Ford Motor Co. is selling off its vehicle subscription service, ending a two-year experiment that aimed to bridge a gap between renting and leasing.
Ford’s finance arm, Ford Motor Credit Co., plans to sell Canvas to a California-based car-rental app, Fair. Ford acquired Canvas in 2016, and spent much of 2017 and 2018 testing the service in different markets. The automaker did not disclose a sale price Thursday.
“Canvas built an impressive business and we learned a lot about subscription services, fleet management and the technology that underlies both,” said Sam Smith, executive vice president of strategy and future products at Ford Credit, in a statement.
Read the article at The Detroit News.