Lyft announces car rental service; Hertz and Avis shares plunge

Lyft went pubic on Friday, March 29, 2019, with a price above $20 billion.

Lyft

Lyft stated on Thursday that it is introducing a automotive rental service, permitting prospects to lease a automobile with out having to go to the counter. Hertz and Avis shares plunged on the information.

“With Lyft Rentals, we’re giving riders the flexibility to rent a car for weekend getaways, business trips, or even to run errands,” Lyft stated in a blog post.

The service is initially out there for choose prospects within the Bay Area and Los Angeles. Users faucet the important thing icon on their app to start out the method.

The rental choice contains limitless miles, and Lyft stated it can deal with refueling at market worth.

“Our vehicles come equipped with Apple Carplay, Android Auto, and phone chargers,” the submit stated. “Choose free add-ons like ski racks, car seats, and tire chains. And, we’re adding hybrid vehicles to the mix soon.”

Hertz dropped virtually 6% to $15.26, and Avis fell 5% to $30.89.

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