In an industry dominated by legacy dealers and traditional approaches, Fairway EV has carved out a unique niche, focusing exclusively on the commercial electric vehicle (EV) market. The business’ story began in the small town of Morgan Hill, where founder Mary Vargas initially bought and sold used vehicles as a hobby. A chance meeting with Tropos Motors, a local manufacturer of micro-trucks, set the stage for a significant business opportunity. “I started by helping with DMV paperwork for Tropos Motors and eventually became one of their first certified dealers. This partnership allowed us to introduce our company to a broader market and establish a strong presence in the commercial EV sector,” she recalls.
Fairway Motors stands out in the EV marketplace by catering to large corporations, school districts, and municipalities. Unlike typical car dealerships that handle both new and used vehicles, Fairway Motors operates strictly within the commercial sector, focusing on fleet and delivery vehicles. “When people think of a dealer, they often envision a traditional car lot. We’re different. Our primary focus is on commercial EVs, a niche that many legacy dealers don’t fully understand,” Mary explains.
A savvy businesswoman, Mary noticed a growing demand in the market and knew she needed access to more capital in order to expand her business and capitalize on this opportunity. But as a woman- and minority-owned business, Mary felt that a traditional bank might not understand her potential. In her search for business financing, she met LaSandra Hunt, a JP Morgan Chase executive and Main Street Launch board member, who understood Mary’s concerns and advised her to connect with Main Street Launch.
At Main Street, Mary worked with Karla De Leon [EVP – Chief Credit Officer] to put together her loan package. Karla provided detailed feedback and support for Mary to put together all of the required documentation, including 12 months of financial projections–something Mary had never done before. “Karla was very calming and very reassuring. It wasn’t like I was just dropped off at some [bank] teller, it was more like a friendship where I felt supported as a business owner, especially as a women-owned, minority-owned business.”
Fairway EV received a $350,000 SBA Community Advantage loan from Main Street Launch. This funding has been pivotal in the company’s recent growth, transforming Fairway EV from a sales-centric business to a comprehensive service provider. “We’re now positioned to open new revenue streams, ensuring not just survival but significant growth,” Mary notes.
The business also secured a new space dedicated to assembling vehicles and creating new product lines. This expansion allows Fairway Motors to offer services beyond sales, including upfitting and customization of large EV trucks. “Our customers often need specific customizations—like adding a freezer or shelves to a delivery truck. Now, with our new facility and skilled team, we can provide these services in-house,” Mary proudly shares.
As the EV market continues to evolve, Fairway Motors is well-prepared for the upcoming boom. “We’ve spent the past few years building a solid foundation. When the demand spikes, we’ll be ready to meet it head-on,” she states confidently. With government incentives and a growing focus on sustainability, Fairway Motors is poised for a bright future in the commercial EV market.
In a male-dominated industry, Fairway Motors not only represents innovation and resilience but also stands as a testament to the impact of diversity in business. “Being 100% woman-owned in the commercial EV industry is significant. It’s a privilege to pave the way for other women in this field,” Mary concludes.
