Fair, a car subscription company, is adding to their executives with new additions featuring experience from tech and auto industries as the company prepares to create a leasing program for Uber and grow outside of North America.
The company has hired three new employees to help push the development of their mobile app, financing efforts, and leasing program.
Jay Trinidad, previously at Google, will become Fair's new Chief Product Officer and help create the new app and other technology focuses. Pat Wilkison, former General Partner at Exponential Partners, will oversee Fair's leasing operations for Uber. And John Pierantoni, previously with TrueCar as their Chief Accounting Officer, will serve as Fair's Senior Vice President of Finance and Risk.
These new hires will be key as the company focuses on trying to change consumer habits to view cars as a service instead of traditional ownership. Fair believes that their own platform is an advantage.
Started by executives from the retail, auto, and banking industries, including the former CEO and Founder of TrueCar, with an effort of providing consumers options when it comes to transportation.
Fair has changed their original car lease effort to give their customers additional choices. Consumers can subscribe to the leasing program and switch cars during the term of their lease.
The company uses a capital intense business model that needs industry experience that Fair believes the new hires will help bring.
“A critical part of our transformation effort is deepening our bench of talented executives to set us up for success now and into the future,” Painter said.
The new hires are joining the company as Fair recently fund raised $385 million primarily led by SoftBank.
“After closing $385 million in our Series B, it’s time to put that capital to work for us to buy cars and propel growth—with this new executive team providing us with important insights and leadership.” Painter said in a statement. “Jay will eliminate execution risk and bring in operational and strategic expertise, Pat is an investor-turned-employee crusader, while John is a world-class financial and accounting expert around whom we can build a sound subscription business and strong auto insurance division.”
Fair also purchased Xchange Leasing's auto leasing client portfolio which was originally started by Uber in 2015 to lease vehicles to users who wanted to drive for the platform but didn't own their own car.
That purchase helped Fair establish their current business operations and around 45% of their vehicles are used by Uber.
The company also wants to expand outside of the United States. Though Fair hasn't announced where they might expand into, however Asia and Europe fit the company's existing experience.
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