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”

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.  

Where can I sell my car?

We’ve all been in that stressful quandary: “Where can I sell my car?” (Ideally, without getting lowballed.) Normally, selling a car is a somewhat time-sensitive endeavor; most of us can’t wait weeks and weeks to have it done with. Whether you’re moving, need the extra money to use towards a new car or some other large purchase, or something else entirely, the last thing you need is a lot of hoops to jump through to make it happen. But we also want a reasonable price for it.

It all depends on what your situation is. The key thing is to first determine what you’re optimizing for: do you want the most money possible for your car and are willing to wait however long it sell it? Or is the exact price not as important as getting it out of your driveway quickly? As they say, you can’t have your cake and eat it, too. But there is a compromise solution that will let you get the best of both worlds.

Where can I sell my car for top dollar?

We hate to say it but… yes, selling your car private party (like on Craigslist) is probably the best way to get the most money possible for your car. Because you’ll have the ultimate freedom to negotiate with buyers, you can determine what you’d like to get for the car and work backward from there to set a good price. The (major) drawback, as you might be able to guess, is that there’s no guarantee it will sell at that price and how long it might take to find a buyer. If you’re determined to go this route, godspeed! (Here are our tips for making the process go as smoothly as possible.)

Where can I sell my car fast?

As the saying goes: A bird in the hand is worth two in the bush. Sometimes it’s easiest to know you’ll walk away with cash in hand. Companies like CarMax and We Buy Any Car will reportedly send you on your way with a bank draft or check to deposit immediately. Pretty nice, huh? The only downside is you have to come to one of their locations.

Where can I do both?

Some companies will offer a nice compromise between convenience and price. Shift, for example, can complete transactions in about an hour and because it uses algorithm-based pricing, ensures you’re getting a fair market-based price for your car. Plus, you don’t ever have to leave your driveway. Not too shabby!

There you have it! The quick-and-dirty rundown of where you can sell your car and the pros and cons of each.

7 Handy Car Hacks That Will Make Your Life Easier

We all love our cars, but oftentimes we come across unavoidable problems and issues on the road that need a quick fix.  Below, we collected a slew of handy car hacks to make driving a breeze and tide you over until your next maintenance appointment. Read on, and share these tried-and-tested tips from Shift with your friends!

Continue reading “7 Handy Car Hacks That Will Make Your Life Easier”

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.