Uber has been classified as the leading rideshare service by a team of Morgan Stanley (NYSE:MS), which recently visited Detroit to attend a meeting with the officials of big three car companies. They concluded that Uber is going to change everything.

The team’s report said that the service has already penetrated the car rental and taxis market. According to them the car rental and taxis businesses are going to eventually die with increasing trend of Uber service. The Uber service is available in 45 countries and in 200 cities round the World. This ride sharing service uses GPS global positioning service, smart phones and social networks to connect passengers and drivers to hire a ride.

The service that was founded back in March 2009 is based in San Francisco. The company only offered luxury cars in the beginning and adopted the name of UberBlack. The team sees it as one of the most glowing businesses to invest in. The Morgan Stanley (NYSE:MS) team suspects that the company may allow employees to always use Uber services on reimbursable expenses. The team says that the service is so amazing that we may never want to take a taxi or rent a car again unless necessary.

What actually happened was that the team members Adam Jonas, Ravi Shankar, Paresh Jain and Neel Mehta decided to take Uber from the airport, but the service really made its impression, it was half the price of a regular taxi and the driver’s attitude was extremely friendly and professional which they described briefly in the report. Moreover with all three Uber drivers they met told them the similar stories of how Uber helped them change their lives. As it was the only job that was paying them good enough to support their family members also to spend enough time with their loved ones and to achieve their commitments. Uber has blessed these men with the opportunity to earn wages which they normally can’t.

Regular jobs had almost made it impossible for the employees to spend any time with their loved ones and even make any good amount of money. The Morgan Stanley (NYSE:MS) team believes that this will contribute to a positive change in the society and will initiate an economic and a welfare growth.

The team was even more charmed by the vehicles being used by Uber, they describe it in their own words as, “on calling an absolutely brand new Toyota 2005 Camry pulled up in front of us at P.F Chang’s restaurant”.

The team doesn’t consider Uber as only a car service but something greater than that. They think of it as a geographic supply and demand matching mechanism, which generates and guarantees the trust between strangers which are the driver and the passenger, while both parties can benefit from this mutual trust.

Uber is definitely something that will worry cab service, which now will have to pick up its game in order to compete successfully with Uber’s image.

Get Free Updates and Stock Alerts!

*We only send one email per week