NYC Taxi Medallion Prices Climb 24% — AutoMarketplace Launches AYX Index
NYC medallion prices climb from $90,000 to $115,000 over past year. Gap between financed and cash deals narrow, AutoMarketplace’s AYX Index aims to improve price discovery in opaque marketplace
Jon Gray, President & COO of investment giant Blackstone Group, recently delivered a ~30-minute investor presentation exploring the forces driving growth and the opportunities shaping the future of private equity, real estate, credit, infrastructure, and more.
During that presentation, Gray cited the impressive rise and sudden collapse of New York City taxi medallion values as a cautionary tale of disruption—how an asset class that compounded at roughly 10% annually over 66 years (not including cash flow benefits / dividends) ultimately fell more than 80% in just a few short years.
In other words, a seemingly safe, steady investment with a long record of outstanding returns may have lulled investors into complacency. Gray briefly used the medallion story as an analogy for the kind of disruption artificial intelligence (AI) could bring to many companies and industries.
