Fair secures $500m loan for further expansion
Fair, a US-based used-car leasing service, has secured a $500 million credit with Mizohu Bank from Japan. The loan will be used to increase the supply of vehicles for potential Uber drivers.
At the Fleet Europe Summit in Barcelona at the end of 2018, Georg Bauer, co-founder of Fair, explained us what his company is about. Read more below the video.
Fair offers its customers used and certified used vehicles provided by car dealerships. Customers can return their vehicles whenever they want with five day’s notice.
The loan from Mizuho Bank is the third credit line Fair has closed inn recent months, after a $100 million loan from Ally Financial in August and a $50 million increase to an existing credit line from Silicon Valley Bank in July.
Scott Painter, CEO of Fair and former CEO of TrueCar, said in a statement that the transaction should help Fair increase the supply of potential ridehailing vehicles for Uber drivers, who often have difficulty obtaining traditional loans or leases.
“Too often, people who want to drive for Uber can’t get reasonable rates on a car loan or even get access to one at all, so we’re taking care of them,” said Mr Painter.
At this moment, Fair is only active in selected states of the United States.
Image: Georg Bauer, co-founder, Fair