Pair of New York City taxi medallions sells for $2.5 million

A pair of New York City taxi medallions sold at auction for a record $2.5 million.

The Taxi and Limousine Commission on Thursday sold 100 pairs of medallions for wheelchair-accessible cabs.

TLC Commissioner David Yassky told the New York Post that people in wheelchairs have historically had no access to the taxi and car service industry.

There currently are 233 handicapped-accessible taxis in the city.

The medallions that sold Thursday were expected to almost double the fleet of wheelchair-accessible cabs.

It was the city's first medallion auction in over five years. The city plans to auction some 2,000 more medallions for handicapped-accessible vehicles in the next three years.

At its 2008 auction, the highest bid for a pair of handicapped-accessible medallions was a little over $1.3 million.