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Taxi & Limousine Services
First Research, March 2012, Pages: 10
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Executive Summary
Brief Excerpt from Industry Overview Chapter:
The US taxi and limousine services industry includes about 7,000 establishments (single-location companies and units of multi-location companies) with about $6 billion in combined annual revenue. No major companies dominate the industry, which is fragmented.
COMPETITIVE LANDSCAPE
Taxi and limousine revenue is driven by business and leisure travel. The profitability of individual companies depends on good marketing. Small companies can effectively compete with large ones because there are few economies of scale in operations. The industry is labor-intensive: average annual revenue per employee is about $70,000.
PRODUCTS, OPERATIONS & TECHNOLOGY
Major services include transporting passengers in taxis; rental of limousines, luxury cars, vans, and other automobiles with drivers; and hearse rentals with drivers. The vast majority of industry revenue comes from local passenger transportation services.
Both taxis and limousines transport passengers after being dispatched per customer request or reservation. Taxi cabs also pick up passengers that hail them while driving on city streets or at taxi stands. Limousines can pick up customers only by telephone request. Limousine companies may lease vehicles with a driver by the hour, or may operate for-hire vehicles (FHV) that charge flat rates for specific trips, in competition with taxis. Companies typically have a central dispatching office, own a fleet of vehicles, may own fuel tanks and pumps, and may operate a maintenance and repair shop.
Drivers and fuel are major operating costs. Because prices for taxi service are usually fixed by local commissions, companies increase profitability...
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