Chauffeured Shell-Shock

Posted on September 15, 2008 by LCT Magazine

FINANCIAL FURIES: We won't recite all the headlines of today's Wall Street fiasco, but there is one nugget in a Reuters story that explains the consequences for the chauffeured transportation industry:

New York Gov. David Paterson said Wall Street might lay off 30,000 workers in a worst-case scenario.

That's 30,000 well-paid Wall Street financial managers and movers, many of whom use chauffeured transportation. This would only compound the downturn in business this year experienced by the industry's largest companies, such as Dav El, BostonCoach, Empire CLS, and Carey International.

Ditto for countless affiliates and independent operators who rely on referrals and farmouts. So far, this industry's leading pessimist, Scott Solombrino, CEO of Dav El, has nailed it. He has been predicting unfolding events with remarkable accuracy. See a Q&A with Solombrino in the upcoming October issue of LCT Magazine. -- M.R.

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