations in the state of new york and we are working with the right regulators and legislators to, hopefully, make a change over the next year, maybe even earlier. we are very hopeful to be able to operate in the state of new york. elsewhere, everybody is excited about seeing what this platform can do. i think everyone is realizing that cars are very underutilized. you know, we've got 300 million cars in the united states alone. people are in sometimes financial difficulties and unable to afford their car. last year, almost 7 million americans were behind on car payments. a solution like turo can help more people afford cars and make transportation more access

that's areas that we can help turo. >> in turo's case have you invest at time when customer acquisitione been solved all of the platforms -- i look at them and get the opportunity to invest in them, they're saying, don't worry, scale will solve it for us. but we don't make money on the customer yet we are spending on the market acquiring customers then what's the attrition rate is that already resolved for you? >> i think it's mostly resolved but there's still work to do it's a very positive gross margin right now that's a step ahead of some other platforms. customer acquisition costs, ltd exceeds the acquisition costs. the question for us is how big can you scale acquisition and still maintain the ltvs or get more efficient and that's what we'll learn with this capital. >> and i look around at all of the different platforms that are trying to get into the arena somebody like an airbnb even offering the services. who's got the advantage? what does it mean for turo >> here's what we love about turo is scale makes the product better for somebody to come in to get to 400,000 vehicles, 10 m

a major investment deal in the car sharing sector this morning backing the startup turo to the tune ofmillion market. it allows users to rent ou their own personal vehicles to others joining us now for a first on cnbc interview thank you for joining us today a little bit of back ground on the actual service you're offering here. >> thanks for inviting me. turo is a great business, almost 1.5 billion cars around the world and they are idle the vast majority of the time with our app you can share your car so that you can earn money when you're not using your car we've seen people earning more than 500 a month it's a great opportunity to earn money with them when they're not using them >> i get the share economy is very mainstream and comfortable with sharing other people's homes or getting into lyft or uber this idea of sharing someone else's car, there's a connotation attached to it how do you overcome that >> we focus on building trust and safety the car owner that is sharing their cars with their guests as well as providing coverage for guests so it's all about, i think, bringing that

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