In age of Uber, Phila. taxi medallions go unsold

For the fourth time in a month, new Philadelphia taxicab medallions went unsold at auction, illuminating the financial impact of Uber's entry into the market.

There were no takers for five new medallions offered for sale Wednesday by the Philadelphia Parking Authority, the state agency that regulates taxis in the city. The minimum bid for a medallion was set at $475,000.

There are 1,600 medallions - which are required for cabs to operate in the city - in use now, and the PPA is trying to sell 46 more by the end of the year. But prospective buyers appear leery of the price, as Uber's ride-sharing service, banned by the PPA, may take a big bite out of taxi business.