Uber, Lyft causes decline in taxi services

Published: Dec. 30, 2017 at 7:06 PM CST
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Is it the end of the road for Yellow Cabs in Monroe in wake of Uber and Lyft?

Yellow Cab owner, Eddie Walker said, "If things continue to shrink back, we're not going to be there for somebody to call."

Walker has been picking up and dropping off people for almost five years. He says since ridesharing companies have started rolling through the streets of Monroe in September, he's noticed a decline in services from taxi drivers.

"During what used to be our peek time has fallen off dramatically," said Walker.

This time of year is normally one of their busiest.

"We should actually have numbers over 200 overall,” said Walker. He continued, “That's our goal. It generally turns into $3,000 worth of rides."

Revenue for Yellow Cab is only about one-third of what it used to be, according to Walker.

"We went from $5,000 or $6,000 to as much as $15,000 in one month in gross revenue. And that is falling off," said Walker.

They've considering decreasing fares to keep up with the competition and increasing rates to balance what they're used to earning.

"The city council in Monroe hasn't approved a rate increase for the taxi companies here in Monroe since 1999," said Walker.

Walker said ridesharers are, in a sense, becoming taxi service without the restrictions of having to be available all day. He believes that's where cab services will have the upper hand.

"As we get smaller and have fewer and fewer people to come from, what would be the next thing to go would be the 24-hour service,” said Walker.