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”

Finance First Credit

Finance First Credit – Terms & Eligibility

Shift customers may be eligible for a $400 finance credit if they meet all of the following requirements in this order:

      1. Apply and be approved for a loan through Shift before your scheduled appointment.
      2. Buy the car during their first test drive appointment.
      3. Obtain Shift financing during the first test drive appointment.

Promotion begins 6/18/20. Cannot be combined with another promotion. Cars purchased online are not eligible. Prequalification does not apply. Customers who do not get approved for financing, do not obtain financing through Shift or who do not apply for financing prior to a test drive are not eligible. Customers must purchase the vehicle at the time of their first appointment to be eligible for this promotion. Promotion credit subject to change without notice.

Buy a Car Online: How Shift’s Online Purchasing Works

Looking to buy a car online? With Shift’s online purchase process, you can purchase any car through our website and have it shipped to your door. So if you’re ready to take the leap and streamline your car buying process, we’ll work with you to make the process super easy. 

What is online purchasing?

Glad you asked! All Shift cars are eligible to be purchased without a test drive, sight-unseen, just like you’d order anything else online. Each car comes with our risk-free 7-day/200 mile return policy, plus we’re currently offering up to $350 off on shipping. We made this quick demo video to show you how it works on our website.

How do I actually buy a car online?

First, pick out the car you’d like to buy and click through the steps to buy the car. Once you place a deposit on it, we’ll give you a call to confirm the purchase and arrange delivery to have the car dropped off at your house. Then all you’ll have to do is wait for your new wheels to arrive! 

After the car has been delivered, you’ll have seven days or 200 miles, whichever comes first, to return it.

What Shift is doing during Coronavirus

Can I still do a return if a buy a car online? 

Yes – all cars, including our cars sold directly online, are eligible for our seven day/200 mile return for any reason. Simply call us at 855.744.3801 or email us at sales@shift.com and we’ll help to arrange a return for you.

buy a car online

What is the shipping fee? 

The shipping fee is applicable for cars purchased directly online, just as you’d pay a similar fee for other online purchases sent to your home. Please note that the shipping fee is different from other costs associated with Shift’s standard service fee, and only applies to the actual shipping cost of the vehicle itself. 

Shift Help Center

Can I still get financing if I buy a car online?

You sure can! You’ll have the option to get prequalified for a loan during your shopping process to be able to view cars based on your likely monthly payments. Or, you can apply for and choose an auto loan during the checkout process. You can also add vehicle protection plans and gap insurance at that time.

Please keep in mind that if you live outside of California, Oregon or Washington, there may be additional steps or complications – but our Purchase Advisors will help you through the process.

Do I have to pay anything upfront?

Yes – as with any of our cars that you plan to purchase, you’ll be asked to put a $100 deposit on the vehicle. Our sales team will then follow up with you to confirm the details of the purchase.  

Buying a used car safely: We’re giving all our cars antimicrobial treatment

In light of the ongoing coronavirus pandemic, a lot of people might be thinking about buying a used car safely. That’s why Shift is providing all our cars with an antimicrobial treatment that kills 99.9% of bacteria and viruses without harsh chemicals. And for a limited time, we’re offering it for free. 

The treatment we use is a professional-grade treatment normally costs around $350. But while the crisis is ongoing, we’re temporarily providing it as a complimentary offering on every one of our cars in inventory.

Working through a car’s air vents, the solution is EPA-approved, nontoxic, pet- and child-safe solution. It’s also highly effective, killing over 99.9% of bacteria, viruses, mold, mildew and allergens. Plus, it keeps working continuously for years. 

We’ll apply this treatment as part of our standard cleaning and conditioning services before a car leaves our hub. So whether you buy a car online or book a test drive, any Shift car we bring you will have already been given this antimicrobial treatment. 

How Shift is doing its part during the COVID-19 crisis

What It Is

The treatment we use is a safe and effective antimicrobial solution for cars that kills bacteria, viruses, mold, mildew and allergens. It acts as a sealant, creating a coating on all surfaces of the car that can last for years. 

  • EPA approved
  • Non-toxic, kid- and pet-safe
  • Used in hospitals and medical facilities
  • Kills up to 99.9% of harmful microorganisms
  • Works continuously to last for years

How It Works

It works just like a car air freshener – the solution is applied through the car’s air vents. During the treatment, the nontoxic disinfectant is blown through the vents, coating all the surfaces of the car’s interior. The process takes about 20 minutes. 

This one-time treatment creates a protective barrier on the interior surfaces of your car that stays intact for years. So you don’t need to worry about cold and flu season, and you don’t have to waste your precious disinfecting wipes on your steering wheel anymore.  And you can rest assured you’re buying a used car safely. 

Shop cars at Shift