Ride-sharing service Lyft on Wednesday said some of its Denver drivers made $40 million in the past two years by participating in Lyft’s two-year-old car rental program called Express Drive.
Express Drive rents vehicles to drivers who don’t have a car or don’t want to add more wear and tear on their vehicles. Drivers can also use the car for personal use. Denver participants were among “one of the top highest earnings markets for Express Drive drivers, especially for its market size,” said Lyft spokeswoman Darcy Nenni.
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Drivers in all of Lyft’s 24 Express Drive markets nationwide earned $450 million since the program’s debut. In Denver, a starting rental rate is $209 per week but the rate can drop to as low as $19 if the driver provides a certain number of rides to Lyft customers.
But the $40 million isn’t take home pay. Car rental fees are taken out of the driver’s weekly earnings.The $40 million is the gross earnings before such fees and taxes were subtracted, Nenni said. Further details were not shared.
Last year, the company said that Lyft passengers in the Denver area spent $63 million at local restaurants and other businesses. Nationwide, Lyft drivers earned $3.6 billion, excluding tips, which was double the driver earnings from the prior year.
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Source:: The Denver Post – Business