Bike Share Profit Loss
Well….this isn’t good, but should also be kept in context. Chicago bike-share program, Divvy, posted a first year loss of $148,000, but of a program this size isn’t really THAT much, still, people seem to hate bikes and want any excuse to write them off. All startups tend to have problems the first year, however, and projections for next year look more encouraging, if Divvy can work through some red-tape deal problems with their partner companies. Divvy is also looking into corporate sponsorship to help offset costs and remedy this loss quickly. Most bike-shares are initially partnered with corporate backing (Indy is buoyed by the Pacers), and this could be an easy solution for Divvy’s issues.
Chicago’s bike-share woes certainly aren’t plagued by low use, as ridership broke records over the Memorial Day weekend, so I’m suspecting it will continue on strongly as long as the business deals can be worked out quickly. I have yet to hear of similar problems in other cities, which is encouraging for more programs to be launched elsewhere.