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Ford sells vehicle subscription service Canvas to rival Fair

Ford Motor Co. sold its vehicle subscription service Canvas to app-based rival Fair for an undisclosed sum.

"This acquisition underscores our shared commitment to providing consumers with the car they want on their own terms," Georg Bauer, Fair co-founder and chairman, said in a Sept. 12 statement.

Canvas was founded in 2017 and offers vehicles for about 3,800 subscribers in San Francisco, Los Angeles and Dallas. Its current customers will have the option to join Fair at the end of their current vehicle subscription.

Fair is backed by SoftBank Group Corp. and is the exclusive long-term vehicle leasing partner to Uber Technologies Inc. in the U.S.