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Today's Video:

Former Fair CEO seeks to buy the SoftBank-backed car leasing service-sources

By Greg Roumeliotis, Joshua Franklin

2 Min Read

Oct 23 (Reuters) - Scott Painter, the founder and former chief executive of online car leasing startup Fair, is exploring a bid to acquire the company from SoftBank Group Corp’s Vision Fund and other investors, people familiar with the matter said on Friday.

The effort comes as Fair, which leases vehicles by working with car dealerships, is recovering from a setback in its attempt to expand in ride-sharing. It ended a program that provided weekly rentals for Uber Technologies Inc drivers earlier this year, citing an unexpected increase in insurance premiums.

Painter, who stepped down from Fair last year, is in talks with blank-check acquisition companies, including Cantor Fitzgerald LP’s CF Finance Acquisition Corp II, about making an offer for the startup, the sources said.

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