Uber gets financing for vehicle drivers, professional and civilian
- Patrick Hoge
- Reporter- San Francisco Business Times
- Email | Google+ | Twitter | LinkedIn
The San Francisco startup has secured financing deals for its "partners" from General Motors (NYSE: GM), Toyota (NYSE: TM) and a number of unnamed financial institutions, said Uber CEO Travis Kalanick Monday morning a conference call with reporters. The financing option will debut in San Francisco, Chicago, New York, Philadelphia, Boston and Dallas.
Uber wanted the financing to help add 100,000 vehicles on the road so that it can continue its breakneck pace of expansion, which has produced recent revenue growth running at a compound rate of more than 16 percent a month, with the pace increasing, according to Kalanick. Founded in 2009, Uber has used advanced algorithms and mobile telecommunications to build a rapidly expanding global franchise that is already operating in 62 cities.
"This is about streamlining supply so that our growth continues," Kalanick said. "At this point we’re really focused on everything we can do to get more cars on the road."
Kalanick estimated that the preferential financing deals it has negotiated could save a vehicle owner as much as $100 per month.
The discounts are available to transportation companies and individual drivers, including UberX drivers who are receiving a minimum level of income through UberX.
Kalanick said the automobile and financing companies were eager to get involved because the income that Uber provides drivers lowers the risk on vehicle loans. He estimated that a "fully utilized" care on the Uber platform receives more than $100,000 of gross income.
Patrick Hoge covers technology for the San Francisco Business Times.
Comments
If you are commenting using a Facebook account, your profile
information may be displayed with your comment depending on your privacy
settings. By leaving the 'Post to Facebook' box selected, your comment will be
published to your Facebook profile in addition to the space below.
Trending
In Partnership with
Most Popular
- Most popular
- Emailed
- Mobile
Sunday Payday Loans No Credit Check are advances which are short term in nature carrying a unique feature of ready availability and instant approval.
ReplyDelete1 month payday loan
small cash loan
12 months loans uk
6 month loans direct lendersis an ideal help for the applicant who are dealing with the fiscal crisis before their payday and are unable to get money because of their blemished credit ratings.
ReplyDeleteno credit check payday loans uk
instant 6 month cash loans
Same Day Loans over 12 Months