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May 29, 2007
Taxi Medallion Sale For Record $600,000 Reported By Medallion Financial Corporation
New York, May 29, 2007…The price of a New York taxi medallion reached a record $600,000 in May, according to Andrew Murstein, president of Medallion Financial Corporation, the leading lender to the industry.
Medallion recently financed the purchase of what is known as a "minifleet of two corporate medallions" for $1.2 million on behalf of a large corporate fleet operator, Murstein said. The buyer was a local fleet operator.
Mr. Murstein commented. "Taxi medallions have been one of, if not the single best investment to own over the years. While the Dow has gone up 8% per year over the last 50 years, taxi medallions have gone up almost double that, 14% per year. They have outperformed every major index including real estate, gold and other stock indexes."
The Company has lent more than $3 billion since Leon Murstein arrived in NYC and bought the first of his 500 medallions for $10 each in 1937. Today, Medallion Financial has more than $520,000,000 of taxi loans.
"We are proud to continue to back our customers as they grow their businesses and expand their taxi fleets, as well as help newly arrived immigrants get their start in business, own their own company, and experience the American dream," said Murstein.
The previous record price Medallion financed was $550,000, Murstein said.
Prices of corporate medallions have increased from $195,000 in 2001 to the record $600,000 this week, he said.
"The $600,000 purchase is an important milestone in the steadily rising market for taxi medallions," said Murstein. "A strong economy, a well regulated industry, and favorable driver incentives, are helping to fuel the growth."
Medallion Financial Corp. is a specialty finance company with a leading position in the origination and servicing of loans financing the purchase of taxicab medallions and related assets. The Company also originates and services loans financing small businesses and other targeted industries and niches. The Company and its subsidiaries have lent over $1 billion to the taxicab industry and small businesses.
Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, costs, sales, net investment income, earnings, and growth. Medallion's actual results may differ significantly from the results discussed in such forward-looking statements. Factors that might cause such a difference include, but are not limited to, those factors discussed under the heading "Investment Considerations," in Medallion's 2003 Annual Report on Form 10-K.
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