One Toronto taxi company has decided that if you can’t beat Uber, join Uber!
Co-op Cabs CEO Peter Zahakos declared Tuesday that if Toronto City Council decides to create regulations that would essentially legitimize Uber in the city, he will get out of the taxi business and adopt a ride-sharing model, a la Uber.
Zahakos said that “we’ve been around for 55 years, we’re not going to go out of business, we’re going to adapt. If the city wants to show preferential treatment to an out-of-town company and apply their business model on top of us and force that down our throats, fine and dandy but we’re not going to go away.”
Wednesday will see a decision from council whether or not regulations will be created.
Zahakos calls the ride-sharing company “pirates!”
Do you think Toronto should regulate Uber? Will that fix this ongoing problem that plagues cab companies, city officials and residents? If taxi companies get out of the cab game, what will that mean for the people who bought taxi plates for $200,000 or so? Should they be refunded?