TLCMKT News (11.06.20): Tesla NYC Yellow Cabs Have Arrived, NYC Rideshare Demand Recovering Says Uber CEO, Florida Lender Scammed Uber, Lyft Drivers With Interest Rates of Over 900%

Select TLCMKT news headlines for Friday, November 6th 2020.

First Tesla Model 3 NYC yellow cab hits the road (Electrek)

• Electrek reader Albert Lee spotted a Tesla Model 3 with the official NYC Yellow cab plates in Manhattan near Tesla’s store in the Meatpacking District.

• The new Tesla Model 3 NYC yellow cabs follows a nascent trend nationwide of for-hire fleets experimenting with fully electric cars.

• Electrek cites Columbus Yellow Cab buying 10 Model 3s to speed up its fleet (170 taxis) electrification plans. It also cites a fleet of 40 Tesla Model 3s operated by Green Cab Madison in Wisconsin used in an all-electric taxi service.

• “Tesla Taxis” are popular in certain European markets, such as the Netherlands. Since 2014 there has been a fleet of over 100 Teslas serving Amsterdam airport.

• Link to story

New York ride-share demand recovering despite big losses, Uber CEO says (Crain’s)

• On a call with investors, Uber CEO Dara Khosrowshahi said NYC Uber trips had "improved significantly" from the start of the pandemic, although they were down about 37% last month from October 2019

• Uber’s CEO also mentioned rides in the city outside of typical commuting hours have nearly matched their pre-pandemic levels.

  "We are getting a broader demand set at broader hours of the day…Now it's, 'Hey, I've got to go get groceries, and I'm going to use Uber.'" - Uber CEO Dara Khosrowshahi

• Link to story

Photo Credit: Sarah McCutcheon

Florida Lender Scammed Uber, Lyft Drivers, CFPB Suit Says (Bloomberg Law / CFPB)

• Consumer Financial Protection Bureau (CFPB) sued Driver Loan LLC for making false statements about small-dollar loans and other financial services the Miami company provided to Uber and Lyft drivers.

• Driver Loan and its chief executive, Angelo Jose Sarjeant, is accused of falsely advertising interest rates on 15-day loans up to $500.

• According to a complaint filed with the US District Court for the Southern District of Florida the loans were advertised to carry interest rates of 440% when in reality the rates were closer to 975%!

  “The Bureau’s complaint, filed in the United States District Court for the Southern District of Florida, alleges that since 2017, Driver Loan purports to have offered short-term, high-interest personal loans totaling over $30 million, typically to drivers who work with ride-share companies. The loans range from $100 to $500 each and are repayable in 15 daily installments. The Bureau alleges that Driver Loan deceptively markets its loans as having an APR of 440% when the actual APRs are about 975%.” - Consumer Financial Protection Bureau (CFPB)

• Link to story

NYC Weather from The Weather Channel

The TLCMKT Newsletter is written by Dawood Mian, Founder & CEO of TLCMKT. I cover the NYC ridehailing industry and related news. Search TLCMKT for TLC cars, parts, service, accessories, professional services, reviews & more. Find great deals at TLCMKT.COM.