Fair and Uber entered a partnership that will provide drivers in the U.S. with flexible and long-term access to vehicles through Fair. Concurrently, Fair will be acquiring the active lease portfolio of Uber’s subsidiary Xchange Leasing, which includes existing lease contracts and vehicles.
“As we progress on our mission to deliver better experiences for drivers, Uber is excited to partner with companies like Fair that have deep domain expertise and innovative solutions,” said Dara Khosrowshahi, CEO of Uber. “We look forward to working closely with Fair to develop thoughtful, customized options for drivers in the U.S.”
Fair will be the exclusive long-term vehicle solutions partner to Uber in the U.S. for drivers seeking vehicle access for 30 days or longer, and together the companies will work to develop customized new offerings that fit the needs of drivers, as well as integrations into Uber’s products for drivers.
“This is the perfect partnership for Fair. Uber was built on offering drivers flexibility around how and when they work, and we bring that same concept to the way drivers access vehicles,” said Scott Painter, founder and CEO of Fair. “Eliminating the long-term commitment of traditional financing, Fair offers drivers an affordable, flexible option. This partnership reinforces why the future of vehicle ownership lies in a flexible ownership model based on consumers’ needs.”
Fair will acquire the active lease portfolio of Uber’s subsidiary Xchange Leasing through a combination of equity and debt secured during Fair’s recent funding round.
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