(Editor’s Note: I’ve had a lot of fun doing the round-ups again for these past few weeks but I wanted to reach out to my readers today and let you know that I’m looking for someone to take over this weekly segment. So if you or someone you know, is passionate about rideshare and likes staying up to date on all of the latest industry news/trends, feel free to reach out to me via e-mail and we’ll see if it’s a good fit.)
Over the past few weeks, we’ve seen Uber cut rates, offer ‘enticing’ fare guarantees and lure Lyft drivers away with a $500 bonus. If I had to guess, I’d say all of these moves were in part to continue rapid driver/passenger growth (for a 2015/2016 IPO) but also to try and smother Lyft. Lyft’s response to all this has been to reduce fares in 10 cities and introduce a new type of stache.
I’ve heard a lot of drivers express the sentiment that things will get better once Lyft is gone. But more wrong, they could not be. Competition is a good thing for drivers and although it may not look like it right now, I can assure you that competition will eventually start to benefit drivers. You never want to depend on just one source of income, since as we’ve seen, Uber can lower rates at the drop of a hat, and we are almost powerless to stop them (for now at least).
Lyft has quietly been raising some funding of their own though too and while it’s not in the billion dollar range, they’ve still got a few hundred million to play around with. Heck, even Sidecar raised a few million last year so while it may seem like these two are going to be drowned out by Uber, I think they are both here to stay. They likely won’t ever compete head to head with Uber but I do think they stand a chance and their existence will continue to benefit us drivers.
On to the top rideshare stories of the week…