Once Shift acquires a car, it inspects and repairs it through its regional reconditioning centers. It facilitate financing options, inspections, Department of Motor Vehicles interactions, detailing, pricing and merchandising. Shift buys and sells used cars directly to and from consumers through its ecommerce platform. The merger is anticipated to be completed by the end of the year. On August 9th, 2022, Shift announced that it plans 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 October 2022, the company offers its services in the San Francisco Bay Area, Los Angeles, and Portland, OR. Founded in 2014, Shift is based in San Francisco’s Mission District. is an American company that maintains an online marketplace for buying and selling used cars. Urban areas of Bay Area, CA, Los Angeles, CA, and Portland, OR
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