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 began testing a financial program 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 company says it now has 100,000 drivers and "millions" of customers, with full-time drivers giving $100,000 worth of rides each year. But, it needs more cars. Uber CEO Travis Kalanick said the company is growing quickly -- 20 percent per month in the last two months -- and it wants to make sure there are enough cars for its system. The aim is to get "hundreds of thousands" of new cars on the road," he said during a press conference call on Monday. The new 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 Uber's blog post. According to the Kalanick, the average Uber driver is going to save $100 or more on monthly car payments for new car financing and help some drivers quality for financing when they couldn't have before. Currently, there are no refinancing options, but that's something Uber is working on adding, he said. Uber is partnering with GM and Toyota, and unnamed financial institutions, to make this happen. Related stories Uber picks up PayPal to drive member numbers From Geek Street to Main Street: Ride sharing's road to a mass market Uber delivers adoptable kittens to your doorstep "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." The program is available to drivers across all of Uber's services, including UberX. Update, 8:52 a.m. PT: Added more details and comments from Uber CEO Travis Kalanick.

Posted by : Unknown Monday, November 25, 2013

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 began testing a financial program 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 company says it now has 100,000 drivers and "millions" of customers, with full-time drivers giving $100,000 worth of rides each year. But, it needs more cars.

Uber CEO Travis Kalanick said the company is growing quickly -- 20 percent per month in the last two months -- and it wants to make sure there are enough cars for its system. The aim is to get "hundreds of thousands" of new cars on the road," he said during a press conference call on Monday.

The new 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 Uber's blog post.

According to the Kalanick, the average Uber driver is going to save $100 or more on monthly car payments for new car financing and help some drivers quality for financing when they couldn't have before. Currently, there are no refinancing options, but that's something Uber is working on adding, he said.

Uber is partnering with GM and Toyota, and unnamed financial institutions, to make this happen.