Thursday, September 06, 2018
August 2018 TLC medallion sales
The August 2018 New York City Taxi & Limousine Commission (TLC) sales results have been released to the public. And as is our practice, provided below are Jim Shenwick’s comments about those sales results.
1. The volume of transfers rose from July. In August, there were 52 taxi medallion sales.
2. 37 of the 52 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). Three transfers were estate sales for no consideration and another transfer was from an individual to an LLC for no consideration, which also do not reflect fair market value and which we have also excluded from our analysis.
3. However the large volume of foreclosure sales (approximately 71%) is in our opinion evidence of the continued weakness in the taxi medallion market.
4. The 11 regular sales for consideration ranged from a low of $150,000 (one medallion), $160,000 (one medallion), $170,000 (one medallion), $172,500 (two medallions), $175,000 (two medallions), $180,000 (one medallion), $182,300 (one medallion), $185,000 (one medallion) and a high of $200,000 (one medallion).
5. Accordingly, the median value of a medallion in August was $175,000, the same as in July.
In Jim Shenwick’s opinion, the new NYC law restricting the number of Uber, Via and Lyft licenses does not seem to have yet increased the value of taxi medallions.
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 j
Posted by James Shenwick