SAN FRANCISCO (AP) — If you already subscribe to digital services like Netflix to binge on TV shows and Spotify to groove to an endless mix of music, the auto industry might have a deal for you: Subscribe to your next car as well. Make that cars, plural. Some of these packages — which charge a monthly fee for the bundled use of a car, insurance and maintenance — let you trade in your vehicle on a regular basis, sometimes almost as readily as you can skip to a new tune on Spotify. These still-developing car subscription programs are gaining traction among motorists who don’t want to be locked into the hassles of car ownership or even multiyear leasing commitments. All they want is a vehicle available whenever they want or need it. “It feels like Christmas morning every time they bring me a new car,” said Steve Barnes, a video producer who subscribes to a high-end vehicle subscription program offered through Clutch Technologies, a startup operating in … [Read more...] about Don’t want to buy or lease? Automakers offer subscription programs.
Want to buy shares
Three investors are looking to buy stakes in Uber in an offer that values the company at $62 billion. The ride-hailing giant said Wednesday the investors want to buy up to $600 million worth of the private company’s stock. They’re offering $40 per share, giving Uber a valuation that’s nearly 30 percent above the $48 billion set in a January stock sale. The announcement comes as Uber posted a $2.46 billion first-quarter net profit largely due to one-time gains from the sale of businesses in Southeast Asia and Russia. Without the gains, the company still lost money before taxes and depreciation, but the $304 million in red ink was half the amount from a year ago. Income statements released Wednesday show Uber’s gross bookings and revenue rose dramatically during the quarter. In a statement, Uber said that the Coatue Management LLC, Altimeter Capital and TPG investment firms have offered to buy $400 million to $600 million worth of Uber stock. The offer, to be … [Read more...] about Uber valued at about $62 billion in new offer to buy company stock
A month after an Uber-owned autonomous car struck and killed a pedestrian in Arizona, the ride-hailing giant is stepping back into the limelight to announce it wants to be everything. No, really. On Wednesday, the company announced it’s expanding a newly-acquired bike-sharing service, launching a new car-sharing service, and planning to let Uber users buy public transit fare through its smartphone app. Uber announced earlier this week that it had acquired Jump, a dockless bike-sharing service, but the new moves laid out by CEO Dara Khosrowshahi represent a “new direction” for the beleaguered company. And instead of fighting cities—a longstanding tradition for Uber—Khosrowshahi says he wants to work with them. How nice. “That’s why we want to provide alternatives to personal car ownership by bringing together multiple modes of transportation right in our app,” he wrote in a blog post Wednesday. After acquiring Jump this week in a … [Read more...] about Uber Wants To Be Everything Now
The sharing economy is taking over. After the success that Turo has had in providing car owners a place to rent out their unused automobiles at reasonable prices, I’m not surprised that someone has found a way to parlay that into the world of motorcycles. That’s the stated purpose of Twisted Road. In a piece for the Los Angeles Times, founder Austin Rothbard was on vacation in a scenic locale with no way to rent or borrow a motorcycle for the great roads. He even checked on Craigslist to see if he could buy a bike for a quick ride and flip scheme. Being a motorcyclist, he knew that there were bikes hiding out in garages all over the country that are rarely ridden, and with Twisted Road aims to connect dormant bikes with riders like him who wanted to rent them. He’s pitching the company as ‘the Airbnb of motorcycles’, because every damn startup has to have that stupid elevator pitch one-liner. “We’re connecting the owner with six bikes in the … [Read more...] about This Startup Wants To Rent Out Your Motorcycle
A lot of things are great about Formula One. A lot of things in Formula One are also absolutely garbage. F1's still (relatively) new owners, Liberty Media, want to change all that, by making it cheaper, louder, fairer, and hopefully more fun. Liberty laid out its ideas for the 2021 season in a meeting with all 10 teams in Bahrain this weekend for the race, it said in a press release. The biggest problem in Formula One has always been money. Someone has too much of it (usually Ferrari), somebody has too little of it (usually the vast majority of other teams), and unless you’re Toyota there was always a good chance you could just buy a championship. The whole system really doesn’t make any sense, especially the bit where Ferrari gets an extra $68,000,000 just because Ferrari, as WTF1 explains: The new ideas proposed by Liberty Media generally sound pretty Reasonable and Good towards fixing a lot of the weirdness, then, including returning cars to their formerly loud glory: … [Read more...] about Formula One Wants To Get Louder, Cheaper, Fairer