BMW i Ventures’ recent investment in Fair — a used-car, no commitment leasing app — might evolve into a “strategic business partnership,” Fair Co-Founder Georg Bauer said at the Auto Finance Summit.
“There are ways of turning this monetary investment into a strategic business partnership,” Bauer said, adding that, for now, it is “a starting point” for the companies.
In late October, Fair announced that it was closing a debt and equity funding round led by BMW i Ventures. The round included investments from others, such as Penske Automotive Group, securing — in total — almost $1 billion for the startup.
Fair, which launched in September, allows customers to shop for cars based on a prequalified monthly payment range, and includes the flexibility to walk away from the vehicle with only five days’ notice.
Separately, Fair is interested in buying the assets of Xchange Leasing, the leasing unit being shuttered by Uber Technologies Inc., according to Bloomberg. Fair is looking to take over contracts that Xchange Leasing has with drivers who are making their payments, using funds raised from the round led by BMW i Ventures, according to Bloomberg. Both Uber and Fair declined comment.
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