In a sign of how far New York City’s taxi-medallion market has
tumbled, the sale this week of seven medallions for under $200,000 each
was hailed as a win.In 2013, prices averaged five times as high
for the medallions, the metal shields that give drivers the right to
pick up street hails across New York City. Then came Uber, and an influx of tens of thousands of competing drivers for ride-sharing services,
upending the yellow-taxi industry.Banks stopped lending to most
medallion buyers a couple of years ago. Tuesday’s auction of medallions
foreclosed upon by Aspire Federal Credit Union was for cash bidders
only.
One medallion sold for $189,000, another $199,000, and a bulk sale of five shields went for an average of $175,000 each.WSJ