Monday, July 09, 2018

June 2018 TLC medallion sales


The June 2018 New York City Taxi & Limousine Commission (TLC) sales results have been released to the public. And as is our practice, provided below are James Shenwick’s comments about those sales results.

1. The volume of transfers rose from May. In June, there were 41 taxi medallion sales.

2. 36 of the 41 sales were foreclosure sales, which means that the medallion owner defaulted on the bank loan and the banks were foreclosing to obtain possession of the medallion. We disregard these transfers in our analysis of the data, because we believe that they are outliers and not indicative of the true value of the medallion, which is a sale between a buyer and a seller under no pressure to sell (fair market value).  Another transfer was due to a partnership split, which also does not reflect fair market value and which we have also excluded from our analysis.

3. However the large volume of foreclosure sales (approximately 88%) is in our opinion evidence of the continued weakness in the taxi medallion market.

4. The four regular sales ranged from a low of $172,000 (one medallion), another at $175,000, another at $180,000 and a high of $200,000.

5.  Accordingly, the median value of a medallion in June was $177,500.

Please continue to read our blog to see what happens to medallion pricing in the future. Any individuals or businesses with questions about taxi medallion valuations or workouts should contact Jim Shenwick at (212) 541-6224 or via email at jshenwick@gmail.com.

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