E-Commerce Auto Startup Scales into New Markets
SAN FRANCISCO, April 23, 2019 /PRNewswire/ -- Shift Technologies "Shift," an e-commerce platform on a mission to make car-buying convenient, fair, and accessible, today announced it has launched operations in Portland, Oregon, as well as Sacramento, California as it continues to experience strong growth.
Responding to consumer demand, the company has expanded its car-buying and -selling service into Sacramento and Portland, transforming the used auto market for consumers in these regions. The addition of these new markets brings Shift's total count for operational markets up to nine, joining San Jose, San Francisco, San Diego, Los Angeles, Riverside, Orange County, and Oakland, California.
"Consumers in these areas, as with our existing markets in California, desire the convenience of shopping at home and having the concierge come to them on their schedule," said Toby Russell, Co-CEO of Shift. "Shift is uniquely poised to bring the car-buying and -selling experience to them."
In carrying out its Oregon operations, Shift will tap its ongoing collaboration with Medford-based automotive retailer Lithia Motors (NYSE: LAD), with which it entered into a partnership in September 2018. Lithia is the third-largest auto retailer in the country with 182 nationwide locations, reaching more than 80 percent of consumers in the United States.
In 2018, Shift experienced significant growth, with 8,500 used cars sold in 2018, a 70% increase from 2017. This year, the company is projecting to sell approximately 13-15,000 cars and grow revenue between 60% to 75%.
Shift is an e-commerce platform on a mission to make car-buying convenient, fair, and accessible for everyone. With instant quotes and at-home pickup, Shift saves sellers time and money. Buyers have access to Shift's bookable at-home test drives and white glove service. Shift's 150+-point inspection and five-day money-back guarantee help consumers buy and sell with confidence. Shift is backed by investors including Lithia Motors, Alliance Ventures, BMW iVentures, Goldman Sachs Investment Partners (GSIP), G2VP, DCM, Threshold (formerly DFJ), and Highland Capital.