Tuesday, January 30, 2018

Fair.com Acquires Uber's Leasing Portfolio

Los Angeles-based auto leasing startup Fair, led by startup veteran Scott Painter, has acquired the auto leasing portfolio of Uber, including both vehicles and existing leases, Uber said on Tuesday. Fair--backed by more than $1 billion in funding from such investors as BMW i Ventures, Penske Automotive Group, Sherpa Capital, and others, operates a service which helps people gain access to a car, which they pay for using monthly payments, with no long term commitments. Fair said it will acquire the active lease portfolio of Uber's subsidiary, Xchange Leasing, and will become the exclusive long-term vehicle solutions partner to Uber in the U.S. for drivers seeking vehicle access for 30 days or longer. The company said that Fair is acquiring Uber's lease portfolio using both equity and debt funding, which was secured in Fair's recent funding round. Scott Painter was most recently founder and CEO of TrueCar, and prior to that, was founder and CEO of CarsDirect.com.

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