Fair.com, which offers unlimited leases for used vehicles, has reached an agreement to buy Xchange Leasing from Uber.
Xchange Leasing, the car leasing division launched in 2015, seemed like a good deal for Uber . But the continued losses -9,000 dollars per automobile- led the company to close it last September.
Since then, Uber has been trying to sell Xchange Leasing to the highest bidder. And according to the Wall Street Journal , which cites unidentified sources familiar with the transaction, the company has finally found a buyer .
It would be the startup Fair.com , which offers unlimited-term car leases for used vehicles through distributing partners.
The consideration for the acquisition of Xchange Leasing would be an undisclosed amount, access to Fair.com through the Uber application and a share in the capital of the company. The net value of the more than 30,000 vehicles of Xchange Leasing would be around 400 million dollars, according to a document of the company addressed to potential buyers and disclosed by the Wall Street Journal .
With the sale agreement to Fair.com, the American giant’s attempt to ridehailing to attract new drivers who lack regular access to vehicles is ended. The Xchange Leasing program allowed Uber drivers to rent cars through dealerships. In the leasing program, approximately 40,000 cars participated along with 14 dealerships from all over the USA.