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In NYC, 139 prized yellow taxi medallions will hit the auction block

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The medallions will head to bankruptcy auction for a fraction of their original value

This month, nearly 140 yellow taxi medallions will head for bankruptcy auction, where they will be sold for a fraction of their original value, reports the New York Post.

The 139 medallions are part of a collection of the 13,587 licensed medallions that are required to operate a yellow taxi in New York City. In 2013, a medallion was worth as much as $1.3 million, however, competition from ride-hailing apps like Uber and Lyft has driven medallion prices down to as low as $160,000.

Last October, Uber ridership surpassed that of yellow taxis, with Uber reporting an average of 289,000 rides per day, whereas yellow cabs only managed 277,000. The Taxi and Limousine Commission has introduced initiatives in an attempt to compete, offering a pilot program that would allow passengers to get pricing upfront via an app, however yellow taxis remain suffering.

Auctioneers told the Post that a minimum of 20 medallions will be sold.