March 10, 2010
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Ocean City Taxi Medallions Sell Out

    OCEAN CITY — Despite being something that seemingly no one in the industry wanted, all the taxi medallions sold out on Monday at City Hall. The town of Ocean City sold all 175 available taxi medallions at $1,500 a pop on Monday, thus solidifying the notion that medallions are now the rule of the road, and in the process, added $262,500 to this year’s proverbial bottom line. The taxi industry admittedly has mixed feelings as the two-month saga to transform the cab business in the resort has finally come to a close, because even though some may have left City Hall with a stack of medallions or just one to go into business for themselves, they are admittedly less than thrilled about the amount of cash they had to put out to get them. “I just know it’s going to be awfully rough to pay my bills with all the money I just spent to stay in business,” said Century Taxi owner Ken Hovance, who purchased six medallions on Monday. “I was hoping that I would be able to expand my fleet but I lost out in the lottery, so I’m going to have to work 10 times harder this ... [more]
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