General Motors‘ Acquisition Offer to Lyft Turned Down

General Motors invested $500 million last January for a nine-percent stake of ride-sharing company Lyft, and apparently wanted to own all of it.

The Detroit Free Press is reporting that the automaker approached Lyft in “recent weeks” about a potential acquisition that was declined.

Citing a post from technology website The Information, the report said a “person briefed on the situation,” stated that after seeking other potential strategic buyers, Lyft decided to raise funding from venture capital firms and other investors.

A price that GM was willing to pay was mentioned, but the amount wasn’t disclosed.

Privately held Lyft was valued at about $5.5 billion when GM bought its stake, and the car company’s president Dan Ammann joined Lyft’s board of directors as a condition of the investment.

The two companies are said to be “happy with the alliance and the progress made to date,” GM told Fortune, and the partnership has achieved relative success in their initial projects.

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With the Express Drive program, Lyft drivers can lease select GM models in Chicago, Baltimore, Boston and Washington, D.C.

The program will soon expand to San Francisco, Los Angeles and Denver.

About 15 million Americans will use a ride-sharing service this year according to eMarketer.com, and GM’s acquisition offer suggests it wants to make deeper inroads into the ridesharing business that will eventually lead to autonomous vehicles.

GM isn’t the only car company that is partnering or investing in the rideshare industry.

Volkswagen invested $300 million into European ride-sharing start-up Gett, BMW’s i Ventures provided $5 million of seed capital for start-up Scoop that operates in San Francisco and Toyota has an agreement with Uber.

Detroit Free Press