Friday, March 18, 2022

Fair Sells Assets To Shift

Los Angeles-based online used car market operator Fair sold a number of its assets, including its dealer listing marketplace to San Francisco-based auto e-commerce platorm operator Shift, in a deal worth approximately $15M. According to Shift, it paid both cash and shares of its Class A common stock to acquire certain assets of Fair Technologies, which also includes its employees. Shift says it is using funding from SoftBank Group for the deal. Fair had most recently offered up an online marketplace to shop for an inventory of cars, but had started out as a subscription vehicle startup, founded by automobile and startup veteran Scott Painter. Painter moved on to a new subscription vehicle startup, Autonomy (formerly NXCR) in 2020.