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Startup Fair raises $2b in funding with new credit facility 

Used-car leasing app Fair closed a $500 million revolving credit facility financed by Mizuho Bank, the companies announced today. With Mizuho’s investment, the vehicle subscription company has raised nearly $2 billion in funding over four outside equity rounds.  The new credit facility is a move for Fair to increase its supply of rideshare vehicles for […]

DriveItAway expands rideshare offering to consumers, small fleets

DriveItAway is expanding its product offering to non-rideshare drivers, said Chief Executive John Possumato. The Haddonfield, N.J.-based company, which connects rideshare drivers with dealerships’ idle stock, will now connect individuals and small businesses with fleets to partnering dealerships for long-term rentals. “The whole idea is to be this functional mobility platform,” Possumato said, noting that […]

EXCLUSIVE: Ford Credit sells Canvas portfolio to Fair 

Used-car leasing app Fair has finalized a deal to acquire the assets of Ford Motor Credit’s subscription service Canvas, the company announced today. The Canvas acquisition increases Fair's fleet by 1,000 for active consumer subscribers and 600 that can be used for rideshare or consumer demand — adding to the 45,000 active users Fair currently […]

Ally backs startup Fair with $100m debt facility

Used-car leasing app Fair has closed a $100 million debt facility and equity investment led by Ally Financial. With Ally’s investment, the three-year-old vehicle subscription company has raised $1.6 billion in funding over 10 rounds. The funds will be used to purchase more vehicles for Fair’s fleet. The Ally investment comes on the heels of […]

What’s a subscription service? [Video]

Netflix, Spotify, and Amazon have the U.S. moving toward a subscription-based economy, and auto financiers are figuring out where they fit in. What does a car subscription service look like? Auto Finance Excellence answers that question in its explainer video, the first in a new animated video series. Click here to check it out. 

Mercedes-Benz Subscription Program Triggers Finance Opportunities

An expansion of Mercedes-Benz’s subscription service is likely to spur new financing opportunities for the captive, Mercedes-Benz Financial Services USA, Vice President Geoff Robinson told Auto Finance News. “We are seeing subscribers use the program as a stepping stone to financing and leasing,” he said. “There certainly have been more doors opened for us because […]

HCA, Flexdrive Partner for New Mobility Venture

Hyundai Capital America has partnered with mobility subscription services platform Flexdrive — after nearly a year of discussions — to support the development of alternatives to the traditional vehicle-ownership model, Andrew Leone, vice president of commercial credit and risk at Hyundai Capital America, told Auto Finance News. “If you think about this topic of mobility, […]

Enterprise Pilots Subscription Service, Holds Off on National Rollout

Enterprise Holdings' new subscription service is being piloted in three states — for an undetermined length of time, spokeswoman Laura Bryant told Auto Finance News.  The company expects the program, called “Subscribe with Enterprise,” to be "fully vetted" before it eventually launches throughout the U.S., she said. The pilot program has been launched in Minnesota, […]
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