Uber Drivers Forum banner

1 - 8 of 8 Posts

·
Registered
Joined
·
57 Posts
Discussion Starter · #1 ·
We can now sign up a mate per week and get a nice little bonus. If they just stop throwing money out the door and concentrate on the legalities of this ride sharing service then there may be a future here sooner rather than later. You know keep the good drivers they already had rather than getting all the uninformed newbies who don't understand the risks in being an illegal ride sharing driver. No insurance is the big killer when a driver has an accident and finds out that their own insurance cover will not cover them and void their policy. Maybe we should all hand out leaflets warning new drivers at all the onboarding sessions...
 

·
Registered
Joined
·
1,657 Posts
The handing out of information to new drivers won't last, Uber will just take out an injunction against you to cease and desist (similar to the C&D notice the state governments handed to Uber LOL)

But you're right - they are offering $400 per driver here in Qld. It's a sure sign that they have lost lots of drivers. The way to retain drivers is to sort out the issues you mentioned, and then pay a reasonable rate so that drivers don't have to rely on surge to make a living as well as capping driver numbers. Neither of which Uber will do.
 

·
Registered
Joined
·
1,657 Posts
So $300 in Sydney, $400 in Brisbane and $500 in Melbourne - an average of $400 across the board for new drivers who make 20 trips.

For Uber to pay out $400 for a new referral, means they need each new driver to do at least $2000 in trips to recoup their $400 investment. Average trip in Brisbane from my history is around $14 - so 20 trips will nett $280 with $56 going to Uber. How many friends do you know that you can sign up, do the minimum 20 trips and then bail out?

Honestly, is it really worth losing a friend by getting them to drive their car into the ground at these rates? Sign them up, get them to do 20 trips (1 weekend will cover that) - then split the $400 with them and at the same time show Uber what it is like to be taken advantage of :)
 

·
Premium Member
Joined
·
2,233 Posts
So $300 in Sydney, $400 in Brisbane and $500 in Melbourne - an average of $400 across the board for new drivers who make 20 trips.

For Uber to pay out $400 for a new referral, means they need each new driver to do at least $2000 in trips to recoup their $400 investment. Average trip in Brisbane from my history is around $14 - so 20 trips will nett $280 with $56 going to Uber. How many friends do you know that you can sign up, do the minimum 20 trips and then bail out?

Honestly, is it really worth losing a friend by getting them to drive their car into the ground at these rates? Sign them up, get them to do 20 trips (1 weekend will cover that) - then split the $400 with them and at the same time show Uber what it is like to be taken advantage of :)
Nice idea re. the "sign up a friend" :)

In terms of recouping investments, microeconomic calculations like the one you made aren't valid in this case. For the next year or so, Uber will be all about expanding as much as possible rather than profit. This is because the real "return on investment" will come when they launch their IPO. Current valuation is around $50 billion, vs $3.5 billion just 2 years ago. If they continue this trend of growth, then the scale of the IPO which will occur will be unprecedented. If ever there was a company that could break the stock market, it is Uber.
 

·
Registered
Joined
·
1,657 Posts
Nice idea re. the "sign up a friend" :)

In terms of recouping investments, microeconomic calculations like the one you made aren't valid in this case. For the next year or so, Uber will be all about expanding as much as possible rather than profit. This is because the real "return on investment" will come when they launch their IPO. Current valuation is around $50 billion, vs $3.5 billion just 2 years ago. If they continue this trend of growth, then the scale of the IPO which will occur will be unprecedented. If ever there was a company that could break the stock market, it is Uber.
The thing with Uber's "valuation" is that is speculative at best. I'm sure Uber is releasing initial figures to their current lot of venture capitalists but everything is hush hush. There has been no public disclosure at how much profit/loss Uber is currently running at. When the IPO is announced, all the figures will be out in the open and the market will decide if Uber is in fact worth $50bn
 
1 - 8 of 8 Posts
Top