The ride-hailing industry demonstrates the speed and impact of disruption. Disruption occurs quite quickly, and the transformation affects all industry participants (including lenders!). Let’s take a dive into the ride-hailing industry and see how one company’s innovative adoption disrupted every taxicab in our major cities. In 2015, Uber arrived on the scene and ridership of yellow cabs fell precipitously in Philadelphia, Chicago, New York, and Boston. Taxicabs saw competition as never before and two years later, Uber’s ridership surpassed the New York Yellow Taxi ridership. LYFT and other ride hailing services entered the market to capitalize on Uber’s market expansion success.
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