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Uber, lyft and other taxis

Private Equity Firm Buying Up NYC Medallion Cabs to Take On Uber & Lyft

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Taxi medallions are becoming an increasingly valuable asset in New York City – which could mean changes ahead in the way people get around town.

Marblegate Asset Management of Greenwich, Conn., is a private-equity firm founded by distressed-asset specialists. Since 2017, it has reportedly bought up 46 taxi medallions that were formerly the property of Gene Freidman.

In 2018, according to Crain’s New York Business, the company purchased more medallions at auction, bringing its current total to at least 300 “and purchasing Capital One’s taxi-loan portfolio, according to three people familiar with the matter,” according to Crain’s. “Once one of the largest lenders in the industry, Capital One held the debt of around a thousand medallions, and its taxi- related portfolio in early 2017 was valued at nearly $700 million, sources said.”

Marblegate’s professed goal is to partner with medallion holders. But its purchase of Capital One assets might end up making the company a major player in the private transit business.

“Marblegate is doing direct buying of medallions at auction, and (shell company) DePalma (Acquisition) is buying distressed paper at a discount on the same asset,” Richard Feinsilver, a bankruptcy attorney on Long Island who has represented clients with loans taken over by DePalma, told Crain’s. “Field Point is now the servicing agent for essentially all of the medallions picked up by DePalma.”

“Owners of taxi medallions and their drivers in New York and other cities like Boston, Chicago and Philadelphia have been hobbled by the flood of app-based ride-hailing services such as those run by Uber Technologies Inc. and Lyft Inc.,” explained the Wall Street Journal last October. “There are more than 80,000 vehicles used for ride-hailing services in New York City, more than triple the number in 2015, regulators say. They now dwarf the roughly 13,500 yellow cabs, whose numbers have risen by only a few thousand since the 1940s. The competition has led to declines in yellow-cab trips and fare revenue even as the overall number of passenger trips in for-hire vehicles has soared.”

Naturally, this has impacted the value of each and every taxi medallion. “Medallions change hands most frequently through private sales and auctions, nowadays often following bankruptcies and foreclosures,” the Journal added. “Buyers such as Marblegate have paid less than $200,000 apiece for medallions in recent auctions, down from the record $1.3 million they garnered in 2013.”

The medallions, which are metal plates on yellow cab hoods allowing them to legally pick up street-hails, “have plunged in value since the arrival of Uber and other ride-sharing services in the city,” Business Insider reported back in 2017. “They once fetched as much as $1 million but were sold for $186,000 each at the auction, an industry source told Business Insider.”

Source: http://thejewishvoice.com/2019/07/24/private-equity-firm-buying-up-nyc-medallion-cabs-to-take-on-uber-lyft/

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Uber, lyft and other taxis

Adams Clinical removes hurdle to clinical trial participation

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How Adams Clinical increased retention and streamlined operations by switching to Uber.

One of the hardest parts of conducting a clinical trial is identifying willing participants. Once a participant is identified, strict qualifications and an often-lengthy time commitment limits who can participate, and a lack of access to transportation can make it difficult for participants to commit to and complete the study. To help improve recruitment and retention rates, Adams Clinical offered taxi rides to their participants. However, this solution became a burden on operational efficiency since taxis were only accessible to participants who lived close by and required the staff to pay at the end of each ride.

Finding the perfect transportation solution with Uber Health

To expand their transportation offering, Adams Clinical became an early beta partner with Uber in 2016. The team started using Uber’s web dashboard to arrange and pay for rides for participants with just a few clicks. Over the three years of this partnership, the switch to Uber Health simplified operational management, while reducing time spent on recruitment with increased retention rates. The easy-to-use Uber Health dashboard tracked all the rides and processed payments from one centralized interface, allowing the staff to arrange rides without the hassle of paying at the end of each trip. This flexibility, plus the extensive reach of Uber driver-partners in the Boston area, provided Adams Clinical with the transportation solution needed to successfully manage their participants in need of rides—which removed the headache from recruiting and retaining their study participants.

The result: Improved retention rates, simplified financial records, and an overall lift in team morale

By teaming with Uber Health, Adams Clinical enjoys a number of key benefits including:

• Expanded Recruitment—Using Uber Health cut down the length of enrollment by providing a larger pool to recruit from, resulting in a 5 to 10 percent reduction in recruitment time over the last two years. 

• Centralized Billing—All rides are charged to one company credit card, which is then processed at the end of each month to streamline the amount of administrative effort required.

• Reliable Service—Each ride is tracked in the dashboard so the team knows when the participant will be arriving to help keep the rest of the study on schedule.

• Improved Retention—In the first two years of the partnership with Uber, Adams Clinical estimated up to 20 percent fewer people dropped out of a trial when transportation was arranged to and from the clinic.

• Financial Accountability—Details for each ride are available in the dashboard, and can be downloaded to a spreadsheet, offering convenient management with trial-specific reporting per participant.

• Easy to Use—Using Uber Health has been easy for both staff and participants, even among populations without smartphones or passengers new to Uber.

 

by Kendall Brown

Source uber.com

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Uber, lyft and other taxis

Get a discounted lift to the polls on Election Day

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By Jonathan Sperling

No MetroCard? No excuse to stay home on Election Day.

Ride-sharing giant Lyft is getting in on Get Out the Vote efforts by offering discounted rides to polling locations in New York City on Election Day.

Use code VOTENYC19 between 4:00 a.m. and 11:00 p.m. on Election Day to receive 50 percent off the price of a Lyft ride, up to $5. The deal is inspired by the fact that more than 15 million registered voters didn’t vote in 2016 because of transportation issues.

“At Lyft, we’re working to improve lives by connecting people and their communities through the world’s best transportation. This Election Day, we want to help make it easier for people in New York City to get to the polls,” said Lyft’s Director of Public Policy Jen Hensley. “Every voice is important, and we’re excited to help make them heard in this year’s elections.”

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Uber, lyft and other taxis

Uber, Lyft, and DoorDash kick off $90 million fight against California’s gig worker law

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Under the ballot measure, drivers could get earnings guarantee of 120 percent of minimum wage

A group of drivers and couriers for Uber, Lyft, and DoorDash launched a new group called Protect App-Based Drivers and Services, which is aimed at passing a ballot initiative in California to counteract the effects of the state’s recently passed gig worker bill. The effort is being supported by the companies, which have vowed to spend $90 million to get the measure passed in 2020.

Assembly Bill 5, which was signed into law by California Gov. Gavin Newsom (D) on September 18th, enshrines the so-called “ABC test” for determining whether someone is a contractor or employee. Legal experts agree the law will make it more difficult for gig economy companies like Uber, Lyft, and DoorDash to classify their drivers and couriers as independent contractors. And the companies have argued that the law represents an existential threat to their business models.

As such, the companies were preparing this contingency plan even before Newsom signed the bill into law. On August 29th, The New York Times reported that Uber, Lyft, and DoorDash would spend $90 million ($30 million each) to pass a ballot initiative that would essentially exempt them from the law. (InstaCart is also involved, but it hasn’t committed to spend any money to support its passage.) The hope was that after striking out with lawmakers and labor groups, the companies could win a reprieve by appealing directly to voters.

The ballot measure would ask voters to approve the following:

  • At least 120 percent of the minimum wage
  • $0.30 per mile for expenses such as gas and vehicle wear-and-tear
  • Health care subsidies consistent with employer contributions under the Affordable Care Act for drivers who work 15 hours a week or more
  • Occupational accident insurance to cover on-the-job injuries
  • Automobile accident and liability insurance
  • Protection against discrimination and sexual harassment
  • Recurring background checks of drivers
  • Mandatory safety training of drivers
  • Zero tolerance for alcohol and drug offenses
  • A cap on driver hours per day to prevent sleepy driving

 

It’s a new spin on the failed proposal that Uber and Lyft presented to state officials as a compromise to prevent the passage of AB5. The companies had promised to pay their drivers $21 an hour (but only while on a trip), provide them with sick leave, and “empower” them to “have a collective voice” — a nod toward drivers forming a union.

 

After AB5 passed, though, Uber and Lyft warned that drivers could lose their flexibility to drive when they wanted. “Drivers would not be able to choose when to sign on anytime they want it,” Tony West, Uber’s general counsel, said in September. “They would work in shifts like every other employee works in shifts.” Experts have said there is nothing in federal or state law that precludes Uber from offering its drivers the same flexibility as employees as they have now as contractors.

(West also claimed that Uber could ultimately pass the ABC test because “drivers’ work is outside the usual course of Uber’s business.”)

The ballot measure is a risky — and costly — move for Uber and Lyft, insofar as it could further antagonize labor unions that have been hugely influential over the passage of AB5. Unions championed the bill throughout the legislative process, and have been at the center of the fight over gig work in California.

“This measure is another brazen attempt by some of the richest corporations in California to avoid playing by the same rules as all other law-abiding companies in our state,” Art Pulaski, executive secretary-treasurer of the California Labor Federation, said in a statement. “California’s unions will join drivers who want fair wages, better treatment and flexibility to defeat this corporate ploy.”

Meanwhile, union-backed groups and other supporters of AB5 are planning to protest outside the homes of key Uber investors, including Uber board member and Benchmark Capital partner Bill Gurley.

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