Global taxi technology company Uber is planning to sell its failed auto-leasing business to Fair.com, a startup car marketplace that offers open-ended leases for used cars.
Taking a Equity Stake in Fair
Uber has also planned to take an equity stake in Fair, and in addition offers access to the administration by means of its application. Prior, in September, Uber close down its cash losing “Xchange Leasing” business and has been looking for a purchaser.
Shutting Down the Business
The on-request auto benefit chose to go down the business subsequent to learning it was losing generally $9,000 per auto which is 18 times more than already trusted, the report included. Huge numbers of these autos possessed by the unit have been unloaded over the most recent couple of months.
Fair.com is a car marketplace that was co-founded by Scott Painter, former CEO of TrueCar and George Bauer, the former Vice-President of Finance at Tesla and BMW.