From Profitability to Viability, Execs Weigh In on Subscription Services [VIDEO]

OEMs are still trying to crack the code of profitability and consumer interest in subscription services. Leading providers in the space weighed in on this relatively new method of car utilization, in a session at the 18th Annual Auto Finance Summit. Mason McLead, vice president of engineering at car-as-a-service company Fair, defined a subscription as […]

Mobiliti to Add 4 States to Footprint by Yearend, CEO Says

By yearend, vehicle subscription startup Mobiliti plans to double the number of markets it serves, adding four East and West Coast states to its footprint, Chief Executive Chance Richie told Auto Finance News. So far, the company services cities in Michigan, New Jersey, Pennsylvania, and Texas. “The West Coast is a big area of growth […]

Fair Leverages B2B Marketing Strategy for Rapid Growth, CEO Says

Used-car leasing app Fair is expanding rapidly through partnerships rather than spending funds on advertising straight to the consumer, Founder and Chief Executive Scott Painter, told AFN. “Given our partnership with Uber Technologies Inc., our expansion is not based on [brand building], so we don’t have to worry about marketing dollars,” Painter said. By having […]

Increased Consumer Awareness of Depreciation Costs to Boost Subscriptions

The depreciation of a new vehicle and its hidden costs for consumers could drive the market further toward subscription services. “The market today is in good time [for consumers] to think about [subscription services] as an alternative,” Jonathan Banks, vice president of vehicle valuations and analytics at J.D. Power, told Auto Finance News. Depreciation can […]

3 Execs To Discuss the Future of Subscription Models at Auto Finance Summit

Automotive financial companies are racing to introduce new subscription models that promise to offer an alternative to traditional loans and leasing. However, there is little consensus about how these programs should run to be viable long into the future. Three panelists from Hyundai Capital America, Borrow, and Fair will discuss these challenges and the future […]

Subscribing to Change: How Startup Fair’s Ascent is Shedding Light on a Larger Leasing Trend

Uber Technologies Inc.’s leasing unit Xchange Leasing was losing $9,000 per car, despite rates of $500 per month, and was accused of targeting protected immigrant communities in New York City with predatory lending practices following an investigation by Quartz. So why did startup used-car leasing app Fair finalize a deal to buy Xchange last month? […]

Tesla Reorganizes Leadership as Executives Leave to Join Startups

Tesla Inc. is embarking on a “thorough reorganization” of its executive team, following several departures including the electric-vehicle manufacturer’s Vice President of Finance Susan Repo, and long-time executive Diarmuid O’Connell joining used-leasing app Fair. Repo left the OEM in March after heading up the company’s structured finance department and leasing program, according to her LinkedIn. O’Connell joined […]

Fair Seeks to Learn From Rivals in Subscription Space

Despite the influx of car manufacturers and startups into the vehicle subscription market, used-car lessor Fair welcomes the competition, Founder Scott Painter told Auto Finance News. “We’re eager to see others in the space because, frankly, we don’t want to make all the mistakes,” Painter said. “There’s going to be a lot of trial and […]
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