Fair Hires New CEO to Grow Vehicle Subscription Platform Amid Digital Auto Shift
SANTA MONICA, Calif., May 11, 2020 -- Vehicle subscription provider Fair today named Bradley Stewart as CEO as the company continues growing its flexible-use vehicle platform to meet the digital-first demands of today's auto consumers. Stewart most recently served as CEO of XOJet, a leading on-demand private aviation services platform.
"It is clear to me that Fair is meaningfully improving both vehicle access and the driving experience, while offering real value for consumers," Stewart said. "Its high engagement among digital natives, exclusive focus on the more affordable pre-owned market, and innovative financing structures create a seamless experience that offers freedom and flexibility – both highly desired attributes among today's modern consumers. Fair and its products are perfectly positioned to capture several powerful trends in mobility, and I am proud to join this dynamic company at such an exciting moment."
Stewart served as CEO of XOJet from 2013 to 2018, eventually steering the company through an acquisition by its parent company, Vista Global. He replaces Fair's interim CEO Adam Hieber, who will resume his role as an operating partner at SoftBank Investment Advisers and remain on Fair's board of directors.
"More than ever, people are looking for ways to access mobility in a digital, contactless and financially flexible way. Fair delivers on this by leveraging an unparalleled level of data and operational discipline, leaving Brad and the team well-positioned to seize the gigantic opportunity in front of them," Hieber said. "Leading Fair and its world-class team over the past six months has been one of the most rewarding professional experiences of my life. Their passion for customers and focus on innovation are apparent every day, and I look forward to supporting them to grow Fair into a great household brand."
Fair's subscription model allows users to shop affordable pre-owned cars on their phones or via the internet, get approved in-app or on the web, sign for the one they want with their finger, and drive it for as long as they want. A Fair subscription is an alternative to a traditional lease or loan, which often lock consumers into long-term contracts that are not compatible with today's unpredictable financial reality.
"Fair is transforming the car from an owned asset that loses much of its value over time into a service that can be turned on or off like the countless other subscriptions people access on their phones," said Fair Founder & Chairman Scott Painter. "Brad's passion for Fair's unique offering is evident and exciting, and his experience innovating a mobility model that eliminates unwanted elements of ownership makes him the perfect choice to lead Fair into the future."
Before joining XOJet as its president in 2010, Stewart was an executive with Parthenon Capital Partners, and prior to that worked at McKinsey & Company. He graduated from the Carlson School of Management at the University of Minnesota and earned a master's degree in business from Columbia University.
Fair offers a new way to get a car in response to consumer demand for more freedom. Fair gives customers the flexibility to drive the car they want for as long as they want and lets them walk away any time, eliminating the long-term commitment of traditional financing. Fair allows users to select their car, miles, and view their monthly payments—all in a mobile and paperless end-to-end experience that's simple, transparent and affordable. Every Fair subscription comes with roadside assistance, a limited warranty and routine maintenance included. Fair is headquartered in Santa Monica, Calif. For more information, please visit www.fair.com and follow us at @fairtheapp.