Shift (business)

Shift is an online, peer-to-peer, marketplace for buying and selling used cars.[1] Founded in 2014, Shift is an American company based in San Francisco’s Mission District.[2] As of 2019, the company offers its services in San Francisco, Los Angeles, San Jose and San Diego, California as well as Portland, Oregon.[3][4]

Shift
Type Public
NASDAQ: SFT
IndustryE-commerce, peer-to-peer, Automotive industry, transportation industry
Founded2014
FoundersGeorge Arison, Minnie Ingersoll, Christian Ohler and Morgan Knutson
HeadquartersSan Francisco California, United States
Area served
urban areas of San Francisco Bay Area, Los Angeles, CA, Sacramento, CA, San Diego, CA, San Jose, CA, and Portland, OR
Websiteshift.com

The leadership team includes Co-CEOs George Arison and Toby Russell, also co-founders of Taxi Magic; Sean Foy chief operating officer; and Christian Ohler chief technology officer.[5][6]

Backed by Lithia Motors Inc., Goldman Sachs Investment Partners (GSIP), Draper Fisher Jurvetson (DFJ), Highland Capital Partners, SV Angel, Great Oaks Venture Capital, DCM Ventures and others. [6][7] As of 2019, Shift has raised approximately $300 million, a mix of debt and equity.

Shift's employees manage the process of car buying and selling for the customer.[6] They facilitate test drives, financing options, inspections, Department of Motor Vehicles interactions, detailing, pricing and merchandising.[8] When a seller wishes to sell cars directly to Shift, Shift's employees assess the car, give the customer a price and sign a contract, transferring the vehicle ownership and payment on the spot. Then they bring the car to the Shift facility and prepare it for sale.[6] Once listed, potential buyers can schedule a free test drive and Shift will deliver it to their door and purchase the car on site. Cars sold through Shift include a seven-day, 200-mile return policy and a 30-day powertrain guarantee.[9]

References
  1. "LA tech roundup: Shift comes to LA, Zest heads to China, & more". Built in Los Angeles. Retrieved 1 July 2015.
  2. "S.F. Auto Startup outgrows teen years with new Mission office". San Francisco Business Times. Retrieved 31 July 2019.
  3. "Bay Area car-selling marketplace to invest $20M in Virginia expansion". Washington Business Journal. Retrieved 1 March 2016.
  4. "Adios car dealers, there's a new kid in town". The San Diego Tribune. Retrieved 11 December 2015.
  5. "Online Used Car Startup Shift Adds Another $40 Million, Snags COO in Road to IPO". TechCrunch. Retrieved 31 July 2019.
  6. "Shift Technologies Raises $23.8 Million to Build Used Car Marketplace". WSJ. Retrieved 18 November 2014.
  7. "This Startup Drives Used Cars Right to Your Door". Bloomberg Businessweek. Retrieved 1 September 2015.
  8. "On-demand used car buying and selling comes to L.A." LA Times. Retrieved 26 June 2015.
  9. "What if I don't like the car after I buy it?". shift.com. Retrieved 2 July 2020.
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