Uber is selling off its auto-leasing business

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.

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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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