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Auction of Foreclosed Taxi Medallions Did Not Get Any Bidder at $300,000 "Credit News 24"

An auction of 49 foreclosed New York City taxi medallions held by Capital One did not get any bids.

According to Crain's New York Business, "the bank started the bidding at more than $300,000, did not get the bids it was looking for and bought the medallions itself for $335,000 apiece."

The article quotes Andrew Murstein, president of Medallion Financial, as saying "[w]e were prepared to bid, but not at the prices they were looking for."

The failure to get a bid indicates that taxi medallion prices are less than $300,000.

However, the article does suggest that taxi medallion prices may be bottoming, which is attracting the interest of wealthy investors.

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Title : Auction of Foreclosed Taxi Medallions Did Not Get Any Bidder at $300,000 "Credit News 24"
link : Auction of Foreclosed Taxi Medallions Did Not Get Any Bidder at $300,000 "Credit News 24"