Kermode finds his voice
Reg Kermode had plenty to say in his 2007 report to shareholders. Unlike most other years when financial reporting was minimal, interest in outside interests near non-existent, and a secretive approach to business was the way.No longer.The assault by Macquarie Bank on the taxi payments monopoly sparked life in the closed world of taxis. Former executives, unhappy drivers and customers, and a chunk of Sydney's tourist scene backed the challenge.Cabcharge blew this away with ease. Even though Ewaz Barukh, the right hand man to Kermode, shifted to Macquarie in February this year.The New South Wales government - that of the former premier and long time Cabcharge chair Neville Wran - helped see to that.The NSW government has limited Lime to five new cabs this year to take Lime to a grand total of 45. Cabcharge hoarded plates for years for just this contingency. Kermode has been taking his "nexus" taxi plates off the shelf at the rate of three or four per week, no questions asked. These plates are going on modified Taragos that now cater for wheelchair passengers, Lime's key market.Lime got as good a start as it could expect from Sydney media. The public watched for follow up, and there was none. Macquarie's driver contract is forty pages. The Cabcharge contract is one page. And Cabcharge drivers can and do ring Kermode directly for unsecured loans and advances of up to $20,000. Kermode deals with many such requests each day.As a reliable source of working capital for self-employed operators Cabcharge has earned the loyalty of practically all drivers and investors. Like a lot of bright ideas in payments, Lime's promise exceeded delivery by a wide margin. Most Lime drivers are said to accept and even prefer Cabcharge payments to their own Livepayments paper dockets. Macquarie's support appears to have retired with Bill Moss, which is a pity.