Like iCARnic, you too can grow your business driving for any of the ride-share companies but you don't have to drive to make money. Smart investors are investing in rental cars and receiving very good returns.

We invested $19,000 in the summer of 2016 to purchase our first car (silver Camry shown at the top of our homepage) and started driving for both Uber and Lyft as a proof of concept that ride-share presents opportunities to grow a business and create wealth, beyond just driving. We have since also added Juno as one of the ride-share partners we drive for. We are dedicating our site to sharing our experience and the data we are collecting to benefit readers that have questions about the viability of driving for ride-share companies as a source of income or looking for opportunities to own or grow a business.

We hope that the material on our site is of value to you. Please send us a message to info@icarnic.com with your feedback or if you have questions. We have also provided our Uber Partner code CK348KPMUE and Lyft Partner code OKECHUKWU397270 here for those interested in driving. Both companies are currently offering bonuses to drivers who sign up with those codes. You will receive the $300 bonus from Uber and $500 from Lyft after you complete the number of rides they specify on their site. Be the first to know by subscribing to receive our blogs. You can also follow us on Twitter and Facebook.

Blog

Through our blog we provide data and insight into the ride-share economy and opportunities. Our writing is based on our experience driving for Uber, Juno and Lyft in the NYC metro area while also growing it into a rental car fleet business. Some of the topics we have written on were inspired by inquiries received in-person (while driving) as well as those emailed to us by riders, current and aspiring drivers and others looking for opportunities to invest in the ride-share business.

We endeavor to thoroughly research the data we present and we provide as much backup data while also avoiding speculation. We encourage our readers to conduct their own additional research as the data we provide on our site should not be relied upon solely for investment and other decisions. Readers should do their due diligence and research.

We want to hear from you - regarding any feedback about our site. We are also happy to answer any follow up questions you may have and help get you up and earning. Send your message to info@icarnic.com.


when you use invite code CK348KPMUE to sign up to drive with Uber


when you use invite code OKECHUKWU397270 to sign up to drive with Lyft


iCARnic Rideshare Blog - click image below to read


Blog 1
Is it really worth it driving for Uber
Blog 2
Ride-share Info: all in one place
Blog 3
Generating income/ wealth in the NYC ride-share economy
Blog 4
I can't afford to buy a car: should I lease or rent?

Some data to consider..

Driving with Uber, Lyft and other ride-shares operating in New York City

Driving with Uber and a combination of some of the other ride-share providers (Lyft, Juno, Via or Gett)that operate in New York City, one can reasonably expect to take home revenues of somewhere in the range of $25 per hour after all fees and taxes are deducted. This amount is before cost of gas is deducted and also cost of rental if you have to rent a car. Now this might not be pay rate that would warrant quitting your job working as an attorney for a major law firm but for lots of New Yorkers that earn less, this offers a great opportunity at increasing their earnings. The flexibility that the partnership with the ride-share services give also allows drivers to maintain other employment; start or grow other businesses; or grow their ride-share into a business renting cars to other drivers and significantly increasing their passive income. Chart below shows real drivers' earnings reports from Uber in Summer and early Fall 2016. As would be expected, a driver's total weekly earnings would ultimately depend on how many hours they drive each week.


$300 Uber driver bonus: Use code CK348KPMUE to sign up to drive for Uber and receive a $300 bonus from Uber after you complete your first 30 rides.


Don't want to drive? you can still make money investing in cars

Very rarely does a moderate risk, potentially-high return investment yield investors as much as 80% ROI. Investing in ride-shares presents such opportunity if done right. There are always going to be factors that would come into play to determine how well an entrepreneur or investor would do with their investment. A well thought out and executed strategy is always at the forefront of it all. Chart we have provided below shows some of the trends being seen with ride-shares as it relates to yellow taxis and other traditional neighborhood car bases in New York City. While ride-shares continue to significantly gain market share, the neighborhhood bases and yellow taxis are conversely loosing rider-ship and market share. Published NYC Taxi and Limousine Commission (TLC) data from which these charts were compiled also show Uber continues to be dominant against its ride-share competitors in New York City and holds a significant market share advantage over them. The same data shows that the other ride-share providers ((Lyft, Juno, Via, Gett) continue to pursue strategies to attract drivers and riders away from Uber in an effort to eat into some of its market share.

Frequently asked questions

What DMV driver's license is required? - A current NYS DMV chauffeur license Class E is required.

Do I need a NYC TLC license to drive in NYC? - Yes a TLC license is required. The NYC Taxi and Limousine commission (TLC) requires drivers to obtain TLC license in order to drive any Livery, For Hire Vehicle (FHV).

Are uber, Lyft, Juno, Via and Gett rideshare cars considered taxis? - The NYC Taxi and Limousine commission (TLC) classifies ride-shares as For Hire Vehicle (FHV) livery, the same as cars from neighborhood bases. Vehicles with these classification have to work with dispatch bases. Each rideshare company will act as the dispatch base for drivers and provide passenger pickups through their apps.

Is tipping allowed and are riders able to tip drivers through the app? - Tipping is allowed by all 5 services (Uber, Lyft, Juno, Via and Gett). Some, like Uber, do not have the feature to enable riders to tip through the app though.

Are drivers able to specify that they want longer rides? - No, each rideshare company matches drivers to riders based on driver/car that is closest rider requesting a ride.

Can I pick up passengers on the street if they wave me down (street hail)? Non ride-share app request. - NYC TLC rules forbid Livery, For Hire Vehicle (FHV) drivers from picking up any rides that do not originate from a TLC licensed and approved Base. Each ride-share company is licensed by TLC to operate as the Base to dispatch rider pickup to FHV drivers. The ride-share companies dispatch rides to drivers for pickup through their Driver Partner app. TLC has stepped up enforcement of street hail rules and has its police officers on the street looking to burst drivers picking up street hails. The penalty if caught are pretty severe. Check NYC TLC website for specific penalties.

Do all ride-shares companies provide sign- on bonuses? - Each rideshare has different new driver sign-on bonus and the amount depends on what's on offer at the time a driver joins. To be eligible to receive the bonus, a driver would typically have to complete a specified amount of rides. I have provided a link to our driver invites that will allow you receive the bonus upon using the link to sign on with each service and then completing the minimum required rides. Click each link for ride-share companies (Uber, Lyft, Juno, Via & Gett) you are interested in.

Can I drive for more than one rideshare company? - Yes. Drivers are independent contractors to each ride-share company and as such are free to drive for the other ride-shares.

Do I need my own GPS? - No. The rideshare company apps work with WAZE and Google maps and drivers are able to choose which preferred navigation software to use as default. In addition, some ride-shares - like uber - have also developed their own in-app navigation that is used for Pool rides.

Can drivers take more than one rider at a time to maximize their fare? - Ride sharing and pooling is a service offered by Uber and Lyft and others and allows riders going in the same general direction to be matched and to ride together. This represents savings for each rider and drivers also make a bit more fare when they drive pooled rides.

Can I get a TLC license if I have a felony or misdemeanor record? - The decision is subject to the TLC commissioner review. Unfortunately, there is no way to find out before you have applied for the TLC driver license and gone through the TLC process. Each ride-share company however have its own policy whether you can drive with them. Check with each ride-share you are interested in partnering with.

Do I have to be a resident to New York State to be able to license a NYC TLC vehicle? - No. TLC regulations allows individuals from New Jersey, Connecticut and Pennsylvania to register TLC vehicle to operate in NYC just like any New York State resident. Out of state vehicles will however be required to already have taxi/livery plates and meet the insurance requirements set by NYC TLC.

Do drivers get paid for the time spent driving to pick up passengers? - Generally the answer is no but some of the rideshare companies are starting to offer payment for travel time to pick up riders after a certain amount of time. For instance, Juno sometimes pays for distances to pick up riders further than 5 minutes. Check details on the website of each rideshare service provider to see what they offer.

Who pays the toll? Drivers or riders? Are drivers reimbursed for tolls? - TLC rules specify that the responsibility for paying toll falls on the rider while they are in your vehicle. The driver pays at the toll plaza (hopefully driver is using EZ pass to speed things along) and the rideshare automatically adds the toll amount to the final trip cost that the rider pays. That amount is then paid to the driver by the rideshare company. Per TLC rules, the responsibility for paying to travel through the toll on return trips after dropping the rider off falls on the driver on all toll crossings in NYC with the exception of Cross Bay Veterans bridge and Marine Parkway-Gil Hodges Memorial bridge where rider is responsible for paying for the driver's return toll crossing. Whether or not each ride-share company is collecting that return toll cost and remitting it to drivers is something we haven't had the opportunity to verify yet.

How long will it take before I can start driving? - If you do not have a TLC license then you should expect it to take 3 to 8 weeks (depending on how aggressive you are with completing each of the required steps) to obtain your TLC license. Required steps to obtaining your TLC license include completing Defensive driving course; Wheelchair Access Vehicle (WAV) course; 24-Hours in-class TLC class; and passing the TLC exam. For drivers with TLC license just trying to switch from driving yellow cabs or other neighborhood bases to the ride-share companies the process is a lot quicker and can take as little as a day.

For drivers who live outside NYC, is it best to drive to the city before going online? - The strategy drivers choose will be up to them. Uber and the other ride-share providers (to a lesser degree) have riders all over the tristate but clearly Manhattan is where the greatest demand can be found. A lot of rides also originate from the other surrounding NYC boroughs of Brooklyn, Bronx, Queens and Staten Island. The decision whether to stay offline while driving into the city would depend on how far a driver lives from Manhattan and the time to travel to the city - if you decide to stay offline as that would mean you are burning gas during the and not making any money during the travel period. Uber offers drivers a feature to Set A Destination. Makes sense to take advantage of that feature as your drive towards Manhattan as you might be able to pick up some fares on your way into the city. Lyft is reported to be working on making the Destination feature available to drivers too.


when you use invite code CK348KPMUE to sign up to drive with Uber


when you use invite code OKECHUKWU397270 to sign up to drive with Lyft


Can others drive my TLC licensed car? - No. TLC regulation requires that the only individuals that can operate a TLC licensed vehicle is someone with a TLC license and the individual must be specifically listed on the FH1 insurance documents for the car.

Can I use a 2-door coupe or must it be a 4 door sedan? - No. The TLC will only register and license 4 door sedans and other higher-seating capacity vehicles like limousines as Livery For Hire Vehicle (FHV).

Does it make sense to get an SUV to drive for uber and other ride-shares? - The higher fares that drivers get from fares for UberXL (SUV) vs UberX can sure be a tempting incentive for a driver to get an SUV but whether there are enough UberXL ride request to offset the additional cost of gas being burned driving an SUV for so many miles is a question that needs to be answered in order to make an informed decision. Uber unfortunately does not publish this data.

Can I have a friend or family member ride along with me for company while picking up riders? - No. NYC TLC rules gives a rider (non-pool) the right to ride alone when they are riding in a TLC licensed For Hire Vehicle (FHV). Riders waive this right to ride alone when they accept the terms from rideshare services that provide pool/rideshare share service in exchange for lower fare cost to the rider. The rideshare however budgets that all 4 seats in the car will be available to pick up riders as they match them and send them to driver for pick up.

How does the app alert me to pick riders? Do I have to be online for that to happen or will it alert all day? - You have to click on the app for each rideshare provider in order to go online. You are not alerted to pick up riders unless you click to go online. The alert will flash in the rideshare driver partners app on your phone when there is a rider to be picked up and you are online.

Will the ride-share company provide me a car to drive or lease a car for me? - No. Drivers are independent contractors and provide their own cars to drive in NYC. Some of the rideshares however provide a list of suggested car leasing and rental companies that drivers can get cars from on their website and in printed material they hand out at their offices.

Is there a way to tell what the final destination of a ride is before I have picked up a rider? - There is no way to tell with any of the ride-share providers what the final destination will be until the rider is in your backseat and you click to start the trip in the app.

Is a bank account required in order to drive with Uber and other rideshares? - Yes. Drivers payout each week is made to driver's bank account. If you drive for Uber under another Uber Partners fleet account then the bank account might not be an issue as weekly payout is made to the fleet owners bank account and the fleet owner remits the payout to the driver.

How do I know which ride-share company is best for me? - Refer to our Ride-share Info: all in one place page where we consolidate information on the 5 rideshare providers competing in NYC. We are putting this page together to help give our readers information to aid their decisions regarding which rideshare provider is best for them to partner with. The page development is by no means complete however, as we continue to add info to the page. Pardon if you do not find answers to your particular questions. Browsing our Frequently Asked Questions might also provide additional information that answer some of your questions.

Insurance Questions

What kind of insurance do I need? - FH1 commercial insurance

Investing in ride-share economy

Is it possible to make money investing in ride-share cars without driving? - Send us an email to info@icarnic.com and we will share some data with you regarding investing in ride-share cars without actually driving.

Do I need special registration for my car? - Cars operating in NYC for the purpose of offering ride-share services must be licensed by the NYC Taxi and Limousine commission (TLC). More information can be found on the TLC website. Send us an email if you need more info or require assistance with the process. You can also find additional information on the process on the TLC website.

Can I use a rented car? - A rental car with TLC license plates can be used. The car has to be licensed by the NYC Taxi & Limousine commission (TLC). Check out our I can't afford to buy a car: should I lease or rent? blog in which we provide details about leasing in contrast with renting for ride-share purposes.

Can I use a leased car? - A leased TLC car can be used but those leases are not the typical leasing agreement terms. Leasing terms on cars intended for driving ride-share are mostly more expensive. Check out our I can't afford to buy a car: should I lease or rent? Blog in which we provide details about leasing in contrast with renting for ride-share purposes.


Subscribe to receive our blogs and stay up to date on the ride-share economy

Email us at info@icarnic.com with any questions you might have. We are happy to provide additional data and answer follow up questions you may have. Subscribe to our blog to stay updated on opportunities in the ride-share economy. We will also share tips and information on driving for any of the ride-share services in NYC. We promise not to spam your mailbox.

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