The impending launch of Uber in London is already driving down the street value of taxi plates, industry insiders say, with drivers jittery about the colossal ride-sharing service pulling in.

“There’s a huge concern with drivers. They’re generating $1 million to the city and someone else is coming in and contributing nothing,” Bob Barker, a dispatcher with London Yellow Taxi, said Wednesday.

Buoyed by a recent court victory in Toronto, Uber — which calls itself a technology company, not a cab company — is expected to push ahead with plans to expand to other cities including London.

Dogged by protests and petitions around the world, including in Canada where cities have gone to court to try to shut it down, Uber relies on a computer app that allows anyone with a car and a clean driving record to charge people for rides.

Tap the app on your cell phone, and an Uber driver arrives to pick you up.

It’s that technology that’s spooked cab drivers and owners of taxi plates, whose value seldom drops because the city tightly controls the number of plates.

Officially, they’re worth $750 but they trade on the street at far higher prices because of their limited numbers.

Barker said the value of a plate is about $110,000 to $120,000, but has dropped over the past five years — especially recently.

“They’ve dropped substantially in the last while. There is fear that Uber will come in here and undermine the entire industry and market,” said Barker, who teaches a course on acquiring a cab licence in London.

Barker said plates have traded before as high as $150,000.

Privately, some London drivers say the Uber threat has taken thousands of dollars off the value of the plates.

Uber held recruiting sessions in London in January, apparently kicking the market’s tires but without setting a launch date.

More information sessions are coming, said Susie Heath, a spokesperson for Uber Canada.

Toronto recently lost a bid for a court injunction to shut down the ride-hailing company, but fought back by filing 72 charges against Uber drives there for operating as unlicensed limousines.

London officials have indicated they’ll push back hard against the launch of Uber, using city licensing bylaws.

Orest Katolyk, the city’s bylaw enforcement manager, has sent a letter to the London Taxi Association saying the city “will continue to use a zero tolerance approach in dealing with illegal vehicle-for-hire services operating in London.”

He warned any licensed taxi driver who defects to Uber will have their taxi cab licence yanked.

Katolyk could not be reached for comment Tuesday.

Jason Kukurudziak, president of the London Taxi Association, which represents drivers, says London has a strong bylaw which can be used to squelch Uber.

“Our bylaws have a definition of illegal taxi and illegal drivers (and) are far stronger than Toronto.”

Kukurudziak said Uber drivers also risk running afoul of their insurance companies, because he said picking up passenger for money isn’t covered by their policies.

Uber has maintained it’s committed to “the safest ride on the road,” by “setting the strictest safety standards possible” and aimin

hank.daniszewski@sunmedia.ca

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LONDON’S TAXI INDUSTRY

343 regular taxis

19 accessible cabs

90 executive limos

5 brokerages

UBER