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There are several taxi services on the island. Some are 24hour and some have regulated hours. Taxis are always available at the airport. They are stationed outside baggage claim to your right. More often than not you can book your driver, or at least his company for all your needs during your visit and most can also pick you up at the Savannah / Hilton Head airport as well.
For very special occasions, there is a Camelot Limousine in the same town.
Car agencies are in no short supply on the island, as most visitors will find it the easiest mode of travel. Avis, Enterprise and Hilton Head Rent-a-Car all have lots on Hilton Head proper, with others such as Budget, Hertz and National/Alamo in Savannah, which is the nearest city with a large airport.
A rental car is probably the easiest way to get around the island, as metered spaces and ticketed parking lots can be found without too much trouble. The public beaches on Hilton Head, for example, have spaces for about 700 cars altogether. There is a small parking fee, but this is waived for handicapped people at all locations and everyone at Fish Haul.
To save gas when driving across the island, use the Cross Island Expressway. It charges a small toll, but is quicker than Business 278, which follows the coastline.
Taxis are quite easy to find waiting for customers near any of the large restaurant and nightlife areas. Mostly these are small taxi companies with maybe only one or two cars, but for under $10 two people can go just about anywhere on the island. These small cab companies are happy to give you their business cards and are quite receptive to calls for pickups.