Uber and Lyft to turn the wheels on car ownership - industry experts

TORONTO: Ride-hailing apps like those of Uber Technologies and Lyft Inc are expected to alter the state of car ownership towards subscription-based services and shared ownership, auto industry experts said at a conference on Wednesday.

Haddad said that while car sales have never been higher globally, people are realizing that owning a vehicle is increasingly becoming unaffordable due to car payments, insurance, and parking. Uber said it is the largest ride-hailing firm in the world with 91 million users globally and a 65 percent market share in North America.Both Uber and Lyft went public this year, but are trading well below their offer prices.

At the same time, he said the demographics would stabilize and demand for cars for events like weekend trips or vacations would maintain their interest.

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