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
MAY 29, 2013
NYS DOS ID#
NYS Entity Type
DOMESTIC BUSINESS CORPORATION
2013 - EXECUTIVE AUTO SALES & LEASING, INC.
Around the Web
- Uber Shutting Down U.S. Car-Leasing Business
Wednesday Sep 27, 2017
- U.S. Auto Makers Report Steep Sales Declines in July
Tuesday Aug 1, 2017
Sales for major U.S. auto makers sharply declined in July amid a modest slump in lease deals that have kept payments low, continuing an industry slowdown that has led to a glut of inventory on dealer lots and a spate of discounts.
- 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.
- Uber Puts An End To Money-Losing Xchange Leasing Program
By Ashlee Kieler - Wednesday Sep 27, 2017
Uber’s Xchange Leasing program, which allowed Uber drivers to lease new cars that they could pay off by picking up passengers, was heavily criticized for charging lease rates far in excess of what drivers could get elsewhere, but it wasn’t until Uber realized it was losing boatloads of money on the program that it was in jeopardy — and now …
- Auto companies hurting from latest rival — Amazon
By Josh Kosman - Thursday Jul 6, 2017
Shares of several auto parts retailers sputtered on Wednesday after one chain reported disappointing second-quarter sales gains. And while that chain, O’Reilly Automotive, blamed poor weather in the period for its lackluster revenue, an executive at a rival chain said the entire sector has been under pressure from newly armed online rivals like Amazon. “There...