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Philly taxi medallions for wheelchair-accessible cabs finally sell

After seven months of trying, the Philadelphia Parking Authority on Wednesday sold the first three medallions for new wheelchair-accessible cabs, at a much-discounted price of $80,000 each.

After seven months of trying, the Philadelphia Parking Authority on Wednesday sold the first three medallions for new wheelchair-accessible cabs, at a much-discounted price of $80,000 each.

The PPA attracted no buyers when it offered the medallions for a starting bid of $475,000 in October, or when it cut the price to $350,000 in January.

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 1,600 such medallions, which are required to operate a cab in Philadelphia.

The PPA wants to sell medallions for 46 new wheelchair-accessible taxis now, and an additional 15 starting June 1.

The successful bidder on Wednesday was Alexandrite Taxi LLC, reportedly owned by the wife of Everett Abitol, owner of Freedom Taxi.

PPA Executive Director Vince Fenerty said he was hopeful Wednesday's sales established a floor price and that weekly medallion sales will fetch higher prices.

pnussbaum@phillynews.com

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@nussbaumpaul