Shift and Lithia’s Strategic Partnership in the News

Lithia to provide Shift with capital and facilities to grow

Shift Technologies has quickly become one of the largest used car retailers in California. By investing heavily into its online platform and sophisticated pricing algorithms, Shift continues to streamline the car buying and car selling experiences and make them much more user-friendly.

Lithia is the fourth largest auto retailer in the US, operating 160+ stores in 18 states. With this new partnership, Lithia will be able to provide greater vehicle storage capacity, reconditioning facilities, and access to capital to expedite Shift’s growth and expansion.

News roundup: Shift & Lithia’s new partnership

The recent $140 million Series D funding and partnership has been making the rounds. Learn more from a selection of news articles below.

Auto Portal Watch: Shift, a US-based online used car marketplace, raises $140 million

Auto Remarketing: Lithia leads $140 million financing round in Shift

Auto Remarketing: Lithia investment, partnership can drive Shift scalability

In an early meeting between the companies, the management at Lithia Motors posed this question to the co-CEOs of Shift, an online automotive marketplace: “Since all this stuff is so good and it works so well, what’s preventing you from scaling this thing quicker?”

The answer Lithia got back “really opened our eyes up to the potential synergies between the two companies,” Lithia chief executive Bryan DeBoer said in a conference call with investment analysts last week.

Automotive News (subscription required, but accessible for free if you search via Google): Lithia invests in alliance with used-car startup

Shift Technologies’ appraisal algorithms and consumer-controlled online platform helped it quickly become one of the largest used-car retailers around Silicon Valley. So Lithia Motors Inc. CEO Bryan DeBoer posed this question in a meeting with Shift’s senior leadership: Why haven’t you scaled up that model at a faster pace?

“They said they didn’t have the capacity of storage, reconditioning facilities and access to capital,” DeBoer told Automotive News. “Three items Lithia has easy access to.” …

Continue reading “Shift and Lithia’s Strategic Partnership in the News”

Shift Raises $140 Million Series D. Partners with Lithia.

We’re Partnering with Lithia, and have $140 million more in the bank!

At Shift, we recognize that mobility comes in many forms. Whether you’re biking across town, navigating the subway, or driving a car, everyone should have access to safe, reliable, and affordable transportation. Having a car affords you the freedom and flexibility to always get where you need to be, whether it’s a last minute trip to Yosemite or a quick run to the market.

Access to car ownership isn’t merely a convenience; it changes people’s lives. And good things happen when people have mobile freedom.

For the last four and a half years, we’ve been on a mission to make car purchase and ownership simple by building a technology platform that brings fun and fairness to the car marketplace. And today, we make a big step in our journey forward.

We’re excited to announce our Series D of over $140 million led by Lithia (NYSE), one of the nation’s leading auto retailers. We’re also launching a national partnership with Lithia, which will help us scale the product our customers love to more locations quickly.

Continue reading “Shift Raises $140 Million Series D. Partners with Lithia.”

National Shift Survey on Car Buying

Today we’re releasing data collected from our National Shift Survey on consumers’ experiences with car buying and selling, as well as their opinions on everything from ridesharing to seat warmers.

Drumroll, please….

The Industry Needs a #METOO Movement
Nearly 90 percent of women have felt spoken down to, belittled, or disrespected during the car buying/repair process. Sadly, we shouldn’t be surprised. Data shows car buying is ripe with discrimination and abuse, especially for women and people of color. The status quo is unacceptable – the industry can – and must – do better.

Car Ownership is Here to Stay
We’ve been saying this one for years. The conventional wisdom is wrong about the future of car ownership. According to our data, more than 87 percent of people have no intention of getting rid of their cars for ridesharing. Which makes sense. Have you ever tried strapping a car seat in an Uber? Continue reading “National Shift Survey on Car Buying”