Uber Selling Leasing Business to Digital Startup
Uber will sell its Xchange Leasing division to Fair, a digital car marketplace. Xchange Leasing had been losing $9,000 per car.
Uber will sell its Xchange Leasing division to digital car marketplace Fair, according to a report Tuesday in the Wall Street Journal. The service, which leased cars to Uber drivers with poor credit, was shuttered in August after sustaining heavy losses.
Xchange Leasing ran a fleet of close to 40,000 vehicles, which would rank it among the Top 10 commercial fleet lessors in the U.S., according to data from Automotive Fleet Magazine. However, Xchange Leasing was losing about $9,000 per car, according to WSJ.
Los Angeles-based Fair, founded in 2016, matches customers with cars based on desired monthly payments. The platform approves customers for a car with a driver’s license and bank account before having them sign for it through Fair’s mobile app.
Fair raised nearly $1 billion in debt and equity funding in October from a group that included BMW i Ventures and Penske Automotive Group.
As part of the deal, Uber drivers will have access to lease a car through Fair, the WSJ reported. The Wall Street Journal also reported that Fair will offer jobs to about 150 of the 500 Xchange Leasing employees.
More Rental Operations
The Booking Is Confirmed, But Is Your Customer Ready to Drive?
For international renters, a confirmed reservation doesn’t always mean they’re eligible to drive. Earlier checks can help operators catch documentation and payment issues before the customer reaches the counter.
Read More →
ICRS 2027 Opens Call for Papers
The International Car Rental Show seeks session proposals on the business, operational, and technology issues facing car rental operators. Submissions are due Jan. 15.
Read More →
Turo to Launch Vehicle Delivery Service
Turo Delivered will let travelers search for vehicles that hosts can deliver directly to hotels, homes, airports, train stations, and other locations.
Read More →
Palm Beach Airport Code Change Creates Car Rental Distribution Gap
A test of rental searches under the old PBI and new DJT airport codes returned largely different sets of brands and vehicles, highlighting a potential distribution problem for rental operators.
Read More →
U-Save Continues Dominican Republic Expansion with Launch in Punta Cana
The new franchise location builds on U-Save’s existing Santo Domingo operation and will begin taking reservations for October 2026.
Read More →
When AI Books the Rental Car, Who Controls the Sale?
As AI moves from comparing rental rates to completing transactions, operators need to understand how travelers find, interpret, rank, and ultimately see their offers. (Part 2 of 2.)
Read More →
European Booked Car Rental Rates Fell 5%, Results Varied by Country
Ireland, Cyprus, and the United Kingdom saw steep declines, while booked rates rose in Poland and Hungary.
Read More →
Is It Time to Rethink Rental Categories?
As traditional economy and compact cars disappear from the market, longtime rental operator Mike DeLorenzo asks whether the industry’s familiar vehicle categories still make sense — and what operators need to rethink along with them.
Read More →
Who Owns the Rate? AI Is Creating a New Distribution Problem for Car Rental
Generative Engine Optimization asks whether AI can find a rental company, but operators also need to know whether the agent inspected enough of the market, compared equivalent offers, and presented a rate the traveler can actually book. (Part 1 of 2)
Read More →
U.S. Business Travel Car Rental Rates Forecast to Rise Up to 2%
Improved fleet supply should limit pricing gains in 2026-27, while insurance, repair costs, and softer residual values continue to pressure rental operations, according to Amex GBT.
Read More →