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Nashville Turo Market Analysis

Turo Description

Often described as the "Airbnb for cars”, Turo is a peer-to-peer car sharing marketplace where individuals can rent out their personal vehicles to others.

Project Goals

  1. The primary goal of this project is to analyze the Turo market in Nashville, TN, and offer recommendations on the most profitable makes, models, and years for potential investors looking to buy vehicles for hosting on Turo to maximize their profits.
  2. The secondary goal is to apply statistical tests to enhance decision-making strategies for investors who have already listed a vehicle on the platform.

Project Links

Analysis/Results

Click here to view the code used for the analysis
Click here to view a PDF summary of the results

Github Repo

Click here to view the repository

Data cleaning/merging

Click here to view the Turo data cleaning code
Click here to view the Autotrader data cleaning code
Click here to view the code to merge datasets

PowerBI Dashboard

Click here to view the PowerBI dashboard

Methods

Scraping data from Turo

  1. Data Collection: Data was scraped from the Turo website on October 1, 2023, and again on January 2, 2024.
  2. Trip Calculation: The number of trips for each vehicle during the study period (Q4 2023) was determined by subtracting the total trips on October 1, 2023, from the total trips on January 2, 2024.
  3. Trip Duration Assumption: An average trip length of three days was assumed, as Turo does not provide individual trip durations.
  4. Revenue Estimation: Estimated total revenue for each vehicle during the study period was calculated using the formula: estimated revenue = daily price * 3 * number of trips.

Scraping data from Autotrader

  1. Data Collection: At the end of the study period, data was scraped from Autotrader for vehicles within a 50-mile radius of Nashville, TN.
  2. Grouping and Averaging: Vehicles were grouped by make, model, and year, and the average price for each group was calculated.
  3. Price Mapping: Average prices were mapped back to the Turo dataset to estimate the value of each vehicle.
  4. Estimating Missing Values: For the 103 out of 469 vehicles in the Turo dataset without matching Autotrader values, estimates were generated using ChatGPT based on make, model, and year.

ROI Calculation and Usage

  1. ROI Calculation: The return on investment (ROI) for each vehicle over the three-month period was calculated using the formula: ROI = estimated revenue / estimated vehicle value.
  2. ROI Interpretation: ROI represents the percentage of the vehicle's value that was generated as revenue in the three-month study period.
  3. ROI Application: This ROI metric will be used throughout the analysis as the primary measure of a vehicle's success on the platform.