I didn't even know there were eight taxicab companies in Sioux Falls. But eight taxi companies that previously had licenses in the city have chosen not to renew them.

The ride-sharing service Lyft began operating in Sioux Falls last year. Some speculate that this low-cost taxi alternative may be part of the reason these taxi services are calling it quits.

Lyft offers rides in just minutes by accessing an app that you download to your mobile electronic device.

Something else unique about Lyft is that you can pay for your ride on the app and then you have the option to add a tip at the end of your trip.

KSFY is reporting Sioux Falls City Councilor Greg Neitzert wants to level the playing field for cab companies by getting rid of some of the regulations that could set them back when they're trying to compete with ride-sharing giants like Lyft.

He wants to take a look at revisiting the fixed fees cabs can charge and at what insurance the cab companies have to carry.

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