Lessons to Learn: From Taxi Plates in the Uber world

Very funny. OK I didn't know councils are cracking down on them.. Gee one small mistake.

 

First of all, thanks Srirang sharing this story with us.

The lesson I learnt from this Uber vs Taxi story is regardless if Uber is illegal or legal to start with.
The whole taxi industry is changing and its changing fast. As an investor, we should manage and willing to adjust the investing environment to survive and thriving.

In real estate is the same, especially when it comes to gearing, don't over stretch ones' borrowing power or spending. I often see people borrow/spend beyond their means just because he/she wants to live in certain suburb or his/her "friends" think it is a good suburb/area to invest.... investing is about managing cash and cashflow as well as adapting investing environment to survive/thrive. not to be greedy or following the suit.

Because you never know what surperise will come next to swallow your profit or investment. just like Uber did in taxi industry or invest loan tightening in banking industry.

 

But it sounded to me like you made a down payment on a size 12 to the side of the head ,lol, just kidding.

I believe it may be illegal without approval.

There are always winners and losers. Just ask @sanj . He's got so much gold he has to be a winner.

heh?

Checked it out already and I like it. I worked out the location of the place and I'm gonna try and do a cashie. But don't tell @wogitalia because I don't think he likes cash, in 30 years time technology could track the payment and check it back to the relevant tax return lol.

 

May have been cheaper to get an Ambulance on NYE than travel Uber! I understand the idea around the surge pricing, but i think it should be regulated more in line with say, penalty rates. 2.5 x the normal fair not almost 8 x would seem more appropriate. I don't think it should be a license to charge anything, there should be something in place to protect consumers from being gouged.

 

It's called patience and common sense. The app is pretty clear in telling you what you will be paying, choosing to pay it anyway is just another example of a stupidity tax. Like interest on credit cards or ATM fees, an easily avoided stupidity tax.

 

Stupid tax for you and lots of people on these forums, but as I understand, credit card fees are or will be regulated. I think there might also be a cap on ATM fees too ($5?) Think of pawnbrokers and the max cap on interest for personal loans, which was put in place to stop them taking advantage of 'desperate' people. Plenty of examples where fees and charges have been regulated to stop gouging and I don't see why it can't be put in place for uber.

 

^^^^^ top post!

 

My intention with starting this thread is to let people know what I took away from this story. It's interesting to see others jump in and take it where they want to take it and make it more about Uber vs Taxis or Taxi market vs Property market.

Not saying its bad, just interesting.

I listened to an update on this story this morning. Apparently, he's now in deep trouble. Multiple foreclosures, bad divorce, allegedly transferred assets so creditors couldn't get to them etc.

There are heaps of stories online on him. Just google Taxi King New York. Here's a longform article.

The Struggles of New York City's Taxi King

 

There are a number of stories of where Uber have had to back track and even retreat, do a search for Uber and Europe.....for example

Uber banned in Germany as police swoop in other countries - BBC News

Some may see it as backward, but I think complying with current laws is a basic pillar in our societies, maybe I am the only one that sees our governments as weak and flip floppers, who cannot be trusted, I mean a few months back you were getting fines and slapped with other things like rego cancellations.

Don't ever trust or rely on the governments is the message they send acting like this.......for all sides ! This is the lesson IMO

 

Just chiming in, I live about 10 minutes from Melbourne airport and everytime I get a taxi home I basically get abused because "they have waited for 2 hours for a $20 fair", like i have ruined there life with my choice of location.

One told me next time to go upstairs at the drop off zone which I did and then got yelled at by the traffic coordinator saying the taxi would get a massive fine if they picked me up.

Not sure where I am going with this sorry but I think my points are the taxi industry is crying about über yet so many of there drivers have appalling customer service and secondly don't live close to the airport.

 

@albanga . I see your point . But not all taxi drivers are like that. Did you know that you don't have to select the first cab in the rank? Well not in Sydney anyway.

In taxi talk, the first cab is called the point cab. You can go to the end cab, who has been waiting the least time and tell the driver it's a small job and do they mind (just to be diplomatic).

I've had $5 jobs where the passenger just went 200 metres to avoid the rain and then hands over a $100 bill !. I tell the passenger it's a free trip today and pay me "next time". Another passenger might tip me $20. It's all give and take.

 

Yeah, good and bad in everything.....

 

Hey @datto,
Your definitely right, I've had many great taxi drivers and one in particular had your attitude and when he dropped me I gave him a big tip. The thing is I would always do this but 9/10 cab drivers really get angry at me and as a result I pay them nothing more than the fare.

What you suggested about the last cab is not possible in Melbourne airport. I have tried this as well, I have said to the traffic coordinator I am only going 10 minutes away so can I get the last in line or can you let this guy back to the front. They always say to me "it's too bad". I genuinely feel bad and as you can see have gone out my way in numerous occasions to avoid this, so much now I get a bit of anxiety before jumping into the taxi.

The thing about Melbourne airport is they use to have a rule that if the driver is back within 30 minutes they are allowed back to the front. This got canned a while back as they said it was unsafe as drivers were speeding!

 

@albanga . Yeah that's a pretty tough rule you got down there. The only thing I can suggest is do a runner. Get the cab to stop next to a laneway near your home and bolt! lol, that'll teach him.

 

Soon, lyft will be here. I told them to.

 

It amazes me how many people do not realise that Kodak actually invented the digital technology, I guess photography is a passion of mine.

Kodak began to struggle financially in the late 1990s as a result of the decline in sales of photographic film and its slowness in transitioning to digital photography, despite having invented the core technology used in current digital cameras.

Source Kodak - Wikipedia, the free encyclopedia

Eastman Kodak engineers invented the digital camera in 1975

Source: Kodak's long fade to black

So a business that invented something that bankrupted itself.

 

Yep. But it was going to happen sooner or later... they just buried their heads in the sand.

 

Looks like If any business doesn't embrace new technology...the only way is down!

Who's next?

 

Instant messaging went down, blackberry on mobile phones heaps of companies that happens all the time.

Who is next well whoever thinks they are to big to fall or do not evolve with the market.

Menulog and DeliveryHero are giving local restaurateurs an online presence for a fee, if you owned a restaurant you would want to consider signing up with them (or create your own version) otherwise you might find your competitors getting more orders than you.

From Menulog where I live I can even get a kebab delivered to my house.

 

Create an app that everyone will use and you will make a squillion dollars.

Look at services that are expensive to the consumer but can be made cheaper to the consumer. Say optometry. Get your eyes checked online, prescription made and glasses dispensed for a fraction of the cost we pay now.