This is the financial proof that Uber is destroying taxi com

last SG · 2015-03-06T19:29:03+00:00

Startups disrupt traditional industries and Uber is a living proof of that

Reliefdriver4u SG

The rise of Uber is destroying the traditional taxi business, according to this compelling chart from data compiled by the New York City Taxi and Limousine Commission. It tracks sale prices of taxi “medallions,” the pricey licenses that give companies the right to operate a yellow cab:

The data was compiled by Donut Shorts, a Twitter account for investors. It comes from the NYCTLC.

The scariest part — for taxi companies — is the bottom part of the chart where the blue bars indicate sales coming from foreclosures.

Medallions used to confer on companies a type of monopoly or cartel — you could not operate a taxi in New York without one. Now, however, Uber lets anyone drive a taxi for the entry-level price of merely owning your own car. For many drivers there is simply no point in owning a medallion or working for a medallion company. And so the transaction value of those medallions has dropped off a cliff, even though the economy in New York has gone through the roof.

We haven’t seen anything like this in the UK yet but there are early worrying signs for traditional cab fleets.

Addison Lee, which has a massive fleet of private hire drivers in London, recently cancelled its planned private equity sale. And then it announced there would be 90 job losses at the company.

Uber’s arrival in London already caused protests from Hackney Cab drivers. When Uber launched in Birmingham, drivers there said they didn’t care. “We are not particularly bothered about Uber coming to Birmingham,” Mohammed Taj, a member of Birmingham’s Black Cab Drivers’ Association (BBCD), told the Mail.

The stats from New York suggest cab companies ought to start being bothered a bit more.

luckycabby SG

In SG, I thought LTA said their drivers need to have TD license & regd with a taxi company? So no real difference to Grab. Think in SG Ubercar soon will die(or died already?) that's why they have Ubertaxi. May affect taxi companies but TDs should be better of or same.

If Ubercar can succeed here, then better switch camp. Be a Ubercar driver and do some other sideline.

Mai Gou Dan SG

Uber no use la. Only can let the rich drive. The payment to your bank account take 3-5 working days. If you cannot sustain then jia lat liao.

Varadero SG

If Ubercar can succeed here, then better switch camp. Be a Ubercar driver and do some other sideline.

Asked before Uberexec need commercial insurance and do a conversion from private car to commerical car.

bowah SG

Whatever the competition might be, we as taxi drivers of Singapore are flexible and versatile in our own way. Grab, Easy and Uber had in a way, waking up our oligarchy taxi companies, it is good to have them around. As a driver, we are free to move, search and join for the bigger pie of share on the road.

Uber can survive in a country of Freedom, be is freedom of association or freedom of economy and human rights, Uber can thrive in US because of it free economy, which is totally different from Asia controlled economy and some, even state controlled with a fake label of privatisation. And in US, business is very aggressive, the US business alway put themselve on a global model, meaning that when they want to create a business, they make sure they hv the planing and support and on a global scale, unlike our locals SMEs.

Therefore, I see the restriction imposed by our govt on Uber shown a protective economy, and more importantly, on security and remain in control. For as a taxi driver, we are flexible, if Uber got no restriction and it start to bloom, we can alway change ship…just like our bro hamm, ct, ex chief pool and his LV kids..their ability to switch and change in according to the market condition is really admiring

ditzy SG

And this is proof why they will not.

https://www.facebook.com/photo.php?fbid=1011898362172154&set=a.389305291098134.105936.100000559982993&type=1&theater

bowah SG

Good mah, charge more better, than put on the news…like this less pple take Uber, we got more chance.

Knn…got car plate nos can go complain mah.

Taxilim88 SG

This is only the tip of the iceberg...I am very sure there are many other pirate taxi cases that go unreported because the driver charged normal or lower fares.

Taxilim88 SG

Wah..oligarchy..smlj lai eh? Eh sai jiak boh?

wsy1234 SG

to prevent Uber things LTA should allow yellow top taxi to come back to service people. under the "new yellow taxi rule if happen LTA should allow those taxi drivers has at least 5 years driving rented taxi to apply for the licence from LTA and with that licence drivers can buy their own taxi or convert own cars to yellow top taxi. this ownership licence supply can be like biding car ceo but with cap at $20K with limited 10000 every 2 years or sometime no issues at all depend on LTA." those get the licence will have a car sticker put on the wind screen and a meter device install in the car and LTA will do the inspection every year like what other motor cars. and the licence is non transferable and non renewable after 10 years as you know other country this taxi licence worth alot of money. you want this yellow top licence after 10 years bid for it like coe

michaelhuat SG

the moment any suggestion goes beyond the 1st sentence, i can only say, if i am officer, will i want to increase my headache and increase my workload. or do i want to keep my headache minimal and keep my workload equal or lesser better still? because my pay will not change much if i do all the good but complicated things for everyone, like monitor this, adjust that, implement those, follow up more.. of cos i will say. Thank you for the feedback :)

bowah SG

Uber or teochew ber will of cos said Not their Driver lah...even if he had driven for them for years...that is the problem with Uber, no authentication, no identification of driver, anything can just wipe off. Which organisation will be in the right mind to admit?? That is why Govt aka LTA is not happy with Uber, you know our govt work in a way of control, this control, that control, every one of us as TD are registered and easily get identified, but currently many Uber drivers are only register in their account, not with LTA.

bowah SG

Wah..oligarchy..smlj lai eh? Eh sai jiak boh?

In this world, there are 3 group that works together and make money together, even tho they are competitor. One is monopoly, one is cartel, one is oligarchy.

bowah SG

Oligarchy meaning a country, business, etc., that is controlled by a small group of people. : the people that control a country or a sole business.

All these farking companies, from cdg to TC to smrt and including LTA are in a way competitor, but when it comes to making money, they are a united group…and when they decide on thing in regards to Taxis, your life and my life and our family life will be affected. This is call Oligarchy at works. UNDERSTAND BO????

Think deeper, dun alway just go drive, eats, sleep, sex and wait for peak period. Our brain usage is only 0.3 percent…there are more to it.

bowah SG

So with the coming of grab, uber and easy…this oligarchy finally wake up a bit to think …that is why cdg now got destination mah…UNDERSTAND BO??

wsy1234 SG

first this is a freedom of doing a transport business for the people who want a public transport that can have a personal service compare to public bus or train. and if you think anyone with a good school result can be a lazy civil servant humm maybe people like you that are square brain prevent the singapore from bring a better country to live in

getcarter SG

Didn't know sg lang can be so soft n scared untill willing pay tat amount

I notice my pax all garang one

fm aunties to ah nehs

Wahahaha

bowah SG

What to do, you everyone also pick mah…kiam chai style.

We only choose those scholar scholar, si boon si boon, gong gong type

Taxilim88 SG

In this world, there are 3 group that works together and make money together, even tho they are competitor. One is monopoly, one is cartel, one is oligarchy.

Thank you lah, unker..

j007 SG

The Land Transport Authority says it takes a serious view of complaints about a person posing as an Uber driver and overcharging passengers.

SINGAPORE: The Land Transport Authority (LTA) said a vehicle allegedly being used by a person masquerading as an Uber driver was impounded on Monday (Mar 2) and the case is under investigation.

"LTA has received complaints against the vehicle owner and takes a serious view of the incidents," a spokesperson said. "If found to have contravened the Road Traffic Act, which disallows private vehicles from being used for hire and reward, the offender may face possible fines, imprisonment and forfeiture of the vehicle."

Ride-booking service Uber had earlier issued an alert that the car in question with license plate SJT1444Y is not registered with the company. This follows a complaint posted to Facebook that went viral - from a man who said he was charged S$97 for a trip with his family from Beach Road to Yio Chu Kang. Uber has filed a police report.

Mr Joverst Lee's post has been shared more than 10,000 times. The 22-year-old technical applicator said the driver asked for cash payment, saying he does not accept payment by NETS, and did not provide a receipt.

Mr Lee and his family were intending to travel to Woodlands but stopped the car when they realised that the fare had shot up to S$50. Within three minutes of stopping the car, the fare had increased to S$97, he said.

The estimated fare on Uber's website from Beach Road to Woodlands, under the UberExec service, is between S$58 to S$74. Uber transactions are normally cashless, and drivers are reimbursed by the company.

Mr Lee said he lodged a complaint with the police on Tuesday.

S$168 TAXI RIDE

His Facebook post has prompted others allegedly cheated by the same driver to come forth to share their story. Mr Kenneth Yeo, 35, a sales manager, said he was charged $168 by the driver for a journey from Emerald Hill to Marine Parade.

He echoed Mr Lee's experience, saying the driver had used an iPhone app as a fare meter. And he said the driver insisted on cash payment instead of the usual online payment method via credit card, Paypal, GoogleWallet or Uber Credits. "Uber taxis usually charge to my credit card, therefore I assume he was able to charge to my credit card. But he explained that he is driving under Uber Executive (UberExec), which collects cash," said Mr Yeo.

A check with a fare estimate feature on Uber's website shows the estimated charge for a ride between Emerald Hill and Marine Parade under UberExec service would cost S$28 to S$36.

MAN ASSISTING POLICE WITH INVESTIGATIONS

Channel NewsAsia understands that a 29-year-old man is assisting police with investigations in connection with the case. Police said they received a call for assistance on Feb 18 at Unity Street, and a criminal breach of trust was reported when they arrived at the scene. The car involved in that case, is believed to bear the same licence plate.