Wednesday, May 27, 2009
I was in Stamford and Greenwich today visiting institutional investors -- an important part of the day job in these parlous times -- and the investment bank that took me around hired a car to drive me back to the garage by the Trenton train station. I asked the driver, who has been in the radio car game for 15 years, how business was going, and he said that it was down more than 50%. Ouch. I feel for the guy. With the massive reductions in New York area financial services employment, you have to wonder whether the limo biz is ever going to return to its credit bubble highs.
you have to wonder whether the limo biz is ever going to return to its credit bubble highs.Almost certainly, no. NYC restaurants are down big time as well. Wall Street is/was a big part of the NYC and NY State economy, so everyone will feel the pinch.
You could always tip him well, or advise him to move to D.C., where the demand for limos will do nothing but go up.
Even the healthy banks have in many instances stopped using radio cars, or changed their policies to reduce usage. Very tough time to be one of those guys, and it won't recover unless or until massive capacity leaves the system.