Lyft, Inc. (LYFT)
First Day Turnover
Lyft started a movement to revolutionize transportation. In 2012, we launched our peer-to-peer marketplace for on-demand ridesharing and have continued to pioneer innovations aligned with our mission. Today, Lyft is one of the largest and fastest-growing multimodal transportation networks in the United States and Canada. To date, we have facilitated over one billion rides.
We believe that cities should be built for people, not cars. Mass car ownership in the twentieth century brought unprecedented freedom to individuals and spurred significant economic growth. However, in the process, city infrastructure became overwhelmingly devoted to cars. Roads and parking lots have replaced too much green space. Mass car ownership strains our cities and reduces the very freedom that cars once provided.
Car ownership has also economically burdened consumers. U.S. households spend more on transportation than on any expenditure other than housing.35In the United States alone, consumers spend over $1.2 trillion annually on personal transportation.36 On a per household basis, the average annual spend on transportation is over $9,500, with the substantial majority spent on car ownership and operation.37 Yet, the average car is utilized only five percent of the time and remains parked and unused the other 95%.38
Consumers are seeking better ways to get around. They have grown accustomed to the convenience and immediacy of the on-demand economy and expect their experiences to be more simple and enjoyable. Existing transportation options have failed to meet this shift in consumer demand, creating the opportunity for a better solution.