Case Questions: How much would you bid for a taxi license (medallion) in chicago?

Question

Accepted Answer

The bid for a taxi license (medallion) in Chicago varies depending on the market demand and supply.

The price of a taxi medallion in Chicago has fluctuated over the years, with prices ranging from $50,000 to over $350,000.
Factors that affect the price of a medallion include the number of available medallions, the demand for taxis, and the competition from ride-sharing services.
In 2019, the City of Chicago sold 6,999 medallions for a total of $56.1 million, which averages to about $8,017 per medallion.
However, the COVID-19 pandemic has significantly impacted the taxi industry, leading to a decrease in demand and a drop in medallion prices.
Therefore, the bid for a taxi license (medallion) in Chicago at present would likely be lower than pre-pandemic prices.

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