Used car leasing platform Fair announced that it will become the first used car leasing alternative offered on LendingTree.
TechCrunch reports Fair CFO Tyler Painter, brother of CEO Scott Painter, and 40% of the vehicle subscription service’s staff have been let go. The moves cast doubt on the disruptor’s viability in an increasingly inhospitable startup market.
Automakers are dipping their toes in the subscription waters, but dealers and some industry watchers are skeptical about the business model’s lucrativeness and its ability to attract customers.
Through a partnership with risk-management services provider Assurant, Fair's digital flexible ownership platform now allows consumers to add insurance coverage when they sign for a pre-owned vehicle through its mobile app.
Fair’s latest funding round was led by BMW iVentures and includes investments from Penske Automotive Group and other investors. The startup also raised nearly $1 billion in debt funding from a group of investment banks and a Sherpa Capital-led entity.
Fair was founded last year by former TrueCar CEO Scott Painter and auto finance legend Georg Bauer. Today, the company launched its car-buying app, which allows a customer to get a pre-owned car with just a driver’s license and a bank account.
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