Fair purchasing Ford Credit’s Canvas subscription service
Fair said Thursday it is buying Ford Motor Credit’s Canvas vehicle subscription service.
Terms were not disclosed.
Customers using Canvas, a wholly owned subsidiary of Ford Credit established in 2017, will transition to Fair, if they so choose.
The Canvas team itself will make the move to Fair, as well.
Fair said in a news release that the deal, “furthers Fair’s leadership position in the vehicle subscription category, enabling the company to continue to accelerate consumer adoption and expansion throughout the U.S.”
Fair co-founder and chairman Georg Bauer said in the release, “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. This acquisition underscores our shared commitment to providing consumers with the car they want on their own terms.”
Roughly 3,800 subscribers throughout San Francisco, Los Angeles and Dallas have used Canvas since its launch two years ago. Those customers can join Fair once their current subscription ends. The two companies will provide more info directly to those customers.
“Canvas built an impressive business, and we learned a lot about subscription services, fleet management and the technology that underlies both,” said Sam Smith, executive vice president of strategy and future products at Ford Credit, in a news release. “We are proud of the work that was done in support of Canvas, and we wish the entire team the best of luck.”
Canvas chief executive Ned Ryan said, “Canvas’ mission is to provide customers with flexible access to the vehicle of their choice for an affordable monthly payment. Our strong synergies with Fair make this a natural fit.”
This continues a line of major moves by Fair, including other purchases.
In February 2018, Fair announced its purchase of vehicle-delivery app Skurt. Less than a week earlier, Fair had announced it was purchasing the active lease portfolio of Xchange Leasing, an Uber subsidiary.