In Brief

Canvas is taking advantage of mobility trends and excess off-lease vehicles

San Francisco-based Canvas is offering yet another variation on car sharing. Unlike short term loans from companies like ZipCar, Car2Go and ReachNow, or traditional rentals from Hertz or Avis, Canvas is a month-to-month subscription service that is more flexible than a lease.

Canvas charges a base fee which varies depending on the vehicle model and includes 500 miles of travel, insurance, maintenance and roadside assistance per month. The company offers several other milage packages for an added fee.

The other interesting element to Canvas is where it gets their vehicles from. Currently its stock are Ford models that have come off leases as oppose to brand new vehicles like every other car sharing/rental business with the exception of Turo. The benefit for Ford is that it can pass along batches of pre-owned vehicles and not have to sell them individually. Canvas likely gets a better deal on purchasing the already used cars versus spending more cash on factory fresh models. Edmunds recently reported that off-lease cars are flooding the market in 2017 leaving automakers desperate to get rid of them in addition to selling new models. Canvas could be the first of several off-lease subscription business we see forming in the next several years to tackle this problem.

Canvas

San Francisco-based Canvas is offering yet another variation on car sharing. Unlike short term loans from companies like ZipCar, Car2Go and ReachNow, or traditional rentals from Hertz or Avis, Canvas is a month-to-month subscription service that is more flexible than a lease.

Canvas charges a base fee which varies depending on the vehicle model and includes 500 miles of travel, insurance, maintenance and roadside assistance per month. The company offers several other milage packages for an added fee.