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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 […]

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 […]

Millennials, not taxes, get blame for India’s falling auto sales

Millennials’ preference for ride-hailing services such as Uber and Ola over owning cars, and not high taxes, is among reasons behind India’s slumping vehicle sales. That’s the argument advanced by Finance Minister Nirmala Sitharaman Tuesday when she spoke about steps the government has been taking to revive demand and bolster economic growth from a six-year […]

HyreCar looks to break rent-for-rideshare mold

HyreCar’s “platform agnostic” approach to ridesharing is a key driver of the startup’s surplus of users, according to Brian Allan, senior vice president of strategic partnerships. “Most every other rent-for-rideshare platform ties [consumers] down to specific platforms, [such as Uber or Lyft],” he said, adding that HyreCar users can drive for services such as Lyft, […]

Losses widen for rideshare giants in 2Q

Both Uber and Lyft continue to struggle to become profitable enterprises, according to second-quarter earnings reports filed by the two companies last week. Lyft’s losses more than tripled in the quarter to $644.2 million, despite increases in revenue and ridership. Revenues shot up 72% to $867.2 million, while active riders increased 41% to 21.8 million. […]

Fair to Roll Out Weekly Payment Program

Subscription app Fair is gearing up for the rollout of a weekly payment plan for Uber drivers, Patrick Wilkison, Fair's general partner and head of ride-sharing, told Auto Finance News.   “We realized the [weekly payment] is the type of cadence the rideshare driver operates,” Wilkison said. “Rideshare drivers get their payouts on a weekly […]
  • Nicole Casperson
  • June 5, 2019

Changes in Transportation Models a Greater Threat Than Economic Downturn, CPS CFO Says

While a looming economic downturn has prompted auto financiers to find strategies to protect profit margins, Consumer Portfolio Services Chief Financial Officer Jeff Fritz said lenders should be thinking about how the personal transportation model is transforming. “Don’t be so occupied stamping out the ants that you miss the elephants coming over the wall,” Fritz warned […]
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