Last night I read an article from The New York Times about how two New York City taxi cab medallions recently sold for $1 million each. These aren’t some weird collectors’ items–they are actual pieces of metal that are attached to the hood of a taxi cab and are required for the cab to be able to operate in a given city. It’s a relatively common system (you can read about it here), and it limits the number and ensures the quality of cabs in the city. In some cities, the medallions can be bought and sold, and the secondary market for them is getting extremely expensive. Because of this, most cabbies can’t own their own medallions–they usually have to lease them or work for a fleet that owns it own medallions. That’s where Medallion Financial Group comes in. They’re a New York, NY based financing company that specializes in Taxi Medallion and Commercial Lending.
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