Uber is
selling off its
auto-leasing business
/https%3A%2F%2Fblueprint-api-production.s3.amazonaws.com%2Fuploads%2Fcard%2Fimage%2F683282%2F4a6c10e8-3d7d-4b0a-b343-58b15baad2de.jpg)
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.
SEE ALSO:
Taxify launches in another country to challenge Uber's ride-sharing dominance
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...
More about
Business,
Uber,
Automobile,
Uber Drivers, and
Auto
