Lyft is launching a new brand aimed at the corporate travel sector.
The new division, named Alcove, will merge fresh corporate travel services with UK-based TBR Global Chauffeuring, which Lyft purchased last year for approximately $110 million.
Alcove will deliver “the highest levels of service” with “great chauffeurs,” according to a Thursday statement from Lyft CEO David Risher.
“Prefer the bridge over the tunnel? Like it at 72 degrees? Want the back window slightly open? That’s the Alcove experience,” he said.
Alcove represents the most recent move by a ride-hailing firm to enter the business and executive travel space — a sector companies view as more profitable than standard rides.
In March, Uber launched its own equivalent, called Elite, a comparable black-car service “designed for executives, frequent travelers, and riders seeking a more premium experience,” according to the company.
That same month, Uber bought Berlin-based chauffeur company Blacklane.
Lyft stated in its Alcove announcement that the global chauffeur market is valued at “tens of billions of dollars.”
Initially, Alcove will partner directly with businesses and travel management firms, Lyft said.
Lyft plans to officially launch the brand next year with a new portal and mobile app, the company said.
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