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Uber is selling off its auto-leasing business
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After confirming the closure of its auto-leasing business, Xchange Leasing, Uber is now reportedly selling it, according to The Wall Street Journal.
The buyer? Car ownership startup Fair.com.
Uber announced in September that it would be shutting down Xchange Leasing, its Delaware-based subsidiary which partners with auto dealerships to offer vehicle leases to U.S. Uber drivers.
The leasing business currently sports a net book value of $400 million made up of over 30,000 vehicles, according to WSJ, but has suffered heavy losses — Uber was reportedly losing $9,000 per car in August. Many of these cars owned by Xchange Leasing have been auctioned off over the last few months. Read more…
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