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NYC Taxi & Limousine Commission - Medallion Sale Information




 


 


 
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AUCTION PROCEDURES

TLC PUBLIC MEDALLION AUCTION RULES 

May 2, 2008 AUCTION -TYPES OF MEDALLIONS

BIDDING ON A MEDALLION – OVERVIEW OF PROCESS

BIDDING ON A MEDALLION – WHAT HAPPENS IF YOU WIN?

ONE AUCTION – INDIVIDUAL ACCESSIBLE MEDALLIONS

May 2, 2008 AUCTION – TYPES OF MEDALLIONS

At the May 2008 Medallion Sale, TLC will be selling three types of medallions:

  • 86 Corporate (minifleet) Accessible Medallions: These medallions must be used with approved vehicles that allow passengers in wheelchairs to roll into the taxicab.  These medallions are sold in lots of 2, which means that each bid is for two medallions. There is no limit on the number of corporate (minifleet) accessible medallions that a person can own.

  • 2 Independent Alternate Fuel Medallions: These medallions must be used with hybrid-electric vehicles or vehicles powered by Compressed Natural Gas (CNG). As of October 2008, all New York City taxis will need to be hybrid-electric vehicles to meet the fuel efficiency requirements of 25 miles per gallon.  These medallions must be on vehicles that are driven by the owner at least 210 nine-hour shifts per year. A person can only own one, or part of one, of this type of medallion.

  • 1 Independent Accessible Medallion: This is a medallion that must be used with approved vehicles that allow passengers in wheelchairs to roll into the taxicab.  This medallion must be on a vehicle that is driven by the owner at least 210 nine-hour shifts per year. A person can only own one, or part of one, of this type of medallion.


BIDDING ON A MEDALLION – OVERVIEW OF PROCESS

The auction will be done by competitive sealed bid.  This means that the amount of each bid is unknown until the day it is opened. The people who offer to pay the highest price will win the medallions.   For the auction, the Chairperson sets a minimum price (also known as an “Upset” price) for the bids at least 10 days before they are due.  The prices are listed below.  These are the minimum prices for each of the types of medallions being sold.   

Minimum Upset Prices for the May 2008 Medallion Sale

Corporate (minifleet) Accessible Medallions

$700,000 per lot of two medallions

Independent Alternate Fuel Medallion

$300,000 per lot of one medallion

Independent Accessible Medallion          

$189,000 per lot of one medallion


Bid packages can be printed here (Bid Package Page ) and will be available at each TLC facility (Rector Street, Long Island City, Woodside, and Staten Island), by mail, from TLC staff at public events, from TLC-licensed brokers and agents, and by contacting 311. 

BIDDING ON A MEDALLION – DETAILED INSTRUCTIONS

Your bid must be submitted in a 9" x 12" (nine inches by 12 inches) sealed envelope on which the following information must be either clearly written or typed:

  • The bidder's name, address, phone number, and date of sale.
  • The type of medallion being bid on.
  • Make sure the bid form matches the bid envelope.

Each bid must include:

  • A certified check or money order payable to the New York City Taxi and Limousine Commission.  For Independent Accessible and Independent Alternate Fuel medallions, this check must be for $2,000. For the Corporate (minifleet) Accessible medallions, this check must be for $4,000. Deposits of non-winning bidders will be returned. All deposits of winning bidders will go toward the sale price.
  • A letter of commitment for no less than eighty percent (80%) of the bid amount, issued by a bank or credit union licensed to do business in the State of New York, or other lender licensed by the State of New York, or the Federal Government.

BIDDING ON A MEDALLION – WHAT HAPPENS IF YOU WIN?

Winning bidders will be notified by Certified mail, and a list will be published in the City Record and on this website.  

Within 30 days of each auction:

  • The closing process on the medallion must be completed. If you do not close within 30 days, you must pay an additional $25,000 deposit and give a proof of purchase of a qualifying vehicle. All bids must be closed within 60 days unless extended.
  • Each winning bidder must file fingerprint records with the TLC before closing.
     

Within 60 days of each auction:

  • The full payment of winning bids is due to the TLC and a closing must have been completed, unless the Chairperson extends that deadline for a reasonable cause shown by a winning bidder.

For information about Closing on a Medallion and Hack-Up of a Medallion Vehicle, please visit this page.

PLEASE NOTE: If a winning bidder fails to meet any of these deadlines, or the requirements for Closing a Medallion (see below), that bidder will be disqualified and the original $2,000 deposit for each medallion is forfeited (lost).

The TLC will keep a list of the highest non-winning bidders, who may become winning bidders if any winning bidder is disqualified.




Bid Package  

 




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