Flexible car ownership startup Fair nabs up to $1B in debt and equity funding from BMW and Penske — an all-digital car marketplace that was co-founded by car industry vets Georg Bauer of BMW, Mercedes-Benz, and Tesla; Scott Painter of TrueCar; and Fedor Artiles of Mercedes-Benz, Chrysler, Volkswagen, and Tesla — has been largely operating under the radar since quietly launching its business earlier this year. But today, it’s coming roaring down the street, ready to take on the market of car ownership with a new, on-demand-based flexible model. The startup has confirmed to TechCrunch that it has raised a strategic round of funding from BMW’s iVentures, Penske Automotive Group, and Mercedes Benz, among other investors; as well as debt funding from a group of investment banks and a Sherpa Capital entity, “set up to strategically fund innovative transportation models like flexible ownership and ride-sharing.” The individual equity amount is not being disclosed, but the total amount of the debt capital portion is up to $1 billion, the company said. Currently the company is active in Los Angeles and has plans to expand to the rest of California by the end of 2017, “and to other select markets nationwide through 2018.”

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