Car-leasing start-up Fair has purchased the active leasing portfolio of Uber's Xchange Leasing. Uber established the portfolio in 2015 to lease cars to drivers without a vehicle. The deal sees Fair become Uber's exclusive partner for services for its Penske drivers. Uber CEO Dara Khosrowshahi intends to make the ride-hailing company profitable within three years. Uber, valued at $48bn, was reportedly losing $9,000 per car on the leasing service. Uber will now concentrate on its transportation business, and on building relationships between its drivers and passengers. Fair CEO Scott Painter alluded to plans for international expansion.
Car-leasing start-up Fair has purchased the active leasing portfolio of Uber's Xchange Leasing. Uber established the portfolio in 2015 to lease cars to drivers without a vehicle. The deal sees Fair become Uber's exclusive partner for services for its US drivers. Uber CEO Dara Khosrowshahi intends to make the ride-hailing company profitable within three years. Uber, valued at $48bn, was reportedly losing $9,000 per car on the leasing service. Uber will now concentrate on its transportation business, and on building relationships between its drivers and passengers. Fair CEO Scott Painter alluded to plans for international expansion.