N.Y.C. taxi medallion in rare auction

NY Taxi driver, Driver Akwasi Amankwaa, who emigrated from Ghana, was NOT one of 126 winning bidders for owner-operator taxi medallions.

TLC Commissioner Matthew Daus said 270 bids were submitted, including an all-time high of $311,111. Mini-fleet, or corporate, medallions were sold last week.

The auction was part of the city's plan to sell 900 medallions - the metal plate on the top of a cab that lets it operate in the city - over three years. The goals: to increase the size of the fleet, boost the chance of getting a cab and generate revenue for city coffers, Daus said.

The average bid was $292,580. The lowest winning bid was $283,299, Daus said.

Amankwaa slumped in his seat in the auditorium. He glumly stared up at a large screen showing bid prices as they were opened. His bid fell short.

"I'm frustrated and angry," said Amankwaa, 39, an immigrant from Ghana who lives in Harlem with wife and young daughter.

Amankwaa planned to buy a medallion and drive for another 10 years. He would then lease his medallion, retire and live off the income. Now his future is uncertain.