The first taxi appeared in New York City in 1907 and has since remained relatively unchanged—except for the introduction of regulations. Many major cities began to issue set numbers of taxi medallions, which authorize a constrained number of vehicles to pick up passengers. At one time, medallions were worth $1 million in New York City.

Then came Uber and Lyft. Uber first appeared in New York City in 2010 with just three cars and the goal of capitalizing on the shortcomings of the taxi industry: ease of use, better customer experience, scalability, and one key, underserved demographic—the outer boroughs.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]