September 6, 2017 — Scott Painter officially launched Fair, his newest venture this week in Los Angeles with plans to roll it out through out California by the end of the year and into other markets in 2018.
The Banks Report first reported on the new venture last November. It’s a fintech mobile solution that provides customers with ownership options without getting into a long-term loan or lease. Think micro-ownership. With a drivers license and bank account, customers can shop for vehicles based on a pre-qualified monthly budget.
The entire purchase is conducted online and because it doesn’t involve credit or loans, much of the paperwork in the transaction is eliminated. Customers can drive the vehicle as long as they want and return it any time following a five-day notice. Also standard with every Fair vehicle is a limited warranty, routine maintenance, and roadside assistance.
Painter, who founded CarsDirect and TrueCar, partnered with Georg Bauer, the president of Fair, who most recently was the managing director for Tesla Motors in Germany. Prior to joining Tesla, Bauer was CEO of Global Financial Services for BMW, and for Mercedes Benz Credit Corporation. Bauer, whose influence in the industry is far-reaching, has more than 30 years experience in automotive financing.
Last year, 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.