Private ride-sharing company Lyft has attracted investment interest from big players like General Motors, which purchased a 9 percent stake for $500 million in January. However, the company's co-founder and President John Zimmer says the company is not for sale.
"Lyft right now is not for sale," Zimmer said. "We believe that the best way to get to that ultimate vision of creating that alternative to car ownership as an independent business."
Zimmer recently published an op-ed entitled "The Third Transportation Revolution" that outlined Lyft's vision for the future. He said that car ownership has become more of a burden than a symbol of freedom in America, and he expects private car ownership to end in U.S. cities by 2025.
Instead, ride sharing empowers people to live without the car and still engage in freedom without the high traffic, bills or having to pay for a vehicle, he said.
Moving forward, Zimmer expects his company to take on a business model that mimics that of Spotify or Netflix.
"Over the last couple of years as we have been our business, we have been talking to all of the major auto companies. And when we spoke to General Motors at the end of last year, they agreed with our vision in that consumers will move towards more of a Netflix or Spotify model where they buy a subscription for transportation," Zimmer said.
Lyft is the No. 2 ride sharing company, behind Uber, and has been working hard to take market share and establish itself as a rival. The company is now in 200 cities, and has increased its market share by 80 percent year-over year and executes over 1 million rides every two days, according to Zimmer.
Lyft and General Motors are working together to build a fleet of driverless on-demand vehicles that can be hailed via its app.
"What we are delivering at Lyft is actually that freedom that everyone wants and has wanted when they turned 16, which is the ability to get where they want to go, when they want to go there," Zimmer said. "And I think that is why with the coming of smartphones and Lyft, you are actually able to deliver that true freedom."
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