Lyft announced the launch of a new chauffeur service brand called Alcove, scheduled to debut next year. The service aims to capture demand for full-day corporate travel, including transportation between client meetings, conferences, and flights. The company intends to serve both existing customers of TBR Global Chauffeuring, which Lyft acquired last year, and new corporate travel programs globally.
CEO David Risher stated that Alcove is designed to address fragmentation in the executive travel market, where current providers often rely on older technology and lack scale. By offering a consolidated platform, Lyft aims to provide program managers with better visibility and control over travel arrangements. The company views this as a strategic expansion beyond its traditional on-demand rideshare business.
According to the Global Business Travel Association, 61% of travel buyers find managing regional travel programs difficult, while only 12% have a consolidated view of their data. Lyft expects Alcove to eventually grow into a multi-billion dollar business. For context, Lyft reported approximately $18.5 billion in gross bookings during the previous year.
