![]() ![]() "Shift: Underfollowed Stock With Great Growth And Valuation (NASDAQ:SFT)". ^ "This Startup Drives Used Cars Right to Your Door"."P2P car marketplace Shift pauses DC operations, lays off 10% of staff". "Shift Technologies Revs Up Online Car Marketplace With $50 Million Round From Goldman". "Shift Technologies Raises $23.8 Million to Build Used Car Marketplace". ^ a b c d Chapman, Lizette (18 November 2014).^ "Online Used Car Startup Shift Adds Another $40 Million, Snags COO in Road to IPO".^ "Adios car dealers, there's a new kid in town".^ "Bay Area car-selling marketplace to invest $20M in Virginia expansion".Auto Startup outgrows teen years with new Mission office". ^ "LA tech roundup: Shift comes to LA, Zest heads to China, & more".All cars sold through Shift received a 150-point inspection prior to being sold, and included a seven-day, 200-mile return policy. From there, the company listed cars on its website where consumers could purchase the car online. Once Shift acquired a car, it inspected and repaired it through its regional reconditioning centers. It facilitated financing options, inspections, Department of Motor Vehicles interactions, detailing, pricing and merchandising. ![]() Shift bought and sold used cars directly to and from consumers through its ecommerce platform. As of that date, its final two locations in Oakland and Pomona, California, and its website are no longer in operation. On October 6, 2023, Shift Technologies announced its intentions to file for Chapter 11 bankruptcy. The merger was completed on December 9, 2022. On August 9, 2022, Shift announced that it planned to merge with used-vehicle consignment company CarLotz. In 2022, Shift announced an agreement to acquire the dealer listing marketplace assets of Fair Technologies, which will enable dealers and independent sellers to list their cars alongside Shift's own inventory. In 2021, Shift posted $637 million in revenue, which represented over 3 times year-over year growth. in October 2020 it was listed under the ticker SFT with a valuation of $415.9 million. Following the completion of the merger with Insurance Acquisition Corp. In June 2020, Shift announced that it would engage in a merger with a special-purpose acquisition company (SPAC) called Insurance Acquisition Corp., then a public company listed on the Nasdaq under the ticker symbol INSU. As of 2019, Shift has raised approximately $300 million, a mix of debt and equity. Īs a private company, Shift received funding from Lithia Motors Inc., Goldman Sachs Investment Partners (GSIP), Draper Fisher Jurvetson (DFJ), Highland Capital Partners, SV Angel, Great Oaks Venture Capital, DCM Ventures and others. The company then began acquiring cars outright and reselling them on its platform direct to buyers, removing the peer-to-peer consignment model. The company initially served as an intermediary that bought and sold used cars on a consignment basis. The company was incorporated in 2014, and first launched in San Francisco in 2015. Shift was founded in 2013 by: George Arison, Toby Russell, Minnie Ingersoll, Christian Ohler, Joel Washington and Morgan Knutson. As of that date, its final two locations in Oakland and Pomona, California, and its website is no longer in operation. ![]() As of October 2022, the company offered its services in the San Francisco Bay Area, Greater Los Angeles, and Portland, OR. Founded in 2014, Shift is based in San Francisco's Mission District. Shift Technologies, Inc.was an American company that sold used vehicles online and also maintained a consignment-based online marketplace for buying and selling used cars. ![]() San Francisco Bay Area and Greater Los Angeles, California ![]()
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