A new Fair is on the way
Vehicle subscription app Fair.com is on pause judging by its website – a landing page with the following verbiage: “A new Fair is on the way. We’re building a new digital car-shopping experience that’s bigger & better than anything you’ve seen before. Join our community for exclusive sneak peeks, personalized offers and one‑of‑a‑kind invitations.”
Let’s back up. The Santa Monica-based company was founded in 2016 to offer a month-to-month car subscription service. Here’s how it worked: (1) user downloaded the app, (2) user snapped a photo of driver’s license for pre-qualification purposes, (3) user choose a monthly payment, (4) later, the app analyzed cars in the area and selected the ones with a fair price, (5) user selected his car, signed and picked up the car.
In 2018, Fair closed a $385 million Series B financing round led by SoftBank, which also saw participation from Munich Re Venture’s ERGO Fund and others. The company later pivoted to offer 2-year and 3-year leases for used cars.
In total, Fair went on to secure over $2 billion in funding which included 4 debt rounds and saw its co-founder Scott Painter step down from his role as CEO in 2019. He has since gone on to launch another vehicle subscription platform by the name of NextCar.
According to a recent Glassdoor review, it is a surprise the company has made it this long and according to a few App reviews, the company isn’t serving new customers.