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
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