Fair's new life as an online retail site will find it listing dealers' vehicles for free and even paying them for each sale. However, it will sell customers vendors' finance and insurance products and said last week it might buy a "large dealership group."
Fair Financial Corp. is reinventing and renaming itself after five years of focus on used-vehicle subscriptions, a business CEO Brad Stewart described as challenging and capital-intensive. The company, now known as Fair Technologies, is considering options including bankruptcy to eliminate more than $315 million in senior secured debt.
Fair seeks to launch its new platform in the first quarter of 2022, and Stewart estimated the company would reach a decision on resolving the company's financial situation within the next two or three months.