Uber and Lyft to turn the wheels on car ownership: industry experts

Ride-hailing apps like those of Uber Technologies and Lyft Inc are expected to alter the state of car ownership towards subscription-based services and shared ownership, auto industry experts said at a conference on Wednesday, acording to Reuters.

At the annual Collision Conference in Toronto, speakers said ride-hailing apps are also set to play a role in testing automation for safety.

“Your phone will be your car,” said Andre Haddad, CEO of Turo, a peer-to-peer car-sharing company that enables users to rent their cars out to others.

Haddad said that while car sales have never been higher globally, people are realizing that owning a vehicle is increasingly becoming unaffordable due to car payments, insurance, and parking.

“Many more are realizing they can share their car when they’re not using it or rent it out to recover the big costs of ownership,” he added.

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