Uber Technologies Inc. has agreed to sell its US subprime auto-leasing business to car marketplace start-up Fair.com, according to a report in the Wall Street Journal.
The cab-hailing app firm has been seeking a buyer for Xchange Leasing, since this summer, when it decided to wind down the business after learning it was losing roughly US$9,000 a car, the newspaper said.
In September, the company said it would begin to close Xchange Leasing, affecting about 500 jobs, while also launching a sale process.
Uber has been working to curtail costs after posting US$2.52bn in combined losses over the past two quarters, despite rising revenue and ride bookings.
Under new CEO Dara Khosrowshahi, Uber is said to be weighing up an initial public offering in 2019 and is working to revamp after a year of scandals and legal setbacks.