^^ Highly highly doubtful.
My buddies dad bought an Oakville taxi license right before uber was a thing. Think it was close to 100 grand and had planned to pay it off then sell it to help with retirement. Oops. Pretty sure he still does alright though, Cerb and all the other government handouts helped through pandemic. Enough so to take a vacation back to Turkiye while collecting.
Is it just me but when a developer has its plans changed due to a zoning change they sue over loss of potential profit but allowing Uber pulled the rug out from people that just had bad timing.
Most of us have had both good luck and bad luck timing. One offsets the other, particularly if you're a fast learner.
As far as cab plate #7, he had a decent run for his money, doing what he wanted to do, but couldn't leave a bundle for his kids. They aren't alone in that boat.
The only things one can bet on is death and getting screwed by the government.
Who holds the insurance hot potato on that one? Unless a corporation bought the car, the paper owner will get stuck with the insurance hit when there is a crash (and if you drive enough in areas with lots of people, eventually there will be a crash).
Either put the car in the name of someone with no assets to seize but have promissory notes to the ones coughing up the dough for the car.
Pity the fool with no assets that gets sued with a judgement against him. Ten years later when he has his act together and owns something, the past comes calling with a lien on his house.
Does Uber even allow companies to sign up?
Companies have directors that are subject to lawsuits and liability insurance for sketchy plots is non existent.
The other way to look at the collapse in Taxi plate prices is that gov't regulation that creates a monopoly hurts us all. A taxi driver paying $360K for a number needs to pass that along to the consumer. I don't think many people would argue that eliminating that artificial supply constraint hurt the availability of hire cars in Toronto.
EDIT:
As for that particular cabby wanting the city to buy out his plate at peak price, f that. His dad bought one for $50. When he transitioned the plate to a new owner did he pass any appreciation to the city? Hell no. So many people want "government" to pay when they lose on an investment. They conveniently left out the price he paid for his plates. Since that is the core of the whole article, it is a waste of effort. For all we know, he bought them all for far less than the current market price.
Anyone with a taxi plate has known for some time their industry in a technology kill zone. Just like printed books,, CDs, shoemakers and VHS rentals, taxi plate owners had years of notice that the value of their plates would die -- it was inevitable.
Technology intermediates whole industries from time to time - can't wait till the Internet finally takes real-estate and insurance agents out. If I were one of those, I'd be getting retrained now.
Anyone with a taxi plate has known for some time their industry in a technology kill zone. Just like printed books,, CDs, shoemakers and VHS rentals, taxi plate owners had years of notice that the value of their plates would die -- it was inevitable.
Technology intermediates whole industries from time to time - can't wait till the Internet finally takes real-estate and insurance agents out. If I were one of those, I'd be getting retrained now.
The real estate one is interesting. The reason a lot of people don't like private selling is the face to face confrontation. Digital images and emails aren't face to face. Obviously a bit of common sense is required to deal with the guy on a rig in the gulf.
Insurance would be better if purchased through a lawyer that understood your situation and how your needs were being protected.
Had a job in BC for 2 years while living in Mississauga and flew there every 3 - 4 weeks. So, unfortunately, too familiar with the airport taxi scam at Pearson. On the Vancouver end taxi ride to downtown was about $30 at that time. Canada Line from airport to downtown was $7.50. Downtown to airport $2.50. Great service + same travel time.
RANT........ Everything about Pearson is a scam, a cartel soaking up money from its sucker customers. High prices, crap service and zero accountability. Recent article re GTAA indicates its CEO is one of the highest paid airport executives in the world at $2M+ a year. She also received $$ bonus for good performance at a time when Pearson was one of the poorest rated airports in the world.
I've worked with taxis companies to set up exclusive taxi stands in the GTA years ago when there were no other options. Owners of plates made significant money and drivers received a pittance. Typical cartel situation, not unlike Supply Management where we all pay a fortune for dairy products to support so called 'family farms'. Taxi company represetatives were thugs.
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