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marketwatch / Tuesday December 26, 2017
Uber to sell U.S. subprime auto-leasing business to startup
Uber Technologies Inc. has agreed to sell its U.S. subprime auto-leasing business to startup car marketplace Fair.com, people familiar with the matter said, bringing to an end the ride-hailing giantís failed attempt to attract new drivers who lack regular access to vehicles. Uber has been seeking a buyer for Xchange Leasing, as the unit is known, since this summer, when it decided to wind down the business after learning it was losing roughly $9,000 a car, 18 times more than previously believed. In September, the company said it would begin to shutter Xchange Leasing, affecting about 500 jobs, while also launching a sale process. It couldnít be learned what price Fair agreed to pay for the division. A Xchange Leasing document compiled for prospective buyers and reviewed by The Wall Street Journal said the net book value of its more than 30,000 vehicles was roughly $400 million. Uber has been working to curtail costs after posting $2.52 billion in...Read more