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Fair Acquires Canvas from Ford Credit

Fair Acquires Canvas from Ford Credit

Canvas Team and Customers Transition to Subscription Leader Fair

PR Newswire

SANTA MONICA, Calif., Sept. 12, 2019 /PRNewswire/ — Vehicle subscription app Fair today announced that it will acquire the assets of Canvas, a vehicle subscription service and wholly owned subsidiary of Ford Motor Credit. 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.

Fair is an app-based vehicle subscription model that went live in August 2017 and puts the entire end-to-end process of getting a car on a customer’s phone. Users can shop for a pre-owned car by all-in monthly payments they can afford, sign for the one they want with their finger, and drive it for as long as they want.

“Canvas has built innovative subscription products that are relevant to consumers today, and like Fair, has opened up new ways for consumers to gain access to mobility,” said Georg Bauer, co-founder and chairman of Fair. “This acquisition underscores our shared commitment to providing consumers with the car they want on their own terms.”

Canvas was established in 2017 and has since provided vehicles for about 3,800 subscribers in San Francisco, Los Angeles and Dallas. Customers will have the opportunity to join Fair at the end of their current vehicle subscription. Fair and Canvas will provide more details to Canvas subscribers directly.

“Canvas built an impressive business and we learned a lot about subscription services, fleet management and the technology that underlies both,” said Sam Smith, executive vice president of strategy and future products at Ford Credit. “We are proud of the work that was done in support of Canvas and we wish the entire team the best of luck.”

Since launching in 2017, Fair has experienced substantial growth, with more than 3.2 million downloads from customers in more than 30 markets nationally.

“Canvas’ mission is to provide customers with flexible access to the vehicle of their choice for an affordable monthly payment,” said Ned Ryan, CEO of Canvas. “Our strong synergies with Fair make this a natural fit.”

About Fair
Fair offers a new way to get a car that responds to consumer demand for more freedom. Fair gives customers the flexibility to drive the car they want for as long as they want and lets them walk away any time, eliminating the long-term commitment of traditional financing or leasing. Fair allows you to select your car, miles and view your payments—all in a mobile and paperless end-to-end experience that’s simple, transparent and affordable. Fair is headquartered in Santa Monica, California. For more information, please visit www.fair.com and follow on Twitter at @fairtheapp.

About Ford Motor Credit Company
Ford Motor Credit Company is a leading automotive financial services company. It provides dealer and customer financing to support the sale of Ford Motor Company products around the world, including through Lincoln Automotive Financial Services in the United States, Canada and China. Ford Credit is a subsidiary of Ford established in 1959. For more information, visit www.fordcredit.com or www.lincolnafs.com.

Cision View original content:http://www.prnewswire.com/news-releases/fair-acquires-canvas-from-ford-credit-300917179.html


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