If the conspiracy succeeds what changes will follow in the:
- Quality and price of passengers rides?
- Earnings for Uber drivers, Lyft drivers and cabbies that drive for the medallion owners?
- Asset value of taxi medallions across the entire country?
- Stock price of Medallion Financial (TAXI)?
Drivers in the For-Hire Vehicle industry (FHV) often use both the Uber and Lyft Platforms to match with passengers in need of a ride. According to SherpaShare, approximately one-third of TNC drivers drive with both. Many drive with both apps open and accept whichever ride request is first. The Uber and Lyft experience for both drivers and passengers is quite distinct. However, most drivers need for supporting their families trumps any attraction they have for one experience or the other.
Increasingly taxi drivers are defecting to Uber and Lyft to earn at least 50% more per hour compared to working for medallion owners.
The bill in California is misleadingly titled Transportation network companies: insurance coverage.
California was the state with the first victory in creating the TNC category including Uber, Lyft and others who provide smartphone-based services.
If this bill passes, the conspiracy between taxi medallion owners and auto insurance companies will have their first victory in destroying Uber and Lyft.
Is it not perverse for their first victory to be in California?