Fair operates a mobile app that lets users shop for pre-owned cars based on all-in monthly payments, sign digitally, pick up keys and drive without long-term commitments or physical paperwork. The company focuses on entry-level customers who may not qualify for traditional loans or leases. Fair runs pilot programs in Southern California and South Florida using Ally’s Clearlane digital financing platform to expand customer access. It also uses Ally’s SmartAuction tool to acquire and remarket vehicles and to manage inventory. Financially, Fair closed a $100M debt facility and an equity investment from Ally Financial in the reported transaction. The Ally financing complements a SoftBank-led $385M Series B completed the prior year. Since launching in August 2017, Fair has provided cars for more than 45,000 users in over 30 U.S. markets. Fair.com is a California startup offering flexible, subscription-style car leasing with plans starting at about $130 and subscriptions cancellable with five days’ notice. It uses big-data analytics and machine learning to underwrite users and match inventory, and it sources nearly-new vehicles through a dealer network of roughly 3,000 partners. The company is active in 15 U.S. states (26 markets), has almost two million app installs, and is leasing cars to more than 20,000 users to date. Fair has worked closely with Uber and purchased Uber’s $400 million leasing business earlier this year to equip drivers. Management plans to scale the business globally, expand into gig-economy and small-fleet commercial use cases, and continue investing in the technology platform. Financially, Fair has raised equity totaling around $500 million to date and has secured up to $1 billion in debt used to build its fleet. Fair operates a digital, flexible car-ownership service that lets customers obtain vehicles without long-term commitment, bundling insurance, breakdown cover and maintenance as standard. The company emphasizes app-driven on-demand delivery and pickup and is integrating Skurt’s delivery and fleet-management technology and team into its platform. Fair recently acquired the leasing portfolio of Xchange Leasing from Uber and will be Uber’s exclusive leasing partner in the U.S. for drivers seeking new cars. The business is currently live only in California but plans a national rollout and expects additional acquisitions and funding to support expansion. Financially, sources say Fair has raised over $100 million in equity to date and has arranged for up to $1 billion in combined equity and debt financing; it also secured a loan facility from Goldman Sachs to finance the Xchange Leasing deal. Scott Painter is Fair’s CEO and founder. Fair is an all-digital car marketplace that offers an on-demand, flexible ownership model similar to a lease with unfixed terms. Users handle searching, authentication, and payments entirely through a mobile app, can return cars with five days' notice, and pay all-in monthly payments (insurance is extra). The product uses AI-based pricing to adjust offers and pursue competitive deals for customers. The company was co-founded by automotive industry veterans Georg Bauer, Scott Painter, and Fedor Artiles and launched earlier in the year. Fair is currently active in Los Angeles and plans to expand across California by the end of 2017 and to other select U.S. markets through 2018. Financially, Fair has secured strategic equity backing from automakers and dealers alongside substantial debt commitments to support its flexible-ownership model. Fair is a Santa Monica-based startup that launched a mobile app enabling users to find, purchase, and finance automobiles. The service determines a pre-qualified monthly payment range tailored to a user's budget. It lets users walk away from a car with just five days' notice, avoiding long-term leases or agreements. Fair was created by Scott Painter and Georg Bauer; Painter founded TrueCar and ran CarsDirect, and Bauer is an auto finance executive who has served at Mercedes, BMW and Tesla. The company has launched its online car-shopping and financing services via the app. Financially, Fair raised $16M in a Series Seed and is in the midst of a Series A-1 financing led by BMW i Ventures.

Total raised

$1.6B

Funding rounds

7

Latest round

Debt Financing

Latest activity

Aug 2019