Medallion Financial Group

by on October 21, 2011

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Last night I read an article from The New York Times about how two New York City taxi cab medallions recently sold for $1 million each. These aren’t some weird collectors’ items–they are actual pieces of metal that are attached to the hood of a taxi cab and are required for the cab to be able to operate in a given city. It’s a relatively common system (you can read about it here), and it limits the number and ensures the quality of cabs in the city. In some cities, the medallions can be bought and sold, and the secondary market for them is getting extremely expensive. Because of this, most cabbies can’t own their own medallions–they usually have to lease them or work for a fleet that owns it own medallions. That’s where Medallion Financial Group comes in. They’re a New York, NY based financing company that specializes in Taxi Medallion and Commercial Lending.

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Medallion Financials’ slogan is “In Niches There Are Riches.” It’s quite fitting considering the story of their Founder, Leon Murstein. In 1937 he was an immigrant who was driving cabs. He eventually saved up to buy his first medallion for $10. He got hooked and ended up buying 500 more. Now Medallion Financial is a publicly-traded company (their ticker symbol is TAXI) with a market cap just under $200 million (and they have over $1 billion in assets under management). If you really want to dig into the numbers, you can check out Medallion Financial’s Annual Reports. I think this business is absolutely fascinating, which is why I decided to do a writeup on Medallion Financial even though I can’t find any info on current job or internship opportunities. I was able to find that they’ve had quite a few past interns in areas likeUnderwriting, Accounting, Financial Analysis, and more, so it’s well worth reaching out to Medallion Financial through their Contact page to learn more.

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