Introducing Lyft Driver Services
New commitments to deliver flexibility and financial security
When we launched, no one could have predicted that in 2018 alone, 1% of the U.S. workforce — nearly 2 million drivers — would turn to Lyft to earn income when they want, and that since inception drivers would collectively earn more than $10 billion. Talk to any rideshare driver, and it becomes apparent why: Today’s workers need flexible ways of earning more money while choosing their own schedule. And they’re increasingly looking to Lyft as the option that works for them.
We believe it’s our responsibility to make Lyft work for anyone striving to provide for themselves and their families in this economy: veterans, immigrants, parents, seniors, millennials, artists, entrepreneurs. The drivers on our platform are active members of their communities, and the majority drive in their free time to supplement their income.
Today, we’re introducing Lyft Driver Services, an ambitious economic initiative to help drivers succeed on their own terms. To start, we’re launching Lyft Direct, a no-fee bank account and debit card designed to save drivers money on gas, groceries and other purchases. We’re also opening our first Driver Center to help drivers reduce their repair and maintenance expenses, and get back some of their time.
New Financial Services: Helping Drivers Get Ahead
The traditional biweekly paycheck falls short of serving today’s workers, and the rising costs of maintaining a bank account disadvantage them further. Americans pay an average of $163/year in banking fees. Minimum balances that are often greater than what many people can save, and most cashback programs require an above-average credit score. We’re fixing that for our drivers.
The first program of its kind, Lyft Direct gives drivers the opportunity to open an online bank account designed for their needs — with no fees. The Lyft Direct debit card will allow each driver to instantly access their earnings after each ride, delivering truly immediate payments in real time. Drivers can earn up to 4% cash back on everyday purchases, too, regardless of their credit.
Research shows that people are more likely to achieve a financial goal if they actively track their progress toward it. We see this happening firsthand with drivers like Tim, an accountant in Chicago, who used Lyft to save for a down payment on a house for his family. Inspired by his story and others like it, the Lyft Direct debit card will include access to financial planning tools and goal-setting features to help drivers hit their personal and professional goals.
New Vehicle Services: Saving Drivers Time And Money
When you use your car for work, there’s little time for a long wait at the repair shop for a missing part — or room in the budget for unforeseen expenses. More than 60% of people express distrust in repair shops, which explains why drivers like Eileen in Minnesota tell us they perform their own maintenance.
We want to give Eileen her time and money back with the most efficient auto shop in the industry.
A Lyft shop tailormade for our community is designed to operate twice as fast, at up to half the cost for drivers.
Drivers will be served by Lyft team members, including certified mechanics, selected for their expertise and passion for helping our community. We expect to offer services with discounts up to 50% on maintenance, repairs, car washes and more, putting more money back in their pockets.
We also want our services to be available where drivers live, which is often outside the city centers where they drive. To that end, we’re also launching a mobile service that will be available to Lyft drivers on-demand.
Finally, we’re reserving a dedicated community space in our new facilities for drivers to get in-person support with taxes, hospitality education, language learning, and more. This builds on a successful pilot with Intuit in our existing local Hubs.
Expanded Vehicle Access: Providing New Opportunities
Express Drive, the program we introduced in 2016 to connect qualified drivers with affordable car rentals, has provided more than 180,000 people the chance to earn money by driving. More than two-thirds of drivers who rent through Express Drive don’t have access to a vehicle that qualifies for rideshare driving.
This spring, we’re making Express Drive available to thousands more potential drivers by expanding the number of partner locations across the U.S. And we’re making sweeping changes designed to increase drivers’ net earnings, connecting them to 4,600 green rentals recently ordered to save them on fuel costs up to $100/week.
We’re seeing this program pay off for drivers like Jason in Las Vegas. Without a loan payment or long-term lease, he was able to pay off more than $15,000 last year in student loans from his Express Drive earnings — in a vehicle he can enjoy for personal use, too.
The economic anxieties preventing Americans from getting ahead have never been more apparent than they are today, when more than half of adults still have less than $1,000 saved to cover an emergency. We’re humbled that in 2018, nearly 2 million people used Lyft to fill this gap, and we take seriously our responsibility to provide a modern workforce with a renewed sense of flexibility and security.
Special thanks to drivers from the Lyft Driver Advisory Council, who contributed their stories and ideas to this work. Since 2016, the first-of-its-kind program has championed the interests of real drivers in Lyft product development. Earlier this month, Lyft launched 45 new local DACs to ensure we continue meeting the needs of all drivers nationwide in the U.S. and in cities where we operate in Canada.
