Capital One said 85% of the taxi industry professionals surveyed at this year’s Taxicab, Limousine and Paratransit Association’s (TLPA) Annual Convention & Trade Show indicated that they expect their business to grow in 2014, with 47% of respondents anticipating growth by more than 10% and 38% anticipating growth between one and 10%. In addition, 77% of survey respondents expect medallions to hold their current value or increase in value over the coming year.

The majority (53%) of those surveyed expect an increase in mobile technology developments to gain the most momentum in 2014, compared to other anticipated trends such as an increase in fuel-efficient vehicles (19%), increased alternatives to existing for-hire transportation models (17%), and industry consolidation (12%).

Nearly half (45%) of respondents said that “rogue” mobile apps are greatly impacting their businesses. Thirty-one percent of those surveyed anticipate the threat of alternative services [such as Uber and Hailo] to pose the greatest challenge to their business in 2014.

“Mobile technology is changing the way people travel, and taxi medallion owners are looking to adapt and modify the way they operate,” said Michael Szwajkowski, executive vice president, Capital One Bank’s Commercial and Specialty Finance Business. “The proliferation of mobile apps is changing the taxicab industry, yet operators continue to grow and are looking for capital to stay up to date.”

Asked which type of financing will be most important to their business in 2014, one third of respondents point to capital for asset purchases. Financing for working capital (26%) and capital acquisitions (26%) were also identified as important for businesses next year. Only 14% of respondents say financing for upgrades to alternative fuel vehicles is a priority.

“The Capital One Bank Taxi Medallion Finance team is committed to providing our customers with the best financing solutions for their businesses,” added Paul Dell’Aquilo, senior vice president, Capital One Bank’s Commercial and Specialty Finance Business. “The taxi market’s resilience is demonstrated by the demand for asset purchase and acquisition financing, as most taxi industry operators expect their businesses to grow in 2014.”

Survey respondents included taxi medallion owners, operators, investors and other industry professionals. Percentages are based on 139 responses.