Uber Sells Xchange Leasing Portfolio of Vehicles and Contracts to Fair

Ride-hailing firm Uber on Tuesday said it would sell vehicles and the existing lease portfolio of its auto-leasing business Xchange Leasing to startup digital car marketplace Fair. Uber’s dealings with Fair will actually extend beyond the sale of its Xchange Leasing subsidiary. Moving forward, Uber will use Fair’s platform to offer car leases to its drivers across the U.S. as part of an “exclusive long-term” partnership.

“As we progress on our mission to deliver better experiences for drivers, Uber is excited to partner with companies like Fair that have deep domain expertise and innovative solutions,” said Uber CEO Dara Khosrowshahi, in a press release. “We look forward to working closely with Fair to develop thoughtful, customized options for drivers in the U.S.”

“This is the perfect partnership for Fair,” added Fair founder and CEO Scott Painter. “Uber was built on offering drivers flexibility around how and when they work, and we bring that same concept to the way drivers access vehicles.”

Check out the story on Reuters and VentureBeat