Philly Cab Medallions to Be Discounted After UberX Arrival

No medallions sold last month for $475,000 at an auction held by the Philadelphia Parking Authority. Prices will now drop to $350,000.

UberX launched in Philadelphia a month ago. And — despite PPA stings and attempts to get Uber drivers fighting UberX — UberX is already affecting the taxi industry financially.

The Philadelphia Parking Authority announced yesterday it was dropping the price of medallions after 20 meant for wheelchair-accessible vehicles did not sell at $475,000.

The price has been cut to $350,000.

Medallions will go on sale again in a few months. The $475,000 medallions were nine times more expensive than the last time medallions were sold. The PPA wanted to sell 46 medallions this year, in the hopes of getting more wheelchair-accessible cabs on the road.

Currently, Philadelphia has just seven wheelchair taxis.

Since UberX launched in Boston, private taxi medallion sales have increased in price. But in other cities like Chicago and New York, taxi medallion prices are at risk in part due to UberX.