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Featured A record 139 taxi medallions will be offered at bankruptcy auction

Discussion in 'News' started by BurgerTiime, Jun 10, 2018.

  1. BurgerTiime

    BurgerTiime Well-Known Member

    Location:
    Minneapolis
    Driving:
    Lyft
    https://www.google.com/amp/s/nypost...ns-will-be-offered-at-bankruptcy-auction/amp/
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    New York City’s struggling yellow cabbies are facing the auction block.

    A record 139 taxi medallions will be offered for sale in bankruptcy auction this month — the latest sign that a deluge of ride-sharing apps like Uber are squeezing cabbies out of business and deeper into debt, as well as pinching the incomes of for-hire drivers, according to analysts.

    The medallions will be auctioned for a fraction of their original value — some likely having cost their owners as much as $1 million or more apiece.

    A minimum of 20 will be sold, the auctioneers say. The collection is part of the 13,587 licensed medallions required to operate New York City’s fleet of iconic yellow cabs. Back in 2013, a medallion fetched a whopping $1.3 million.

    Today, prices have plunged to between $160,000 to $250,000 each, as a wave of ride-sharing vehicles floods the market.

    Last year, 46 medallions were reportedly sold at an auction in Queens for an average price of $186,000, snatched up by Connecticut-based MGPE, a hedge fund presumably seeking yield on a distressed asset.

    For-hire vehicles on New York’s congested streets have surged from 50,000 in 2011, when Uber entered the New York market, to about 130,000 today.
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    Not surprisingly, earnings for yellow cabbies have fallen off the cliff — full-time average annual earnings, before taxes, are down from $45,000 as recently as 2013, to as low as $29,000 today, according to some estimates.

    Uber drivers, who number about 60,000 on New York’s streets at any given time, are also taking a hit from increasing competition.

    Their estimated average annual earnings, pre-tax, today hover between $30,000 and $34,000. Many individual for-hire drivers earn less than an hourly worker at McDonald’s.

    “Uber has worked hard to grow the transportation pie, ensuring that all New Yorkers can get a ride in minutes, particularly in neighborhoods outside of Manhattan that have been long ignored by yellow taxis and underserved by public transit,” said Uber in a statement. “The majority of our trips are happening in the Bronx, Staten Island, Queens and Brooklyn.”
     
  2. Pedro Paramo66

    Pedro Paramo66 Active Member

    Location:
    Orange county
    We must be proud, we are shredding the taxi industry and we are making a lot a lot of money
    Lol
     
  3. SEAL Team 5

    SEAL Team 5 Well-Known Member

    Location:
    Phoenix
    Driving:
    Livery
     
  4. TwoFiddyMile

    TwoFiddyMile Well-Known Member

    Location:
    charlotte
    Driving:
    Taxi
    Taxi medallions will come back.
     
    Skepticaldriver, jgiun1, Z129 and 2 others like this.
  5. Stevie The magic Unicorn

    Stevie The magic Unicorn Well-Known Member

    Location:
    North of Disney, West of Orlando
    Driving:
    Taxi
    They are still over $100,000

    For a little piece of metal that says your allowed to be a taxi.

    Think about that for a second.
     
    Ogbootsy, kdyrpr, 80sDude and 5 others like this.

  6. Gov Moonbeam

    Gov Moonbeam Member

    Location:
    San Francisco
    Yup. That's New York City.
    Over tax, over regulate
     
    jgiun1 and uberdriverfornow like this.
  7. Stevie The magic Unicorn

    Stevie The magic Unicorn Well-Known Member

    Location:
    North of Disney, West of Orlando
    Driving:
    Taxi
    For orlando it's about $200 a year for a single driver/single car..
     
    jgiun1 likes this.
  8. TwoFiddyMile

    TwoFiddyMile Well-Known Member

    Location:
    charlotte
    Driving:
    Taxi
    Different market. In NY, before Uber, an owner operator could gross $500 per shift. No radio/data pad. All street and airport.

    And just for the record, all medallions we're $1 when they were issued in the 1930s. Sure, NY and Boston made money on the extra issues from the 1980s on.
    But the private sale of an old medallion does not financially benefit the cities.
     

  9. RamzFanz

    RamzFanz Well-Known Member

    Location:
    Saint Louis
    No one is going to miss them.

    It was a terrible, thieving, and corrupt system.
     
  10. Andre Benjamin 6000

    Andre Benjamin 6000 Well-Known Member

    Location:
    San Diego
    Uber or the Taxi's?
     
  11. Tbc007

    Tbc007 Active Member

    Location:
    Montreal
    Swapping one evil for another.
     
  12. Gov Moonbeam

    Gov Moonbeam Member

    Location:
    San Francisco
    Yup, yer right.
    NYC does not over regulate or over tax.
    It's an easy place to, for example, get a 36 oz Pepsi.
    Easier to get a 38 cal revolver with the numbers filed off ...
     
    Skepticaldriver likes this.
  13. Andre Benjamin 6000

    Andre Benjamin 6000 Well-Known Member

    Location:
    San Diego
    See what I did there!...
     
  14. TwoFiddyMile

    TwoFiddyMile Well-Known Member

    Location:
    charlotte
    Driving:
    Taxi
    Was a time not too long ago you could see unspeakable acts between donkeys and humans below times Square. Bring cash.
    True story!
     
    LoveBC likes this.
  15. Brooklyn

    Brooklyn Well-Known Member

    Lol. Oh so you’re one of those people that throw in buzzwords and pretend to know everything huh? “Over regulated”, “corrupt”, “monopoly”...
     
  16. Gov Moonbeam

    Gov Moonbeam Member

    Location:
    San Francisco
    Yup. Thats me.
    Hey, its up to you comrade. It's your home.
    If you like it the way it is ... good on ya.
    San Francisco is the same trip.
     

  17. TwoFiddyMile

    TwoFiddyMile Well-Known Member

    Location:
    charlotte
    Driving:
    Taxi
    Most medallion sales are private, like key fees for lofts.
    That's private enterprise. Apparently you are anti capitalism...
     
  18. Brooklyn

    Brooklyn Well-Known Member

    Explain to me what you “know” about the regulation of the taxi industry.
     
    REDcarpete likes this.
  19. tohunt4me

    tohunt4me Well-Known Member

    Location:
    new orleans , la.
    LMAO !
    6 of one
    1/2 dozen of the other.

    At LEAST

    INDEPENDANT TAXI COMPANIES

    WERE AMERICAN OWNED !
     
  20. Cdub2k

    Cdub2k Well-Known Member

    Location:
    New Orleans
    people paid $1,000,000 just to be able to drive a taxi?
     
    Patrick R Oboyle and KMANDERSON like this.

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