Lyft went pubic on Friday, March 29, 2019, with a value above $20 billion.
"With Lyft Rentals, we're giving riders the flexibility to rent a car for weekend getaways, business trips, or even to run errands," Lyft said in a blog post.
The service is initially available for select customers in the Bay Area and Los Angeles. Users tap the key icon on their app to start the process.
The rental option includes unlimited miles, and Lyft said it will handle refueling at market price.
"Our vehicles come equipped with Apple Carplay, Android Auto, and phone chargers," the post said. "Choose free add-ons like ski racks, car seats, and tire chains. And, we're adding hybrid vehicles to the mix soon."
Hertz dropped almost 6% to $15.26, and Avis fell 5% to $30.89.