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Ridesharing company Lyft to begin renting cars
Ridesharing company Lyft has announced that they plan to start renting cars to customers.
NEW YORK - The ridesharing company Lyft sent a shockwave through the global car-rental market on Thursday when they announced that they plant to start renting vehicles to customers in the Bay Area and Los Angeles.
“Lyft finds itself in a position that they need more than their basic platform,” said Neil Abrams of the Abrams Consulting Group.
Lyft renters supposedly will simply be able to book the car through the app, before meeting a concierge at a rental lot who will escort them to their vehicle.
Lyft also says it plans to offer refueling at local market prices and to allow drivers to drive as far as they like or need.
Experts say that while Lyft will have to deal with fleet management issues for the first time, with the worldwide car rental market expected to nearly double in size to $125B in the next few years, the decision is a smart one.