Ultra & City Of Miami Still Debating Ride Share Options For 2019 Festival

Ultra & City Of Miami Still Debating Ride Share Options For 2019 Festival

From the first time that Virginia Key was named the replacement venue for Ultra Music Festival, after being removed from Bayfront Park, transportation has been one of its main issues. Ultra revealed and ferry options earlier this year, but ride share options remained scant.

Following a meeting this week at the city’s downtown administrative headquarters, the Miami Herald has published a report stating that Ultra might do away with ride shares altogether this year.

According to Ray Martinez, Ultra’s spokesman and security chief, Ultra has secured over 200 shuttles (the exact number is still being determined) to transport attendees from any of three shuttle stops in the city of Miami: the old Miami Herald site near the Adrienne Arsht Center for the Performing Arts, AmericanAirlines Arena and Vizcaya Museum and Gardens. Each bus can carry 55 passengers, allowing for approximately 11,000 attendees to be moved at maximum capacity at any one time.

Ferries will also be available for purchase (shuttles are free).

The issue, however, isn’t getting attendees to the festival — it’s getting them out. Attendees are expected to come to the festival at a steady rate throughout the day. “But the end of the night will create a new dynamic for Ultra,” writes the Herald, as up to 60,000 people leave each night.

“Uber’s number one concern is the safety of our driver-partners and riders,” said Javi Correoso, Uber spokesman. “The event’s location poses significant logistical challenges, which is why we have flagged concerns and made recommendations to establish a transportation plan that prioritizes safety and efficiency.”

“We have no idea whether it’s going to be one person using a rideshare company or 500,” said Key Biscayne Police Chief Charles Press. “Every car reduced from the causeway will help mitigate the traffic issues coming from the festival.”

No parking will be made available to general admission attendees, and “on-site parking will only be offered to staff, attendees requiring special accommodations, vendors and to a limited number of VIP ticket holders,” says Martinez.

Writes the Herald, “Karla Damian, a spokeswoman for the Miami-Dade Department of Transportation and Public Works department, told the Herald that Ultra submitted a traffic plan in February that is still pending approval from multiple government departments. County administrators still need schematics showingpedestrian walkways and fencing along the causeway’s median.”

Photo via aLIVE Coverage for Ultra

This article was first published on Your EDM. Source: Ultra & City Of Miami Still Debating Ride Share Options For 2019 Festival

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Uber vs. Lyft – Blog | Dealroom

Uber vs. Lyft – Blog | Dealroom

In its much anticipated S-1 filing to IPO, Lyft revealed a wealth of financial detail. Finally, one of the most debated business models in venture capital is opening up to outsiders. And with Uber slowly releasing selected figures in the run-up to its own IPO it’s now possible to compare the two companies in more detail than ever before. More importantly, we can see what the path to profitability might look like. Uber’s reporting has been scattered, so we’ve made some best-guesses to fill in the blanks and create a like-for-like comparison in the below table. The black numbers are either reported by the company’s or implied from those reported numbers. The grey numbers are estimated by Dealroom based on quarterly trends, benchmarks for similar companies and some reasonable guesswork. Insight #1: Lyft grew revenues 2x faster than Uber, but…  Lyft grew revenues 100% to $2.2 billion, ahead of market expectations. Meanwhile, Uber grew revenues “only” 45% to $11 billion. Part of Lyft’s high revenue growth was driven by a jump in the take-rate (from 23% to 27%), which could be temporary. It’s better to look at gross bookings, where Lyft grew 76% YoY compared with 45% YoY for Uber. That’s a far less dramatic difference, especially taking into account the 5x difference in size. Still, in Q4 Uber growth slowed down a bit further: Uber’s gross bookings increased 37% YoY and revenue increased 24% YoY. Insight #2: Winning market share in the U.S. Lyft has been gaining market share in the U.S. and claims 39% market share as of December 2018 by number of rides in the U.S.. Data analytics firm Second Measure, which analyzes credit card data, estimates Lyft’s market share at 29% by sales, compared with 69% for Uber. Momentum seems to be in Lyft’s favor. Part of this could be attributable to Uber’s PR problems (e.g. the #DeleteUber campaign). The company said it had 18.6 million quarterly active riders as of December 2018. For the full year Lyft counts 31 million active riders. By comparison, Uber reports 75 million *monthly* active riders, globally. Hard to say what that translates into per quarter or per year. Insight #3: average Lyft driver ≠ average Uber driver The two companies have quite different business models, especially from the supply side. The majority of Lyft’s drivers “drive in their free time to supplement their income.” Uber riders are mostly full-time. As a result, the average Lyft driver earns $4.3K per year, a number that’s been increasing. Meanwhile, the average Uber driver earns $16.7K per year, a number that’s been decreasing. The average Lyft driver does 1 ride per day (326 per year), whereas the average Uber driver does 5 rides per day (1,773 per year). Uber has only 1.5x more drivers than Lyft, despite Uber being 5x bigger (3 million vs 1.9 million drivers). Also, Lyft’s revenue per ride is $13 per ride, whereas Uber’s $9 per ride. This is likely due to Uber’s presence in more densely populated areas, and its global footprint, which includes emerging markets. Lower revenue per ride isn’t better or worse per se. What matters more is overall efficiency. But it’s interesting to note nonetheless. Insight #4: roughly similar take-rates, trending upwards for Lyft, down for Uber Both companies have roughly similar take-rates, i.e. the percentage net revenues of gross bookings. However, both numbers are heavily distorted. Lyft has eScooter and other services, where net revenues equal bookings. We therefore cannot conclude too much from this. The below chart from Lyft’s S-1 shows the increase of Lyft’s take-rate. In theory, it could go up for a long time, driven by eScooter services (near 100% take-rate) and in the longer-term autonomous vehicles (also potentially 100% take-rates, but still very far away). In the very long-term this could drastically change the profitability of the business. Insight #5: path to profitability Back to the near term. Lyft’s margins have improved dramatically since 2016, as the following chart shows. Total costs now are 136% of revenues, down from 367% in 2016. But how many years will it take to become profitable? Lyft’s biggest expense item is Cost of Revenue, which were $1.2 billion or 55% of revenues in 2018 (down from 100% in 2016). This primarily consists insurance premiums, regulatory costs, payment processing fees (partly Stripe) and hosting fees (it pays AWS $100 million per year!). The next biggest expense item is Sales & Marketing, which has fallen dramatically from 133% of revenues to 36% in 2018, despite the aforementioned market share gains. In absolute terms it still increased to $0.8 billion. In 2018 Lyft seems to have acquired roughly 13 million new riders (grew from 19 to 31 million riders, assuming almost no churn) and acquired roughly 0.6 million new drivers. Therefore it costs about $70 to acquire one new rider. Net revenue per rider is roughly $70 too, but the contribution per rider is roughly half of that, so it takes about two years to recoup these Sales & Marketing costs (in the absence of more precise data). While two years would be way too long for most other businesses, Lyft’s customers are extremely sticky. The below chart shows the rides by cohort, demonstrating that activity by cohort actually increases, rather than decreases. We can therefore assume that Sales & marketing costs as % of sales could reduce dramatically in the long-term, to less than 10%. The remainder of costs are General & Admin, Operations & Support and Research & Development. Together these comprise of about 45% of revenues. Without having seen any equity research yet, we’ve used the available cohort data and some estimates to see what a path to profitability could look like. It will be interesting to see the equity research which has had the benefit of management briefings. But it seems likely that Lyft could reach profitability in 2020 (perhaps even late 2019) if it wants to.
Lyft teams up with blockchain platform as it preps for IPO                     | Healthcare Dive

Lyft teams up with blockchain platform as it preps for IPO | Healthcare Dive

Dive Brief:

Dive Insight:

The collaboration comes as Lyft is expanding its footprint in healthcare and preparing to take the company public. In an S-1 form filed earlier this month with the Securities and Exchange Commission, Lyft singled out its partnerships with healthcare systems as a major source of economic benefit for communities by helping ensure patients get to their medical appointments.

Lyft has already teamed up with a number of healthcare organizations. A year ago, the ridesharing app linked up with Allscripts to develop a healthcare platform that allows doctors and hospitals to offer NEMT to patients. 

The company said last month it will expand its collaboration with Blue Cross Blue Shield Institute and LogistiCare to bring NEMT to some BCBS Medicare Advantage plans — taking advantage of a 2018 CMS rule that authorizes payment of certain nonmedical benefits for MA plan members.

With the more flexible MA benefits, Lyft also upgraded its Concierge product to better support healthcare facilities and patients.

Lyft tallied 8.1 billion bookings and $2.2 billion in revenue in 2018, according to the S-1 form. The company has previously said that about a third of its riders use the app for medical appointments.

“By partnering with Lyft, our platform will provide a more efficient and seamless experience for patients and enable payers, employers, and other agencies to improve patient satisfaction through timely access to care, reduced wait times, and simpler cost-sharing and access to transportation subsidies,” Solve.Care CEO Pradeep Goel said in a statement.

Based in Estonia, Solve.care’s blockchain-powered platform allows users in the U.S. and elsewhere to access a variety of healthcare services using its mobile app Care.Wallet. Lyft and Care.Wallet can both be downloaded from the App Store and Google Play.

What To Do If You Get In An Accident While Riding With Lyft

Were You in a Car Accident While Riding With Lyft?

Lyft has made traveling that much easier for people without cars or people who would rather have someone else drive them to a specific destination. They have taken over the taxi world in a big way because of the convenience as well as the price. After all, a rider can order a Lyft off of his or her phone and have a car pick him or her up in a matter of minutes.

Unfortunately, while Lyft has made it easier for people to get around, rideshare services have not omitted car accidents. An article published on Business Insider notes:

“The arrival of ridesharing is associated with an increase of 2-3% in the number of motor vehicle fatalities and fatal accidents,” researchers John Barrios of the University of Chicago along with Yael Hochberg and Livia Hanyi Yi of Rice University, write in a draft of their paper, which is in the preliminary stages of publication.

That begs the question: What do you do when you get in a car accident while riding with Lyft?

To help better answer that question, it’s crucial to consider the statistics surrounding Lyft, proper protocol to take after an accident, whose insurance applies, and how to file a lawsuit against Lyft.

Lyft Statistics

Many people are ditching their automobiles in favor of rideshare companies like Lyft.

Here are just some of the intriguing statistics that show the rise of these services.

Proper Protocol To Take After a Lyft Accident

Whether you’re in an accident in a Lyft ride or another form of automobile, there are safety protocols you should abide by. 

  • The driver should stop the vehicle so all passengers can exit.
  • To ensure further damage isn’t caused, the driver should turn on their hazard lights.
  • If you, another passenger, or the driver isn’t seriously injured and the vehicle is movable, the car should be moved to the shoulder of the road, as moving to a safe area can ensure no further damage is caused.
  • Whether it’s you, the driver, or another vehicle involved, someone should call 911 (and the drivers should exchange insurance information if more than one vehicle is involved).
  • Even if your symptoms don’t seem severe at the time of the accident, you should receive medical attention once paramedics arrive. Even dizziness can become a severe problem later, and some people don’t notice pain until the day after an accident.

Whose Insurance Applies?

This is where things tend to get chaotic. After all, if you’re injured, whose policy applies? Yours, the policy of the driver at fault, or Lyft’s?

If the Lyft driver is at fault:

In most cases, the passenger is never liable because Lyft carries liability insurance. However, there is a gray area because insurance is split between the driver’s personal insurance and Lyft’s insurance policy. If the driver’s insurance provider denies the claim because of a business use exception, then Lyft’s insurance should step in to make sure all parties are covered, assuming the Lyft driver is at fault. This will occur as long as the driver’s app is online, which it should be because of insurance purposes, as well as having to have the app online to see where to pick up and take passengers.

According to Lyft, “Our contingent liability coverage is designed to provide coverage when the app is in driver mode before you’ve received a ride request in the event your personal insurance does not respond. The policy has a $50,000 maximum limit per person, $100,000 maximum limit per accident, and a $25,000 maximum limit for property damage…

“Our primary liability insurance is designed to act as the primary coverage from the time you accept a ride request until the time the ride has ended in the app. The policy has a $1,000,000 per accident limit. Note: If you already carry commercial insurance (or personal coverage providing specific coverage for ridesharing), Lyft’s policy will continue to be excess to your insurance coverage.”

If the other driver is at fault

Under the above terms and conditions, you’re covered up to the maximum limits set out if you’re injured at the fault of the Lyft driver. What happens if the Lyft driver isn’t at fault, though?

If the other driver is at fault for the accident, then the driver’s policy applies via a third-party car insurance claim against this driver’s car insurance carrier. In a worse-case scenario, you might even need to make a personal injury lawsuit if you aren’t fully covered.

According to Lyft, “In the event of an accident (once you have accepted a ride or are transporting a passenger) with a driver who is uninsured (UM) or underinsured (UIM) and is ultimately at fault for bodily injury caused to you and/or your passengers, our UM/UIM coverage will apply (coverage limits vary by state). There is no deductible on our UM/UIM policy.”

Lyft’s coverage is provided in all 50 states, “except for those rides originating in New York City with a TLC (Taxi and Limousine Commission) driver,” and “Some regions may have specific requirements that modify the described coverage.”

If the insurance policy of the at-fault driver or Lyft are inadequate to fully compensate you, or the policies refuse to pay out for your injury, then you can try to file a lawsuit against Lyft.

Filing a Lawsuit Against Lyft

This will probably be a last-resort scenario, as it will likely be unnecessary.

Lyft’s drivers are independent contractors, not employees, which is an important distinction because a company is likely to be more legally responsible for its employees and not independent contractors. Therefore, if negligence is identified, then Lyft might not be at fault even if the Lyft driver was deemed the at-fault driver.

It should be noted that filing a lawsuit against Lyft should be looked at as an extreme case since Lyft’s insurance coverage should be an adequate option for passengers given the protection options mapped out under Lyft’s insurance policy.

While no one ever wants to imagine getting in a car accident while riding with Lyft, it’s important to know what your options are if an accident does occur — and if you’re injured — so you can be prepared for the unexpected if it does happen.

The post What To Do If You Get In An Accident While Riding With Lyft appeared first on California Car Accident Lawyers in Irvine & Riverside Call Now.

Lawmakers park bill that would change insurance requirements for Uber, Lyft

Lawmakers park bill that would change insurance requirements for Uber, Lyft

(Radio Iowa) — A bill that would have raised insurance coverage requirements on Uber and Lyft in Iowa has been permanently shelved at the statehouse. Republican Representative David Sieck, of Glenwood, says a state law passed in 2016 just established statewide standards for ride-sharing services. Sieck says “If we do this, it’s going to completely throw everything in a tail spin and we’ll have to start all over. They were pretty intense negotiations and every seemed pretty happy, so I don’t know what the impetus on trying to do this is.”

Representative David Maxwell, a Republican from Gibson, agreed to table the proposal. “Right now, I’m going to mark it for indefinite postponent,” Maxwell says.  The bill would have shifted insurance requirements from drivers to the ride sharing companies. Maxwell says he and two other legislators on a House subcommittee didn’t have enough time to review a proposal they received minutes before they were to vote on it. Plus, Maxwell says he’s not that familiar with how ride-sharing companies work. Sieck has used both Uber and Uber Eats. “That’s pretty amazing because you can see the vehicle, where it’s at, when it’s at the restaurant, projected time when it’s going to be at your place,” Sieck says. “I was sitting at a hotel and really didn’t want to go out and I thought that was pretty nifty, so I’m pretty impressed with their services.”

The current state law requires Uber and Lyft drivers to have personal insurance on their vehicle and the ride-sharing companies have insurance covering the duration of the passenger’s ride.