Shift is going public this year

Shift to go public later this year by agreeing to combine with INSU today

We are very excited to announce that Shift has entered into an agreement to combine with a special purpose acquisition company (SPAC) called Insurance Acquisition Corp. (NASDAQ: INSU).

As part of the business combination, INSU has raised $185MM in commitments from investors to purchase INSU equity capital, which cash would be available to the combined company following the completion of the business combination, in addition to potential proceeds from the SPAC trust, which currently stands at >$150MM.

We last wrote on our blog in late March when we had to announce some very painful decisions that affected our team and business stemming from the COVID pandemic and economic uncertainty. Facing some of the most challenging headwinds we could have ever imagined, our team nonetheless persevered, continuing to service our customers as they searched for alternative means of transportation. To be here now, announcing this milestone, is a testament to our incredible team that has worked so tirelessly to bring Shift to this stage.

Shift started selling cars in 2014 with a mission to simplify buying and selling of used cars. Offering consumers a complete car buying and selling relationship, it has combined a powerful technology platform with an omnichannel sales approach to redesign the car buying experience, especially through our patented test-drive-delivered-to-customer service. By combining its ability to quickly and accurately evaluate, price, recondition and sell cars across the entire value spectrum with its unique white glove service, Shift has seen meaningful market penetration in its core markets as customers appreciate the breadth of selections and convenience.

This transaction represents a tremendous opportunity for our company. Once completed, we expect it to significantly enhance our ability to scale our technology and operations, accelerate our growth, and continue on our mission to make car buying simple, fair and accessible to all. We are targeting to finalize the combination toward the end of Q3’2020, following the SEC review process and the completion of various conditions to closing, including among other things certain regulatory and stockholder approvals.

We want to close out with a huge shout-out to the many people who’ve helped us along the way. We’ve known each other for nearly 25 years, and each of our journeys in life and business reflect the incredible promise and opportunity of our wonderful country, in which entrepreneurship is able to flourish unlike anywhere else. None of this would be possible without the support of so many who have been with us along the way, both at Shift and in life. From our teachers and mentors, to our investors, to the hundreds of team members who have worked at Shift over the years, to our families and friends who have put up with us working non-stop hours, we owe a huge thank you.

Of course, today’s announcement is a big deal for Shift, but the hard work does not stop now. We are excited about what lies ahead. Onward!

George & Toby

Continue reading “Shift is going public this year”

Announcing Our Latest Fundraise

It was just a little over three years ago that we sold our first Shift car in San Francisco. Since that time, we’ve become the number one used car seller in the Bay Area, grown our team by 100x, and expanded to several new markets. It’s been a wild ride.

And thanks to some recent financing by leading investors, we’re in it for the long haul. Last month, BMW iVentures, DCM, G2 Ventures, Goldman Sachs, and Highland Capital invested more than $38 million in Shift’s Series C. To date, we have raised more than $110 million. Continue reading “Announcing Our Latest Fundraise”

Wondering Where to Buy a Used Car? Try Online

From the beginning, we’ve believed that car buying should be simple and fair. No matter where or how you choose to embark on this important journey, if you’re in the market and wondering where to buy a used car, there are a few reasons to check out online marketplaces and car dealers like Vroom, Carvana, and Shift.

1. Test drives delivered to you

From day one, we’ve delivered test drives to our prospective customers because seeing a car in person, on your own terms and in your own environment, is a fundamental part of Shift’s better car buying experience.

2. No pushy sales tactics

When we get there, we won’t sell you on a car. After all, great cars at great prices sell themselves.

3. On-the-spot purchasing

Why step foot in a dealership when you can finish the entire process in under an hour, from the comfort of your own driveway?

4. Better prices

Avoiding the traditional overhead of brick-and-mortar dealerships allows us to sell cars for $2,000 less than average. See for yourself: just click “compare Shift’s price” on any vehicle description page to see how we compare to the market.

Best Road Trip Cars

5. Easy financing

Shopping for a used car is only half the battle, which is why we’ve also made it easy to get a loan. With instant decisions from a variety of lenders competing to give you a good rate, now it’s not.

6. Returns

We pride ourselves on being picky. We decline to list 40% cars we’re asked to sell, and every car we do take in must first pass a 150-point inspection. Then we include a 30 day warranty and a 7-day/200-mile return guarantee. Many online car retailers including Vroom and Carvana offer similar policies that let you shop with confidence knowing you can return if it’s not the right fit.

7. Shop & Buy From Your Phone or Laptop

You’re already a pro at shopping and navigating online, so why not leverage that for cars? All three online car retailers mentioned above offer the ability to shop for a car online, buy the one you want and have it delivered to your doorstep.

Shopping for a used car doesn’t have to be terrible. That’s why we’re obsessed with finding ways to make the process faster, better and easier for our customers.

Congratulations Minnie!

It was just three years ago this month that our team sold our first car using a new platform we were creating, and boom: Shift was born. But things were a lot different back in 2014. We were working out of my apartment living room and parking cars on the street (or in the Costco parking lot), and doing the sales ourselves, all because we had this crazy idea about transforming the used car industry. Needless to say, it was a wild first couple of months.

Since that time, we have become the largest used-car seller in the Bay Area, built an incredible team, expanded to new markets, brought on board great investors, and have thousands of happy customers. It’s an awesome time for Shift and we are all incredibly bullish about where we are headed. Continue reading “Congratulations Minnie!”

30-Day Warranty now Included with Every Shift Certified Vehicle

We’re pretty committed to doing whatever we can to take uncertainty out of the decision to purchase a used car. That’s why we’re happy to announce that a 30-day, 1,000 mile limited warranty now comes standard with every Shift Certified car. Continue reading “30-Day Warranty now Included with Every Shift Certified Vehicle”

A Token of Gratitude from Shift: a Car Giveaway

A little more than two years ago, my cofounders and I embarked on a crazy mission to change one of the worst consumer experiences out there: car buying. We ran our tiny operation from the sidewalks and parking lots of San Francisco with a firm belief in customer experience and fueled by good faith.

Continue reading “A Token of Gratitude from Shift: a Car Giveaway”