AutoMarketplace NYC

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TABLE OF CONTENTS

0:00 Intro 1:13 Bullet point summary 2:04 NYC TLC insurance renewal season begins 4:34 Large one-off insurance rate increase? 6:40 Driver pay & FHV insurance inflation 11:40 NYS DFS will likely not approve large rate increases 13:25 2025 NYC TLC insurance rates 14:00 ATIC is raising rates 2% to 8% 14:40 Hereford is raising rates 3% to 10% 15:40 Rates increases also impacted by other factors 22:40 2025 vs. 2024 TLC insurance rates 26:11 Real NYC TLC insurance inflation 37:28 Our experience with NYC TLC insurance

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

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TABLE OF CONTENTS

0:00 Intro 1:51 Bloomberg article ‘NYC’s Taxi Mess Was Driven by Decades of Inaction and ‘Massive’ Fraud’ 12:06 Is the TLC killing insurance innovation that would make industry less reliant on ATIC? 14:03 Additional thoughts on American Transit story 23:04 Is American Transit (ATIC) still in business? 26:57 NYC TLC insurance broker crisis? 28:56 ATIC pays majority of $40+ million TLC broker fees 29:42 NYC TLC Insurance Total Addressable Market (TAM) analysis 33:12 How much do NYC TLC insurance brokers make? 41:10 TLC insurance broker commissions have been cut and its imp 44:29 Impact of a 1% TLC broker commission cut? Other market risks? 50:13 NYC TLC insurance broker market share 52:09 Consolidate, compete or go out of business 52:18 Why doesn’t ATIC (or Hereford) sell insurance directly? Why do they use brokers?

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

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Note: Thumbnail image was generated with the assistance of AI (OpenAI | ChatGPT)

Also available on YouTube ⬇️

TABLE OF CONTENTS

0:00 Intro 1:51 Bullet point summary 5:16 What is the utilization rate (UR)? 8:20 Uber & Lyft NYC UR update (Oct 2024) 11:40 53% UR regulatory floor vs. lockouts 13:47 How is Uber / Lyft gaming NYC TLC’s UR? 17:00 Uber and Lyft NYC trip update 21:27 Traditional black car, livery & luxury base trip update 24:43 Green Cab (SHL) trip update 25:34 Yellow cabs break 15% market share, industry update 27:42 NYC TLC trip market share analysis 28:55 NYC TLC market predictions 33:13 Total NYC TLC industry trip update & analysis 35:00 Explaining our logic 37:07 Yellow cabs have JFK / LGA curbside pickup advantage 40:21 Yellow cab fares are cheaper for several reasons (taximeter, taxes) 42:10 Rise of street (“hand”) hails? 43:30 Taxi market share gains will impact Uber / Lyft NYC UR, waitlists, part-timers, driver earnings 49:35 Uber / Lyft NYC Access = “Golden Ticket”? 55:41 NYC taxi medallion = Gold? 56:21 Concluding remarks

***DISCLAIMER***

Nothing we say or write should be the basis of an investment or business decision, financial determination or relied upon to predict how government agencies or regulators may or may not act.

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 all things NYC for-hire transportation (TLC). Recorded on December 12, 2024.

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

Also available on YouTube ⬇️

TABLE OF CONTENTS

0:00 Intro 2:15 Current events & industry news 7:07 NJ UFOs = Flying taxis? 8:15 Robotaxi (driverless cars / AVs) discussion & predictions 15:32 NYC taxi medallion = robotaxi license? 20:57 Who regulates robotaxis in NYC? 23:26 NYC e-bikes should have licenses & insurance 27:59 TLC insurance discussion. ATIC too big, to fail? 33:47 Rise of Uber, Lyft and how it relates to size of ATIC problem 35:40 Predictions on how TLC insurance will evolve 37:40 Admitted vs. Non-Admitted insurance 39:20 Uber, Lyft stocks down, driver frustrations and politics 40:29 Yellow cab trips up? Uber / Lyft trips down? 43:50 Beginning of NYC yellow cab comeback? 45:30 Yellow cab driver pitch 49:00 How much should a NYC taxi driver make? 51:05 Rise of taxi e-hails 54:20 Taxi trips have a tax and surcharge advantage 55:18 NYC taxi medallion market update & valuation discussion

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 ▶️

NYC Taxi News founder Abe Mittleman, taxi industry expert Carolyn Protz and AutoMarketplace’s Dawood Mian discuss all things NYC for-hire transportation (TLC). Recorded on October 17, 2024.

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

Also available on YouTube ⬇️

TABLE OF CONTENTS

0:00 Intro 1:05 Rise of autonomous vehicles (AVs)? Getting rid of streets & cars? Speed limits? Tesla trying to get rid of all taxi drivers? Robotaxis? 10:29 Commuter Vans legally allowed to do NYC street hails? 15:30 NYC FHV / taxi insurance crisis 19:04 Uber & Lyft insurance outside of NYC 20:30 Why NYC is so important to Uber and Lyft (related to insurance) 21:45 Issues at American Transit 22:39 State captive insurance for FHVs / taxis? 23:08 Are Uber and taxi fares too cheap? 26:57 Why is driving a NYC taxi a minimum wage job now? 30:24 NYC TLC Chair David Do Q&A at City Council 33:53 Comments about Independent Drivers Guild (IDG). Cap NYC TLC driver’s license? 38:30 Taxi drivers used to be in the middle class 40:58 Abe’s earnings as a taxi driver through the decades 42:11 “All the happiness in the world won’t buy you money” 42:44 NYC politics & TLC industry 48:40 Taxi Improvement Fund (TIF) & yellow cab WAV mandate 59:35 How can we fix TIF? 1:02:07 Talking about the taxi WAV mandate 1:03:50 The NYC taxi franchise was not protected 1:05:25 Concluding thoughts

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 ▶️.

The Independent Drivers Guild (IDG) is one of the largest Uber and Lyft driver advocacy groups in NYC (and the world!). Founded in 2016, IDG now represents tens of thousands of for-hire drivers in New York City (NYC TLC) and advocates for over 250,000 drivers across New York State, New Jersey, Pennsylvania, Connecticut, Massachusetts, Rhode Island, Illinois and Florida.

Earlier today, IDG President Brendan Sexton, Policy Director Andrew Greenblatt and organizer Michele Dottin joined AutoMarketplace’s Dawood Mian for a wide-ranging conversation covering how IDG was formed and is funded, Uber / Lyft driver deactivations (including discussion about NYC Council’s Intro 276), NYC driver lockouts, the release of EV-restricted TLC Plates late last year, leasing companies, the yellow cab industry, taxi medallions, capping NYC TLC driver licenses, why drivers need a union & more!

We want to thank Brendan, Andrew, and Michele for their time, openness, and engaging discussion. We hope you enjoy it!

Click here for IDG’s website, including deactivation representation.

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TABLE OF CONTENTS

0:00 Intro 0:42 Independent Drivers Guild (IDG) background 4:57 Independent contractors and unions 8:29 How is IDG funded? 12:31 IDG mental health program 13:59 How many individuals on IDG staff? 14:46 Uber NYC deactivations & NYC Council Intro 276 16:04 Why is IDG against Intro 276 21:48 Would Intro 276 eliminate IDG’s deactivation process? 23:36 IDG believes Intro 276 will hurt drivers 24:04 IDG’s deactivation appeals process 28:06 Why is Uber against Intro 276? 31:00 Intro 276 (deactivation) summary thoughts 36:03 Deactivations related to service animals 38:28 Drivers getting deactivated for drug use? Drug test? 39:40 IAmDeactivated.com 41:26 Court of law vs. Uber 42:40 NYC Uber & Lyft lockouts 44:29 10,000 new EV TLC Plates, Mandate & Green Rides 45:48 Why are we limiting the number of FHVs vs. TLC driver’s license? 48:05 Uber is different than yellow cabs? 48:31 Supply vs. Demand 53:54 How about new people (immigrants) wanting to drive NYC TLC? 57:31 NYC TLC driver’s license cap 1:01:36 How do we solve NYC driver lockouts? (Part 1) 1:03:37 What do you say to the individual taxi medallion owner-driver? 1:06:30 “We don’t want to wipe out medallions” 1:07:25 Addressing taxi medallion owner argument 1:07:25 Independent contractors and unions 1:09:24 How do we solve NYC driver lockouts? (Part 2) 1:10:20 Do you agree with the utilization rate (UR)-based NYC driver pay formula? 1:12:45 10,000 trip high-volume (HV) NYC base threshold discussion 1:17:03 NYC TLC drivers vs. taxi medallion owners? Zero sum advocacy? Conflicts? 1:20:28 Thoughts on Marblegate as a “Landlord” 1:22:09 “The boss doesn’t represent workers” and why we need unions 1:23:12 “How do we lift this industry into a middle class job?” 1:25:00 “The voice should always be the worker” 1:25:48 Concluding remarks

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

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The NYC Taxi & Limousine Commission (TLC) will hold a Zoom-only public hearing tomorrow, Thursday, October 10th, related to proposed rules that mandate all new taxi medallion hack-ups and re-hacks be attached to a wheelchair accessible vehicle (WAV). This public hearing comes after a federal judge recently affirmed a previous 2014 ruling that mandates 50% of yellow cabs be WAVs.

Next week on Wednesday, October 16th, the TLC has confirmed it will hold a Board of Commissioners meeting to waive the typical 30 day period after new rules are proposed and vote on the new WAV mandate-related regulations that will redefine the taxi medallion market. To be fair, the TLC is likely in a rush to pass new rules to comply with the court order, but it’s unclear why the regulator needs to act less than a week after the first public hearing on the matter.

In today’s video, AutoMarketplace’s Dawood Mian explains why this development is such a big deal for the NYC taxi medallion (yellow cab) industry, which has only just begun to recover from an existential crisis that started shortly after the original 2014 50% WAV mandate ruling.

Also available on YouTube ⬇️

TABLE OF CONTENTS

0:00 Intro / TLC Public Hearing (Oct 10th), TLC Vote (Oct 16th) 5:39 50% Yellow Cab WAV Mandate 8:30 How many NYC WAV taxi are there right now? 11:50 NYC Taxi Medallion 101 (Selected vs. Non-Selected?) 17:13 Taxi Improvement Fund (TIF) Payments 23:33 Taxi Medallion Valuation Impact? 30:09 How long will it take to reach 50% WAV threshold? 34:23 Re-hacking concerns

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 all things NYC for-hire transportation (TLC). Recorded on September 15, 2024.

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

Also available on YouTube ⬇️

TABLE OF CONTENTS

0:00 Introduction 3:52 Too much government? 7:56 Uber vs. Taxi (government perspective) – Part 1 9:14 Uber business model profitable? Lyft? 10:17 Uber vs. Taxi – Part 2 11:02 Corruption vs. Incompetence 14:58 Uber vs. Taxi – Part 3 16:14 TLC insurance crisis (American Transit) 21:21 NYC Commuter Van discussion 28:28 Taxi medallion foreclosures 30:40 Medallion market update 32:18 Was MRP debt restructuring fair? 36:11 50% WAV requirement for NYC taxis 43:28 Hydrogen vs. Electric Vehicles 45:26 Thoughts on EV mandate 50:44 Congestion Pricing? Impact on market? 57:52 FHV parking in commercial spots? 1:03:05 Bathroom access for drivers 1:08:11 Conclusion

NYC Taxi News is a leading publication in NYC for-hire transportation industry and is led by veteran NYC taxi driver & native New Yorker Abe Mittleman.

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

NYC Taxi News founder Abe Mittleman, taxi industry expert Carolyn Protz and AutoMarketplace’s Dawood Mian discuss all things NYC for-hire transportation (TLC). From current events in the industry to whether taxi medallions might eventually turn into self-driving vehicle permits, we hope you enjoy the discussion!

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

Also available on YouTube ⬇️

TABLE OF CONTENTS

0:00 Intro 3:02 Catching up on current events & TLC news 7:37 Mistakes were made, does TLC understand what they were? 9:56 How do we solve current issues in the NYC for-hire transport market? 13:16 What is the right number of NYC for-hire vehicles (FHVs)? 20:20 Does there still need to be 13,500 NYC taxi medallions? 23:05 How do you reduce the number of FHVs? 29:42 Rise of driverless cars / autonomous vehicles (AVs)? 30:57 AVs aren’t science fiction anymore 32:50 Taxi medallion = AV license? Who’s regulating NYC AVs? 35:47 People are buying NYC taxi medallions. Why? AV license speculation? 37:09 Corporations will control AVs? 39:34 Administrations change, rules change 41:40 Taxi medallion comeback? 45:08 Does Uber make money? 47:28 What’s the taxi medallion pitch? 49:27 Who’s lending to the taxi medallion market? Marblegate? 50:12 Regulatory risks of investing in taxi medallions 52:16 Can messy NYC TLC politics change? 53:57 Is the NYC yellow cab coming back? 55:14 What would you pay for a NYC taxi medallion today? 57:11 Who should buy taxi medallions? 58:58 Singapore vehicle “medallion” & future city regulation 1:01:05 Will history always repeat itself? 1:03:09 Utilization rate (UR) vs. taxi medallion system 1:06:52 UR-based min. pay formula promotes Uber & Lyft duopoly 1:07:41 Doubling down on bad policymaking? Real life impacts

NYC Taxi News is a leading publication in NYC for-hire transportation industry and is led by veteran NYC taxi driver & native New Yorker Abe Mittleman.

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

NYAB is one of the largest TLC insurance ☂️ brokers.

In AutoMarketplace’s latest podcast episode, Luis Quevedo, CEO of NYAB Insurance, and Dawood Mian speak about all things NYC for-hire transportation (TLC) insurance. From how Uber changed the industry to why brokers even exist to why there aren’t more insurance options! 🤔 Luis and Dawood also have a lengthy discussion about the TLC comprehensive & collision (a/k/a physical damage) market.

We want to thank Luis for the conversation and hope you find the discussion informative. Let us know your thoughts in the comments section below and/or on YouTube.

Also available on YouTube ⬇️

TABLE OF CONTENTS

0:00 Intro 0:48 Luis’ background 3:00 NYC TLC insurance industry before Uber 4:00 Car Service vs. Black Car Service 6:04 Uber a Car Service or Black Car Service? 8:25 Camry became a “Black Car” in NYC 11:13 Uber insurance risk isn’t Black Car risk now 13:53 Why do insurance companies use brokers vs. direct sell? 16:40 Why aren’t there more TLC insurance options? 20:48 Insurance can only work at scale 21:28 TLC insurance broker commissions & business model 22:20 Why don’t insurance companies direct sell? 24:03 Brokers are unconflicted vs. an insurance company 25:07 Summary argument for why insurance brokers exist 27:53 Why don’t more TLC drivers have Comp. & Collision coverage? Risks? 30:04 % of NYAB book with Comp. & Collision coverage? 32:17 Claims often drive Comp. & Collision policy purchase 33:40 How much does Comp. & Collision cost? 35:56 Gap insurance coverage in NYC TLC market? 38:00 Thinking about vehicle depreciation, especially EVs 39:44 Discussing electric vehicles (EVs) & insurance 42:11 Speak to your insurance broker before buying a vehicle 43:36 Technical DMV registration issues when TLC drivers purchase vehicles 48:10 Importance of technicalities in a world of NYC Uber & Lyft “lockouts” 49:16 How much does NYC TLC insurance cost? Why? 51:55 Important for drivers to keep accident records 53:01 TLC insurance discounts for drivers with no accidents 53:30 Important for drivers to have dash camera 55:00 When will 2025 TLC insurance renewal rates be available? 57:34 How to contact NYAB?

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

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