SANTA MONICA, Calif.--(BUSINESS WIRE)--Fair—a first-of-its-kind app that allows customers to shop, get approved and pay for a car all on a phone—launched today. 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.
Fair makes it possible to get a car with a driver’s license and a bank account. This groundbreaking, fully digital transaction process enables customers to complete a car transaction completely within the app, eliminating the need for customers to physically sign numerous documents, which can save hours at the dealership.
Fair was designed to free consumers from the long-term commitment of a loan or lease while providing benefits of car ownership that are missing from existing ride- and car-sharing options. Fair customers can drive their cars as long as they want and return them with only five days’ notice. A limited warranty, routine maintenance, and roadside assistance come standard with every Fair car. Even with these added benefits, Fair guarantees that customers can’t get a lower payment with a comparable loan or lease.
Fair is a collaboration between serial entrepreneur, Scott Painter, and global automotive leader, Georg Bauer. Scott is an entrepreneur and investor who has started dozens of disruptive companies to improve the car buying experience, including TrueCar and CarsDirect.com. Georg is widely recognized as an innovative leader in auto finance and has more than 30 years of experience shaping financial services for leading car companies on a global scale, including Mercedes, BMW and Tesla.
“Fair is shaping the future of car ownership with an entirely new model,” said Scott Painter, Fair founder and CEO. “As one of the pioneering auto FinTech companies, we set out to make personal mobility accessible to all. We have blended technological and financial solutions to create a flexible service model that we believe fills a large void in the current marketplace. By providing the perks of car ownership, without the downside of a long-term commitment, we deliver on providing a totally unique, more economical and better way to own.”
Fair’s digital model also provides multiple benefits for participating dealers, making it a win-win for consumers and dealers alike. It offers access to new, in-market customers on top of a dealer’s existing client base. Unlike lead-generation websites or apps, Fair provides customers at no cost to dealers. By eliminating a set-term contract for the consumer, Fair also creates the potential for increased transactions for dealers.
“By eliminating traditional long-term financing and leasing commitments, Fair is empowering consumers with unprecedented flexibility to drive the car of their choice and return it at any time, whether in a couple of months or years. It’s a magical experience that is going to redefine car ownership,” said Georg Bauer, Fair’s co-founder and president.
Fair was created to put all aspects of the car-buying process in an easy to use end-to-end digital experience. With a few quick taps in the Fair app, customers can get instantly pre-qualified and select from a range of cars tailored to their budget. They can sign and pay for the car they want directly in the app and drive away—or even get it delivered to their home.
Fair raised a total of $16 million in its Series Seed financing round, which was led by Javelin Venture Partners and included investments from several prominent venture funds such as Charles River Ventures, Foundation Capital and Sherpa Capital. Fair's Series A-1 financing round is ongoing and led by BMW i Ventures.
Fair is launching in the greater Los Angeles area and will be rolling out to the rest of California by the end of the year. The company plans to expand to other select markets across the United States in 2018.
Fair is a FinTech company that provides a new model for personal mobility. Fair offers a new way to shop, get approved and pay for a car—all on a phone. It gives customers the freedom to drive the car they want for as long as they want, and the flexibility to walk away at any time. Fair is headquartered in Santa Monica, California. For more information, please visit www.fair.com.