Uber reportedly selling off auto leasing business
Troubled ride sharing giant Uber has apparently reached a deal to sell off its struggling auto leasing business.
Xchange Leasing is being sold to car marketplace Fair.com, the Wall St Journal reports.
The loss making business is valued at about $400 million, the WSJ said.
Xchange Leasing had more than a dozen car showroom locations in the US.
The business was established in 2015 to help drivers with a poor credit rating fund ownership of a vehicle.
However many drivers complained of high repayment costs, forcing many to work long hours just to pay it off.
Uber announced in September it was winding down the service due to high operating costs and has auctioned off many of its vehicles, which number as many as 30,000 at one time.
Fair.com will reportedly take on about 150 of the 500 employees at Delaware based Xchange Leasing.
Fair.com was established by former TrueCar CEO Scott Painter, and other car industry executives from BMW, Tesla and Mercedes-Benz.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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