The 'Black Cab' is a traditional type of taxi in London and some other British cities. Its driver is licensed by the city to stop and pick up passengers in the street. It is also known as the Hackney Carriage first hit the streets back in 1662 in the form of a horse drawn carriage. The fist combustion engine Black Cab was introduced in 1901. Between 1901 - 2015 Black Cab drivers formed a cartel know as the 'The Licensed Taxi Drivers Association'. This cartel limited the supply of Black Cabs in London, resulting in favorable market conditions for Black Cab drivers. Limiting supply allowed the Black Cab drivers to provide substandard service at charge extortionate prices.