The Philadelphia Parking Authority held the first sale of new taxi medallions in
15 years last week. The results were a surprise to everyone.
What if they threw an auction and nobody
came? That’s essentially what happened when the Parking Authority offered the
first two of 45 new medallions last week.
“There were no bids,” said general counsel
Dennis Weldon. Weldon says he’s not too worried at the lack of bids. He doesn’t
think it’s the price, though at $475,000 they’re nine times more expensive than
the last ones issued 15 years ago.
The price has gone up as existing
medallions, which are needed to operate a taxi, have been traded privately.
Weldon thinks it’s like any new process.
“They’re not used to it, so as we go along, people will become more accustomed
to it and we anticipate more people will submit bids,” he said.
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