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.
NYS Entity Status
NYS Filing Date
AUGUST 01, 2014
NYS DOS ID#
NYS Entity Type
DOMESTIC BUSINESS CORPORATION
2014 - CARS R US LEASING INC
Around the Web
- Uber Shutting Down U.S. Car-Leasing Business
Wednesday Sep 27, 2017
- Uber Plans to Wind Down U.S. Car-Leasing Business
Tuesday Aug 8, 2017
Uber plans to wind down its U.S. subprime car-leasing division to stem unsustainably high losses, a major retreat just two years after starting the business.
- How to end a car lease
By firstname.lastname@example.org (Fox News Online) - Friday Aug 4, 2017
- Uber planning to sell or consolidate car leasing program
By Olivia Zaleski - Tuesday Aug 8, 2017
The ride-hailing company’s board determined Xchange Leasing, a wholly owned subsidiary, is unsustainable and should be sold or consolidated into a smaller unit within Uber, according to a person familiar with the plans.Xchange currently offers 40,000 vehicles for lease through 14 showrooms in the U.S. As many as 500 jobs could be affected by the sale of the company, according to the Wall Street Journal, which reported the news Tuesday.Following a stream of controversies earlier this year, investors have urged the San Francisco company to consolidate its business and cut costs in preparation for an eventual public offering.[...] last week, the Wall Street Journal reported that Uber knowingly leased unsafe cars in Singapore that were prone to catch fire.Uber’s board, which is acting in the absence of a chief executive officer, decided to close out the Xchange program before they had been briefed on the safety matter in Singapore, according to the person familiar with the discussions.