Pair of NYC Taxi Medallions Auctioned for $2.5 Million

NEW YORK (AP) -

A pair of New York City taxi medallions sold at auction for a record $2.5 million.

The Taxi and Limousine Commission on Thursday sold 100 pairs of medallions for wheelchair-accessible cabs, opening itself to a population that historically had no access to the taxi and car service industry. There are currently 233 handicapped-accessible taxis in the city.

It was the city’s first medallion auction in over five years. The city plans to auction some 2,000 more medallions for handicapped-accessible vehicles in the next three years. At its 2008 auction, the highest bid for a pair of handicapped-accessible medallions was a little over $1.3 million.