JERSEY CITY - An auction of taxi medallions in Jersey City brought in more than $5 million, far more than the city expected.

Drivers purchased 20 taxi medallions, at a cost of more than $200,000 each.

Mayor Steven Fulop says the sales are a positive move for the city. "People want to be here," he says. "The taxi drivers realize it, and they're willing to pay a premium for the medallions."

Taxi drivers say they're concerned about getting a return on their investment. "In order to make the money back, the city has to eliminate illegal cabs around the area," says Magcy Nakhla, who bought a medallion at the event.

The mayor says the auction created 50 new jobs.