Fair Financial Corp.'s quest to disrupt car ownership with subscriptions has ended after five years. The company now is considering bankruptcy to eliminate debt tied to the inventory needed for that vision.
Fair's next act will be as a vehicle retailing platform, CEO Brad Stewart announced last month, complete with a new name — Fair Technologies — and new plans.
The company's new life as an online retail site will eventually connect customers with leases, but "we just will offer them as a facilitator and not a balance sheet play," Stewart said. The site will first focus on used-car listings, the "easiest and biggest market," he said. Fair plans to offer free listings and even $250 to $750 payments to dealers per transaction, but sell financing and finance and insurance products to the customer itself.