Andrew Murstein is the founder, president and largest shareholder of the Medallion Financial Corporation. Under Murstein’s leadership, today Medallion manages over $1 Billion in investments. Murstein has been named among Crain’s New York Business’ “40 Under 40”. In late 2010, Medallion Financial was one of several parties involved in the purchase of Richard Petty Motorsports. Murstein lives in New York City with his wife Barbara Rudnick. They have two children, Kimberly and Matthew.
Murstein was born in Roslyn, N.Y. His grandfather, Leon Murstein, became a New York cab driver and purchased one of the first New York taxi medallions, issued in 1937. Andrew’s introduction into the taxicab industry came early. His father, employed by his grandfather in his Queens-based taxi business, took a young Andrew to the taxi garage, where he was assigned the task of collecting rentals for the use of the medallions from the drivers at the end of their shifts.
Andrew’s family eventually owned more than 500 medallions and made the decision to sell some of them in the 1970s. Unfortunately, they were unable to find a bank willing to provide the financing. This was the trigger that provoked them to get involved in the lending business. In 1979, the Mursteins founded a family-owned company called Medallion Funding Corp. Medallion has since lent over $3 billion to the taxi industry.
In 1994, Murstein created a subsidiary, eventually named Medallion Taxi Media, which sold advertising on the top of taxis. Murstein sold that portion of the business to Clear Channel in 2004 for $35 million.
In 1996, Murstein successfully launched Medallion Financial Corporation, which was established to be the parent company of Medallion Funding, as a public company trading on the NASDAQ under the symbol TAXI. The company owns and leases several hundred medallions and has financed the purchase of thousands more in Newark, NJ, Cambridge, MA, Philadelphia, Chicago, Boston and New York City. The company is also involved in a variety of small businesses, including dry cleaners, convenience stores, manufacturers and distributors.