xchangeleasing
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Uber is offloading its money-losing car lease business
Uber has been eager to ditch its car leasing business for months, and it appears to have found a buyer. Wall Street Journal sources claim that the ridesharing company is selling its Xchange Leasing unit to the car marketplace Fair.com. While it's not clear how much Fair is paying, it reportedly won't be a clean break. Uber will both take a stake in Fair and point would-be drivers to the site through its app. Fair, in return, will offer jobs to roughly 150 workers affected by the switch.
Uber will stop leasing cars to drivers in the US
Those rumors of Uber shuttering US car leasing for drivers were true. A spokesman has confirmed to the Wall Street Journal that it's closing Xchange Leasing in favor of a "less capital-intensive approach." To put it another way, the initiative cost far too much money -- the earlier leak had it losing about $9,000 per car versus the $500 it expected. The company hasn't said what it will do to replace the American program, although this isn't likely the end of leasing worldwide. Its program in southeast Asia is likely to continue despite problems with defective vehicles.
