The economic shift we're discussing wouldn't be possible without the recent wave of technological innovations
It seems that everywhere you turn, there's talk of 'the new economy' or the 'gig economy'. Essentially, what these terms describe is a shift towards a more democratized market place. By allowing both buyers and sellers to transact business, when they want, where they want, and in the quantities they desire this new economy has empowered millions of ordinary citizens to find and work with one another — in real time.
For examples, one need look no further than ride-share giants Lyft and Uber. The two platforms connect would be passengers with available drivers via their respective mobile apps. Anyone who sees this the ride-sharing industries growth as just another flash in the pan should think again as economists now predict the industry will grow to $285 billion within the next 15 years.
While this is obviously good for consumers and gig providers, where does it leave traditional brick and mortar businesses? As you are about to read the answer is not as clear cut as it may appear.
Enter Tomer Zur
Tomer Zur immigrated to the US from Israel in 2006 at the age of 21 after serving in the Israeli army for three plus years. Mr. Zur became familiar with several American states but ultimately chose to make New York his home in the US. Upon his arrival, he began working as an auto parts salesman serving the entire Tri-State Region. A quick study, it wasn't long before Tomer became the owner of his own auto parts company. Not surprisingly, his hard dedication and hard work paid off. The company grew rapidly and was later sold in 2014.
Zur company continues to pave a pathway to the American dream by providing thousands of immigrants with jobs in the US.
In 2014 Mr. Tomer Zur started a consumer transportation company called Luxury One Corp. While Luxury One Corp operates in several verticals, it is most known for its standing as one of the country's largest taxi leasing providers.
The Intersection of Technology and Transportation
Of course, the economic shift we're discussing wouldn't be possible without the recent wave of technological innovations. Indeed, this is why many believe that instead of waging a regulatory war, local taxi and limo companies should follow suit and take advantage of the digital tools that have done so much for the ride share industry. It also why Tomer Zur is someone to watch because instead of bending under the weight of the technology shift, his company chose to embrace and even champion change by diving head first into the technology business.
In addition to leasing livery vehicles, Luxury One Corp provides technology services to transportation businesses including mobile app development. Indeed, one of the company's most notable clients is the ride sharing company—Uber. Essentially, this means Zur has the potential to help usher the local taxi and livery industry into a new era.
For example, in 2015 Tomer Zur signed a contract with a Israeli technology company called Mobileye that develops vision-based advanced driver-assistance systems (ADAS) to deliver warnings for collision prevention and mitigation. He also recently signed a contract on a 40,000-square foot property on 528 west 39th Street in Manhattan for the purpose of taxi and fleet repair, along with Mobileeye system installation. Imagine what this type of technology could do to help taxi companies compete.
Proving the Naysayers Wrong
There are those who say that starting a consumer transportation business in the midst of the current paradigm shift is a bad idea. However, you'd be hard-pressed to convince Tomer of this notion. And who would blame him? At the time of this writing his company has provided thousands of immigrants with jobs in the US, thus helping to keep the American dream alive.
Luxury One's string of accomplishments don't end there either. In fact, since 2014 Mr. Zur's company has tripled revenues every year and continues on a rapid growth trajectory - to the tune of approximately $300 million in annual sales. Analysts predict that if it continues at the same pace by 2020, the company could have over 10,000 taxis only in NYC area alone.
Given the magnitude of his success, one might think Tomer too busy to engage in other pursuits. But anyone who thinks that would be wrong. As a case in point, Mr. Zur recently launched a taxi insurance company that provides insurance for thousands of livery cars. He has also gotten back into the car parts business.
When asked if he ever yearns for a break he responded, “I have no plans to slow down. In fact, don't be surprised if I start and purchase even more businesses in the near future.”