The app-supported vehicle subscription platform that associates with Uber, Fair, has decided to purchase a same service by Ford. The Santa Monica-located firm declared that it has purchased Ford’s Canvas for an unnamed amount. Since 2017, Canvas provided variable-term leases for Ford users in San Francisco, ultimately extending to Dallas and Los Angeles. A sum of 3,800 users employed Canvas to purchase new Ford cars.
Fair will purchase all of assets of Canvas and almost 100 of its workers. All of the current subscribers of the service will have a chance to join Fair. “We just turned out to be a more dominant, much larger platform,” Scott Painter, Fair CEO, claimed to the media. “This is actually a reflection of the amount of where we are operating.”
The 2-year-old startup concentrates in assisting entry-level users who might not qualify for conventional auto loans. Potential car users chose a car on the Fair application. Next, they can pay a monthly sum for the insurance, car, and maintenance without promising to a long-term rent. The startup associated with Uber earlier in May to roll out a program that lets those who do not have vehicles to become the ride-hailing service’s drivers. Entitled Uber drivers pay a fee of $185 every week in order to use a pre-owned vehicle via Fair with no credit need.
Fair has grabbed 45,000 users so far and has rolled out in 30 different areas. Painter claimed that the firm aims on extending both internationally and nationally before going public.
On a related note, Ford may not lean entirely on its Mustang-based electric SUV to attract EV admirers in the coming few years. Media sources state that the firm is developing 2 “mid-size” electric vehicles in Michigan at its Flat Rock plant, with both to be launched no later than the 2023.