Subscription automobile companies have sprung out of individual carmakers (Cadillac, Volvo, and Audi) but Fair appears to be ready to aggregate the business, offering a choice of cars from a variety of manufacturers. Drivers can return a car with five-days’ notice.
The company announced an undisclosed amount invested by BMW i Ventures and $1 billion in capital to support its leasing financing service.
Fair, an app that provides the first fully digital end-to-end way to get a car with the flexibility to return it anytime, announced today it is closing a strategic funding round led by BMW i Ventures that includes investments from Penske Automotive Group and other strategic investors. Fair’s innovative offering allows customers to shop for a car they want and can afford based on a pre-qualified monthly payment range tailored to their budget, and includes the flexibility to walk away at any time.