Let’s Talk Rideshare: Uber vs. Lyft
With regard to rideshare businesses, Uber and Lyft have quickly become two of the largest enterprises. They have been coined crowdsourced transportation network (CTNS) companies and they are growing rapidly.
Because Uber and Lyft are considered the top two CTNs, there is constant competition. One is always trying to outdo the other which can mean big benefits for drivers.
Both were established in California. They have a comparable business model, both using smartphone apps or the Internet to connect riders and drivers but that’s pretty much where their similarities end.
Uber came first in 2009. Lyft followed in 2012. Google Ventures and Baidu are investors in Uber making this company first in search engine results. Smart choice of investors. Way to go, Uber. Congratulations also on being the 48th most powerful brand in the United States. Estimated worth? $2 billion.
Lyft, on the other hand, just reach the $1 billion mark in 2015. Maybe Lyft didn’t luck out with Google Ventures as investors but the ones they have aren’t too shabby – Mayfield Fund, K9 Ventures and Carl Icahn to name a few. Lyft has definitely become Uber’s strongest competitor.
As far as vehicles and pricing, Uber has more to offer. They’ve got a larger fleet of newer vehicles and they have several pricing options. With Uber you can choose a sedan, luxury SUV or something in between. Their options meet just about every need and price range. Service time is lower for Uber and they also conduct comprehensive background checks on their drivers.
Uber and Lyft will both offer incentives to drivers willing to leave one company to join the other. Sneaky!
Lyft is available in 60+ cities. Uber is available in over 200 in 45 countries. That’s quite a difference.
It isn’t known if Lyft will ever actually catch up to Uber but regardless but when comparing the two, it’s obvious they are both great rideshare services. They are both easily available and certainly less expensive than calling a cab.