Cherry Capital Cab is going out of business, owner Doug Dornbos announced in an email Sunday, citing rising fleet insurance costs.

"Our fleet insurance was set to renew last night at midnight, but when all of our options were counted, we faced an insurmountable increase in insurance pricing," Dornbos wrote. "We did not feel it was financially feasible to continue, so we officially closed our doors at midnight last night."

According to Dornbos, Cherry Capital Cab's sister company, Grand Traverse Limousine, will remain in operation. There are also a group of veteran Cherry Capital Cab drivers "who are insured independently, and they enjoy insurance pricing that we cannot match in a fleet," Dornbos wrote. "You can reach them at 231-268-0033."

Dornbos concluded the announcement by thanking his customers. "Thanks again for your support over the years," he wrote. "I have fond memories of many of you, and I wish you the best."