Fair Introduces a New Way to Shop, Get Approved and Pay for a Car All on Your Phone

Startup Provides the First Fully Digital End-to-End Way to Get a Car
With the Flexibility to Return it Anytime

SANTA MONICA, Calif.–(BUSINESS WIRE)–#appFair—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.

About Fair

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.

Contacts

for Fair
Megan McCourt, 408-515-4063
megan@smallgirlspr.com

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