California’s Fair, a vehicle subscription app, will acquire the assets of Canvas, a vehicle subscription service and wholly owned subsidiary of Dearborn’s Ford Motor Credit Co. Terms of the deal were not disclosed.
Fair went live in August 2017. It puts the end-to-end process of getting a car on customers’ smartphones, where users can shop pre-owned cars offered via all-in monthly payments, sign for cars with their fingers, and drive the cars for as long as they like. It has more than 45,000 subscriptions and is live in 30 markets.
“Canvas has built innovative subscription products that are relevant to consumers today and, like Fair, has opened up new ways for consumers to gain access to mobility,” says Georg Bauer, co-founder and chairman of Fair. “This acquisition underscores our shared commitment to providing consumers with the car they want on their own terms.”
Canvas was established in 2017 and has provided vehicles for about 3,800 subscribers in San Francisco, Los Angeles, and Dallas. Customers will have the opportunity to join Fair at the end of their current vehicle subscriptions. Fair and Canvas will provide more details to Canvas subscribers directly.
“Canvas built an impressive business, and we learned a lot about subscription services, fleet management, and the technology that underlies both,” says Sam Smith, executive vice president of strategy and future products at Ford Credit. “We are proud of the work that was done in support of Canvas, and we wish the entire team the best of luck.”
Fair allows customers to select cars, miles, and view payments.
Ford Motor Credit Co. is an automotive financial services company that provides dealer and customer financing to support the sale of Ford products around the world, including the Lincoln Automotive Financial Services in the U.S., Canada, and China. It is a subsidiary of Ford that was established in 1959.