CarShare Market Guide - Youngstown, Ohio

MARKET GUIDE YOUNGSTOWN, OHIO

CARSHAREACADEMY.COM

CARSHARE

COPYRIGHT & DISCLAIMER © Carshare Academy, 2023 All rights reserved. No portion of this report may be reproduced, stored in a retrieval system, or transmitted in any form or by any means – electronic, mechanical, photocopy, recording, scanning, or any other – without the prior written permission of the publisher.

Disclaimers: This report is not published, nor sanctioned by any specific carshare company. It is the sole work and intellectual property of Carshare Academy. The data interpretations, conclusions, and recommendations herein are those of Carshare Academy alone.

No data or information confidential and proprietary to any specific carshare company, was used in the creation of this market analysis.

All data used is freely available in the public digital domain.

This analysis is not intended to be a perfect predictor of host success as many factors determine a host’s success or failure. The data used to create this analysis changes slightly from day to day, even hour to hour with bookings, fleet additions, retired vehicles, etc.

This analysis is intended to provide sound recommendations for fleet composition, based on twelve different comprehensive data sets, and provide hosts with the vehicle performance information they need to bring the best vehicles to market in their city based on available data at the time.

William Huffhine Carshare Academy

01

ABOUT THIS GUIDE Since June of 2021 The CarShare Academy has studied nearly 200 markets to provide hosts with the business intelligence they need to build a fleet consisting of the right vehicles to match the demand pattern for their city.

A team of data specialists extracts multiple sets of data from the Turo database, assembles them, and sends the workbook to Lead Coach William Huffhine for review, analysis, and interpretation to complete the Market Guide. This process can take anywhere from 4 to 8 hours depending upon city.

No scrapers or crawlers are used to extract this data as such technology can provide erroneous results.

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CONTENTS

04 MARKET DYNAMICS 10 TURO INVENTORY VEHICLE MIX 11 DAILY RATE MIX 13 TOP BRANDS 14 TOP MODELS 16 YOUR FLEET RECOMMENDATIONS 19 PROJECTED SEASONAL TREND 20 CONCLUSIONS AND RECOMMENDATIONS

MARKET DYNAMICS DEMOGRAPHICS Youngstown, Ohio is a city located in the northeastern part of the state.

According to the United States Census Bureau, the population of Youngstown was estimated to be 64,958 in 2020.

The racial makeup of the city is as follows: White: 54.8% African American: 42.2% Hispanic or Latino: 2.1% Asian: 0.6% Other races: 1.3% The median age of residents in Youngstown is 40.6 years old, with 22.4% of the population under the age of 18, and 13.1% over the age of 65.

The city has a relatively high poverty rate, with 30.9% of the population living below the poverty line. Additionally, the median household income is $25,567, and the median per capita income is $15,988.

In terms of education, 19.2% of residents over the age of 25 have not completed high school, while only 12.9% have a bachelor's degree or higher.

Overall, Youngstown is a diverse city with a high poverty rate and lower levels of education compared to the national averages.

04

MARKET DYNAMICS MOBILITY CHALLENGES Youngstown, Ohio faces a number of transportation challenges that impact its residents and businesses.

One major challenge is the lack of reliable public transportation. The city is served by the Western Reserve Transit Authority (WRTA), which operates a number of bus routes throughout the city and surrounding areas. However, service is limited, with buses running infrequently and not operating on weekends. This makes it difficult for residents without access to a car to get around the city, and limits their ability to access job opportunities and other essential services.

Another challenge is the condition of the city's roadways. Many of the roads in Youngstown are in poor condition, with potholes and other damage making them difficult to navigate. This can lead to increased maintenance costs for vehicles and can also be a safety hazard.

Additionally, there is a lack of bike lanes and sidewalks in the city, which makes it difficult for people to walk or bike safely. This lack of alternative transportation options can further limit mobility for those without access to a car.

In conclusion, Youngstown, Ohio's transportation challenges include limited public transportation, poor road conditions, and lack of alternative transportation options. These issues can make it difficult for residents to access job opportunities and essential services and can also negatively impact the city's economy. Improving public transportation, infrastructure and alternative transportation options would greatly benefit the city's residents and businesses.

05

MARKET DYNAMICS TOURISM PATTERN Youngstown, Ohio is not a major tourist destination, and as such, there is limited data available on tourism patterns in the city. However, there are a few notable attractions that may draw visitors to the area.

One of the main tourist attractions in Youngstown is the Youngstown Historical Center of Industry and Labor. This museum, located in the former Ohio Works Steel Mill, tells the story of the city's industrial past and the role it played in the development of the steel industry in the United States. The museum is open year-round and offers a variety of exhibits, tours, and educational programs.

Another attraction that may draw visitors to the area is Mill Creek Park, which is one of the largest metropolitan parks in the United States. The park features a variety of recreational activities, including hiking, fishing, and boating, as well as a number of historic sites and landmarks, such as the Wick Mansion and the Fellows Riverside Gardens.

Additionally, Youngstown is home to a number of colleges and universities, such as Youngstown State University and Kent State University, which may attract visitors who have family members or friends studying at these institutions.

There are no specific numbers or data showing the number of tourists who visit the city of Youngstown Ohio. However, based on the limited information available, it can be inferred that the city's main tourist attractions are focused on history and nature. These attractions may appeal to a niche market of history buffs and outdoor enthusiasts, but the city is not likely to be a major destination for most tourists.

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MARKET DYNAMICS KEY ANNUAL EVENTS Youngstown, Ohio hosts a number of annual events that draw visitors and residents to the city. Some of the key annual events include: 1. The Youngstown Italian-American Heritage Festival: This annual festival, typically held in August, celebrates the city's Italian-American heritage. The festival features live music, food, and cultural performances and is held in downtown Youngstown.

2. The Youngstown Arts Festival: The annual festival, typically held in September, features work from local artists and artisans, as well as live music, food, and other entertainment. The festival takes place in downtown Youngstown, and is a great opportunity to explore the city's thriving arts scene.

3. The Youngstown Music Festival: This annual festival features a wide variety of live music acts, typically held in June. It takes place in downtown Youngstown and is a great opportunity to enjoy local and regional musicians.

4. The Youngstown International Friendship Festival: This annual event, typically held in July, celebrates the cultural diversity of the Youngstown community and includes live music, food, and cultural performances from around the world.

5. The Youngstown Halloween Parade: This annual event, typically held in October, is a community tradition and draws thousands of people to the streets of downtown Youngstown. The parade features floats, bands, costumes and it is a great opportunity for families to have fun and enjoy the spooky season.

These events are a great way for residents and visitors to experience the city's rich cultural heritage and diverse community. They also provide an opportunity for local businesses to showcase their products and services, and for the community to come together to celebrate and enjoy the city.

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TURO INVENTORY OVERVIEW Youngstown, Ohio is a small, emerging market for Turo with a total inventory of about 200 vehicles.

There is one Turo vehicle for every 321 metro residents compared to a typical vehicle ratio of about 1:1,800 in cities that are not major tourist destinations. Demand here is driven primarily by locals.

Inventory in search results is spread across a large geographic footprint stretching from Akron in the west to northwestern edge of Pittsburgh to the west. It's important to understand that when a guest searches inventory for Youngstown, they will see vehicles spread across this footprint.

KEY POINTS Demand in this market is strongest for economy daily drivers with minimal measurable demand for luxury and no measurable demand for exotics.

Daily rates in the car category are consistent, but at times slightly below comparable markets. In this category 64% of vehicles are priced below $100 per day with the $51 - $75 range holding the most inventory.

Daily rates are consistent with other comparable markets in the SUV category. In this category 54% of vehicles are priced below $100, with the $76 - $100 range holding more inventory than other price ranges SUVs outnumber cars by about 11%, compared to most markets where cars usually outnumber SUVs by a ratio of about 2:1.

Minivans make up the third leading vehicle type by inventory.

VEHICLE MIX Approximate number of vehicles in each vehicle category. Though this number remains fairly consistent, it changes slightly daily.

202

89

Total

Cars

99

10

SUVs

Minivans

1

3

Vans

Trucks

11

CAR RATE MIX Approximate number of vehicles in each daily rate cohort.. Though this number remains fairly consistent, it changes slightly daily.

10

29

Under $50/Day

$51 - $75/Day

24

16

$76 - $100/Day

$101 - $150/Day

6

4

$151 - $200/Day

Over $201/Day

11

SUV RATE MIX

Approximate number of vehicles in each daily rate cohort, in the top five brands. Though this number remains fairly consistent, it changes slightly daily.

3

16

Under $50/Day

$51 - $75/Day

34

33

$76 - $100/Day

$101 - $150/Day

7

6

$151 - $200/Day

Over $200/Day

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TOP BRANDS These are the top vehicle brands in this market by inventory count.

Other brands may outperform these brands but are fewer in inventory.

CARS

SUVS

13

TOP MODELS These are the top vehicle models in this market by inventory count.

Other models may outperform these models but are fewer in inventory.

CARS Model

Avg. Trips

Avg. Rate

Low Earnings

Mid Earnings

High Earnings

Toyota Camry

26

$70

$834

$1,251

$1,668

Mercedes C Class

29

$88

$1,050

$1,575

$2,100

Honda Civic

82

$66

$792

$1,188

$1,584

Chevy Malibu

47

$78

$932

$1,399

$1,865

Kia K5

4

$90

$1,080

$1,620

$2,160

KEY POINTS Average trips is the average number of lifetime trips per unit in the model inventory.

Average rate is the average daily rate per unit across the model inventory. Some units book higher, some lower, but this is the average.

Low earnings is based on 12 days booked per month, mid earnings is based on 18 days booked per month, and high earnings is based on 24 days booked per month.

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TOP MODELS These are the top vehicle models in this market by inventory count.

Other models may outperform these models but are fewer in inventory.

SUVS Model

Avg. Trips

Avg. Rate

Low Earnings

Mid Earnings

High Earnings

Kia Sportage

5

$84

$1,012

$1,517

$2,023

Chevy Equinox

44

$74

$890

$1,336

$1,781

Jeep Wrangler Unlimited

21

$105

$1,257

$1,886

$2,514

KEY POINTS Average trips is the average number of lifetime trips per unit in the model inventory.

Average rate is the average daily rate per unit across the model inventory. Some units book higher, some lower, but this is the average.

Low earnings is based on 12 days booked per month, mid earnings is based on 18 days booked per month, and high earnings is based on 24 days booked per month.

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YOUR FLEET These are the vehicles that, based on data from the Turo database, analysis of that data, and market intelligence, you should consider adding to your fleet.

CARS Model

Count Now

Avg. Rate

Low Earnings

Mid Earnings

High Earnings

Chevy Malibu

3

$78

$932

$1,399

$1,865

Honda Civic

3

$66

$792

$1,188

$1,584

Honda Accord

3

$58

$696

$1,044

$1,392

Mercedes CLA Class

2

$99

$1,188

$1,782

$2,376

Tesla Model 3

10

$97

$1,164

$1,746

$2,328

KEY POINTS Count Now is the number of units, of this model, in inventory at the time the analysis was completed.

Average rate is the average daily rate per unit across the model inventory. Some units book higher, some lower, but this is the average.

Low earnings is based on 12 days booked per month, mid earnings is based on 18 days booked per month, and high earnings is based on 24 days booked per month.

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YOUR FLEET These are the vehicles that, based on data from the Turo database, analysis of that data, and market intelligence, you should consider adding to your fleet.

SUVS Model

Count Now

Avg. Rate

Low Earnings

Mid Earnings

High Earnings

Chevy Trailblazer

1

$64

$768

$1,152

$1,536

Chevy Equinox

5

$74

$890

$1,336

$1,781

Jeep Compass

3

$80

$960

$1,440

$1,920

Ford EcoSport

3

$43

$516

$774

$1,032

BMW X5

9

$115

$1,380

$2,070

$2,760

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PROJECTED SEASONAL TREND As in most industries, earnings and profitability fluctuate throughout the year. In the travel and tourism industry we call these times of year high season, low season, and shoulder season, with shoulder season being those times between high and low season that can be somewhat unpredictable.

Most Turo markets experience all three of these seasons, but the time of year these seasons are experienced varies dependent upon geography and tourism patterns.

Based on what we know about your market, the graph below illustrates the projected trend in booking activity throughout the year.

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CONCLUSIONS & RECOMMENDATIONS Youngstown is a market where we're going to advise caution to aspiring/new hosts and current hosts considering scaling their fleets. Demand in Youngstown proper is driven primarily by local guests, with minimal tourism.

The inventory is spread across a large region with some inventory located in the Akron/Canton area, and some inventory located in the outer edge of Pittsburgh, both of which have international airports. It's likely that guests flying into the region to visit Youngstown will choose vehicles close to the airport, making booking more challenging for inventory in Youngstown proper.

There is an odd peak visitor season in this market with the top months being March, June, and February, though this is not likely to drive spikes in demand during these months.

On a positive note, average daily rates are consistent with other comparable markets.

The successful host in this market is going to choose their vehicles wisely, to fit the overall demand pattern, and with the smallest financial burden possible.

It’s going to be extremely important that the host in this market fully understand their business financials on a monthly basis and tightly control operating expenses.

A host in this market will likely need to employ self-driven marketing strategies at times throughout the year to maintain utilization and profitability.

Operating with All-Star metrics and offering delivery will enhance success in this market.