Ford Credit is selling wholly owned subsidiary and vehicle subscription service Canvas to Fair, a vehicle subscription app. Fair launched in August 2017, offering users the whole of the vehicle subscription service process through a singular app, from shopping from a range of models to selecting and signing up for a plan.
The terms of the sale were not disclosed at closing. With the agreement, Fair becomes the ostensible industry leader and is able to further expands its reach within the United States.
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“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.”
Canvas was also established in 2017 and currently serves approximately 3,800 customers between San Francisco, Los Angeles, and Dallas. All Canvas subscribers will be offered the opportunity to join Fair at the conclusion of their current agreements, and further details are being sent out on a direct basis. New customers are encouraged to visit go.fair.com/canvas and use the code CANVAS to receive $100 off their initial Start Payment between now and Dec. 31, 2019.
By comparison, Fair boasts over 45,000 subscribers and is available in 30 markets nationwide. Fair promises subscribers the ability to avoid long-term subscription commitments, allowing users to walk away from a vehicle at any time. The company is headquartered in Santa Monica, California. Georg Bauer, co-founder and chairman of Fair, says that the acquisition of Canvas underscores that commitment.
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