November 28, 2022

Lyft is testing a new feature this week that allows users in select areas of the U.S. to search for and reserve parking spots.

The ride-hailing company told CBS MoneyWatch that the pilot, dubbed Lyft Parking, is available “in a small number of select cities” across the U.S. and Canada. Lyft didn’t disclose in which cities the service is available nor when the feature might launch nationwide. 

“We’re always testing new ways to provide more value and help people with all of their transportation needs right from the Lyft app,” a Lyft spokesperson said, adding that the company will have more details to share about the parking service soon.

Lyft said on its website that it has partnered with Chicago-based parking company SpotHero to make available parking spots visible on its platform. SpotHero is available in hundreds of U.S. cities and its function through Lyft is available in Chicago, Denver, New York and San Francisco.

Lyft and SpotHero aim to give customers “easy, affordable and top-notch transportation,” SpotHero CEO Mark Lawrence told CBS MoneyWatch on Wednesday. SpotHero will expand the Lyft service to more than 50 cities by the end of 2022. 

Lyft Parking requires a user to enter a vehicle’s make, model and license plate number, among other information. Customers can see and pay to reserve a spot from the app at any time of day, Lyft said. The system lists the location, distance from the user and cost, as well as indicates if the spot is covered and if valet parking is available. 

Customers don’t need to have a vehicle in a parking spot at the start of the reservation time. The system works somewhat like a hotel reservation, Lyft said, where a user can use the parking spot anytime after the reservation starts and before the designated time slot ends. 

The California company is trying the new service as it continues to navigate a turbulent 2022. In August, Lyft reported a $377 million loss for its second quarter, while its stock price has fallen nearly 70% this year.

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