SANTA MONICA, Calif. -

Georg Bauer and Scott Painter worked together at Fair. And now Bauer and Painter are collaborating again with NextCar Holding Co. (NXCR).

The fintech firm, which has a mission to create a platform that enables vehicle subscriptions to scale profitably, announced on Wednesday that Bauer joined NXCR as co-founder, president and vice chairman of the board of directors.

In a news release, Bauer reiterated his beliefs about how vehicle subscriptions are part of significant changes happening in automotive.

“Vehicle subscriptions are the new frontier for automotive finance solutions,” Bauer said. “I believe that by 2025 at least 20% of all new- and used-car retail sales will be in the form of subscriptions. In essence, they (subscriptions) are today what leasing was 40 years ago. This viewpoint is also echoed by emerging EV players who are taking a subscription-only approach to drive mass adoption.”

And now Bauer is looking to be involved in that change again with Painter, who worked with Bauer when the pair co-founded Fair. Bauer has more than four decades of global auto financial services experience, serving as the CEO of Mercedes Credit Corp and CEO of BMW Global Financial Services.

At Tesla, Bauer built its financial services businesses in Europe and Asia. NXCR mentioned Bauer also is credited as being one of the early designers and pioneers of vehicle leasing.

Painter announced the launch of NXCR in October. Since that point, the company has established a range of strategic partnerships, most notably with Westlake Financial, which will provide a $400 million debt facility.

“Subscriptions offer an all-digital experience and flexible access to mobility without going into debt,” Painter said. “Georg and I have a shared passion and vision, which is why I’m energized to build NXCR and to build it with him.”

NXCR said Bauer will leverage his deep experience and relationships with automakers, their captive finance companies, independent finance comapnies and dealers to create a subscription ecosystem that enables a profitable and scalable business.

“The automotive industry is the last major sector of the economy to digitize its retail experience for the consumer,” Bauer said. “The ability to secure a vehicle via an app, then simply pay-as-you-go for as long as that vehicle serves your needs is logical given the dynamic lifestyle of today’s consumers, especially taking into account pandemic driven priorities.

“It’s clear that vehicle subscriptions strongly resonate with today's modern consumer, but they also benefit car dealers by expanding their market size through velocity,” he went on to say.