Fair and Uber Announce Strategic Partnership, Fair Acquires Xchange Leasing Portfolio
SAN FRANCISCO, Jan. 30, 2018 /PRNewswire/ -- Fair and Uber today announced a new partnership that will provide drivers in the U.S. with flexible and long-term access to vehicles through Fair. With an intuitive mobile app and straightforward monthly payments, Fair gives customers the freedom to have a car for as long as they want and turn it in at any time. Concurrently, Fair will be acquiring the active lease portfolio of Uber's subsidiary Xchange Leasing, which includes existing lease contracts and vehicles.
"As we progress on our mission to deliver better experiences for drivers, Uber is excited to partner with companies like Fair that have deep domain expertise and innovative solutions," said Dara Khosrowshahi, CEO of Uber. "We look forward to working closely with Fair to develop thoughtful, customized options for drivers in the U.S."
Fair will be the exclusive long-term vehicle solutions partner to Uber in the U.S. for drivers seeking vehicle access for 30 days or longer, and together the companies will work to develop customized new offerings that fit the needs of drivers, as well as integrations into Uber's products for drivers.
"This is the perfect partnership for Fair. Uber was built on offering drivers flexibility around how and when they work, and we bring that same concept to the way drivers access vehicles," said Scott Painter, founder and CEO of Fair. "Eliminating the long-term commitment of traditional financing, Fair offers drivers an affordable, flexible option. This partnership reinforces why the future of vehicle ownership lies in a flexible ownership model based on consumers' needs."
With Fair, drivers can select a car and get approved for a monthly payment directly from their smartphone with just a few taps. Drivers can then pick up the keys and begin driving, with the option to turn the car in whenever they want. Fair's monthly payments are all-inclusive with maintenance, a limited warranty and roadside assistance, as well as optional Fair insurance.
Fair will acquire the active lease portfolio of Uber's subsidiary Xchange Leasing through a combination of equity and debt secured during Fair's recent funding round.
About Fair
Fair offers a flexible, forward-thinking model of car ownership that responds to consumer demand for more freedom. Fair gives customers the flexibility to drive the car they want for as long as they want, and the ability to walk away any time. Eliminating the long-term commitment of traditional financing or leasing, Fair allows you to select your car, miles, and view your payments--all in a mobile and paperless end-to-end experience that's simple, transparent and affordable. Fair is headquartered in Santa Monica, Calif. For more information, please visit www.fair.com.
About Uber
Uber's mission is to bring reliable transportation to everywhere, for everyone. We started in 2010 to solve a simple problem: how do you get a ride at the touch of a button? Eight years and more than five billion trips later, we've started tackling an even greater challenge: reducing congestion and pollution in our cities by getting more people into fewer cars.
Contact
Michelle Horn
Vice President, Edelman for Fair
(323) 761-6541
Michelle.Horn@Edelman.com
Yasmin Moaven
Director of Investor Relations, Fair
(800) 584-5000
YasminM@Fair.com
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SOURCE Fair
