Two London taxi fleets have slashed the cost of vehicle rentals in a bid to help drivers and the industry through the COVID-19 pandemic.
This morning Cabvision, one of the industry’s biggest card payment providers who also provides taxi rental to drivers, reduced their prices by 20%.
A Cabvision spokesperson said: “Having reviewed the deteriorating trading conditions via our credit card processing data, we are to offer contracted customers, who rent a Vito Taxi directly from us, a 20% discount on their weekly rent from Monday 16 March until 20 April 2020, when full rents shall resume.”
A second rental firm, Sherbet London, who are currently growing their electric taxi fleet to around 500 vehicles, have also since reacted by offering a 25% discount.
In a statement made by Sherbet London to their drivers, it said: “The Coronavirus has brought some very uncertain times ahead for us all. The most important for all of us is to remain healthy whilst trying hard to maintain some normality.
“It is vital to the wellbeing of London and Londoners, our families, and the future of our taxi industry to remain open for business.
“As of Monday 16 March, we will reduce all taxi rents by 25% to help with the lack of work on the streets.
“Rent will be discounted for a period of four weeks until Monday 13 April, at this point we will re-evaluate.
Sherbet London added: “We are in talks with our banks for assistance, but this may take some time and as soon as we have any further help packages we will update you.
“Please go out to work whenever possible. We have always considered Sherbet a family, during difficult times families stick together.
“By working together we can get through these difficult and unprecedented times.
In a recent poll conducted by TaxiPoint the recent downturn in revenue has fallen by between 31-60% for over two fifths (44%) of the workforce and more than 60% for nearly a third of cabbies (31%).
A quarter of the industry’s drivers have however managed to weather the early storm claiming revenue hasn’t dropped (6%) or only fallen by a more manageable 1-30% (19%).