Uber says each full-time driver brings in $100,000 in rides per year, so the company's using the cash flow to get cheaper car financing for its drivers. November 25, 2013 8:27 AM PST Uber's ride sharing app. (Credit: Uber) Uber begins testing a financial platform Monday that will reduce the car payments of its drivers through a partnership with auto manufacturers and banks, according to the on-demand car company. The program, which initially goes live in San Francisco, Dallas, Chicago, New York, Philadelphia and Boston, will "significantly reduce drivers' monthly car payments," and "get more cars on the road more quickly," according to a blog post from Uber. The company says it now has 100,000 drivers and "millions" of customers, with full-time drivers giving $100,000 worth of rides each year. Uber is partnering with GM and Toyota, and unnamed financial institutions, to make this happen. "The key to this new platform? Uber partner-drivers have a robust, reliable cash flow through the Uber platform - every fully utilized car on the Uber system grosses over $100,000/year," according to the blog post. "That kind of cash flow lowers the risk of financing drivers and means better access to cheaper credit than otherwise available on the open market."
Uber says each full-time driver brings in $100,000 in rides per year, so the company's using the cash flow to get cheaper car financing for its drivers.
Uber's ride sharing app.
(Credit: Uber)
Uber begins testing a financial platform Monday that will reduce the car payments of its drivers through a partnership with auto manufacturers and banks, according to the on-demand car company.
The program, which initially goes live in San Francisco, Dallas, Chicago, New York, Philadelphia and Boston, will "significantly reduce drivers' monthly car payments," and "get more cars on the road more quickly," according to a blog post from Uber.
The company says it now has 100,000 drivers and "millions" of customers, with full-time drivers giving $100,000 worth of rides each year.
Uber is partnering with GM and Toyota, and unnamed financial institutions, to make this happen.
"The key to this new platform? Uber partner-drivers have a robust, reliable cash flow through the Uber platform - every fully utilized car on the Uber system grosses over $100,000/year," according to the blog post. "That kind of cash flow lowers the risk of financing drivers and means better access to cheaper credit than otherwise available on the open market."
