Lyft kicks off as the first licensed rideshare company in Nevada

The state has licensed its first ride-hailing company. San Francisco-based Lyft, the smaller of two companies applying for transportation network company status before the Nevada Transportation Authority, won approval in a unanimous vote of the three-member board on Monday. Board members spent about 90 minutes reviewing the application. Lyft rival Uber was expected to be considered for licensing later in the meeting. Lyft plans to have 2,500 cars on the road in its first two years of operation and, by regulation, must be operating by Oct. 14.

Lyft will charge a $2.40 base charge, $1.85 per mile, 30 cents per minute and a $5 cancellation fee if a customer cancels more than five minutes after first hailing a ride. There's also a $5 minimum fare. Lyft also will have a "safe rides" fee of $1.55. The company also will have "Prime Time" dynamic pricing during the city's busiest periods. That's a supply-and-demand system that encourages eligible drivers to operate when a major event is occurring and rides are needed in certain parts of town. Company executives said the higher price would be capped at three times the basic rate Lyft became the first company to be licensed, but it was Uber that paved the way for ride-hailing companies to operate legally in the state. Uber operated in Nevada for about a month in late October and November last year. There are other smaller ride-hailing companies operating across the country, but Uber and Lyft are the only ones that have expressed interest in operating within the state.