Uber Technologies (UBER) Targeting Parking Spots With Eyes on SpotHero

Uber Technologies Inc. (NYSE:UBER) is one of the 8 best American stocks to buy and hold in 2026. On December 31, Valida Pau and Cory Weinberg of The Information reported that Uber Technologies is in talks to acquire SpotHero, a parking app that is increasingly gaining traction among users. SpotHero is used to reserve parking spaces, something that offers a natural synergy with ride-hailing, Uber’s main business. For instance, Uber users could travel to a parking spot they have already booked and switch to ride-hailing after leaving their personal car there.

The news outlet that broke this news was unable to put a number to the potential deal, reporting that negotiations are ongoing and there is no guarantee that the deal will go through. SpotHero’s most recent funding round valued the company at $290 million.

Interestingly, SpotHero has a history of working with a ride-hailing app thanks to its partnership with Lyft in 2022 and 2023. This partnership was terminated because Lyft wanted to focus on its core business of ride-hailing and discontinue non-core initiatives like booking a parking spot. The termination, therefore, did not have anything to do with SpotHero, which only became a victim of a strategic shift at Lyft’s end.

Uber Technologies (NYSE:UBER) is a multinational transportation company mainly known for its ride-hailing services. Apart from ride-hailing, it also offers food delivery, courier services, and freight transport. It is headquartered in San Francisco, California.

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Disclosure: None. This article is originally published at Insider Monkey.