The car rental industry is on the brink of a crash
New York City is facing a new set of challenges: rising rents, competition from the new UberX service, and a looming crash that could lead to a collapse of car rental services.
But for a city already reeling from the economic devastation of the Great Recession, a crisis of the car rental market could be as devastating as it’s ever been.
The ride-hailing company UberX is trying to carve out a niche in Manhattan’s rental car market, but its rivals are scrambling to catch up and take advantage of the new, more convenient way to find and rent cars.
Uber has more than a million drivers in the city, and has opened a fleet of UberX cars for UberX customers to rent.
But it’s unclear how much of its business will be cannibalized by the surge in demand from UberX, or how quickly those rides will be available.
Uber’s chief financial officer, Kevin Plante, said that his company will take a “small percentage” of the company’s income from Uber fares.
“We have to be careful in our revenue and in our expenses, but we’re definitely going to have a little bit of a revenue shortfall,” he said.
The New York Taxi and Limousine Commission said it will spend $1.7 million this year on outreach to get drivers to sign up for the service.
The agency has received nearly 8,000 applications from drivers.
New York Governor Andrew Cuomo has said that he’s concerned about the surge of demand from drivers who are using UberX to drive to work, but that he supports the industry.
The commission has received applications from about 3,000 drivers, but only about 400 have been signed up for Uber.
“It’s a pretty low number,” said commission spokesman James M. Rios.
“In fact, we’re looking at a very modest amount.
That’s the reason why we’ve been so busy in New York.”
New York City has long been the epicenter of car rentals in New Jersey, but the surge has brought the market down to New York, where UberX has a strong presence.
New Yorkers can now rent cars on the app for $5 to $10 per hour.
Renters on the other side of the country are struggling to find rides for their families, and Uber has struggled to compete with Lyft, which has similar services in more than 20 cities.
UberX drivers said they had to go to a taxi company to rent a car and said that when they got to Manhattan, they couldn’t find any car rental spots.
The company did not respond to requests for comment.
“The only place we found any was on the west side of Manhattan,” said one driver, who requested anonymity because he did not want his identity published.
“There are no UberX in the Bronx.
I’m from the Bronx and I was wondering if there was any UberX for that area.”
UberX has had trouble attracting drivers in recent years, but this year, it is now opening up in New England and California, bringing its business to new markets.
UberX said that the New York market is its second-largest after the U.S. market, with about 3 million rides a day.
But in a statement, the company said that “the vast majority of drivers we have in New YORK are New Yorkers.”
Rios said the commission was “working hard” to recruit drivers to join UberX and that it had “no plans to terminate” the drivers it has signed up.
Uber did not immediately respond to a request for comment from NBC News.
The rise of Uber has led to a boom in the number of car-rental companies.
The number of cars being rented by drivers has doubled in just three years, to about 300,000, according to data from the CarRental Market Research Group, a New York-based firm that tracks rental car use.
The average car rent is now about $4,000 per month, compared to about $2,000 in 2016.
Renting a car from Uber is a risky proposition for a company that has only had a few years of experience.
Many drivers are inexperienced and have no background in the business, so they have little to no knowledge of how to operate a taxi.
The company has faced some challenges in the past.
It has been sued by New York Attorney General Eric Schneiderman, who said it used the New Jersey-based car-sharing program, Car2Go, to violate the state’s Fair Housing Act.
Uber also was accused by the state of operating a “pay-for-play” scheme by giving its drivers incentives to rent cars in exchange for accepting rides from the company.
In April, the New Orleans Board of Ethics ruled that Uber should be barred from operating a car-hiring service in the state.
And in May, the city of Seattle fined Uber $300,000 for a surge pricing scheme that made drivers pay to park in certain locations in