Wednesday, April 11, 2018

Fair In Strategic Alliance With Ally Financial

Santa Monica-based car ownership service Fair, the new auto startup led by longtime auto veteran Scott Painter, has inked a strategic alliance with auto financing giant Ally Financial. According to the two, Fair will use Ally's SmartAuction when vehicles are returned to Fair, as a remarketing solution for those vehicles. Fair allows consumers to drive a car by paying month-to-month, without the traditional limitations of a lease. The companies said also said the deal will allow Southern California dealers who are using Ally's digital financing platform, Ally Clearlane, to use Fair's mobile application to help consumers who don't qualify for traditional financing or want more flexibility. Fair allows users to browse through pre-owned vehicles on their phone, and then arrange to have access to those vehicles on a month to month basis--with no long term commitments. Fair said, when a vehicle is returned by a customers, the originating dealer for those vehicles have first right to buy it back, after which it will now make those vehicles available through Ally's SmartAuction service to other dealers. Fair recently raised nearly $1 billion in strategic funding.

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