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Uber is shutting down its problematic car-leasing program

Uber says it’s shutting down its car-leasing program after two years of operation. “We have decided to stop operating Xchange Leasing and move towards a less capital-intensive approach,” an Uber spokesman said via email. The news was first reported by the Wall Street Journal. There are 500 employees in this segment of the business. The … Continue reading “Uber is shutting down its problematic car-leasing program”

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Uber says it’s shutting down its car-leasing program after two years of operation. “We have decided to stop operating Xchange Leasing and move towards a less capital-intensive approach,” an Uber spokesman said via email. The news was first reported by the Wall Street Journal. There are 500 employees in this segment of the business.

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The dissolution of Xchange comes after Uber managers informed top brass that the division was losing $9,000 per car, according to a report last month from the Wall Street Journal. The Xchange program was only supposed to be garnering losses of $500 per car under original estimates. Uber had accrued 40,000 car titles through the program, the report said.

About the author

Ruth Reader is a writer for Fast Company. She covers the intersection of health and technology.

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