Photo: Drew Angerer/Getty Images

Lyft has acquired Halo Cars, a small startup that lets ride-hailing drivers earn money via ad displays mounted atop their cars. Lyft confirmed the deal but declined to share any details.

Why it matters: Ride-hailing companies are increasingly eyeing additional ways to generate revenue, and Lyft rival Uber has been quietly testing a partnership with New York-based Cargo that gives it a cut of the advertising revenue, as I previously reported.

  • In fact, Cargo recently shut down its signature snack box business to focus on its nascent cartop ad displays.
  • Halo Cars is still small, operating in a couple U.S. cities, so Lyft appears to be largely focused on acquiring the team, which is likely joining its media division. It had raised a small pre-seed round, according to Forbes.

Go deeper: Uber is entering the ads business

Go deeper

Amazon is gaining on shipping giants

Illustration: Eniola Odetunde/Axios

Amazon is emerging as a transportation juggernaut that could threaten carmakers, package delivery firms and even ride-hailing companies.

Why it matters: By building its own logistics ecosystem and investing in promising electric and autonomous vehicle startups, Amazon could lower its shipping costs to the point that partners like UPS become competitors instead.

Podcast: Saying goodbye to U.S. megacities

Pandemic-prompted work from home policies could cause an exodus from U.S. mega-cities like San Francisco, to which tech workers have flocked over the past decade. Dan digs in with Axios Cities editor Kim Hart.

Go deeper: Coronavirus may cut superstar cities down to size

Updated May 27, 2020 - Axios Events

Watch: A conversation on the future of small businesses

On Wednesday, May 27, Axios Business Editor Dan Primack and Markets Reporter Courtenay Brown hosted a conversation on the future of small businesses with the owner and head chef of D.C.-based restaurant Kith and Kin Kwame Onwuachi and the author and co-owner of Parnassus Books Ann Patchett.

Onwuachi highlighted the limitations of the PPP loan for businesses and called for a restaurant stabilization fund to support workers and business owners in the service industry.

  • On the PPP loan: "It's a small Band-Aid on a large problem...And we need something to help [restaurants] restabilize. There's going to be a lot of costs that we're going to be incurring for reopening."
  • On access to PPP for restaurants run by immigrants or people of color: "They don't have those same relationships with their bankers and their accountants and their finance people in order to access those funds. Their names weren't put at the top of the list."

Patchett discussed how Parnassus Books has adapted to the current safety measures and how they're keeping customers and workers safe.

  • On reopening: "I don't think it's a gut thing [of when to decide to reopen], I think it's a science thing...It doesn't make any sense to be the leader in opening up a store where we could make our staff and our customers sick."
  • On how the bookstore model might change: "I think that if we have vaccines, we're going to be very much the same... [but] we do a lot of our business at big events. So that's really going to be the question. Are we going to be able to have those big author events?"

In a View from the Top segment, Axios CEO & Co-founder Jim VandeHei spoke with head of Goldman Sachs Urban Investment Group Margaret Anadu about how small businesses can get financial support during this economically turbulent time. Anadu highlighted Goldman Sachs loan data that shows that African American business owners have not been able to apply for PPP loans at the same rate as other businesses.

  • "A lot of those disparities...did not materialize overnight. They're not specifically and only related to the pandemic we're currently in, but they really shine a light on the disparities that have been in these communities for a long time."

Thank you Goldman Sachs for sponsoring this event.