Ride-share giant Lyft enters U.S. rental car market in 3 cities

Dec. 13 (UPI) -- Ride-sharing giant Lyft has crossed into the car rental market, and will directly compete with industry staples like Hertz and Avis.

The company announced the new service in a blog post Thursday, pledging to provide riders "flexibility to rent" as opposed to booking regular Lyft service. Rentals are already available in Los Angeles, San Francisco and Oakland, Calif.

Lyft said its rental option will be integrated into its existing smartphone app, and users can book ride-sharing service to pick up their vehicles. Unlike other rental companies, Lyft also promises "no lines, hidden fees or last-minute vehicle model changes."

Shares of rental icons Hertz and Avis saw significant declines on Wall Street Friday. Hertz lost nearly 6 percent and Avis 5 percent at one point in early afternoon trading.