- Associated Press - Thursday, May 7, 2015

PHILADELPHIA (AP) - After seven months of trying to sell taxi medallions for wheelchair-accessible cabs, Philadelphia’s parking agency has dealt three at a steep discount.

The Philadelphia Parking Authority sold the medallions to Freedom Taxi on Wednesday for $80,000 each. It’s the only company with wheelchair-accessible cabs in the city. The authority was originally selling the medallions for $475,000.

Prices for regular taxi medallions have fallen from about $500,000 to $400,000 since the arrival of competing services such as Uber and Lyft. There are 1,600 taxi medallions, which are required to operate cabs in Philadelphia.

PPA Executive Director Vince Fenerty tells The Philadelphia Inquirer he hopes the sale established a floor price.

PPA hopes to sell 46 new wheelchair-accessible taxi medallions now, and 15 more after June 1.

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