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Guest boatboatboat

Uber has confirmed to TechCrunch that it will shut down its Xchange Leasing subsidiary, which provided vehicle leases to drivers on the service that couldn't otherwise procure vehicles through traditional financing options.

The shutdown wasn't unexpected – Uber said in August that it was working on what to do with the business, after reports emerged that it was considering a shutdown. Uber at the time decided together with its board that it was resulting in "sustainably high losses," per a Wall Street Journal report

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Uber has confirmed to TechCrunch that it will shut down its Xchange Leasing subsidiary, which provided vehicle leases to drivers on the service that couldn't otherwise procure vehicles through traditional financing options.

The shutdown wasn't unexpected – Uber said in August that it was working on what to do with the business, after reports emerged that it was considering a shutdown. Uber at the time decided together with its board that it was resulting in "sustainably high losses," per a Wall Street Journal report

 

Does Eric lease his vehicle through Uber?

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Uber is shutting its lossmaking car leasing business Xchange Leasing, which bought cars and loaned them to drivers unable to purchase their own. The car-booking app company confirmed in a statement that it was backing away from establishing a fleet of cars: “We have decided to stop operating Xchange Leasing and move towards a less capital-intensive approach.” The Wall Street Journal reported that Uber was losing about $9,000 on each of the 40,000 car titles held by Xchange Leasing, rather than the $500 the company had expected. It added that about 500 jobs would be affected.

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