Here is the game plan for Uber.
Create a cool app that people can use to order a cab. Lie to limo and cab drivers about earnings potential, creating chaos amongst your competitors.
Poach as many cab drivers as possible, even if that means oversupplying market with livery cars.
Use growth to raise more capital.
Invest capital to create autonomous car technology that will replace the drivers you just hired.
Launch self driving cars, lay off all workers. Reap the benefits of not having to share fares with drivers.
Fin (cue dystopian society music).
NYC medallion owners are going bankrupt, en masse, thanks to a 50% drop in medallion prices — due to the advent of Uber and Lyft.
At Capitol One and Bank United, distressed loans are greater than 50%, more than 3x last year’s level.
“This is the portion of our loan portfolio that we keep the closest eye on, for obvious reasons,” Rajinder Singh, then BankUnited’s chief operating officer, told investors last January.
Shares of $MFIN, formerly known as TAXI, a play on NYC medallions, have been ravaged.
Once the Fed gets around to raising rates again, the remainder of the taxi medallion owners will be destroyed — just in time for Uber to unleash their self driving cars on the masses and cool new update to their app.
NYC employs 42,000 cab drivers, 13,000 of which are yellow cabs. Nationwide, over 230,000 men and women drive taxis, most of whose are targeted for full unemployment by Uber.
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I started using Uber when visiting my daughter in Manhattan and am pleased with the service.
Unlike the cabs I used to take they have been very clean, didn’t smell, and generally know what the cost is from LaGuardia even during rush hour when I know I have been screwed by Yellow Cab.
Plus, my daughter can follow us on GPS turn by turn on a map via their app.
We agree. The app and service is revolutionary. Much better than yellow cabs and private car services. I’ll believe the self driving cars when I see it. And when I see it, I will be standing on the side of the road as I watch the cars ram full speed into young women pushing strollers.
Self driving cars AND hookers in the back seat. Win win.
LYFT is allied with the ACLU, I deleted their app today.
Sticking with UBER
One thing I always hated about NYC cabs is when the cab is obviously empty and the moron would not even make eye contact when you have your arm out.
They’re both inline with the ACLU
Don’t forget the extortionate rates taxis charge. Doesn’t even go to the drivers. All that money is going to license fees and stupid “medallions.” What a broken industry.
That’s the one thing I missed by using Uber.
I always liked stepping off the curb and sticking my arm out hailing the cab. I felt like a real New Yorker instead of a tourist from Florida.
Try Lyft sometime. It’s a bit cheaper. The drivers I talked to were happier.
In some places (vegas, for example) it’s common to work for both, from what they’ve told me. Outside of peak hours, there’s not enough demand driving for just one. Maybe not the case in a larger city…
I got an email from Lyft that told me they are going to donate $1,000,000 to ACLU. I responded to their bot to fuck themselves and immediately unsubscribed to their horse shit.
Me too, I got no prob if a CEO wants to give their own money to the ACLU, but to announce it publicly and it sounds like it’s coming from profits…no thanks.
Plus 1000!