Lyft president: Most millennials won’t own cars in 5 years

Millennials are giving up, putting off or simply choosing not to buy cars — a blow to the $10 trillion automotive industry, but a boon for people like John Zimmer.

Lyft’s 31-year-old president launched the ride-sharing service with CEO Logan Green three years ago as part of a larger service then called Zimride. Lyft is now a standalone business, letting users hail a ride with its mobile app. It employs more than 400 people and services more than 65 U.S. cities

A significant chunk of Lyft’s growth has to do with millennial passengers, who see owning a car as less and less of a priority. In fact, from 2007 to 2011, the number of cars bought by Americans between ages 18 to 34 plummeted about 30%, according to the AAA Foundation for Traffic Safety. Read more...