And So We Drive

Ford Exits Vehicle Subscription Business with Sale of Canvas to Fair

Ford Media Center:

DEARBORN, Mich., Sept. 12, 2019 – Vehicle subscription app Fair today announced that it will acquire the assets of Canvas, a vehicle subscription service and wholly owned subsidiary of Ford Motor Credit Company. The agreement furthers Fair’s leadership position in the vehicle subscription category, enabling the company to continue to accelerate consumer adoption and expansion throughout the United States. Terms of the sale are private.

It’s tempting to say that Ford is abandoning the car subscription business, but I don’t think that’s what’s happening here. Techcrunch reports that Ford has received an equity stake in Fair as part of the deal, and I think the better analysis is that Ford gets to continue its experimentation as a partner to a more successful company with deeper pockets.

by Tyler Carbone