After failing to sell any taxi medallions for new wheelchair-accessible cabs, the Philadelphia Parking Authority will slash the starting bid price to $50,000.
The authority first put the new medallions up for auction at $475,000 last October, then cut the price to $350,000 in January, without attracting any buyers. The new weekly auctions will start May 6, PPA general counsel Dennis Weldon said Monday.
The price for regular taxi medallions has slipped from about $500,000 to $400,000 in recent months, amid market uncertainty and the arrival of ride-share operators such as Uber and Lyft. There are 1600 such medallions, which are required to operate a cab in Philadlephia.
The PPA is seeking to sell medallions for 46 new wheelchair-accessible taxis now, and an additional 15 starting June 1.