Toronto, Ontario — In this week’s Tuesday ticker, a recent report indicates a consumer switch to private transportation, even pre-pandemic; Quebec-based HGreg auto group joins the cryptocurrency frenzy and Boyd Group preps for its 2020 Q4 results call.
Passengers say, ‘Ta-ta, TTC’
A new report calculates that millions of Toronto transit riders dropped their TTC habits in favour of ride-sharing platforms Uber and Lyft, resulting in a revenue loss of at least $74 million in 2019.
According to the report, released by a group called RideFair Coalition, in 2019 an estimated 31.4 million TTC trips were lost to the two major ride-sharing platforms.
The shift to Uber and Lyft not only means a financial hit for the TTC, the report says, but also more private vehicles circulating on Toronto roads.
The RideFair Coalition says it is a diverse group of individuals and organizations supporting “fair regulations” for ride-hailing. Its founding members include two Toronto taxi companies as well as the Amalgamated Transit Union Local 113.
While similar reports for other major Canadian cities are not currently available, some ridesharing apps—including Lyft in Vancouver—will present public transit alternatives like nearby TransLink and BC Ferries alongside ride-booking options, giving customers a full breadth of choice. Neither Uber nor Lyft in Toronto presents the same opportunity.
Cash, credit or crypto?
HGreg auto group is now accepting cryptocurrency for payment on new or used vehicles.
The company said the move was made to meet its “desire to constantly evolve and improve [its] customers’ shopping experience.”
Cryptocurrencies are not tied to banks or the government and users can spend money anonymously. According to recent reports from Canada’s Associated Press, digital currency has become so popular that more than 300,000 transactions occur in the average day.
The most highly-traded cryptocurrency—and the highest valued—is Bitcoin, which hit a record-high Feb. 16 with a single unit trading at US$50,600.
Buckle in for Boyd’s results
Boyd Group Services will release its fiscal 2020 fourth quarter and year-end results on March 24, 2021, before markets open.
Following the release, Management of the Company will hold a conference call at 10:00 a.m. ET to review the financial results, hosted by Tim O’Day, president and CEO, Pat Pathipati, executive VP and CFO, and Brock Bulbuck, executive chair. All interested parties are invited to participate.
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