MEDALLION SALE NYC Taxi Limousine Commission Matthew

MEDALLION SALE NYC Taxi & Limousine Commission Matthew W. Daus Commissioner/Chair Michael R. Bloomberg Mayor

Medallion Sale Information Session Outline I. Auction Information II. Question and Answer Period III. One-on-One Discussion

Current Status of Taxicab Industry 13, 150 yellow taxicabs 44, 000+ taxicab drivers The taxicab medallion: § is a license to own and operate a taxicab § gives the right to accept street hails § is an asset that may be sold or used as collateral for a loan

Who Can Own a Medallion?

TLC requirements. Qualifications for Medallion Please refer to Chapter Ownership 1 of the NYC Taxi & Limousine Commission Rules at www. nyc. gov/taxi to read about ownership requirements.

Type of Medallions Independent - Owns and drives one medallion Corporate (Minifleet) - Owns and operates two or more medallions Restricted Use Medallions - Must use an alternative fuel or accessible vehicle

Independent Medallion Requirements Owner must possess a current, valid taxicab driver’s license – Owner must take a Taxi Driver Education course and pass the Taxi Driver test – Pay fees ranging from $360 -$510 Owner must drive the taxicab at least 210 nine-hour shifts per year Owner can own a maximum of one medallion

Corporate (Minifleet) Medallion Requirements Owner does not need a taxicab driver’s license Owner can lease the cab to drivers TLC sets the maximum amount for a lease Owner must buy a minimum of two medallions, but there is no maximum number of medallions you can own

Number of Medallions for Sale 89 Medallions in three auctions: • 1 independent accessible • 2 independent alternate-fuel • 86 corporate (minifleet) accessible Each type of medallion is sold in a separate auction on the same day

Accessible Medallions Must comply with TLC specifications Reduced minimum upset prices Provides an important service to people with disabilities Must participate in accessible dispatch system

Accessible Dispatch System Must comply with TLC specifications. Dispatch system equipment will be given to drivers. Metered fare will be charged when picking up a wheelchair passenger. Passenger Assistance technique training is required. Drivers put meter on at time of reservation/dispatch or when they arrive for pickup (whichever is later). This is a Pilot Program that will last for two years.

Guidelines for Dispatch 1. Passenger calls for accessible taxi. 2. Dispatcher takes passenger’s ride information. 3. Dispatch service locates closest accessible vehicles, communicates with driver and gives passenger estimated arrival time and medallion or vehicle number. 4. Passenger should be waiting curbside when cab arrives.

Alternate Fuel Vehicles Must be a hybrid-electric or compressed natural gas (CNG) vehicle Must comply with all TLC requirements Beginning October 2008, all new taxis will need to get at least 25 M. P. G.

Minimum Upset Price The minimum amount required for a bid to be considered valid Minimum upset price is different for each kind of medallion for sale

Minimum Upset Price $189, 000 for a lot of 1 independent accessible medallion $300, 000 for a lot of 1 independent alternate-fuel medallion $700, 000 for a lot of 2 corporate (minifleet) accessible medallions

Potential Costs for Owners • Medallion price • Buying a vehicle • “Hack-up” costs (getting a taxi ready for service): • Paint • Meter • Partition or camera • Customer service improvements • Insurance • TLC-Licensing fees: Two-year license $1, 100 Two-year Inspection Fee $300 Medallion Tin $10 • Federal, State and Local taxes • Other operating expenses (gasoline, maintenance)

Medallion Price History 1 Information presented in this chart should not be relied upon as an indication of future performance of medallion prices or the suitability of ownership of taxicab medallions for investment or business purposes. See full disclaimer for more information.

How Do I Buy a New Medallion?

Bidding Process You must use TLC’s bid form and submit it at the right time and place Each medallion type has its own bid form for this auction If your bid is not prepared properly it will be rejected TLC will hold a technical workshop to show you how to complete your forms

Sealed Bids Competitive sealed bid process Each bid is unknown until the day all bids are opened Successful bids are the highest bids that are valid TLC provides the sealed bid forms and envelopes in the bid packages and on its website. You can also call 311 to get forms.

Public Auctions Each bid package must include: § Correct bid form with bid amount § Certified check or money order for deposit § Letter of commitment for at least 80% of the bid price from a lender licensed by the State of NY or the Federal government

Bid Package § www. nyc. gov/taxi

Taxicab Brokers and Attorney Services The use of a broker or attorney is optional A list of licensed brokers is on our website, www. nyc. gov/taxi Only use a properly licensed broker

When Can I Buy a New Medallion?

May 2008 Medallion Sale For all Medallions in this sale: § Bid collections: April 28, 29, 30 and May 1 from 9: 00 AM to 12: 00 Noon ONLY at 40 Rector Street, 5 th Floor § Bid opening: May 2 beginning at 9 am 40 Rector Street, 6 th Floor

Bid Process Technical Workshops TLC will conduct two workshops at 40 Rector Street, 5 th Floor: – April 25 at 1: 00 PM and 7: 00 PM This workshop is intended to help you prepare your bid packet.

For More Information and to Register for Mailing List: For the most up-to-date medallion sale information, sign up for email updates at www. nyc. gov/register. Log on to the TLC Website (www. nyc. gov/taxi). Call the TLC call center at 212 -227 -6324 Dial 311 New York City’s Government Services Hotline

Disclaimer Please note that this presentation intended for general information only and should not be relied upon as evidence of the rules and procedures of the NYC Taxi & Limousine Commission (the TLC) or as to the truth or veracity of the information contained herein or as to the applicability of any of the contents hereof to any prospective bidder. The TLC makes no representation or warranty, express or implied, as to the contents of this presentation and will not be responsible for errors or omissions. The TLC makes no representation or warranty, express or implied as to the suitability of ownership of taxicab medallions for investment or business purposes. The auctions referenced herein, and any bidder bidding for a taxicab medallion in such auction is subject to the Rules of the NYC Taxi & Limousine Commission. Prospective bidders are advised to consult the Rules of the NYC Taxi & Limousine Commission and to consult with their own professional advisers, if they so choose.

References 1 The information contained herein is based on data collected by the TLC and should not be relied upon as an indication of future performance of medallion prices or the suitability of ownership of taxicab medallions for investment or business purposes. This data excludes information regarding transactions which the TLC believes were not conducted on an arm’s-length basis and this data does not include any consideration or analysis of the overall terms of any particular transaction and how such terms may have affected prices in any given instance. Accordingly, the data may be misleading and may not accurately convey trends in medallion prices, among other things. The TLC makes no representations or warranties regarding this data, the performance of medallion prices, or the suitability of medallion ownership for investment or business purposes.

For More Information or to Register for Mailing List: For the most up-to-date medallion sale information, sign up for email updates at www. nyc. gov/register. Log on to the TLC Website (www. nyc. gov/taxi) Dial 311 New York City’s Government Services Hotline