The Evolving Mobility Market and Rental Car ABS
Recent headlines have been filled with reminders of the quickly changing market for mobility solutions. Lyft’s highly anticipated IPO in late March 2019 garnered considerable attention as was the case with Uber’s IPO in early May. Established companies like General Motors (GM; rated BBB (high) with a Stable trend by DBRS) have responded to the rapidly changing market by investing $500 million in Lyft and acquiring the self-driving car startup Cruise. GM also launched the car-sharing service Maven, a company providing multiple mobility options, including car-sharing services similar to Avis Budget’s Zipcar; Maven Reserve, which allows customers in various U.S. cities to rent vehicles for a month at a time; and Maven Gig, which has tapped into the growing demand for vehicles from rideshare and delivery app drivers.
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