Uber Shutting Down U.S. Car-Leasing Business – Online Trends news – NewsLocker

Uber Technologies Inc. on Wednesday confirmed it is shutting down its U.S. auto-leasing business, months after it discovered it was losing 18-times more money per vehicle than previously thought.

Uber Technologies Inc. on Wednesday confirmed it is shutting down its U.S. auto-leasing business, months after it discovered it was losing 18-times more money per vehicle than previously thought.

Uber Technologies Inc. plans to wind down its U.S. subprime car-leasing division to stem unsustainably high losses, according to people familiar with the matter, a major retreat just two years after starting the business. The ride-hailing company is aiming to close out or sell most of the business by year-end, these people said.

Ride-hailing company Uber is planning to shut down its US car leasing business Xchange Leasing after higher than expected losses, according to news reports. Xchange Leasing was created in mid-2015 to provide cars to Uber drivers, reportedly targeting those who were subprime.

The Uber app. Uber (Reuters) – Ride-hailing firm Uber Technologies Inc [UBER.UL] on Wednesday said it is shutting down its U.S. auto-leasing business. "We have decided to stop operating Xchange.

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Uber’s closing of the Xchange Leasing program comes just two years after its inception.. Uber to Shutdown U.S. Car Leasing Unit.. Uber intends to close or sell a majority of the business by.

Uber executives decided to wind down Xchange, Quartz at Work. Management news, advice, and ideas for business leaders. uber is ending its subprime car leasing program in the US.

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