In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche
In addition, Avis Budget is a big player in the short-term rental market through its Zipcar subsidiary. I think short-term rentals will be one of the biggest uses for autonomous vehicles.
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Thus, car ownership makes little sense from a policy or economic standpoint. Pointedly, most defenses of car ownership make appeals to emotion rather than hard facts. Consequently, we need to ask when not if the private car disappear.
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In fact, the average Lyft driver earns between $364 and $377 a month, Business of Apps estimates. Thus like Lyft stockholders. Lyft drivers are probably losing money on their investment.
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Such a deal will give Avis-Budget experience maintaining and deploying self-driving vehicles. It also puts it in a position to provide autonomous vehicles for ridesharing services like Uber and Lyft, and delivery services like GrubHub (NYSE: GRUB), Instacart, Parcel, and Shipt.
Delivery is going to be a huge market for self-driving vehicles because of the involvement of big retail. Walmart (NYSE: WMT) is planning to offer grocery delivery to 40% of the US population through services like Uber, Deliv, and Lyft. Target (NYSE: TGT) has bought the grocery delivery solution Shipt, and Kroger (NYSE: KR) is partnering with Instacart.
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Hertz Global Holdings (NYSE: HTZ) and Avis Budget Group (NASDAQ: CAR) have a dangerous new competitor. BMW (OTC: BMWY) has entered the car-rental business.
The German automaker has launched ReachNow; a combination car-rental and ridesharing app, in three U.S. markets; Seattle, Brooklyn, and Portland, Oregon. ReachNow offers short-term car rentals similar to Avis’s Zipcar, an Uber-type car service and one to five day use of rental cars.
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Instead of being the cutting edge in transportation, Uber might go down in the history books as the Enron of the 2010s. Remember, Enron, like Uber, was supposed to be run by The Smartest Guys in the Room.
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News stories prove that the reports of the car rental industry’s demise are greatly exaggerated. It is Uber and its ilk that are fighting for survival, not Avis-Budget, Hertz and Enterprise.
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We need to ask ourselves what sort of future companies like Uber have. If they cannot comply with a few basic regulations and make money, then their business model is not viable. Perhaps it is time we scrapped this ridesharing concept or took it back to the drawing board.
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One result of a hyperloop would be a sort of economic boom in areas with lots of cheap housing that is in fairly close proximity to expensive urban areas. Another would be a fall in housing prices in areas where there are currently shortages that lead to high priced housing.
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Uber might have pulled out of Eugene to avoid a repeat of the disaster that occurred in Nevada. The Nevada Transportation Authority impounded at least 15 Uber drivers’ cars between October 23 and October 30, The Reno Gazette Journal reported. The Authority seized the vehicles because it and the state’s attorney general believe Uber violates the state’s taxi cab regulations. Nevada Attorney General Catherine Cortez Masto asked for a restraining order to keep the service out. District Court Judge James Russell ruled that Uber is legal, which foreshadows a nasty court battle for the service’s future in the Silver State.
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