Car Industry

Uber reportedly selling failed leasing business to Fair.com

The company has been shopping around shuttered Xchange Leasing since September.

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Rich Petersen/CNET

After closing its money-losing Xchange Leasing business in September, on-demand car service Uber appears to have found a buyer.

According to The Wall Street Journal, startup Fair.com, which offers open-ended leases for used cars  -- excuse me, make that "pre-owned" -- through dealer partners, will buy the business for an undisclosed amount. Uber will also take an equity stake in Fair, as well as offer access to Fair via its app, according to the report. 

The reported sale comes amid big changes at Uber, which experienced a tumultuous 2017. Co-founder and CEO Travis Kalanick was ousted in June and eventually replaced by Dara Khosrowshahi, formerly CEO of travel site Expedia, in August. Khosrowshahi has been working to make nice with regulators, drivers and passengers, while dealing with a major court battle over Uber allegedly stealing self-driving car technology. On top of that, he's also had to struggle with a huge data breach that affected 57 million people.

Both Uber and Fair.com declined to comment.