Industry Research

"Cushy Car Service" Report Slams Chauffeured Industry

Posted on March 11, 2009 by LCT Staff - Also by this author - About the author

NEW YORK — A TV report on New York-based financial sector employees using chauffeured sedan services has drawn the ire and criticism of chauffeured transportation operators, according to web posts and e-mails.

The consensus among industry critics is that it puts chauffeured sedans in the same extravagant category as chartered jets, and thereby potentially hurts the image and revenues of chauffeured transportation companies.

For industry feedback to the NBC-TV report, click here.

Here is the print version of the video report:

Bailed-Out Bankers Still Prefer Cushy Car ServiceWhy pay $10 for a ride to the suburbs when you can pay $90?

Despite the failing economy and billions given to U.S. banks in federal bailout money, many employees are still getting cushy car service.

Four of the largest American banks received a total of $75 billion in the recent federal bailout, so it's safe to assume they're limiting some of their luxury expenses.

Who Foots the Bill for Wall Street Bankers? Watch Video here

While not as costly as perks like corporate jets, town cars are still expensive. And now all of us are chipping in as Wall Street bankers keep riding. . .

You'd assume otherwise if you spent Thursday in front of the offices of Bank of America, JP Morgan Chase, Morgan Stanley and Goldman Sachs. If you'd have done that, you'd have seen suit after suit hopping into black car after black car, hustling off into the evening.

From Battery Park City to Midtown, the locations may have been different, but the scenes were similar. Buses and yellow cabs passed on by as fancier, roomier, more expensive modes of transport were snapped up by bankers in need of a ride to presumably a nice restaurant or a house in the suburbs.

Drivers told News4 that some of the rides were round-trip to and from bars or restaurants, others out to Westchester or Fairfield County at the end of another long day.

"It's not even cool, man," one taxpayer told News4. "They need to get me one."

A train to towns like Greenwich, Scarsdale, or Garden City shouldn't cost more than $10, but the nicer cars to the same locations command a fare closer to $90.

Morgan Stanley issued a statement that said employees "are only permitted to use black cars for travel with clients or to client-related events, or if employees work past 9 p.m. in the office."

New Jersey Sen. Robert Menendez said the banks might want to re-evaluate certain practices.

"When you have the taxpayers' money ... at the end of the day, you have to look at your entire operation and say, 'I need to be ... more responsible,'" he said.

Report Source: JONATHAN DIENST and JOHN P. WISE of NBCNewYork.com

Driving Force source: Martin Romjue, LCT Magazine

View comments or post a comment on this story. (0 Comments)

More News

5 Ways To Sell Into The Luxury Travel Market

It’s not your father’s high-end market any more. These lessons apply to chauffeured transportation as well.

Trump Travel Ban Could Deter Business-Related Trips

Tech firms and multinational corporations have lashed out at the move, and some recalled employees traveling overseas.

Half Of Companies Allow TNC Use For Business Travel

A GBTA survey finds an increasing number of traveling employees using companies like Uber and Lyft.

Study Shows Jobs Rose In Taxi Industry Despite Uber

The authors believe this is the first serious look at the effects of the gig economy platforms such as Uber on jobs.

What Trump Means For Fleet-Based Businesses

Fleet expert: "If Trump eventually rolls back regulations in the automotive sector, he would likely stimulate growth."

See More News

Facebook Comments ()

Comments (0)

Post a Comment

Submit

Blog

See More

LCT Store

LCT Magazine - March 2017 $12.95 INT'L LCT SHOW ISSUE COVER STORY: * Innovate or Die: Show To Be a Business "Disrupter" * *



Connect

Experience the three annual industry events for networking for business, showcasing vehicles and products, and getting the tools for success.

Read About Your Region

What’s Happening Near You?
Click on any state to see the latest industry news and events in that region.

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Metro Magazine

Serving the bus and passenger rail industries for more than a century

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

Please sign in or register to .    Close