BMW Investment in Fair Signals Potential Partnership

BMW i Ventures’ recent investment in Fair — a used-car, no commitment leasing app — might evolve into a “strategic business partnership,” Fair Co-Founder Georg Bauer said at the Auto Finance Summit. “There are ways of turning this monetary investment into a strategic business partnership,” Bauer said, adding that, for now, it is “a starting […]
  • Natalie Mattila
  • November 15, 2017

Uber Releases Commercial Touting Benefits of Ridesharing [VIDEO]

Uber has released a commercial with a humorous take on street traffic in Bangkok where all the cars have been replaced with boxes. The commercial features people in boxes shouting and bumping into each other. The video also features people “parking” their box and then forgetting which one is theirs as well as an intersection […]
  • Emma Sandler
  • November 10, 2017

Xchange Leasing May Not Be Shuttered as Uber Still Pursues Buyers

Uber Technologies Inc.’s Xchange Leasing program may not be out of the game yet, Auto Finance News has learned. After months of losing money — and weeks of speculation — Uber announced yesterday that it was beginning to wind down its subprime leasing program in the U.S. market. But the rideshare company is still pursuing […]
  • Emma Sandler
  • October 3, 2017

Rideshares Pose Growing Concerns for Dealership Service Contracts

When ridesharing emerged in the transportation market it did more than just disrupt the taxi industry. It has also thrown dealerships for a loop when it comes to service contracts. Auto service contracts are sold by vehicle manufacturers, auto dealers, and independent providers and are designed to protect consumers against unexpected, costly repairs to their vehicle. But rideshares aren’t […]
  • Emma Sandler
  • September 21, 2017

Loan Portfolio Servicing Expands With 2 Rideshares and 7,000 Leases

Loan Portfolio Servicing (LPS), a servicing and management company of auto loans and leases, added 7,000 rideshare leases belonging to two different rideshare leasing companies to its portfolio yesterday. The Forth Worth, Texas-based company is operated under Innovate Auto Finance and provides clients with title and records management, account administration, customer care, collections, loss mitigation, […]
  • Emma Sandler
  • September 14, 2017

Ola’s Leasing Division Secures $156M for Fleet Expansion

Ola Fleet Technologies Pvt. Ltd., the cab-leasing arm of taxi aggregator Ola, has received a loan for $156.3 million from Yes Bank to finance the purchase of commercial vehicles. As a part of the agreement, the vehicles purchased by Ola will remain as collateral, according to the company’s July filings with the Ministry of Corporate […]
  • Emma Sandler
  • September 12, 2017

New Uber CEO Faces Task of What to Do With Leasing Unit

Uber has chosen Dara Khosrowshahi to serve as its chief executive, according to numerous sources, capping off many months of scandals and struggles within the rideshare company. Uber is expected to make a formal announcement by today. The decision occurred Sunday afternoon, according to multiple reports, with Khosrowshahi among Meg Whitman, chief executive of Hewlett-Packard Enterprises, and Jeffrey […]
  • Emma Sandler
  • August 28, 2017

Buyers Unlikely to Bite on Uber Subprime Leasing Unit

Uber Technologies Inc.’s plan to consolidate or sell its subprime leasing arm, Xchange Leasing, would be a “smart move,” Grayson Brulte, a consultant and president of Brulte & Co., told Auto Finance News. However, Brulte thinks it unlikely another company would acquire the unit, because subprime is a business “about to burst.” Xchange Leasing debuted […]
  • Emma Sandler
  • August 17, 2017

Uber Weighs Options for Xchange Leasing, Including Sell-Off

Uber Technologies Inc. is considering selling or consolidating its leasing program — Xchange Leasing — which provides subprime car leases to Uber drivers, a source familiar with the program told Auto Finance News. The program, which debuted in July 2015 as a way to help provide vehicles to potential drivers, was also an initiative to encourage […]
  • Emma Sandler
  • August 8, 2017

Uber to Provide Accident Insurance in France for Free, but There’s a Catch

Uber drivers and couriers in France will automatically receive accident insurance beginning this fall, as Uber and French insurance company Axa said yesterday. But the reason for this is not out of any altruism. Instead, it’s a legal requirement of Uber to comply with France’s latest labor law. Back in May, the French government passed a law […]
  • Emma Sandler
  • July 26, 2017
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