Uber sells their leasing business to startup Fair.com

Uber was discussing selling the Xchange Leasing vehicle leasing business, at the startup marketplace for cars, Fair, according to people who knew about the issue. In September, Uber said that they will close their rental car business, which suffered huge losses.

Over the past few months, Xchange Leasing has begun halting its operations, which were made to sell new cars to Uber riders, selling cars through the auction system.

 

With more than 30 thousand vehicles, Xchange Leasing is worth around US $ 400 million. The Uber agreement with the Fair may be approved because Uber lost about US $ 9 thousand per car, 18 times more than previously thought.

 

Uber launches Xchange Leasing in 2015 with the aim of attracting riders who can not afford to buy a car. Xchange Leasing offers more flexible vehicle mileage and mileage payments than regular leasing companies.

 

However, many Uber riders protest against the arbitrary action of Xchange Leasing. They say, the fee for Xchange Leasing is so high, forcing them to drive all day just to pay for the car.  

Read Also:

• Uber reportedly has a secret unit aimed at stealing trade secrets and overseeing competitors
• Uber services are considered more reliable than ambulances by people in the US
• Uber charges a fee of $14,400 just for a 20-minute journey