After taking a price dip last year, at least one of the two taxi medallions sold to veterans at a Thursday morning, December 20, auction returned to the previously normal $30,000 range.
Each year, the Department of Licensing and Consumer Affairs’ Taxicab Division auctions two taxi medallions to Virgin Islands veterans on each island. Minimum bidding on St. John has remained at $20,000 over the past two years, while the winning bids increased this year.
Last year’s winning bids were $20,000 and $21,000. Out of seven bids submitted this year, the winning bids were $35,000, which William Smith took home, and $22,000, which went to Patricia Varlack.
While the $35,000 bid was a return to normal prices, Varlack’s $22,000 winning bid was still considered a bargain, according to DCLA officials.
Despite decreasing the minimum bid on St. Thomas from $20,000 to $15,000 this year, medallions went for the highest amount in the territory. One of the winning bids was still less, however, than last year’s winning bids.
Last year’s St. Thomas medallions went for $36,000 and $35,000, while this year’s were taken home for $35,100 and $31,999.
Minimum bids on St. Croix dropped from $10,000 last year to $8,000 this year which attracted some bidders. After no one bid on the medallions last year, they went for $10,000 and $9,000 this year.
Overall the Taxicab Division raked in $143,090.99 from the three auctions, explained assistant director of the division, Jacqueline Hodge-Leonard.
“It’s pretty normal,” said Hodge-Leonard. “Everything went smoothly and there were no problems whatsoever. Everyone was pleased and we’ll be back again next year.”