LTA: Companies must keep private-hire cars for 3 years before selling to individuals
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SINGAPORE — From Feb 19, companies will have to keep their private-hire cars (PHCs) meant for ride-hailing services for three years before the cars can be converted out of the scheme or transferred to individuals. In a statement on Feb 19, the Land TranspoLTA: Companies must keep private-hire cars for 3 years before selling to individuals
SINGAPORE — From Feb 19, companies will have to keep their private-hire cars (PHCs) meant for ride-hailing services for three years before the cars can be converted out of the scheme or transferred to individuals. In a statement on Feb 19, the Land Transport Authority (LTA) said the move is meant to stabilise the supply of vehicles used to provide ride-hailing services. The agency said the imposition of the three-year lock-in period will ensure that companies which acquire such vehicles will predominantly lease them to drivers providing ride-hailing services. It will also prevent businesses from converting the cars out of the chauffeured private-hire car scheme prematurely, affecting the supply of such cars providing point-to-point transport services on the market. Before this, there were no restrictions on such conversions. Taxis, in contrast, cannot be sold as or converted into private cars. Read more