Fair, a Santa Monica, CA-based vehicle subscription app, will acquire the assets of Canvas, a vehicle subscription service and wholly owned subsidiary of Ford Motor Credit.
The amount of the deal was not disclosed.
The agreement furthers Fair’s leadership position in the vehicle subscription category, enabling the company to continue to accelerate consumer adoption and expansion throughout the U.S. Terms of the sale are private.
Gone live in August 2017, Fair is an app-based vehicle subscription model that lets customers manage the entire end-to-end process of getting a car on a a phone. Users can shop for a pre-owned car by all-in monthly payments they can afford, sign for the one they want, and drive it for as long as they want.
The company is led by Georg Bauer, co-founder and chairman, has had more than 3.2 million downloads from customers in more than 30 markets nationally.
Established in 2017 and Led by Ned Ryan, CEO, Canvas was has provided vehicles for about 3,800 subscribers in San Francisco, Los Angeles and Dallas.
FinSMEs
16/09/2019