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Corporate Travelers Boost Lyft’s Market Share

Corporate Travelers Boost Lyft's Market Share

There are so many options when it comes to car rentals and car shares during corporate travel. The biggest car shares out there are of course Uber and Lyft – if you have not heard of either of these you must have been hiding under a rock.

Uber‘s share of the U.S. ground transportation market among business travelers fell slightly in the third quarter 2017, while smaller ride-hailing competitor Lyft boosted its market share, according to a report by travel-expense software maker Certify.

Uber’s market share was 54% in the third quarter, down from 55% in the second quarter. Lyft’s share rose 3 percentage points to 11%, said Certify, which cited data culled from more than 10 million receipts and expenses.

This shift was most pronounced in Uber’s and Lyft’s home base of San Francisco, where Uber’s share among business travelers fell 8%, while Lyft’s rose 9%.

Meanwhile, the market share of car rental companies and taxis each fell one percentage point to 28% and 7%, respectively.

The result is more good news for Lyft, which last week said it received a $1 billion funding round led by Google parent Alphabet.

Closely held Lyft, founded in 2012, continues to grow as it competes against the much larger Uber. That company has been valued at as much as $60 billion.

For either ride share option there are pros and cons. Watching these giants battle it out for top dog will be fun – maybe the market could use a major 3rd option?

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