BREAKING NEWS

BREAKING NEWS

Uber to sell U.S. auto-leasing business to Fair.com - WSJ

Now Reading:

Uber to sell U.S. auto-leasing business to Fair.com - WSJ

Uber to sell U.S. auto-leasing business to Fair.com - WSJ
Text size Aa Aa

(Reuters) – Ride-hailing firm Uber Technologies Inc has agreed to sell its U.S. auto-leasing business Xchange Leasing to startup car marketplace Fair.com, The Wall Street Journal reported on Tuesday, citing people familiar with the matter.

The net book value of Xchange Leasing’s more than 30,000 vehicles was about $400 million (£299.4 million), WSJ reported, citing a company document that was compiled for prospective buyers.

Uber said in September it was shutting down its U.S. auto-leasing business and moving towards a less capital-intensive approach.

The Xchange Leasing business, which has about 40,000 vehicles and 14 showrooms in the United States, had attracted interest from buyers who were considering buying it outright, according to a Reuters report in August.

Uber and Fair.com did not immediately respond to requests for comment outside regular business hours.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Shounak Dasgupta)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.