Key facts
- Lyft launched Alcove, a new brand for business travelers.
- Alcove integrates TBR Global Chauffeuring, acquired for $110 million.
- Uber launched a similar service, Elite, in March.
- Uber acquired Blacklane in March.
Lyft is launching Alcove, a new brand aimed at business travelers, escalating its rivalry with Uber in the corporate travel market. The new division will combine new corporate travel offerings with TBR Global Chauffeuring, a UK-based service Lyft acquired last year for the equivalent of $110 million. Lyft CEO David Risher stated that Alcove will provide "the highest levels of service" with "great chauffeurs." This move follows Uber's launch of its own black-car service for executives, Elite, in March, which also included the acquisition of Berlin-based chauffeur service Blacklane. Lyft estimates the global chauffeur market is worth "tens of billions of dollars." Alcove will initially work directly with companies and travel management firms, with a new portal and mobile app planned for next year.