AutoMarketplace NYC

As the mayoral race nears its end and Zohran Mamdani leads most polls, the question is increasingly whether his brand of ‘democratic socialism’ marks long-overdue reform or yet another political experiment at the city’s expense.

Over the course of a little more than an hour, NYC Taxi News founder Abe Mittleman, Carolyn Protz, and AutoMarketplace’s Dawood Mian trace how New York politics — from Fiorello LaGuardia’s New Deal era to Michael Bloomberg’s technocracy — have shaped the city’s for-hire transportation industry, the taxi medallion market, and the daily lives of its drivers.

Curtis Sliwa’s underdog campaign is debated, Andrew Cuomo’s missteps revisited, and Mamdani’s populism weighed against the practical constraints of governing a city built on compromise.

Much of the discussion centers on the idea that New York has never been purely capitalist. From LaGuardia’s New Deal-era social reforms, including the creation of the taxi medallion system in 1937 (and FDR’s public safety nets) to the city’s near, and very capitalist, bankruptcy of the 1970s, New York has long operated under a form of hybrid capitalism — a place where private ambition depends on public infrastructure, and public policy often bends under private influence.

Within that framework, the taxi medallion system itself becomes a symbol of the city’s contradictions: a regulated asset traded in a free market, alternately defended and, in recent years, undermined by the government that created it.

The conversation also touches on rentier capitalism— the tension between ownership and labor — asking whether medallion and fleet owners act as small-scale city rentiers, or whether driver-owned medallions now link capital directly to work. Perhaps both can coexist — and perhaps that coexistence defines New York itself.

What emerges is less about party politics than identity — about who the city is for, and what happens when ideology finally meets reality.

Recorded on Tuesday, October 28, 2025.

Also available on YouTube ⬇️

TABLE OF CONTENTS

00:00 – Intro: NYC Taxi News podcast opens with Abe and Carolyn 00:47 – Overview of the mayoral race and early voting 02:15 – Who is Zohran Mamdani? His background, platform, and appeal? 04:20 – NYCs political history LaGuardia (”FDR socialist”), 1970s bankruptcy 06:20 – Is Mamdani’s rise a symptom or solution? 08:13 – Trust, socialism, and medallion owners 09:16 – Marxists, socialists and “rentier capitalism” 11:45 – Is America/NYC really fully capitalist? The hybrid debate 14:09 – Carolyn on FDR, Robert Moses, and federal power over NYC 15:28 – Who deserves to win NYC Mayor’s race? 16:07 – Sliwa, Cuomo and Mamdani’s authenticity 18:36 – Defining socialism: what does it really mean? 23:13 – “We’re doing a lot right in America...and NYC” 24:06 – Wisdom, or madness, of the crowd (democracy) 26:30 -- Sneeze vs. sickness 27:53 – What are New Yorkers trying to tell us with Mamdani? 28:26 -- Cuomo on Uber, NYC taxi medallions in 2018, Cuomo’s campaign 30:58 – Could Curtis Sliwa have won 1-on-1 vs. Mamdani? Or run as a Democrat? 32:31 – Evaluating each candidate’s strengths and weaknesses 33:24 -- Is Mamdani friendly with Marblegate / taxi medallion industry? Ability to adjust? 35:38 – Who’s best for the taxi and TLC industry? Who’s best for NYC? (Part 1) 41:14 -- Isn’t status quo NYC unsustainable? MTA? City debt? 42:25 – NYC needs to balance books, medallions raised billions, political talking points 45:30 – Tracking the economy and its potential political impact 47:38 -- American-born Uber drivers? 50:07 – Who’s best for the taxi and TLC industry? Who’s best for NYC? (Part 2) 51:20 – Looking ahead: how the 2026 NY governor’s race could shift power 52:42 – Closing thoughts; NYC’s identity crisis: old New York vs. a “reimagined” city, lessons 59:51 – How the city survived bankruptcy in the 1970s 01:01:36 – Abe’s thoughts and memories of driving through the tough years 01:05:00 – Closing thoughts: hope, frustration, and the future of NYC taxis

NYC Taxi News is a leading publication for the NYC yellow cab industry and is led by Abe Mittleman, a veteran NYC taxi driver & native New Yorker.

AutoMarketplace covers the NYC for-hire transportation (TLC) industry and automotive news. Check out AutoMarketplace on YouTube ▶️

Yesterday, we had the opportunity to sit down with Attorney Steven Shanker, a partner at Romano Law and one of the most experienced legal voices in New York City’s for-hire transportation (TLC) industry.

For more than two decades, Steven has represented black car bases, livery bases, the Independent Livery Driver Benefit Fund, and numerous other stakeholders across the TLC-regulated marketplace. His work spans business transactions, complex litigation, and regulatory compliance, giving him a unique perspective on how insurance, law, and public policy intersect in the NYC taxi and for-hire vehicle (FHV) industry.

In this conversation with AutoMarketplace’s Dawood Mian, Steven breaks down the ongoing NYC taxi and FHV insurance crisis—focusing in particular on the insolvency of American Transit Insurance Company (ATIC), which still insures more than 60% of all NYC FHVs, including yellow cabs and vehicles that pick up Uber and Lyft trips.

We explore how ATIC’s decades-long solvency problems persisted under the radar, why new insurers have struggled to enter this uniquely risky market, and what regulators at the New York State Department of Financial Services (DFS) and the New York City Taxi & Limousine Commission (TLC) could do differently.

Steven highlights two of the biggest obstacles: (1) the distinct risk profile of the TLC market, and (2) the chronic underpricing of policies—enabled by American Transit’s unsustainable operations—which makes actuarially sound entry nearly impossible for new carriers.

Perhaps controversially, Steven argues that supply-and-demand realities may require a contraction of 30,000–40,000+ TLC-licensed vehicles—a painful adjustment that could mean significant job loss for drivers but may ultimately be necessary to stabilize the market and attract sustainable insurance capacity.

Looking ahead, the discussion considers potential solutions—ranging from usage-based insurance models and allowing E&S (Excess & Surplus) lines to legislative reforms. The conversation also explores the disruptive role autonomous vehicles (AVs) may play in reshaping both insurance and TLC regulation in the years to come.

We hope you enjoy the conversation, and we thank Steven for his time and insights!

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Also available on YouTube ⬇️

TABLE OF CONTENTS

00:00 – Introduction Welcome to the AutoMarketplace Podcast; guest Attorney Steven Shanker of Romano Law. 00:37 – Steven Shanker’s Background 20+ years in NYC for-hire transportation law, Independent Livery Driver Benefit Fund, Partner at Romano Law. 02:15 – NYC Black Car vs. Livery Industry Explained Historical differences, how Uber blurred the lines, and why a livery industry sales tax exemption exist. 09:00 – TLC Insurance 101 Basics of TLC vs. personal auto vs. rideshare insurance in NYC and elsewhere. 10:55 – Why NYC is Different Unique TLC carve-out in New York law, comparison to Albany, Buffalo, other New York State cites / towns rideshare rules and U.S. cities. 14:30 – Why NYC is Uber & Lyft’s Most Profitable Market Drivers, not Uber/Lyft, pay primary insurance costs in NYC. 15:55 – The American Transit Crisis Background on ATIC insolvency, $600M+ hole, and DFS’s decades of inaction. 20:30 – Why No Other Insurers Entered the NYC Taxi & FHV (TLC) Market Underpricing, risk complexity, and market dynamics that kept other carriers out. 24:45 – The Legal Requirement: Rehabilitate or Liquidate What DFS should have done, Guaranty Fund shortfalls, and “too big to fail” dynamics. 31:05 – Possible Solutions: Opening the Market New carriers, usage-based insurance, E&S (Excess & Surplus) carriers, free trade zone flexibility. 36:30 – Why NYS Dept. of Financial Services (DFS) Has Stalled on NYC TLC Usage-Based Insurance Rate filing delays, regulatory gridlock, and lost opportunities for innovation. 40:20 -- Why did NYC TLC ban E&S (Excess & Surplus) carriers Inshur lawsuit, Is TLC acting as an insurance regulator? 45:00 – Legislative Paths Forward How Albany could allow E&S (Excess & Surplus) carriers or free trade zone treatment for TLC insurance. Why did NYS allow Uber / Lyft (TNC) E&S lines outside of NYC? 50:55 – The Affordability Question What happens if actuarially correct premiums double? 53:55 – Job Losses vs. Market Correction vs. Autonomous Vehicles (AVs) Harsh realities if half the industry can’t afford insurance, and the long-term outlook. Supply/demand effects and AV future–TLC plate values. 1:02:30 – AVs & Insurance Waymo testing in NYC, $5M liability policies, competition for existing carriers, AV liability paradigm (product vs. driver). 1:07:30 – Timeline for AV Adoption in NYC Why NYC will lag behind Arizona or San Francisco; 7–10 year horizon. 1:09:55 – Closing Thoughts & Contact Info Steven Shanker shares contact details; reflections on transparency, regulation, and industry knowledge.

HOW TO CONTACT STEVEN SHANKER?

[email protected] | (917) 725 7194

AutoMarketplace reports on New York City’s for-hire transportation (TLC) industry and the wider automotive mobility landscape.

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“[For-hire vehicle (FHV)] license holders have to talk with one another and negotiate…because if [TLC plate holders and taxi medallion owners] start fighting with each other, 100% a company like Waymo or Tesla will take advantage…[to] then…create their own new [AV] licensing regime and everybody gets eliminated, no one gets upside…”

DISCLAIMER: Nothing in the discussion should be interpreted as financial advice.

In this episode of the NYC Taxi News podcast, Abe, Carolyn, Nancy, and Dawood came to a surprising conclusion: autonomous vehicles (AVs) may not destroy the medallion system after all. Instead, the medallion (and TLC plate) could become the very license that companies like Tesla and Waymo need to operate their robotaxi networks in New York.

With New York State bill S2688 attempting to tie AVs that conduct paid trips to Taxi & Limousine Commission (TLC) licensing, medallion owners—long written off as yesterday’s losers—may suddenly find themselves holding the most important asset in the NYC for-hire transportation industry.

We think that’s no coincidence. Marblegate, now the largest holder of medallions, has appointed, among other actions, former NYC TLC Chair Meera Joshi to its board and is likely to get much more politically involved to protect its sizeable (more than $600 million) investment. If they’re right, the medallion’s future isn’t extinction—it’s reinvention. For drivers and owners who’ve lived through years of collapse, that’s a twist worth paying close attention to.

But here’s the catch: unity in the industry is fragile. Medallion owners and TLC plate (FHV license) holders, who often work with Uber and Lyft, still spend too much energy fighting each other. We warn on the podcast that if this continues, Silicon Valley (Big Tech) will seize the opportunity. Tesla and Waymo aren’t shy about lobbying, and if they succeed in pushing a brand-new NYC AV licensing regime, almost everyone in the TLC industry—drivers, fleets, base owners, garages, insurance companies, other local mom-and-pop businesses—will be left behind.

Politics only raises the stakes. Zohran Mamdani, running as a Democratic Socialist, is leading in New York City’s mayoral race. Whether you see him as a savior or a threat, one fact is clear: the winner of this election will appoint the city’s next Taxi & Limousine Commission Chair—a choice that could determine whether AVs are tied to medallions and plates or handed wholesale to outside corporations—and will wield tremendous influence over the future of NYC’s AV regulations.

Notably, Mamdani’s first major political achievement, as a New York State Assembly Member, centered on debt relief for NYC taxi medallion owners! The deal—known as MRP+—hinged on Marblegate’s participation, delivered more than $400 million in debt relief to taxi drivers and left the City on the hook (via a loan guarantee) for tens of millions in Marblegate’s restructured medallion debt.

The takeaway is simple: the future of taxi medallions and TLC plates in New York City is still unwritten. Medallions could regain value, FHV license holders could secure a foothold in the AV world, and drivers could finally share in the upside of “disruption”—but only if the industry stops fighting itself and demands clarity from elected representatives before it’s too late. Otherwise, the rules won’t just be set in Silicon Valley boardrooms or behind closed doors—they could be drafted in Washington, as tech companies lobby the federal government to override local regulations and clear the way for their AV fleets.

Also available on YouTube ⬇️

TABLE OF CONTENTS

00:00 – Abe's intro - driverless taxis, hustlers, election & more 01:31 – Carolyn's intro - trip data update, $140M lawsuit settlement for wrongfully suspended drivers & more 04:05 – TLC public hearing on 9/3 on insurance, pay rates, parking, and City Council hearing on 9/15 on various issues, including new TLC Board Commissioners 04:50 – Waymo AV testing, NYC TLC Board Member Sarah Kaufman, NYU Rudin Center’s autonomous taxi medallion idea & (ex-NYC TLC Chair) Meera Joshi joining Marblegate board 06:45 – Carolyn's thoughts on Mayoral race: Mamdani vs. Adams, Cuomo, and Sliwa 08:59 – Driver bathroom struggles 12:00 – Robotaxis don't need to go to the bathroom?, FHV parking vs. taxi stands, Yellow cabs get bus lane access like London? 13:22 – Introduction to AV discussion 14:20 -- Marblegate, Meera Joshi, and gaming out AV-medallion politics -- Senate Bill S2688: new AV licenses tied to existing taxi medallions 20:30 – Marblegate, Team Systems, and new taxi clubhouses 25:00 – Nancy’s story of getting ticketed while searching for a restroom 32:50 – AV depots, driver facilities, and underinvestment in taxis 37:30 – Medallions vs. TLC plates: who has more rights and AV disintermediation? (Part 1) 50:18 – Medallions vs. TLC plates: who has more rights and AV disintermediation? (Part 2) 51:30 -- Warning: infighting will only help Tesla, Waymo and Big Tech 53:24 – The unanswered question: how many cars does NYC need? 01:02:00 – Next mayor’s TLC chair appointment will shape AV future 01:05:00 – Why Mamdani appeals to young, disillusioned voters 01:12:00 – Incompetence vs. socialism: NYC’s real problem 01:15:00 – Election stakes for medallions, plates, and AV licensing 01:17:00 – Closing thoughts: industry unity and call for candidate views on AV regulation

NYC Taxi News is a leading publication for the NYC yellow cab industry and is led by Abe Mittleman, a veteran NYC taxi driver & native New Yorker.

AutoMarketplace covers the NYC for-hire transportation (TLC) industry and automotive news. Check out AutoMarketplace on YouTube ▶️

Today, AutoMarketplace Founder Dawood Mian sat down with Frank Haley, a NYC TLC-licensed driver whose career spans nearly a decade of industry upheaval. From Uber’s bonus-filled early days in 2016 to lockouts, protests, and declining driver pay, Frank has lived through the full arc of how for-hire driving in New York has changed.

Frank’s perspective is shaped by a wide range of experience. He has driven for Uber, Lyft, Access-A-Ride and Revel — first as a W-2 employee and later as a 1099 rental customer until Revel’s recent exit — and he has been active with the New York Taxi Workers Alliance (NYTWA). That mix gives him a unique vantage point on how corporations, regulators, and drivers collide over the city’s transportation future.

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In this conversation, we cover it all—Uber’s expansion years, why Frank never chose the yellow cab route, Revel’s W-2 experiment versus the risks of ownership, and how his trusty 2013 Toyota Prius has endured for over a decade. We also explore why replacing that Prius now means navigating the EV mandate, shifting TLC policies, and the rise of AVs.

Frank doesn’t avoid the tough questions. He argues that drivers shouldn’t waste energy trying to stop AVs — the real fight is ensuring TLC plates retain value so drivers can share in the upside of automation. He even explains why, if he replaced his Prius, he might choose a pre-owned Tesla with Full Self-Driving (FSD): not because he expects AVs to take over tomorrow, but to be ready once regulators allow AVs in NYC.

At its core, this episode is about hearing from NYC drivers in their own words—unfiltered, human, and essential to the city’s future. Frank’s story is both personal and universal, offering a lens into fairness, survival, and the future of work on New York’s streets.

We thank Frank for joining us — and we hope you enjoy the conversation!

Also available on YouTube ⬇️

TABLE OF CONTENTS

00:00 – Introduction 02:50 – Choosing Uber over yellow cabs 03:40 – Early Uber years 06:42 – Uber & Lyft expansion 08:50 – Full-time vs. part-time 09:30 – 2018 TLC plate cap 12:00 – Corporate treatment of drivers 14:00 – What Uber does well 15:40 – Leaving Uber & Lyft for Revel 18:00 – Burning through savings, driving a Tesla for Revel 20:20 – Revel vs. Uber 22:40 – Revel’s W2 to rental shift (+ politics) 25:00 – EV challenges 28:30 – EV mandates & charging (what Revel was doing well) 32:10 – EV repair & warranty risks 34:30 – Message to regulator (TLC) 37:00 – Plate releases & oversaturation 39:30 – The rise of AVs 42:00 – Protecting plate value in AV era 44:30 – Unions & driver advocacy (NYTWA vs. IDG) 49:30 – Plate caps & unintended (but predictable) effects 52:00 – Can AVs be stopped? 56:00 – Car ownership vs. rental economics 01:00:00 – What NYC TLC drivers really need 01:04:52 – Daily revenue benchmarks 01:06:48 – Future of plates & TLC plate double-shifts? 01:08:05 – Final thoughts for NYC TLC drivers

AutoMarketplace covers the NYC for-hire transportation industry and automotive news. Check out AutoMarketplace on YouTube ▶️

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Earlier today, we had the opportunity to speak with former NYC Taxi & Limousine Commission (TLC) Chair Matthew (Matt) W. Daus.

After leading the TLC from 2001 to 2010, Matt has remained deeply engaged in both the NYC and national taxi and for-hire transportation industries. From founding the Transportation Practice Group at Windels Marx, to serving as President of the International Association of Transportation Regulators (IATR), to teaching at the City University of New York (CUNY), Daus is a true expert whose unique experience spans both the public and private sectors.

Today’s conversation between Daus and AutoMarketplace’s Dawood Mian focuses on the NYC taxi and for-hire vehicle insurance crisis. Daus’ recently published University Transportation Research Center (UTRC) report, The NYC Taxi and For-Hire Vehicle (FHV) Insurance Crisis: Root Causes and Solutions, not only outlines the problems but also proposes both short- and long-term strategies to help stabilize the TLC insurance marketplace.

We also discuss broader industry issues—such as the TLC Plate Cap—and conclude with an intriguing exploration of how insurance might evolve in a world of autonomous vehicles (AVs).

We hope you enjoy the conversation!

For an interactive table of contents and a transcript summary, please see below.

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Also available on YouTube ⬇️

TABLE OF CONTENTS

00:00 Intro 00:36 Former NYC TLC Chair Matthew (Matt) W. Daus’ professional background 05:25 Why should people care about the NYC TLC (taxi, Uber, Lyft) insurance crisis? 08:08 How big is the crisis? Supply and demand issues? 10:10 Insurance crisis background (1-800-LAWYERS, inflation, pandemic, regulations) 12:39 Analogy to Florida (hurricanes) and California (wildfires) home insurance crises 15:46 Why it’s important to reduce NYC no-fault (PIP) insurance requirements. What is PIP? 18:00 Average no-fault (PIP) claim in NYC? Example of PIP claim 19:10 Why does no-fault (PIP) exist? Why is NY one of the only states that has no-fault requirements? 22:04 NYC taxi and FHV no-fault requirements 4x ($200k) higher than NY State ($50k)? Why? 24:44 How can NYC TLC create unique insurance requirements, isn’t NYS DFS the insurance regulator? 27:44 Who’s hurt by reducing no-fault (PIP) requirements? 30:35 Tort reform, frivolous litigation and no-fault (PIP) insurance technicalities 32:39 Trial lawyers, medical bills and abuse, even though TLC insurance risk getting better 37:50 Importance of allowing excess (surplus) lines in NYC TLC insurance market 44:11 TLC rental companies are being demonized and it’s preventing insurance innovation 45:15 Does there need to be a TLC Plate (For-Hire Vehicle (FHV) License) Cap? 50:56 If there is no TLC Plate Cap, wouldn’t the value of the taxi medallion plummet? 53:00 Manage growth of TLC Plates to allow businesses to grow 56:16 Intention wasn’t to create a mini-medallion system that encourages dangerous speculation 56:52 How TLC rentals relate to insurance crisis 1:00:05 “TLC is not an insurance regulator” 1:01:50 Why is TLC demonizing rental companies? “Predatory” leasing (rental) narrative 1:05:52 Reducing insurance limits and changing politics 1:07:35 Summary of short-term solutions to NYC TLC insurance crisis 1:09:45 Telematics reduces frivolous claims and insurance fraud 1:11:21 If nothing is done on TLC insurance crisis, what risks are we running? Why is it important to act now? 1:19:53 Autonomous vehicle (AV) insurance, robotaxi adoption and ‘Tesla Network’ business model 1:25:23 NYC taxi medallion = NYC AV license? 1:26:30 Closing remarks and how to get in touch with Matt ([email protected])

Quick Summary

* NYC Insurance Crisis Overview: A $700+ million NYC for-hire vehicle (FHV) and taxi insurance crisis is impacting the taxi and rideshare industry, with broader national implications.

* Why It Matters: Insurance costs are hidden in fares but impact consumers, drivers, and state-wide insurance markets; affordability is collapsing across the board.

* Root Causes: Pandemic losses, fraud, legal abuse, and structural issues like high no-fault (PIP — personal injury protection) limits are major drivers.

* Policy Solutions: Daus recommends reducing NYC's PIP requirement from $200K to $50K (state level), noting most claims don’t justify the high cap and it invites fraud.

* Support for Surplus Lines Insurance & Rental Industry: He advocates for allowing surplus / excess lines carriers to be allowed (again) to underwrite TLC insurance—especially to support the rental model used by many drivers.

* Systemic Reform Needed: Tort reform and recalibrated underwriting are necessary for market stability, but difficult in liberal states like New York or California without federal intervention.

* TLC Plate Cap (FHV License ‘Hard Cap’): Daus questions the long-term value speculation of TLC plates under the current cap system. He suggests it's speculative and drivers may be better off in rental models, especially with no clear path to ownership or equity.

* 🤖 Autonomous Vehicles (AV) Insurance Outlook: Daus briefly touches on the rise of AVs and robotaxis, which regulatory bodies—including those he works with—are actively tracking. He implies AVs, including Tesla’s vision of decentralized AV ownership, could reshape the industry again, further complicating insurance underwriting models. Matt also mentions proposed legislation that might turn NYC taxi medallions into NYC AV licenses! 🤔

AutoMarketplace covers the NYC for-hire transportation industry and automotive news. Check out AutoMarketplace on YouTube ▶️

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If you talk to NYC Uber and Lyft (TLC) drivers—or even some passengers—you might hear them mention a vehicle they’ve never seen before.

According to NYC Open Data, American Lease (AL)–owned entities, the largest for-hire vehicle (FHV) rental company in New York City, now operate over 1,500 electric vehicles (EVs) in their fleet. Just a few years ago, that number wouldn’t have reached even 20% of that total. So, what changed?

The answer might surprise you. AL’s rapid shift to electrification is closely tied to the bankruptcy of EV startup Fisker, which created a unique opportunity for the company to scale its electric fleet quickly—and in a financially sustainable way. Of the more than 1,500 EVs mentioned above, over 800 are TLC-plated Fisker Oceans—a number that continues to grow.

Fisker Oceans & Toyota BZs

Last year, American Lease made headlines by acquiring more than 3,000 Fisker Oceans—nearly a third of all Oceans ever produced—following Fisker’s bankruptcy. The deal wasn’t simple, involving months of negotiation, logistics, and coordination across ports and warehouses from California to Belgium. But with an average acquisition cost of around $14,000 per vehicle—on cars originally priced at over $60,000—it was a strategic win that enabled AL to offer EVs at a highly competitive rental price point.

Alongside the Oceans, American Lease has also built up a sizable fleet of Toyota BZs (formerly known as the BZ4X), making it likely one of the largest all-electric Toyota fleets in the country. While initially popular, the Oceans’ design, range, and similar pricing have started to outshine the BZs among drivers (but this could change over time).

The aggressive push into electrification aligns with New York City’s Green Rides Initiative, which mandates that 100% of Uber and Lyft trips be fulfilled by either EVs or wheelchair accessible vehicles (WAVs) by 2030. With more than 1,500 EVs on the road already, American Lease is positioning itself early to meet both regulatory goals and evolving market demands.

Conversation with American Lease

In today’s podcast, Dawood Mian, founder of AutoMarketplace, sits down with Josh Bleiberg, a key executive at American Lease who played a central role in the acquisition of more than 3,000 Fisker Oceans and is helping lead the company’s broader transition to electric vehicles. Josh walks us through the behind-the-scenes details of the Fisker deal—including its surprisingly interesting origin story—and American Lease’s unique journey to building NYC’s largest all-electric FHV fleet.

The conversation spans a wide range of topics: from the logistics and strategy behind acquiring (and continuing to support) inventory from a now-defunct automaker, to the practical realities of onboarding drivers, maintaining EVs, building out fast-charging infrastructure, and managing insurance. Josh also discusses how TLC drivers are adapting to EVs, what the company has learned about operating an EV fleet at scale, and even shares his perspective on the long-term implications of autonomous vehicles (AVs).

We hope you enjoy the conversation as much as we did!

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TABLE OF CONTENTS

0:00 Intro 0:50 Background on American Lease and Josh 3:12 What’s behind the big EV and Fisker bet? 07:04 Origin of Fisker transaction 10:04 Getting the Fisker Oceans ready for NYC TLC 12:46 Setting up Fisker parts & service infrastructure 15:01 Managing Fisker software & updates 16:40 How many Fisker Oceans are currently active on NYC streets? 18:21 Toyota BZ fleet and recent NYC TLC driver complaints around BZ, specifically range 20:32 Fisker Ocean vs. Toyota BZ: range, performance, driver preferences 23:15 Do NYC TLC drivers like working with the Fisker Ocean? Return rate? 25:29 How much does it cost to rent? What’s the thinking behind $300 per week? 27:49 EV charging problems in NYC? What are drivers saying? 29:54 Does American Lease have plans build EV fast (Level 3) chargers? 31:20 Why haven’t you built a Tesla fleet? 33:02 Operational experience with managing an increasingly EV fleet 34:18 Insurance & repair experience with EVs, Fisker & Toyota BZ 41:52 Fleet financial margins – ICE vs. EV (Part 1) 43:26 What is the ideal EV for a fleet? 44:22 Fleet financial margins – ICE vs. EV (Part 2) 46:19 How can regulators and policymakers help NYC TLC drivers & fleets transition to EVs 50:06 Importance of understanding the NYC driver experience with EVs 51:40 Advice for other fleets transitioning to EVs 53:34 Thoughts on autonomous vehicles (AVs) & Waymo 55:49 Closing remarks and how to get in touch with Josh ([email protected])

Quick Summary

* American Lease Overview: American Lease is a New York City-based rental provider for Uber, Lyft, and other ride-hailing drivers, operating since 2004 and currently managing a fleet of over 5,000 vehicles.

* EV Strategy Driven by Regulation: Their shift to electric vehicles is primarily driven by NYC's Green Rides Initiative, which mandates all Uber / Lyft rides be in EVs or WAVs by 2030, with incremental targets leading up to that date.

* Fisker Fleet Acquisition: American Lease acquired over 3,000 Fisker Ocean EVs after the company went bankrupt, leveraging the opportunity for a large-scale, discounted fleet investment to support affordable rentals.

* Toyota BZ Fleet Integration: In addition to Fiskers, they also invested in Toyota BZ EVs, though uptake has been slower due to internal competition with the more luxurious and longer-range Ocean.

* Deployment and Support Challenges: The Fisker rollout required significant operational efforts including sourcing parts globally, managing software recalls, and onboarding former Fisker engineers to ensure support and maintenance.

* Driver Experience and Adoption: Despite initial concerns, most drivers are adapting well to the EV transition and Fiskers, citing comfort and cost-effectiveness, with few returning to ICE vehicles.

* Charging Infrastructure Adaptation: Though NYC lacks fast charging infrastructure, drivers have adapted charging strategies around their routes; American Lease plans to build public fast chargers at their locations.

* Fleet Economics and Pricing: The Fiskers are rented at ~$300/week—extremely competitive due to low acquisition costs. This pricing helps offset the challenges EV drivers face, like charging downtime.

* Operational and Insurance Impacts: Repairs are manageable with part availability. The fleet is self-insured, and EVs haven’t posed significant added insurance risk due to smart design and driver adaptation.

* Profitability Outlook: Running an EV fleet is currently less profitable than an ICE fleet due to high maintenance complexity, depreciation, and infrastructure demands, though it remains a strategic long-term move.

* Autonomous Vehicle (AV) Outlook: While not a current operational focus, American Lease acknowledges the potential disruption autonomous vehicles (AVs) may bring in the future, but sees practical EV adoption as the immediate priority in preparing for regulatory and market shifts.

AutoMarketplace covers the NYC for-hire transportation industry and automotive news. Check out AutoMarketplace on YouTube ▶️

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NYC Taxi News founder Abe Mittleman, taxi industry expert Carolyn Protz and AutoMarketplace’s Dawood Mian discuss the future of NYC’s taxi medallion system, including whether it should continue to exist and if it will survive. Recorded on March 18, 2025.

DISCLAIMER: Nothing in the discussion should be interpreted as financial advice.

Also available on YouTube ⬇️

TABLE OF CONTENTS

0:00 Abe’s opening 0:44 Intro by Carolyn 6:21 Abe supports specific NYC Mayoral candidate 7:10 NYC’s politics is important to for-hire transportation (TLC) industry & related discussion 9:39 NYC today vs. NYC in the past: Is New York on the rise or in decline? 15:19 How was the taxi business in 1970s and 1980s? Could you make money? Dynamics? 18:40 "Arm jobs" 19:50 51% taxi garage commission? 22:20 Genesis of modern TLC Plate and NYC black car & livery industry 26:38 NYC taxi business was resilient throughout economic cycles 27:36 Why didn't "gypsy" or livery cabs flood the streets? 28:55 There was never a TLC plate cap, but there were $50,000 "radios" 30:40 Why should a taxi medallion system, or for-hire vehicle (FHV) license cap, exist? 38:30 Will the taxi medallion system survive? 40:36 Are taxi medallions liquor licenses or air rights? Why do medallions exist? City franchise? 43:58 NYC TLC drivers should be earning $100,000 49:16 Why not have a NYC TLC driver license cap (vs. vehicle cap)? What are TLC plates? 56:40 Do you think drivers will continue to invest in the medallion system, and will politicians work to protect it? 1:03:18 NYC TLC drivers can be seen as an influential political constituency 1:05:26 Is it a good idea to buy* a taxi medallion? (*not financial advice) 1:07:40 Who's selling and buying taxi medallions today?

NYC Taxi News is a leading publication for the NYC yellow cab industry and is led by Abe Mittleman, a veteran NYC taxi driver & native New Yorker.

AutoMarketplace covers the NYC for-hire transportation (TLC) industry and automotive news. Check out AutoMarketplace on YouTube ▶️

Buggy and Fast Track are two names that many NYC TLC drivers and fleets recognize. Both companies, now under the umbrella of Voyager Global Mobility (VGM) after merging in 2021, form one of the largest for-hire vehicle (FHV) rental fleets in the the five boroughs, with thousands of TLC-plated vehicles and associated driver-customers.

A lesser-known fact is VGM has grown beyond its roots in Crown Heights, Brooklyn and is not only expanding across America, but also operating Mi Nave and PreStarte, the largest rideshare rental fleets in Mexico and Costa Rica, respectively. VGM now has a fleet of over 11,000 vehicles across North and Latin America.

In a comprehensive two-hour conversation (don’t worry, we’ve indexed it!), Jeremy Moskovitz, Executive Vice President of Rideshare Strategy at VGM, and AutoMarketplace’s Dawood Mian cover a wide range of topics, including:

* Whether NYC TLC rental rates are “predatory” and how they are determined

* The business of renting vehicles to rideshare drivers

* NYC’s FHV license limits (a/k/a TLC Plate Cap) and other regulations

* Dynamics in the NYC TLC insurance industry, including the crisis at American Transit and how VGM is managing its insurance risks and costs

* Using AI-powered dash cameras to create a better underwriting and business model, help drivers fight deactivations, and improve insurance performance

* VGM’s Drive Smart program and new partnership with Nexar

* Electric vehicles (EVs), charging infrastructure, and NYC’s EV mandate

* Thoughts on the rise and timeline of self-driving vehicles (AVs)

We hope you enjoy the conversation!

Also available on YouTube ⬇️

TABLE OF CONTENTS

0:00 Intro 0:40 Background on Voyager Global Mobility (VGM), owner of Buggy & Fast Track 3:30 Addressing “predatory” accusations 11:30 VGM has expanded to other cities, Mexico (Mi Nave) and Costa Rica (PreStarte) and has a global fleet of 11,000+ vehicles 15:12 Rideshare and NYC TLC-specific rental dynamics 19:45 Explaining the NYC TLC rental business and rates (Pt. 1) 24:57 Overhead and scale and how it impacts rental rates 27:30 VGM is a specialty vehicle rental company 31:58 Explaining the NYC TLC rental business and rates (Pt. 2) 41:24 NYC TLC insurance industry and American Transit 45:08 Buggy and Fast Track self-insurance captive for NYC fleet 48:56 Navigating NYC TLC insurance 59:30 Is TLC preventing insurance innovation? 1:01:10 VGM & Nexar - new partnership on AI-powered dashcams 1:02:41 AI-powered dashcams can help with driver deactivation appeals, safety and insurance 1:13:04 VGM’s Drive Smart program 1:19:31 VGM can underwrite an NYC TLC driver within hours 1:21:28 Should an NYC TLC Plate (FHV License) Cap exist? Why or why not? 1:39:05 Thoughts on electric vehicles (EVs) and Green Rides mandate 1:50:20 Hybrids have a strong demand 1:51:49 VGM’s wheelchair accessible vehicle (WAV) fleet and program 1:54:28 Chaos of 9,500+ EV TLC plate release 1:59:30 Thoughts on self-driving cars (autonomous vehicles (AVs), robotaxis, Waymo) 2:04:40 Concluding remarks

Summary of transcript (AI-generated)

* Introduction to VGM & Guest Speaker: Dawood from AutoMarketplace introduces Jeremy Moskovitz from Voyager Global Mobility (VGM), which operates Buggy and Fast Track, two of NYC’s largest TLC rental companies.

* Company Background & Market Position: VGM is the largest weekly rental fleet in NYC, specializing in rideshare vehicle rentals. Unlike competitors, they do not offer lease-to-own options due to NYC’s TLC plate cap regulations.

* The Rise of TLC Rentals with Uber & Lyft: Buggy and Fast Track emerged as key players during the rise of Uber and Lyft, adapting to the evolving rideshare industry while other legacy rental companies predated the gig economy.

* Differentiating Rentals from Leasing: Moskovitz explains that VGM strictly offers rentals with no long-term commitment, whereas leasing can have complex, often unfavorable terms for drivers, including predatory lending risks.

* Why Rentals Are Essential for Rideshare Drivers: Rentals provide flexibility for drivers who may take breaks, avoid long-term financial commitments, and eliminate risks like depreciation and repair costs. This model is beneficial for those with limited credit or those who prefer to avoid ownership burdens.

* Business Operations & Pricing Factors: Rental rates, often seen as high, are justified by various costs including vehicle maintenance, insurance, regulatory compliance, and operational expenses. Profit margins remain relatively low despite high perceived costs.

* VGM’s Expansion Beyond NYC: The company has grown into 12 U.S. cities and internationally, including Mexico and Costa Rica, where they operate largest rideshare fleets, adapting to local market demands and regulations.

* Insurance Costs & Industry Challenges: Insurance is the largest expense for VGM and other rental companies. The discussion highlights the financial instability of American Transit, a major insurer, and the difficulties this creates for the industry.

* Technological & Customer Service Investments: VGM has developed proprietary software for fleet management, enhancing operational efficiency. Investments in service, safety features, and insurance coverage improve the driver experience despite market challenges.

* Future Outlook & Regulatory Concerns: VGM continues to navigate the evolving rideshare landscape, working with regulators to ensure fair policies while maintaining competitive pricing and expanding service offerings.

Press Release (March 4, 2025)

Voyager Global Mobility Selects Nexar to Help Protect Rideshare Drivers and Conquer Insurance Crisis

News provided by | Nexar | Mar 04, 2025, 07:01 ET

[**Distributed with permission**]

he Collaboration Aims To Chart A More Responsible Standard for Regulators Struggling With Insurance Crises

NEW YORK, March 4, 2025 /PRNewswire/ -- Nexar, a leader in AI-powered mobility solutions, today announced it has been selected by Voyager Global Mobility (VGM), North America's leading fleet and service partner for rideshare drivers, to supply AI-powered dashcams across its FastTrack and Buggy brands as part of its Drive Smart program. Beginning in New York City before expanding throughout the East Coast, VGM plans to eventually integrate the technology across its entire global fleet of 11,000 vehicles. The initial purchase includes 2,000 dashcams with an option to expand to 12,000 units. The technology will enhance driver safety, reduce liability, and streamline claims processing.

Rideshare drivers face daily safety risks and ongoing vulnerability to ride disputes, and Nexar's connected dashcams offer real-time incident detection, automatic video recording, and seamless claims processing. Unlike other telematics solutions that rely solely on sensors and IMU data, Nexar's technology leverages AI-powered vision to provide both fleet operators and individual drivers with direct access to safety insights, ensuring greater transparency, accountability, and trust in the rideshare ecosystem.

"Our partnership with Voyager Global Mobility marks a turning point in making AI dashcams the standard for rideshare safety. While video telematics clearly improves safety, cuts insurance costs, and keeps drivers working, access has remained fragmented," said Zach Greenberger, CEO of Nexar. "By joining forces with VGM, we're creating true momentum, not just expanding our reach. VGM's shared commitment to driver protection and innovation makes them the perfect partner as we establish a new benchmark for safety and transparency in the gig economy."

Risk management is critical in the rideshare industry across all stakeholders. In New York City, the nation's largest rideshare market, an insurance crisis looms due to inadequate regulatory oversight. While VGM has always been a leader in risk management, the company is trailblazing a better path forward with Nexar amid regulatory shortcomings. Having video evidence of accidents is critical and helps to cut down on fraud, which has been inflating insurance costs for years. More…

Also available on YouTube ⬇️

TABLE OF CONTENTS

0:00 Intro 1:30 Bullet point summary 2:15 Uber disqualifies Tesla Model Y from Uber Black 5:28 This ain’t our first Uber Black rodeo 6:51 Uber’s changing eligible vehicle list 7:35 Remembering Infiniti QX60 Uber Black situation pre-pandemic 10:59 Our experience with the BMW X5 being taken off Uber Black, then reinstated 14:21 Our Cadillac XTS scare 17:18 Reflection on Uber business model and X5 / XTS experience 18:40 What’s going on with the Tesla Model Y? Why did so many drivers buy the Y? 21:22 Alternative view 23:27 Why did Uber remove the Tesla Model Y from Black? 26:54 Concluding thoughts 34:15 Free market capitalism vs. regulatory capture

AutoMarketplace covers the NYC for-hire transportation industry and automotive news. Check out AutoMarketplace on YouTube ▶️

☂️ Need help finding an NYC TLC insurance broker? Click here.

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Also available on YouTube ⬇️

TABLE OF CONTENTS

0:00 Intro 1:29 What is fair compensation for an NYC TLC driver, and how is it determined? 2:22 February 5th, TLC public hearing details & how to sign-up 2:42 First principles of NYC driver compensation 5:52 James A. Parrott TLC Driver Expense Report (Dec 2024) 6:47 NYC per mile rate calculation = $0.879 8:26 Uber says it won’t dispatch vehicles 2019 and older? TLC says Uber is lying 10:19 “Predatory” leasing companies and release of FHV licenses (TLC plates) 11:42 Justifying higher per mile rate: comp. & collision insurance expense related to auto loans 13:37 Many insurers unwilling to underwrite Tesla (EV) comp. & collision insurance 15:00 Quick overview of per mile and per minute rates related to NYC TLC driver pay formula 16:33 Utilization Rate (UR) quick explainer 18:12 Why do we believe NYC does not need a utilization rate (UR)? Relation to lockouts? 22:54 If UR is kept, HV daily trip threshold needs to be raised to 100,000? Juno? 24:47 72 hour driver lockout notice? 25:40 Conclusion

AutoMarketplace covers the NYC for-hire transportation industry and automotive news. Check out AutoMarketplace on YouTube ▶️

☂️ Need help finding an NYC TLC insurance broker? Click here.

🗣️ Interested in advertising with us? Click here.