Vehicle subscription app Fair will acquire the assets of Canvas, a vehicle subscription service and wholly owned subsidiary of Ford Motor Credit Company.
Fair's app-based vehicle subscription model went live in August 2017. Users can shop pre-owned cars by all-in monthly payments, sign for the one they want with their finger, and drive it for as long as they’d like.
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.
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.
Terms of the sale are private.