In a significant step along that path, Risher said in a second-quarter earnings call that the company is introducing a new feature that will help “open up a can of whoop ass on primetime.” Primetime is the term Lyft uses to refer to times when prices surge due to increased demand and/or reduced supply. This new feature is called Price Lock, and it does pretty much what its name suggests.
How is Lyft waging war on surge pricing?
Answer: With a price-locking subscription.
Lyft is continuing its crusade against surge pricing with a fare-capping subscription feature. After acknowledging last year that the company is aware that riders “hate [surge pricing] with a fiery passion,” CEO David Risher said the company was working on reining it in.
In a significant step along that path, Risher said in a second-quarter earnings call that the company is introducing a new feature that will help “open up a can of whoop ass on primetime.” Primetime is the term Lyft uses to refer to times when prices surge due to increased demand and/or reduced supply. This new feature is called Price Lock, and it does pretty much what its name suggests.
For a monthly subscription, Price Lock will cap “the price for a specific route at a specific time” and is separate from the Lyft Pink membership. Lyft is currently testing Price Lock in the U.S., with a decision on the final price expected next month. However, Risher did state that the monthly fee will be under $5.
In a significant step along that path, Risher said in a second-quarter earnings call that the company is introducing a new feature that will help “open up a can of whoop ass on primetime.” Primetime is the term Lyft uses to refer to times when prices surge due to increased demand and/or reduced supply. This new feature is called Price Lock, and it does pretty much what its name suggests.
