AutoNation Launches Digital Partnership with Fair

Customers can subscribe to used vehicles completely through the Fair app

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Nov 15, 2018, 07:30 ET

FORT LAUDERDALE, Fla., Nov. 15, 2018 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN), America's largest automotive retailer, today announced a partnership with Fair, the nation's fastest growing car subscription company. Together, the companies are providing a completely new digital experience that enables consumers to get access to certain used and certified pre-owned vehicles at AutoNation dealerships, all on their mobile device.

AutoNation's selection of Fair as a strategic partner signals the company's continued commitment to emerging technologies and its constant focus to provide peerless customer experiences. Fair introduces a new way to get access to a vehicle—a month-to-month subscription model that lets consumers shop and sign for a car directly through the Fair app from anywhere.

With Fair, AutoNation dealerships gain a new sales channel that matches car shoppers with the inventory that best fits their needs. Fair's subscription model offers consumers the ultimate flexibility in personal transportation, allowing them to keep a car as long as they want it and walk away at any time without penalty. Every Fair car comes with a limited warranty, routine maintenance, and roadside assistance included. Consumers can also add insurance, extra miles or excess wear-and-tear protection at checkout and bundle it all into one simple, transparent monthly payment.

"We're absolutely delighted to build this strategic partnership with AutoNation, the leading automotive retailer in the U.S. with an unwavering commitment to the used car sector and its customers" said Georg Bauer, Fair's Co-founder and Chairman. "We're putting digital capabilities to work that allow customers to shop for vehicles and transact on them from the convenience of a smartphone. We're focused on making getting a car as easy as streaming a movie."

"The innovation of Fair's model is unique," said Mike Jackson, AutoNation's Chairman and CEO. "We are excited about the potential of this partnership to give our customers an alternative to traditional ownership via Fair's subscription model, which lets customers return their cars when desired. From a dealer's perspective this will help increase the velocity of the used car business while also enhancing our access to new customer groups."

AutoNation will begin rollout in California this month. Together, both companies will continue to transform and modernize customer experiences. Jackson and Bauer previously worked together, leading Mercedes-Benz USA as CEO and President and Mercedes-Benz Credit Corporation as CEO, respectively.

About AutoNation, Inc.
AutoNation, America's largest automotive retailer, is transforming the automotive industry through its bold leadership, innovation, and comprehensive brand extensions. As of September 30, 2018, AutoNation owned and operated over 325 locations from coast to coast. AutoNation has sold nearly 12 million vehicles, the first automotive retailer to reach this milestone. AutoNation's success is driven by a commitment to delivering a peerless experience through customer-focused sales and service processes. Through its Drive Pink initiative, AutoNation is committed to drive out cancer, create awareness and support critical research. AutoNation continues to be a proud supporter of the Breast Cancer Research Foundation and other cancer-related charities.

Please visit investors.autonation.com, www.autonation.com, www.autonationdrive.com, www.twitter.com/autonation, www.twitter.com/CEOMikeJackson, www.facebook.com/autonation, and www.facebook.com/CEOMikeJackson, where AutoNation discloses additional information about the Company, its business, and its results of operations.

About Fair
Fair is a Santa Monica-based tech company pioneering the Car as a Service (CaaS) subscription model in the mobility space. The Fair app provides consumers an alternative to traditional long-term financing and leasing commitments, enabling them to drive a car of their choice and return it at any time. The Fair experience is end-to-end, paperless, transparent and affordable.

For more information or to browse cars, download the app from the App Store or Play Store, or visit www.fair.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as "anticipates," "expects," "intends," "goals," "plans," "believes," "continues," "may," "will," "could," and variations of such words and similar expressions are intended to identify such forward-looking statements. Statements regarding our strategic initiatives, partnerships, or investments, as well as other statements that describe our objectives, goals, or plans, are forward-looking statements. Our forward-looking statements reflect our current expectations concerning future results and events, and they involve known and unknown risks, uncertainties, and other factors that are difficult to predict and may cause our actual results, performance, or achievements to be materially different from any future results, performance, and achievements expressed or implied by these statements. These risks, uncertainties, and other factors include, among others: economic conditions, including changes in interest rates, fuel prices, and tariffs; new and used vehicle margins; the success and financial viability and the incentive and marketing programs of vehicle manufacturers and distributors with which we hold franchises; our ability to implement successfully our strategic initiatives; our ability to maintain and enhance our retail brands and reputation and to attract consumers to our digital channels; restrictions imposed by vehicle manufacturers and our ability to obtain manufacturer approval for acquisitions; natural disasters and other adverse weather events; the resolution of legal and administrative proceedings; regulatory factors affecting our business, including fuel economy requirements; and other factors described in our news releases and filings made under the securities laws, including, among others, our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Forward-looking statements contained in this news release speak only as of the date of this news release, and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

SOURCE AutoNation, Inc.