Vehicle subscription app Fair will acquire the assets of Canvas, a vehicle subscription service of Ford Motor Credit Co.
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 were not disclosed.
Fair is an app-based vehicle subscription model that went live in August 2017 that puts the end-to-end process of getting a car on a customer’s phone. Users can shop pre-owned cars 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’d like.
“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,” Fair Co-Founder and Chairman Georg Bauer said in a statement. “This acquisition underscores our shared commitment to providing consumers with the car they want on their own terms.”
Canvas was established in 2017 and since has 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 in a statement. “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 45,000 subscriptions. Fair is live in 30 markets and continues to expand its offering nationally.
Canvas CEO Ned Ryan added: “Canvas’ mission is to provide customers with flexible access to the vehicle of their choice for an affordable monthly payment. Our strong synergies with Fair make this a natural fit.”
