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Fair to Add Inventory With $50M Debt Facility Backed by Silicon Valley Bank

Used-car leasing app Fair closed a $50 million debt facility financed by Silicon Valley Bank. The funds will be used to purchase more vehicles for Fair’s fleet, the company announced Jan. 24. The new debt facility is a move for the bank to support “companies offering disruptive solutions in industries undergoing transformative change," Zhengyuan Lu, […]

4 Auto Initiatives to Watch in 2019

While slowing car sales, an unpredictable tariff war, and a growing affordability issue could all make for a tough 2019, there are a number of auto initiatives that are looking to take off next year. Among them: Fair The used-car leasing app company has its sight set on global expansion in 2019 – and it’s […]

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 […]
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