Fair Technologies Adopts New Strategy, Name Change for Early 2022 Relaunch
BEVERLY HILLS, Calif. – Digital auto platform Fair Technologies today announced that it is preparing to launch an end-to-end e-commerce marketplace that offers consumers industry-best levels of inventory and comprehensive financing, insurance and extended warranties.
The company’s transition also includes an official name change to Fair Technologies. From a brand perspective, it will continue to be known as Fair in most consumer-facing settings. The company expects to officially launch in select markets during Q1 2022.
To ensure Fair’s scalability and optimize the “buy and build” investment requirements associated with acquiring inventory and creating reconditioning and delivery channels, it will offer vehicles from a curated network of third-party dealer partners, giving customers access to a vast array of local cars at the best possible prices. This model differs from most players in digital auto, which typically offer limited owned inventory or are non-transactable lead-gen platforms.
With an emphasis on local inventory, Fair’s strategy enables even digitally native customers to tailor their experience with more traditional elements of car-buying that they may prefer, such as a test drive or in-person pickup.
“The new Fair is designed to cater to everyone – whether they’re completely comfortable having a car delivered to them sight unseen, or would still prefer to get eyes on a particular vehicle and maybe even have a conversation or two before committing to it,” said Fair CEO Brad Stewart. “Fair’s unique approach puts the customer at the center of a ‘best of both worlds’ experience that’s totally customizable, light on infrastructure costs, and that knits together all aspects of the automotive experience they might otherwise have to manage separately.”
To boost its non-tech capabilities in the auto space, Fair is also considering a strategic industry acquisition. This includes the possible purchase of a large dealership group, which would continue to operate independently to provide a ready supply of cars and serve as an unparalleled resource of operational and logistical expertise.
Fair is also negotiating partnerships with a number of financial institutions to serve as lenders on its platform, offering customers across the credit spectrum a variety of ways to finance their vehicle – whether they want a lease, a loan, or to pay in cash. Fair will also continue to serve as a hub for customers across all aspects of their drive, from purchasing insurance or an extended warranty to scheduling an oil change or service appointment.
“Customers require no-haggle prices upfront, transparent financing while shopping, and competitive trade-ins, insurance and add-ons that are embedded into their experience,” said Craig Nehamen, Fair’s Chief Strategy Officer. “It’s a tall order, but one we’ve already laid the groundwork to meet through our long-established investment in our tech platform and our deep relationships with the dealer partners who will be working with us to ensure that everything from contract to title to delivery or pickup is just a matter of clicks away.”