Uber Has a Big Competitor in European Ride Share Market

Ride share start-up Bolt reported it raised $711 million in a new round of funding led by Sequoia Capital and Fidelity. The investment values Bolt at about $8.4 billion, up from $4.8 billion just five months ago.  Bolt CEO (Markus Villig) reported that many cities want to switch from private car ownership to ride-hailing and other shared mobility options like electric scooters and car sharing.  Bolt started in 2013 and it has become a big competitor to Uber in key markets such as London and Paris. Bolt reports it now has about 100 million customers across 45 countries in Europe and Africa.  Bolt will spend hundreds of millions on building out its grocery delivery business over the next few years. The CEO questioned the sustainability of rapid grocery delivery firms, noting the industry operates on slim profit margins.  Bolt reports that its operating model is more cost-efficient than Uber’s. Bolt lost 44.9 million euros in 2020, down slightly from losses of 85.5 million euros in 2019. Revenues surged almost 75% to 221.4 million euros in 2021. Bolt’s business revenues dropped as much as 80% in 2020 after the Corona Virus pandemic hit. Bolt’s ride-hailing business more than doubled in 2021.

Shortage of Drivers

Ride share companies are fighting for drivers, Villig reported. Uber, Bolt and other competitors have struggled to match the demand for drivers with a supply of drivers due to labor shortages. This has resulted in higher fares and much longer wait times in big cities like London and New York.  Bolt has many of the regulatory risks that Uber has encountered over the years, from a U.K. court ruling last year that Uber’s drivers have to be treated as workers, challenging the business models of gig economy platforms.  Villig reported that most of Bolt’s drivers prefer the flexibility that comes with gig work and they don’t wish to be treated like employees.  Employees in the UK receive key benefits like minimum wage and holiday pay.

Reliable Rider Clubs

Our Ride Share Clubs are city (zip code) based with no more than 30 to 60 members each.   Our members no longer want the liabilities of driving, auto ownership and maintenance for a variety of reasons. Our members pay nothing until a Reliable Rider Club in their city activates with a minimum of 30 members. Monthly or Quarterly online Zoom meetings are scheduled for clubs to self-manage, customize, and improve their Ride Share operational efficiencies and policies. Each club will align their management policies with their member preferences and decisions. Since the clubs are self-managed, their members select the Autos, Drivers, Insurance, Fuel and Maintenance providers for their club. Reliable Rider, LLC facilitates the administrative support, IT infrastructure support and the background checks on potential members and drivers for the clubs. The opportunities for social and business networking within each club are numerous.

Why Drive for a Reliable Rider Club?

Reliable Rider Clubs hire experienced drivers who must have at least three years of driving experience. Background checks of criminal history and driver’s records are required. The Reliable Rider Club pays for these background checks. A driver can be suspended or terminated if the person is found to have provided false information or documents. If safety concerns or complaints are received from club members, a majority vote by club members can terminate the driver. Three club drivers and one substitute driver are selected for every 30 club members. Your riders will all be Club Members, who have all been background checked (no strangers).  Register your interest in becoming a Club Driver.

 

Why Join a Reliable Rider Club?

Our clubs are attractive to Senior Citizens who no longer want to drive or individually own vehicles. People who cannot obtain a driver's license for any reason. People who want to opt out of the Legal Liabilities of driving.  People who want the Dollar Savings of Shared Ownership. People who have Medical Issues or concerns that prevent them from driving. People who want to manage the risks of consuming alcohol at restaurants, bars, music and sporting events. People who value Safety and Security above all other considerations.  Register your interest in becoming a club member.

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