Uber is to sell its loss-making car-leasing business to startup company Fair.com, according to unnamed sources in The Wall Street Journal. Fair is a new online car rental market set up two industry leaders Scott Painter and Georg Bauer respectively. Fair is looking to tweek the car rental industry by letting people lease cars based on the amount of money they are willing and able to spend.
The whole process involved in renting a vehicle can be done through the app and the car can then be returned to Fair at any point with only five days notice needed.
The WSJ didn't put a value on the amount Fair may have spent to buy Uber's leasing company. Uber have so far declined to comment on the deal.
At the time of the purchase, Uber are said to have had roughly 30,000 cars leased out with a value worth around $400 million, the WSJ reports.